Hypha

Hypha does not clear the firm’s size floor, so we will not open an individual review until it clears that floor. It is a permissionless staking protocol for Avalanche that serves subnet node operators and liquid stakers through the GGP token. The Avalanche chain review, completed 2026-08-14, approved the chain with limits, so the chain no longer blocks this file. TVL is the next gate. It was about $3.6M at the 2026-08-14 survey, far below the size floor. One practice advising 100 households could move $1M to $8M into a venue based on the same research. Below the floor, that book becomes the exit crush, whatever the protocol’s quality.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Applicability to the surveyed record

Hypha confirms that the former GoGoPool liquid-staking system continues unchanged after the rebrand and that ggAVAX is now named stAVAX. Users deposit AVAX into a pool that matches their capital with Avalanche node operators. They receive a liquid staking receipt that gains value through its exchange rate and rely on operator GGP collateral and protocol contracts to track validator performance and rewards.

Current observation and perimeter

The DefiLlama protocol API read on 2026-08-15 classified Hypha as Liquid Staking, reported only Avalanche, and showed approximately $3.67M TVL. Current Hypha documentation still provides staking, validator, reward, API, and contract information. The rebrand FAQ confirms that existing minipools, staking service, receipt function, and yield continue without requiring users to migrate.

Control and exit applicability

ProtocolDAO, Oracle, MinipoolManager, MultisigManager, guardian multisig, proxy admin, and timelock contracts help control the system. Node operators supply GGP collateral. A holder can redeem stAVAX for AVAX only when the liquid-staking pool has enough free AVAX. Otherwise, the documented immediate exit is a sale through a DEX, which exposes the holder to available market depth and price.

Why the class rule decides

The shared v1 size-floor review decides the result because this Avalanche-only LST remains far below the firm’s size floor after the Hypha rebrand. We will not open an individual review until it clears that floor. Reopen after DefiLlama TVL stays above the size floor for 30 consecutive days. Then review contract and multisig control, upgrades and timelock, oracle and validator selection, operator collateral and loss allocation, audits and incidents, pool liquidity, DEX depth, stressed redemption, Avalanche limits, and named liquid-staking alternatives.

Research status

This is a capacity-unproven record for Hypha, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Hypha — rebrand and product-continuity FAQ · primary · accessed 2026-08-15
  Supports: Hypha rebrand, GoGoPool continuity, stAVAX rename, minipool lifecycle, staking continuity
• Hypha — staking token and GGP mechanics · primary · accessed 2026-08-15
  Supports: stAVAX receipt, exchange-rate yield, node operator, GGP collateral, Protocol DAO
• Hypha — GoGoPool staking litepaper · primary · accessed 2026-08-15
  Supports: AVAX deposit, liquid-staking receipt, pool-liquidity redemption, DEX exit, node matching
• Hypha — current contract addresses · primary · accessed 2026-08-15
  Supports: ProtocolDAO, oracle, minipool manager, multisig, proxy admin, timelock
• DefiLlama — Hypha survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Avalanche perimeter, Liquid Staking category, survey observation

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.