The Hyperdrive Protocol: An Automated Market Maker for Fixed and Variable Rate Assets

Hyperdrive is a protocol that facilitates the trading of fixed and variable rate assets through a unique pricing model that consolidates liquidity into a single pool, addresses the challenges of fragmented liquidity across terms, eliminates the need for rollovers, and allows terms to be issued on demand, thereby improving trading efficiency, liquidity provisioning, and user experience over existing fixed and variable rate protocol models.