Polytope Labs launches HyperFX for instant naira stablecoin swaps on blockchain
By Aboki Forex —
Polytope Labs has launched HyperFX, a fully onchain foreign exchange engine that lets businesses swap currencies in seconds using stablecoins, with atomic settlement enforced by smart contracts. The platform is live now and settles its naira leg in cNGN, a regulated naira-backed stablecoin.
How HyperFX works
Nigeria’s FX market runs largely on informal markets. Rates are quoted in WhatsApp groups, sourced through P2P, and negotiated over word-of-mouth desks. HyperFX pulls FX out of manual desks into a single, efficient stablecoin marketplace. Stablecoin settlement removes the need for prefunded capital and clears in seconds rather than days.
“HyperFX brings frontier DeFi technology to fintechs that already rely on stablecoins and blockchain technology for FX settlement. It functions essentially as a cross-chain DEX with the deepest liquidity for stablecoin swaps,” said Seun Lanlege, Founder and CEO of Polytope Labs.
HyperFX is built on Hyperbridge, which has already moved $500m+ across 15+ connected chains using cryptographic proofs, giving HyperFX the track record and scale to handle the heavy demands of FX settlement.
Regulated stablecoin backbone
HyperFX settles its naira leg in cNGN, a naira-backed stablecoin engineered to align with regulatory requirements and designed for daily commercial use. “We’ve worked closely with regulators to build a stablecoin that’s compliant, programmable, and commercially viable,” said Uyoyo Ogedegbe, Managing Director of cNGN. “HyperFX extends that model to the modernization of value exchange and digital asset settlement.”
HyperFX aggregates liquidity from multiple providers, each with their own rates, so users access it all in one place at a flat 0.05% fee. LPs self-custody their assets, allowing it to be optionally deployed into yield-bearing vaults, only providing the necessary liquidity on-demand to fill swap orders. This is a feature afforded by composable DeFi rails, and is simply not possible on traditional finance rails.
These vaults generate incentives of up to 7% on cNGN and 3 to 4% on USD stablecoins. cNGN Incentives are facilitated through a liquidity support arrangement with Vantage Liquidity, which is backed by high-quality liquid assets (HQLA) and other SEC-regulated financial products. USDC and USDT deposits are held in Aave, the largest decentralized lending protocol with over $12B in TVL, which pays lenders 3-4% with no capital lockups.
Who can use HyperFX
HyperFX is for modern finance teams and the businesses that move money across borders every day. Fintechs can plug HyperFX into their payment stack via a single API and offer transparent FX to their end users from day one. Off-ramps can source the best rate across stablecoins and fiat, ensuring the tightest spreads for their customers at every conversion.
Cross-border fintechs can offer local-currency settlement to merchants without holding foreign-currency inventory or managing nostro accounts. Remittance providers can settle cross-border payments in seconds, slashing corridor costs and beating legacy wire-transfer margins. Neobanks and wallets can embed real-time FX directly into their product, letting users exchange currencies at institutional rates.
HyperFX is live. Polytope Labs provides SDKs so fintechs can plug in their existing wallet solutions to execute stablecoin swaps onchain.
For Nigerian businesses and fintechs, HyperFX offers a way to bypass the informal FX market and access transparent, onchain settlement in seconds. If it gains traction, it could reduce reliance on P2P rates and WhatsApp desk pricing, potentially tightening spreads for end users and offering a regulated alternative for naira-dollar conversions.