# Introduction

xTokens are Liminal's tokenized & cross-chain product line: omnichain OFTs tokens that represent a share in a pooled delta-neutral strategy running on Hyperliquid for a specific market or yield source.

Instead of each user running their own strategy, capital is aggregated into one institutional grade, delta-neutral yield strategy per market (e.g. HYPE, BTC, ETH, money market). Users deposit stablecoins into this pooled strategy and receive yield-bearing xTokens in return. As the underlying strategy earns structural yield, from funding rates, lending rates, or staking rewards depending on the xToken, each xToken automatically increases in value over time.

Each xToken captures yield from a specific structural source on Hyperliquid:

* **$xHYPE** → delta-neutral strategy on **$HYPE**
* **$xBTC** → delta-neutral strategy on **$BTC**
* **$xETH** → delta-neutral strategy on **$ETH**
* **$xLEND**, delta-neutral lending yield from on-chain money market rates
* …and more as new markets are added.

Thanks to a hub-and-spoke architecture (powered by LayerZero), xTokens are natively cross-chain:

* Users can mint xTokens by depositing stablecoins from any supported chain (HyperEVM, Arbitrum, Ethereum, etc.), or directly from their Hyperliquid balance.
* They receive an OFT xToken on the chain of their choice, while the strategy itself is managed on Hypercore/HyperEVM.
* xTokens can move freely between supported chains, so users can mint on one chain, bridge, and use them on another.<br>

Because xTokens are **omnichain OFTs**, they are:

* **Liquid**: easy to trade or exit.
* **Transferable**: move between wallets and chains.
* **Composable**: plug directly into DeFi primitives (**collateral, liquidity pools, lending markets, yield derivatives**, and more).

In short, xTokens turn Liminal's delta-neutral yield strategies on Hyperliquid into cross-chain, plug-and-play yield primitives that can be held passively or actively integrated into DeFi across multiple ecosystems.