@Iceberg_xyz

Iceberg Protocol is building quant trading strategy vaults and index products on Hyperliquid, with their first product $SPC (S&P500 of crypto index) already live on Pear Protocol.

The project launched in September 2025, has ~800 followers, and recently received a 1k USDC grant from Pear Protocol.

They're showing real traction with $SPC up 36% YTD according to their metrics, positioning themselves in the nascent DeFi vaults vertical on Hyperliquid.

Green flags: Working product live: $SPC index vault deployed on Pear Protocol with trackable performance · Small following (~800) with recent account creation (Sept 2025), genuinely early-stage · Grant recipient from Pear Protocol (1k USDC), showing ecosystem validation · Clear technical differentiation: diversified short legs preventing ADL during market stress · Concrete roadmap beyond first product: quant vaults, protocol farming automation, yield products

Red flags: Very small community engagement (avg 28 interactions) relative to claims · No website or documentation available for verification · Performance claims (36% YTD, only 1 red month) lack independent verification