HyroTrader Unveils On-Chain Prop Trading Protocol to Boost Industry Credibility
HyroTrader has launched Hyro Protocol, an on-chain proprietary trading protocol built on Solana that settles in USDC. The Prague-based firm claims this is a response to the central credibility problem in the funded trading industry.
The protocol's CEO, Samuel Drnda, stated that most prop firms still run on closed systems where rules can change mid-evaluation and payouts happen behind closed doors.
Hyro Protocol uses a vault model divided into two: Challenge Vaults and Direct Vaults. Traders building a track record can prove themselves through Challenge Vaults, while those with an established history can apply to manage liquidity provider capital directly through Direct Vaults.
This approach is similar to the hybrid logic used by HyroTrader since 2023, when it became the first crypto prop firm to route funded traders directly to their own Bybit accounts via API rather than pricing trades internally. According to the protocol, 'Funded traders access more than 700 USDT perpetual pairs on live order books.'
The industry's trust problem is significant, with an estimated 80 to 100 proprietary trading firms shutting down between 2024 and 2025, which is roughly 13 to 14% of the global market.