Beluga

Beluga wraps Monero into XMR2, a token on Hyperliquid, and sells it for USDC against its own standing bid. No account, no email, no KYC.

How it works. You send XMR and get XMR2 1:1, with *no deposit fee, no minimum and no maximum*; the deposit waits for 10 Monero confirmations (about 20 minutes) and the order window runs for two hours. To get back to Monero you redeem XMR2 at a *1% fee*, and each redemption gets its own Hyperliquid address. Selling XMR2 for USDC goes through Beluga's bid on the Hyperliquid spot market, at *up to 1% over the XMR/USDC oracle*, minus Hyperliquid's own taker fee and a couple of dollars for address activation and withdrawal.

Why XMR2 exists. A wrapped token lets Monero move on a chain where it doesn't natively exist. That convenience is also the risk: while you hold XMR2 you are not holding Monero, you are holding Beluga's promise, backed by XMR in their vault. If the vault, the peg or Hyperliquid fails, the token is worth nothing and your claim is against an operator with no legal identity on the page.

What they publish. A reserve page with the numbers, refreshed with timestamps: an exchange vault, a separate bridge vault backing XMR2, circulating supply, the Hyperliquid bridge wallet address, and both Monero reserve proofs, plus a page explaining how to verify them yourself. That is more than most of this shelf publishes, and it is checkable rather than a promise.

Caveats. The project is new: the domain has no registration or archive history we could verify, and the X account, while dated 2024, has 15 posts and little engagement, so it carries no track record. They position directly against Wagyu, whose XMR1 token works the same way and which is listed here separately; both carry the same class of risk.

Internship. That record is too short to grade, so Beluga starts ungraded with a public checklist. Start small, treat XMR2 as an IOU until it's back in Monero, and don't leave a balance in the token.