> For the complete documentation index, see [llms.txt](https://element-2.gitbook.io/element-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://element-2.gitbook.io/element-docs/element-protocol/hyperdrive-testnet.md).

# Hyperdrive Testnet

This section is dedicated to the Hyperdrive AMM Testnet implementation

Hyperdrive is an automated market maker (AMM) that enables fixed-rate markets to be built on top of arbitrary yield sources. It deploys assets into those yield sources and wraps them as Hyperdrive positions represented as hy\[Tokens] that trade at a discount (%) and can be redeemed for their full face value at maturity. Since the hy\[Token]’s initial cost and value at maturity are known upfront, this discounted purchase represents a fixed rate of return. Learn more by reading [Hyperdrive's Docs](https://hyperdrive.trade/docs).

Hyperdrive is currently in its testing phase, which can be accessed through the [testnet UI](https://testnet.hyperdrive.trade) on Ethereum's Sepolia chain. You'll also have to configure the testnet on your wallet provider (e.g. MetaMask or similar).