By depositing into the Ender Bond, not only will you receive a bond NFT which represents your principal deposit in ETH or LSTs, you will also mint the respective amount of your deposit in our own hyperliquid LST or HLST, a principal LST, endETH.
Our principal LST, endETH, represents the bonded LSTs via the Ender Bond, which does not have its own yield, but allows you to maintain liquidity over your deposit, while also gaining the benefits of the bond rewards, in END tokens.
This means, you will earn END tokens as well as having endETH which is stripped of its yield, which you can get via the yield token by staking it for compressed or concentrated yield.
Hyper Liquid Staking
So now you have many options and a plethora of yield opportunities. By supplying the yield liquidity via the bonds, you can sell the yield tokens to others, and take fees from the trading of your LST yield. While at the same time, you get access to your underlying deposit in our native LST, which is stripped of its yield, considered as the principal LST.
You can then LP the endETH with END, or other LSTs to get additional yield, or, you can trade your endETH for other LSTs, then re-deposit it into further bonds. The bonds themselves are then free float which can be also traded on the market, thereby creating potential arbitrage opportunities for bonds to be traded and endETH to be purchased at a discounted rate to then redeem the bond deposit principal for profit.
This is why we consider this a hyperliquid LST. It creates a highly liquid, capital efficient market, all without leverage or risk of liquidation, while putting the deposits' yield in the protocol into overdrive maximizing the staking yields of the END token.