Hydrolyzed Hyaluronic Acid

Hydrolyzed Hyaluronic Acid is a low molecular weight, chemically chopped up version ofthe naturally big molecule and current IT-moisturizer, Hyaluronic Acid (HA). The TL; DR version of HA is that it's a huge polymer (big molecule from repeated subunits) found in the skin that acts as a sponge helping the skin to retain water, making it plump and elastic. As HA is a polymer, the subunits can be repeated many times (as a high-molecular-weight version), or just a few times (as a low-molecular-weight version).

We wrote in detail at HA about how different molecular weight versions do different things both as a component of the skin and as a skincare ingredient, so click here and read about all the details. Hydrolyzed Hyaluronic Acid can also come in different molecular-weight versions with different properties:

• 100-300 kDa version: apart from moisturizing, this size might also help the skin to repair itself by increasing its self-defense. It is also claimed to boost the wound healing process and is especially helpful for sensitive skin types (acne, rosacea, inflammation-related skin diseases). 
• 50k Da version: this is the size that is claimed to be able to absorb into the skin and plump up wrinkles, so it is used mainly as an "anti-aging ingredient" 
• below 50k, around 10k Da version: there is a Japanese version trade named Hyalo-Oligo that has only a 10k molecular weight and is claimed to penetrate the skin very well, have a unique touch and give deep and long-lasting moisturization. Based on the Evonik-research and the natural role of LMW-HA in the body working as a pro-inflammatory signal molecule, this ultra-low molecular weight version is a controversial ingredient. 

If you wanna become a real HA-and-the-skin expert, you can read much more about the topic at hyaluronic acid (including penetration-questions, differences between high and low molecular weight versions and a bunch of references to scientific literature).