This process formed underground "domes" of solid granite bedrock surrounded by deeply weathered, relatively loose, and disaggregated granite. Following separation of Australia and Antarctica and accompanying tilting of what became southwestern Australia, periodic erosion of the deeply weathered granite, which underlaid the surrounding land surface, exposed these buried solid bedrock domes over time as Hyden Rock. Wave Rock is a spectacular example of what geomorphologists call a "flared slope". A flared slope is a concave-upward or -inward bedrock surface that is typically found around the base of inselbergs, bornhardts, and granitic boulders and also on their higher slopes. Flared slopes like Wave Rock are particularly well developed in granitic landforms of south-western and southern Australia. The flared slopes are argued to have formed by the concentrated chemical weathering around the base of an inselberg by groundwater. The chemical weathering of the bedrock by groundwater produces a concave-upward or –inward pocket of deeply weathered, relatively loose, and disaggregated bedrock within the formerly solid bedrock base of an inselberg. When the land surface, which is underlain by deeply weathered bedrock, around an inselberg is lowered by erosion, the pocket of deeply weathered disaggregated bedrock is also removed to produce a flared slope such as Wave Rock. It has also been argued that flared slopes can form during the erosion of slopes of any inselbergs. Other notable rock formations in the area include Hippos Yawn and The Humps. Wave Rock hosts the nearby Wave Rock Weekender event, a music festival that has been held annually since 2006.