Keyboard shortcuts

Press ← or → to navigate between chapters

Press S or / to search in the book

Press ? to show this help

Press Esc to hide this help

Introduction

Welcome to the Hyperstable documentation. This guide provides comprehensive technical information about our decentralized stablecoin protocol and its ecosystem.

What is Hyperstable?

Hyperstable is a decentralized finance (DeFi) protocol that enables users to mint USH, an over-collateralized stablecoin designed to maintain a stable value relative to one US dollar. The protocol combines battle-tested DeFi mechanics with innovative features to create a robust and sustainable stablecoin ecosystem.

Key Features

USH Stablecoin

  • Decentralized and crypto-backed: USH is backed by a diverse set of cryptocurrency collateral
  • Over-collateralized: All USH in circulation is backed by collateral worth more than the minted amount
  • Stable by design: Multiple mechanisms work together to maintain USH’s peg to $1

Collateral System

  • Multiple collateral types: Support for HYPE, wstHYPE, uBTC, and uETH
  • Isolated vaults: Each collateral type has its own risk parameters
  • Dynamic interest rates: Rates adjust based on utilization, peg stability, and protocol parameters

PEG Token & Governance

  • Dual token model: PEG for liquidity incentives, vePEG for governance
  • Vote escrow mechanism: Lock PEG to receive vePEG and participate in governance
  • Revenue sharing: vePEG holders earn 100% of protocol revenue from interest and liquidation fees
  • Anti-dilution rebases: vePEG holders are protected from supply dilution

Liquidity & Incentives

  • Gauge voting: vePEG holders direct PEG emissions to liquidity pools
  • Farming rewards: Liquidity providers earn PEG tokens
  • Bribe marketplace: External incentives to influence gauge votes
  • Sustainable emissions: Carefully designed tokenomics for long-term stability

How It Works

  1. Mint USH: Deposit supported collateral to mint USH stablecoins
  2. Manage positions: Monitor health factors and manage collateralization ratios
  3. Provide liquidity: Supply liquidity to USH pairs and earn PEG rewards
  4. Lock for governance: Convert PEG to vePEG to vote and earn protocol revenue
  5. Direct emissions: Vote on gauges to direct liquidity incentives

Architecture Overview

The Hyperstable protocol consists of several interconnected components:

  • Core Protocol: USH minting, collateral management, and liquidations
  • PEG Tokenomics: Emission scheduling, vote escrow, and rebasing
  • Gauge System: Liquidity incentives and voting mechanisms
  • Risk Management: Interest rate models, liquidation system, and safety buffers

Getting Started

This documentation is organized into four main sections:

  • Protocol: Core mechanics of USH, minting, and risk management
  • PEG: Tokenomics, distribution, and governance features
  • Security: Audit reports and security practices
  • Contracts: Deployed contract addresses and technical details

Whether you’re a user looking to mint USH, a liquidity provider seeking rewards, or a developer building on Hyperstable, this documentation provides all the information you need to understand and interact with the protocol.

Community & Support

Join our community to stay updated and get support:

Hyperstable is an experimental protocol. Users should understand the risks involved with DeFi protocols, including smart contract risk, liquidation risk, and potential loss of funds. Always do your own research.