Hyperstable

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 DeFi protocol that enables users to borrow 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 borrowed 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. Borrow USH: Deposit supported collateral to borrow 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 borrowing, 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, borrowing, 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 borrow 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.

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