# Hyperstable

## Introduction <a href="#introduction" id="introduction"></a>

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

### What is Hyperstable? <a href="#what-is-hyperstable" id="what-is-hyperstable"></a>

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 <a href="#key-features" id="key-features"></a>

#### USH Stablecoin <a href="#ush-stablecoin" id="ush-stablecoin"></a>

* **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 <a href="#collateral-system" id="collateral-system"></a>

* **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 <a href="#peg-token--governance" id="peg-token--governance"></a>

* **Dual token model**: PEG for liquidity incentives, vePEG for governance
* **Vote escrow mechanism**: Lock PEG to receive vePEG and participate in governance
* **Anti-dilution rebases**: vePEG holders are protected from supply dilution

#### Liquidity & Incentives <a href="#liquidity--incentives" id="liquidity--incentives"></a>

* **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 <a href="#how-it-works" id="how-it-works"></a>

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
5. **Direct emissions**: Vote on gauges to direct liquidity incentives

### Architecture Overview <a href="#architecture-overview" id="architecture-overview"></a>

The Hyperstable protocol consists of several interconnected components:

* **Core Protocol**: USH borrowing, collateral management, and liquidations
* **Isolated Markets:** Borrow against a wide range of collateral types.
* **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 <a href="#getting-started" id="getting-started"></a>

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 <a href="#community--support" id="community--support"></a>

Join our community to stay updated and get support:

* Discord: [Join our server](https://discord.hyperstable.xyz/)
* Twitter: [@Hyperstable](https://x.com/hyperstableX)
* GitHub: [hyperstable](https://github.com/hyperstable)

***

*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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