vHYPE
Summary
On October 16 at 15:00 UTC, Ventuals launched a HYPE LST called vHYPE for its mainnet HIP-3 exchange deployment.
LST: HYPE depositors receive vHYPE, which retains rights to their principal and is fully transferable.
Yield: vHYPE holders receive native staking yield, plus additional points incentives.
Withdrawals: vHYPE holders may withdraw their HYPE whenever they’d like, so long as there is enough HYPE remaining to cover the current HIP-3 minimum stake requirement (e.g. 500K HYPE).
Incentives: vHYPE holders receive Ventuals points, based on how early their HYPE deposits were. Extra HYPE for redemption liquidity is incentivized through the points system.
Deposit
Deposit here: vhype.ventuals.com
Deposits must be in native HYPE (no wrapped tokens or derivatives), and can be made from HyperCore or HyperEVM balances.
Background
HIP-3 deployers on Hyperliquid must maintain a minimum 500K HYPE stake to operate a subdex.
Ventuals is creating its own HYPE LST (vHYPE) to raise the stake requirement. vHYPE is a fully transferable ERC20 token, and serves as the claim to the original HYPE plus accrued native staking yield.
Yield
vHYPE holders receive native Hyperliquid staking yield, less validator commissions. This means you get normal staking yield, plus additional Ventuals points incentives.
vHYPE increases in value relative to HYPE as native staking yield accrues. The amount of vHYPE in your wallet remains constant, but its exchange rate against HYPE grows. This means native staking yield is accrued automatically from increased vHYPE to HYPE redemption value — you do not need to claim.
Withdrawals
vHYPE holders may withdraw their HYPE whenever they’d like, so long as there is enough HYPE remaining to cover the current HIP-3 minimum stake requirement.
At launch, the minimum staking requirement is 500K HYPE for HIP-3 deployers. This is expected to decrease over time as the infrastructure matures, per the Hyperliquid docs.
Withdrawal liquidity is created in these ways:
A Ventuals incentivized withdrawal buffer of HYPE over the minimum stake requirement
When Ventuals purchases HYPE with fees and adds it to the withdrawal buffer
When the HIP-3 minimum stake requirement is reduced by Hyperliquid
Withdrawals are processed on a first come first serve basis, and involve a 7 day waiting period due to the lockup that Hyperliquid applies to transfers out of staking balances on HyperCore.
Withdrawals happen in two steps:
Request your withdrawal – Your request is placed in the global withdrawal queue. Withdrawals are processed on a first-come, first-serve basis. While in the queue, your vHYPE continues to earn staking yield, but does not earn points. You may cancel your withdrawal at any time before it is processed.
Claim your HYPE – Once your withdrawal has been processed and the 7-day waiting period is over, you’ll see it available to claim. Simply click “Claim” to receive your HYPE back in your wallet.
Note: If the vault is at or below the minimum stake requirement (e.g. 500K HYPE), your withdrawal will be queued, but can only be processed once there is more HYPE than the minimum in the vault.
There are no withdrawal fees.
Ventuals points
When you hold vHYPE, you earn Ventuals points.
The earlier you deposit to vHYPE, and the longer you stay in, the more points you earn.
vHYPE holders can also get boosts by being VLP depositors, testnet traders, or hold a Hypurr NFT.
See the page below for full details on the points system for vHYPE:
PointsGenesis NFT
Users who deposit at least 100 HYPE as part of the first 500K HYPE ever deposited, will receive a commemorative Ventuals Genesis NFT. Ventuals Genesis NFTs have no planned utility.
FAQs
What is this for?
Ventuals is conducting a HYPE stake raise for its mainnet exchange deployment, per Hyperliquid’s HIP-3 standard for builder deployed perpetuals.
What is vHYPE?
vHYPE is a token that represents your ownership of the underlying HYPE, and is fully transferrable.
Users deposit HYPE, and receive vHYPE in return. vHYPE holders receive native staking yield, plus additional Ventuals points incentives based on how early their HYPE deposits were.
How does yield work?
vHYPE holders receive native Hyperliquid staking yield (less validator commissions) — so you get normal staking yield, plus additional Ventuals points incentives.
vHYPE increases in value relative to HYPE as native staking yield accrues. The amount of vHYPE in your wallet remains constant, but its exchange rate against HYPE grows. This means native staking yield is accrued automatically from increased vHYPE to HYPE redemption value — you do not need to claim.
When can I withdraw?
vHYPE holders may withdraw their HYPE whenever they'd like, as long as there is enough HYPE remaining to cover the current HIP-3 minimum stake requirement. At launch, the minimum stake requirement is 500K HYPE, which is expected to decrease over time as the infrastructure matures, per the Hyperliquid HIP-3 specifications.
It is important to know that if vHYPE reaches the minimum stake requirement threshold (e.g. 500K HYPE), then withdrawals will be paused for all users, until there is more HYPE than the minimum requirement.
Withdrawals are processed on a first come first serve basis, and involve a 7 day waiting period due to Hyperliquid’s native unstaking queue.
There are no withdrawal fees.
How do I withdraw?
You can initiate a withdrawal by clicking “Withdraw” and entering the amount you’d like to redeem.
Withdrawals happen in two steps:
Request your withdrawal – Your request is placed in the global withdrawal queue. Withdrawals are processed on a first-come, first-serve basis. While in the queue, your vHYPE continues to earn staking yield. You may cancel your withdrawal at any time before it is processed.
Claim your HYPE – Once your withdrawal has been processed and the 7-day waiting period is over, you’ll see it available to claim. Simply click “Claim” to receive your HYPE back in your wallet.
There are no withdrawal fees.
Note: If the vault is at or below the minimum stake requirement (e.g. 500K HYPE), your withdrawal will be queued, but can only be processed once there is more HYPE than the minimum in the vault.
Can I withdraw if vHYPE is at the minimum stake requirement?
No — withdrawals are paused for all users if vHYPE is at the minimum stake requirement. This is to ensure the exchange doesn't wind down arbitrarily during operation.
When this happens, HYPE can be made available for withdrawals through:
HYPE deposits from Ventuals, acquired with exchange revenue
HYPE deposits from users, who want to earn Ventuals incentives
Lowering of the minimum stake requirement by Hyperliquid
Depositors into vHYPE take on liquidity risk, and earn Ventuals points in exchange. This is how we can give our earliest supporters exposure to Ventuals itself. If you’re a long-term HYPE holder, short-term illiquidity may not be an issue. You continue earning native staking yield, while gaining exposure to Ventuals.
At the end of the day, you always retain rights to your HYPE, enforced by smart contracts, even in a wind down scenario.
How do points work?
The earlier you deposit to vHYPE, and the longer you stay in, the more points you will earn.
A fixed number of points per week are allocated to vHYPE depositors.
5M points allocated in the first week (Oct 16 – Oct 23)
1M points per week allocated in following weeks
During the week, you will earn 1 “stake-hour” per hour that you’ve had 1 HYPE staked.
At the end of the week:
The total number of stake-hours accrued that week are calculated
Multipliers are applied to stake-hours based on deposit tier
Points are distributed proportionally based on multiplier adjusted stake-hours
Multiplier tiers incentivize the earliest deposits, out of remaining deposits. When a redemption happens, the next earliest deposits are bumped up and may start earning a higher multiplier.
There are also multiplier boosts awarded to special groups: Ventuals testnet traders, Hyperbeat VLP depositors, and Hypurr NFT holders.
For full details on the points program, please refer to our docs.
Is vHYPE audited?
Yes. vHYPE is audited by Nethermind and Zenith, two top-tier auditing firms.
We also have a $1M public bug bounty on Cantina to further strengthen security.
Audit reports and contract source code are here.
What are the risks?
All HYPE staked via vHYPE is subject to HIP-3’s standard slashing conditions, as specified by Hyperliquid. For details, see the Hyperliquid documentation.
As noted above, if vHYPE is below the minimum stake requirement (e.g. 500k HYPE), withdrawals will not be processed until there is more than the minimum requirement.
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