PRE-LAUNCH — HyperEVM mainnet contracts are not deployed; transactions are locked
NFTs deposited with HYPE backing, priced as one pool, allocated at random. This page describes the mechanics the contracts actually implement — the parameters below are the ones the app prices and settles with.
A pool of NFTs, each backed by HYPE. Buyers pay the pool price and receive one randomly selected position.
A depositor puts an NFT into custody and pairs it with committed HYPE, called its backing. The backing does two things: it is a standing bid the depositor is willing to pay to get the NFT back, and it sets how often the position is selected.
A purchaser does not choose an NFT. They pay the current pool price and receive one position picked at random, weighted so that heavily backed positions come up less often. Once a position is allocated, the purchaser decides what to do with it — keep the NFT, or hand it back and take most of its backing in HYPE.
deposit → staged → active → allocated → settled
Depositors earn from every acquisition: the fee paid on top of the pool price is distributed across active listings. Purchasers get an NFT, or the HYPE that was standing behind it. Start at the pool, deposit from /deposit, and track everything you own under My Positions.
Weight is the inverse of backing. More backing means the position is selected less often.
Each active listing holds a slot in a sum tree. Its weight is the inverse of its backing, so the relationship between what you commit and how exposed you are is exact, not approximate:
weight = 1e36 / backing odds = weight / totalWeight
Selection draws randomWord % totalWeight and walks the tree to the matching slot. Nothing else influences the draw — not deposit order, not rarity, not how long a position has been sitting in the pool.
The pool price is its expected value plus a fixed surcharge, and requests settle strictly in order.
The pool has one price at a time, derived from the backing it holds. Expected value is the weighted mean of all active backings — the amount a random draw is worth on average:
EV = weightedBackingTotal / totalWeight pool price = EV × (10000 + 1000) / 10000 total = pool price + randomness service fee
Buying does not resolve in the same transaction. Your request reserves a batch of listings, freezes its drift tolerance, and asks the randomness provider for a word. Callbacks may arrive out of order — they only authenticate and cache the word. Requests are then processed strictly in sequence, permissionlessly, so an earlier buyer is always allocated before a later one.
On mainnet, the verified drand coordinator locks a beacon round at least 30 seconds in the future. This deliberate security buffer keeps the round unknowable when the request is recorded; it is part of the normal acquisition flow, not a stalled transaction.
Between your request and its processing, other deposits and withdrawals can move the pool price. Drift tolerance is the band you accept: if the price moves outside it, the request does not execute and your fee becomes a claimable refund instead. The default is 10% in either direction. A missing random word past its deadline expires the same way — refund, no allocation.
Deposits are restricted to an allowlist of HyperEVM collections.
Only collections on the allowlist can be deposited or relisted. This keeps the pool made of assets with a real market on HyperEVM — a random draw is only meaningful if every position in it is worth something.
The allowlist gates new listings only. Removing a collection never touches positions already in the pool: existing listings keep their backing, their odds and their settlement rights, and can always be withdrawn or settled normally.
These are HyperEVM NFT contracts. HyperEVM is not HyperCore — assets and balances do not cross between them implicitly.
Four choices for the purchaser, a bounded window, then the depositor, then anyone.
When a position is allocated, the purchaser owns the decision for the next 24 hours. All four choices are available immediately:
On the non-strict paths the NFT transfer is best-effort. If a recipient contract rejects it, the HYPE side still settles and the NFT is recorded against a recovery address — the rightful owner retries delivery from My Positions whenever they like. A failed transfer never blocks or reverses the money.
The surcharge is paid to depositors; the protocol takes 1% on acquisition and 1% on settlement.
The surcharge a purchaser pays on top of EV is what depositors earn for providing liquidity. From it, the rewards slice is taken first, then an owner cut of 1%. The remainder is split equally across every active listing — not pro rata by backing. A small position collects the same fee as a large one.
When a crown exists, 1% of that remainder is diverted to the crown pot before the equal split. On settlement, the owner takes 1% of the backing on the keep and relist paths. On accept-bid, the 15% penalty stays with the protocol.
Fees accrue as claimable balances rather than being pushed to you. Claim listing fees, refunds and earnings from the Refunds & Earnings tab of My Positions.
The single highest-backed listing holds the crown and collects a 1% tithe on distributed fees.
One listing at a time holds the crown: the one with the largest backing in the pool. While it does, it accrues a 1% tithe on the fees distributed to listings, on top of its normal equal share.
Taking the crown is not a tie: a new listing must beat the current crown's backing by 10%. The pot is credited in full, once, when the crowned position leaves — by withdrawal or by being allocated.
The crown is the most heavily backed position, which by construction is also the least likely to be selected. Holding it means committing a large amount of HYPE for a long time.
A fixed 100M seasonal reserve plus revenue-funded buybacks. No minting after deployment.
Season caps decline from 50M to 30M to 20M HWA. These are maximums, not promised distributions. Each settled acquisition unlocks at most 5% of its HYPE value in HWA using the lower of the launch quote and the 30-minute TWAP. Unused daily capacity is burned and never carried forward.
Half is allocated to eligible depositors by square root of backing; half is allocated to purchasers byactual settled HYPE spent. Refunded and expired requests are excluded. Protocol-seeded Genesis listings do not receive the pre-funded depositor allocation.
weight = sqrt(backing) / Σ sqrt(eligible backing)
After day 45 the fixed reserve stops. Protocol revenue can still buy HWA through the Project X 1% wHYPE pool, protected by a 30-minute TWAP. Purchased HWA routes 40% to depositors, 40% to purchasers and 20% to permanent burn. The hot/cold gap controls only the purchaser's HYPE buy allowance: zero through 60s, then a linear ramp to 100% after 60 min.
What the protocol guarantees, and what it explicitly does not.