Protocol transparency

Read the machine.

Every collateral pool carries its own health, residual value, fees, yield history, and rebalance record. Internal accounting is translated into user-facing stable liability.

POOL LEDGER

Live protocol state

Loading chain state…

ETHwstETH · weETH

Buy 1

Collateral ratio168%

100%135%165%200%+

TVL: —
Stable liability: —
xETH NAV: Live via oracle
Current fee curve: Rising stable / 1.00% redeem
Last rebalance: —
Epoch yield: —

Preview value — contracts not yet deployed on this network.

BTCcbBTC

Neutral

Collateral ratio150%

100%135%165%200%+

TVL: —
Stable liability: —
xBTC NAV: Live via oracle
Current fee curve: Low stable / 1.00% redeem
Last rebalance: —
Epoch yield: Borrow rate —

Preview value — contracts not yet deployed on this network.

USDCUSDC

Buy 2

Collateral ratio180%

100%135%165%200%+

TVL: —
Stable liability: —
Residual token: —
Current fee curve: High stable / 1.00% redeem
Last rebalance: —
Epoch yield: —

Preview value — contracts not yet deployed on this network.

CONTROL SURFACE

Zone behavior

Current working parameters

Pool CR	Zone	Stable mint	xASSET mint	xASSET redeem	Protocol intent
≥ 175%	Buy 2	High	1.00%	1.00%	Cheap to mint xASSET.
165–175%	Buy 1	Rising	1.00%	1.00%	Minting xASSET adds cushion.
135–165%	Neutral	Low	1.00%	1.00%	Pool is inside its target operating band.
120–135%	Sell 1	0 bps	0.50%	4.00%	Redeem fee is elevated to protect the peg.
100–120%	Sell 2	0 bps	0.00%	8.00%	Redeem fee is highly elevated to protect the peg.
< 100%	Destabilized	Blocked	Blocked	Blocked	Mint and redeem are frozen for the affected pool.

OPERATIONS

Rebalance log anatomy

Subsidized swaps restore pool health. The interface names the asset movement, execution subsidy, and explicit cost charged to the Earn Pool.

Example event · timestamp pendingSwapped 12 ETH → 41,200 USDC at 1.5% subsidy, Earn Pool cost $618.Example from the product guide—rebalance log is populated by an indexer once deployed.

Data cadence and sources

Pool state, hyUSD supply, and earn-pool NAV are read directly from the chain every 15 seconds via viem. Oracle prices come from Chainlink through the ChainlinkOracle adapter. Wallet balances are per-user via wagmi.

Source map