Elyra

Hypercore discovers the price. Elysium executes the trade. Elyra makes the market.

Team

What

A crowdfunded PropAMM on Kinetiq's Elysium L2. Depositors fund USDC and HYPE vaults. The engine quotes Elysium spot off Hypercore's orderbooks and rebalances inventory on Hypercore. Depositors earn the net market-making profit and bear losses. Elyra takes a performance fee on profit.

Pricing

Not the mid, not a curve. The cost of replacing inventory on Hypercore:

quote = Hypercore VWAP for the size + taker fee + buffer + spread ± inventory skew

HYPE at $40.00, replacing the size costs $40.03, Elyra quotes $40.07. If the hedge fills, the vault keeps the difference. If the book moves first, the vault eats it. Market making, not arbitrage. See Markets.

Inventory

• Elysium float settles swaps.
• Hypercore reserve rebalances.
• Optional yield sleeve for idle capital, disclosed.

Quotes skew first. Active rebalancing on Hypercore when inventory leaves its band. One NAV per vault.

Vaults

ERC-4626 shares, redeemable from idle reserves. Caps because more TVL without volume dilutes everyone. Performance fee on profit above the high-water mark, paid as shares to the treasury. No other fees. Revenue is spread, not emissions.

ELYRA

Coordinates the protocol: gauges, strategy whitelist, fees, market onboarding. Not a vault share, no claim on vault assets. Voting (ERC20Votes) is live at launch.

Roadmap

1. Genesis vaults and token.
2. Hypercore pricing engine and inventory management.
3. Live Elysium swaps.
4. Native precompiles, automated rebalancing.
5. More assets, launchpads, HIP-3 hedging, kHYPE.

Security

• The engine has no withdrawal authority. It moves capital only into owner-whitelisted, capped strategy contracts.
• Owner is a multisig, moving to an ELYRA timelock. Can pause deposits, set caps and fees (max 30%), recall strategies.
• Withdrawals pull idle first, then strategies in order.
• Risks: latency, stale quotes, adverse selection, inventory loss, hedge failure, non-atomic transfers.
• Independent of Kinetiq unless a partnership is announced.

Contracts