A receipt and
an agreement.
Provide capital in USDT0 to mint a convertible bond. Your principal is protected to maturity — and if HSTR clears the strike, your bond converts into the token for direct upside. Every dollar raised compounds straight into HYPE.
Your payoff at maturity
Set the strike, then drag the HSTR price to see your upside.
The treasury flywheel
Where every USDT0 goes.
Open and upcoming issuance. Deposit USDT0 while a tranche is minting — principal is reclaimable at maturity, with HSTR upside above the strike.
Win-win
Bond holders keep their downside protected and all of the upside. The protocol keeps the capital working — compounding HYPE behind HSTR.
Worst case, you reclaim 100% of your USDT0 at maturity. Best case, your bond converts to HSTR worth multiples of your deposit.
Every bond buys HYPE for the treasury and lowers cost basis. Capital compounds behind the token — permanently.
Maturity ladder
Issuance windows and maturities on a single timeline — the protocol's runway at a glance.
How bonding works
Deposit USDT0
Mint a bond from any open tranche by depositing USDT0 up to its remaining capacity. You receive a tradeable bond token 1:1 with your deposit.
Protocol buys HYPE
Proceeds are deployed to acquire HYPE and loop it through partner protocols for yield — the same disciplined accumulation the treasury runs on.
Convert or reclaim
If HSTR is at or above the strike at maturity, your bond converts to HSTR for upside. If not, you reclaim 100% of your principal. Either way, you're covered.
FAQ
What is a convertible bond here?
It's a deposit that behaves like a receipt and an agreement. You hand the protocol USDT0; in return you hold a bond. If HSTR reaches the strike price by maturity, the bond converts into HSTR. If it doesn't, you reclaim your full principal.
Is my principal at risk?
The protocol is designed so principal is reclaimable at maturity if the strike isn't met. Above the strike you give up the principal in exchange for HSTR worth strictly more. As with any onchain protocol, smart-contract risk applies — review the docs and contracts.
How is the conversion value calculated?
Your deposit converts at the strike price, so you receive (deposit ÷ strike) HSTR. At maturity that's worth deposit × (price ÷ strike) — the upside you see plotted in the payoff chart above.
Can I exit before maturity?
Bond tokens are transferable, so secondary markets may exist. Settlement (principal reclaim or HSTR conversion) happens at maturity.