Hyperdex — HYP Tokens
One of the key components within the Hyperdex ecosystem is the Hyper (HYP) token. These unlock a variety of exciting opportunities for both holders and investors.
What are HYP tokens?
HYP is the native token to the Hyperdex ecosystem.
HYP tokens are fungible BEP20 tokens hosted on the Binance Smart Chain (BSC).
The purpose of HYP tokens is to enhance the overall utility, productivity and experience of the Hyperdex platform.
What can I do with HYP tokens?
HYP tokens have multiple functions including but not limited to:
- Upgrading investment cubes to HyperCubes
- Rewarding referral program / farm participants
- Distributing the Tesseract governance token (later)
As the Hyperdex platform continues to develop, the potential use cases for HYP grows.
How can I get HYP tokens?
The HYP token IDO is expected to occur in Q2 2022.
However, the private sale is currently ongoing, so investors still have a chance at getting in before the IDO launch.
After the IDO, the only way to get HYP will be to earn a HyperCube reward, a HYP fixed income return, farm rewards, or referral program rewards.
Alternatively, HYP can be purchased via our token swap or on the secondary market.
What makes HYP tokens unique?
HYP tokens are unique for a number of reasons.
Unlike many other DeFi protocols that mint their natives tokens every block in order to satisfy high APY incentives, HYP tokens are only minted upon certain conditions.
These conditions include:
- When a HyperCube earns a reward
- When a HYP fixed income cube earns a reward
- Rewarding LP token Farm participants
- Rewarding referral program participants
Each of these conditions requires the prior purchasing of HYP, effectively creating previous buy pressure before minting any new tokens.
Additionally, HYP rewards are quoted in USD and distributed in HYP. This means as the price of HYP rises, less HYP is required to be minted in order to satisfy rewards.
Example:
A HYP reward equivalent to 1000 USD at a HYP price of $1 would result in 1000 HYP being minted.
A HYP reward equivalent to 1000 USD at a HYP price of $2 would result in 500 HYP being minted.
Final Notes
To get a more in-depth understanding of Hyperdex, visit our wiki as well as our website.
For any questions feel free to join our Telegram and chat directly with some of our team members!
