Leaf Assets

One token standard, different exit topologies

HyperLeaf uses a common ERC-20 interface while preserving differences in the underlying financial claim.

The three primary listing types are:

The type describes the exit topology — not the quality of the asset.

L — Liquid

A Liquid Leaf wraps a transferable receipt that already has a defined exit path.

The key principle is that the Leaf does not introduce unnecessary duration risk.

source receipt
     ↓
 lock / message
     ↓
    Leaf
     ↓
trade / compose
     ↓
burn / unwrap

Where possible, the same receipt that backs the Leaf is the one returned on exit.

C1 — Closed

A C1 Leaf is used when the underlying position is economically valuable but cannot be cleanly redeemed by HyperLeaf without taking on an inappropriate commitment.

Examples include long farm locks and certain vote-escrow or duration products.

C1 assets are therefore designed around market liquidity rather than protocol redemption.

A C1 asset may trade at a discount to its accounting value. The market is pricing immediate liquidity against a position whose underlying exit is slower or unavailable.

That discount should not automatically be described as a depeg.

C2 — Queued

A C2 Leaf exists where the source protocol exposes a known withdrawal process.

The Leaf can represent the position while still preserving the source protocol’s timing:

Leaf burn
   ↓
withdrawal ticket
   ↓
source cooldown
   ↓
claim

The wait is part of the product.

Accounting is listing-specific

Different assets need different accounting units.

Examples:

• raw token principal;
• staking shares;
• vault shares multiplied by an issuer-defined rate;
• a locked position’s principal ledger;
• a withdrawal ticket.

HyperLeaf does not treat balanceOf(lockbox) as universal proof of backing.

The core rule is:

Outstanding Leaf claims must never exceed the economically realizable backing recognized for that listing.

Why Leaf assets are composable

All Leaf assets share the same basic advantage: they turn a complex source position into a standard HyperEVM asset.

That standardization lets other protocols work with the claim without understanding every source-chain implementation.

The source risk remains.

The interface becomes simpler.

What a Leaf does not promise

A Leaf does not automatically promise:

• instant redemption;
• 1:1 market price;
• a guaranteed buyer;
• guaranteed yield;
• protection from upstream protocol failure.

Those properties are defined per listing.