Leaf Market

Core Protocol liquidity

HyperLeaf does not remove lock risk.

It makes lock risk liquid — by making ownership of that risk transferable.

The product is the Leaf Market: an on-chain board where users list and fill existing Leaf claims against the agreed cash leg.

Status: LIVE on HyperEVM for the hNEST↔NEST same-chain board (list / fill / cancel), the BLUAI4Y↔BLUAI remote board (list on HyperEVM, fill on BSC; completion = source Paid), and for VAR pre-market claims paid in USDM.

Leaf Market is an early bridge while broader spot depth is still thin — not a peg, not a HyperLeaf treasury bid, and not the final liquidity design.

Liquidity for claims that cannot come home today

HyperLeaf does not need to be the buyer of every Leaf asset.

Instead, it provides a native venue for users to sell an already-issued Leaf claim to another user who values the underlying exposure differently.

What the Leaf Market is

Leaf Market is an on-chain escrow and fill mechanism for existing Leaf tokens.

It is not:

• an AMM;
• a treasury bid;
• a lending market;
• a debt marketplace;
• a promise that HyperLeaf will buy the other side.

A seller lists a claim.

A buyer fills that listing.

The protocol remains escrow infrastructure.

The economic intuition

Consider a long-duration position that is fully backed but cannot be redeemed today.

The owner may prefer immediate liquidity.

Another user may prefer the long-duration exposure.

A market can clear the difference.

Seller wants liquidity
        ↓
   Leaf Market
        ↓
Buyer wants exposure

The seller receives a market price for giving up the right to future underlying value.

The buyer receives the Leaf claim.

HyperLeaf does not make illiquid positions liquid by changing their underlying risk. It makes the ownership of that risk transferable.

A discount is not automatically a depeg

Suppose a C1 Leaf represents a position with an accounting value of 100 units but sells for 70.

That 30% discount is the price of immediacy, not automatically a failure of backing.

The market is effectively saying:

I would rather own the claim at 70 today than own the same locked claim at 100 later.

The relevant questions are therefore:

• Is the underlying still there?
• Is the accounting correct?
• How long until economic exit?
• How deep is the secondary market?

Wrap redirect

The earliest Leaf markets are especially useful as a wrap redirect.

A buyer who was about to deposit the underlying into HyperLeaf can instead purchase an already-issued Leaf from someone who wants liquidity.

No new Leaf needs to be minted.

No additional backing needs to be created.

The market is re-routing ownership of an existing claim.

Simple settlement rule

A valid fill should be easy to reason about:

1. the Leaf is already issued;
2. the seller places it into escrow;
3. the buyer pays the agreed underlying amount;
4. the escrow releases the exact Leaf amount to the buyer;
5. the seller receives the agreed cash leg;
6. no new Leaf is minted;
7. no underlying backing ledger is increased by the market trade itself.

The market changes ownership, not protocol solvency.

Why HyperLeaf does not seed a permanent treasury bid

A treasury bid turns a liquidity problem into a protocol balance-sheet problem.

HyperLeaf’s role is to standardize the claim and provide market rails, not to guarantee the price of every underlying position.

A healthy market can have different buyers with different time horizons without making the protocol the counterparty.

Live board today

On HyperEVM, the live Leaf Market contract supports the hNEST↔NEST board:

Prices may trade at a discount or premium to book value. A listing does not guarantee a fill.

Prior Leaf Market 0xFa77Dfb30DeCca4D9597C6764A698996B226b53A is DEPRECATED.

VAR pre-market

Status: LIVE for USDM claims. Settlement Leaf hVAR is PLANNED until VAR TGE.

Official Variational tokens are expected on Arbitrum, not HyperEVM. HyperLeaf will list hVAR as the 1:1 Leaf of that token.

Now: open / buy claims with USDM
        ↓
hVAR listed + 1:1 rate posted + series resolved
        ↓
48 hours: seller wraps Arb VAR → hVAR on this site and delivers
        ↓
Buyer redeems hVAR on HyperEVM — LP here, or unwrap back to Arb

The 48-hour delivery clock does not start when a claim is opened. It starts only after hVAR is live and that series is resolved.

HyperLeaf posts the settlement token and rateX18. There is no on-chain check that the token is “real VAR”. The resolver owner is still a canary EOA; wrap it in a Safe before TVL.

Factory (canary, claims live): 0x22684F6e63525d009d7cAb9415B0680Fe4aF8f6A.

If official VAR ships a staking module, wrap that receipt — not a random liquid ticker. The conversion rate (rateX18) is posted at listing; it is not guessed in advance.

BLUAI4Y remote board

Separate from the hNEST↔NEST board. Seller lists BLUAI4Y on HyperEVM; buyer pays BLUAI on BSC. Done = source Paid (not dest Filled). Occupancy WHYPE while listed → protocol.

DEPRECATED BLUAI4Y 100-cap (do not wrap): SOURCE 0x4C862bC0922556e1bF02561bcf6Ff25e43826D5C / OFT 0xD54A90aeB220530D00343d4442ac50C0836f2F45 / Rewarder 0x3E29CE06a56fCE05Ce196e799d37Adf1dFD58407 / Escrow 0x1AD291026DF7EE2007E48FbEf3d37B4586073207 / Fill 0xC584DC17299ED969063a97a50a3070F36CeF3eB3. Old tickets may still sell; do not wrap again.