Yield

Yield is Leaf economics first

HyperLeaf treats yield as a classification problem before it becomes a distribution problem.

Across different listings, rewards can appear as:

1. intrinsic share-value growth;
2. a side-token distribution;
3. a locked reward entitlement;
4. a market-price premium or discount.

These are economically different.

Productive position
        ↓
Intrinsic yield
        +
Side-token / external yield
        +
Market premium or discount
        ↓
Leaf economics

HYPE is one possible distribution rail for some realized side-token surplus. It is not the product identity of HyperLeaf.

Intrinsic yield

For rate-bearing assets, staking yield may already be embedded in the value of the receipt.

In that case, the Leaf can retain the economic growth inside the asset itself.

Conceptually:

1 share
   ↓
more underlying per share
   ↓
Leaf NAV increases

The holder does not need a separate HYPE claim for the value to accrue.

Side-token yield

Some positions earn a separate reward token.

Where a listing supports it, HyperLeaf can route eligible surplus rewards through a conversion path and make HYPE claimable to users.

The high-level flow is:

source reward
     ↓
claim / harvest
     ↓
converter (where applicable)
     ↓
WHYPE / HYPE distribution
     ↓
reward accounting

Weekly HYPE (hNEST)

For the live Nest integration, weekly HYPE is paid by Nest. HyperLeaf distributes after receipt. Continuity is not guaranteed.

Do not treat every hNEST balance as equally entitled to Nest HYPE — deposit path and seasoning rules matter.

The HyperLeaf fee

The target protocol fee is:

1% of real yield, not principal.

There is no protocol fee for simply moving a supported asset into or out of the system unless a particular listing explicitly says otherwise.

The purpose of the model is alignment:

• users retain the overwhelming majority of productive yield;
• HyperLeaf earns when value is actually generated and realized;
• the protocol is not dependent on entry or exit tolls.

Why the protocol does not promise “99% APR”

A reward allocation is not the same thing as realized wallet APR.

For example, a side-token reward system based on holder addresses does not automatically make a user-owned LP position claim the same way a wallet can.

Until a separate gauge or staking layer solves that composability problem, HyperLeaf should describe these rewards as allocated rather than promising that every integration receives the same HYPE stream.

Yield accounting and backing

Yield cannot be created by assertion.

The protocol should only increase recognized backing or Leaf NAV when there is a verifiable economic event and a defined accounting transition.

This is especially important for native integrations such as hNEST.

The fact that an upstream protocol reports an economic reward does not automatically mean HyperLeaf may mint additional claim value against it.

Yield is not the same as price

A Leaf can gain economic value while trading below that value in the market.

That is not contradictory.

underlying economics
        ≠
protocol accounting value
        ≠
secondary market price

Yield improves the economics of the claim.

Liquidity determines what someone is willing to pay for that claim now.