The cHIPs™ Game

Welcome, Yield Strategist. The cHIPs™ Game is a cooperative capital strategy game, designed to launch and grow the Nunchi exchange. Your strategic decisions are recognized with cHIPs, non-transferable points that represent your contribution to building the future of on-chain yield.

This is a game of timing and collective action. There are two distinct roles you can play to help build the ecosystem.

Note: The cHIPs™ Game is a distinct reward layer. The mechanics described here are in addition to other methods of earning cHIPs on the Nunchi platform.

cHIPs

cHIPs are Nunchi's non-transferable points that recognize real contribution to the protocol.

Per Epoch cHIPs Distribution

The Strategy Game operates in 7-day cycles/epochs.

• During each epoch, a fixed amount of cHIPs (e.g., 1,000,000 cHIPs) is designated for distribution. This is the Epoch Budget.

• This budget is split between the nHYPE staker pool and the nLP liquidity provider pool according to the current game phase. Your share of your pool's cHIPs is based on your proportional contribution (time-weighted TVL) during that epoch.

Base Rate

nLP and the genesis vaults on Nunchi are denominate in USD. Accordingly, 1 HYPE per day represents 30 base units and 1 USD per day represents 1 base unit. By participating in the two strategic lanes below, Strategy Game participants can earn multipliers on this base rate. Earned cHIPs are then calculated by taking a % of base rate points and multiplying that by the total stream.

The Strategies

You can contribute to the protocol's growth in two fundamental ways. Your choice and timing will define your cHIPs efficiency.

1. Core Staker (nHYPE)

See more info on nHYPE ↗

As a Core Staker, your mission is to provide the foundational strength for the entire Nunchi ecosystem.

Your Action: Stake HYPE to mint nHYPE, Nunchi's liquid staking token.

Your Goal: Help the community build the 500,000 HYPE Core Stake required to activate HIP-3 perpetual markets.

Ethena Rewards: Stakers into Nunchi's HYPE LST nHYPE will be eligible for 20x Ethena rewards, to help support the bootstrapping of the exchange.

nHYPE Multipliers: Multipliers on HYPE stake are designed to incentivize early participation. The highest multiplier (18x) is awarded to those contributing towards the first 100k HYPE staked. Once 100k HYPE is staked, the next 100k HYPE staked receives a multiplier of 16x. As more HYPE is staked, the multiplier continues to decrease, as shown in the table below:

Deposit Range (total for all participants)	Multiplier
0-100k HYPE	18x
100-200k HYPE	16x
200-300k HYPE	14x
300-400k HYPE	12x
400-500k HYPE	10x
500-600k HYPE	8x
600-700k HYPE	6x
700-800k HYPE	4x
800-900k HYPE	3x
900k-1M HYPE	2x
>1M HYPE	1x

Note that these multipliers are based on the total amount of HYPE that has been staked across all participants.

2. Liquidity Strategist (nLP)

See more info on nLP ↗

See more info on Pendle wNLP ↗

As a Liquidity Strategist, your mission is to provide the vital market depth that powers the exchange.

Your Action: Deposit USDT0 or USDC into the nLP (Nunchi Liquidity Provider) vault.

Your Goal: Deepen the liquidity layer for Nunchi's perpetuals markets, ensuring tight spreads and a stable trading environment once they are live.

Pendle Boosts

Additional multipliers on nLP can be created through Pendle: Pendle PTs/YTs can be minted as well off the nLP. These will receive multipliers as follows:

• Yield Token (YT) Boost – 25x per YT token

• Principal LP Token (PT-LP) Boost – 15x

Pendle Boosts only available for Liquidity Strategists (nLP Lane).

Game Phases

The game rewards understanding ecosystem milestones and how cHIPs are distributed. The flow of cHIPs dynamically shifts to reward the actions the ecosystem needs most at each stage.

Milestone | Core Lock

• Goal: Reach 500,000 HYPE staked.

• cHIPs Focus: Heavily tilted towards Core Stakers (80%), and less towards Liquid Strategists (20%).

• Strategic Note: This is the early phase of the exchange. As a result, this is the most crucial phase for Core Stakers. Staking HYPE now provides the greatest impact and earns the highest share of cHIPs.

Milestone | Liquid Capacity

• Goal: Sustain deep, healthy liquidity for all active markets.

• cHIPs Focus: Tilted heavily towards Liquid Strategists (70%), and less towards Core Stakers (30%).

• Strategic Note: The exchange is live and running with baseline tickers online. The highest priority is now deep liquidity, making this the most rewarding phase for Liquidity Strategists.

Milestones & Special Boosts

Reaching collective goals unlocks special, timed rewards that amplify cHIPs earnings for strategic actions. These boosts temporarily re-weight the distribution of the Epoch Budget to further incentivize a specific action.

Milestone	Description	cHIPs Boost	Duration
500,000 HYPE Staked	Core Stake secured. HIP-3 perps are ready, with the first unlock achieved.	+50% to nLP	7 days
nHYPE Utilization for Lending, Borrowing Protocols	HYPE over 500k begins to contribute to this milestone. nHYPE swap market is activated.	+20% for all	24 hours

How Boosts Work: A boost increases the number of cHIPs earned for a particular strategic lane for a particular period of time.

Strategies

Strategy	What You’re Doing	Best Timing	Key Rewards
Core (nHYPE)	Staking HYPE to mint nHYPE and grow the network’s core stake.	Phase A, before 500k HYPE is staked.	Highest cHIPs multipliers pre-launch; Genesis Badge.
Liquidity (nLP)	Minting nLP with USDT/USDC to power the perpetuals markets.	Phase B & C, especially during the 7-day "Activation Week" boost after 500k HYPE is hit.	High, sustained cHIPs yield plus potential trading fee revenue once markets are live.

Stake Withdrawal Limitations

Per Hyperliquid's protocol rules, HIP-3 deployers like Nunchi must maintain a minimum stake of 500,000 HYPE to operate their markets. Nunchi has thus implemented an nHYPE LST for securing the HIP-3 bond. Find more details on this here.

Because of this, 500,000 HYPE is the minimum staking requirement and only stake above this can be withdrawn.

Further, there is a 7-day countdown on withdrawal, meaning that if you withdraw stake, you will not have access to it until this period is over.

Moreover, there may be more withdrawals ahead of yours in the queue. If these withdrawals bring the total stake down to its floor of 500,000 HYPE, then no further withdrawals will be processed until the total stake raises above the floor again.

Early Exit Policy

nLP and nHYPE favors committed liquidity. Early withdrawal from the nLP vault or nHYPE bond results in a proportional reduction of cHIPs. Withdraw early and your cHIPs scale back accordingly. Commitment is rewarded. Ex. If you withdraw 50% at any given time during the campaign before the mainnet of HIP-3, you will lose 50% of your earned cHIPs.

Note: withdrawing out of Pendle alone does not have any early exit penalties, as you would still hold nLP.