Nunchi x Ethena HIP-3 (nHYPE)

Stake HYPE to mint nHYPE

See announcement from Ethena

Nunchi's Liquid Staking Token (LST), nHYPE, facilitates mainnet HIP-3 exchange deployment.

• LST: HYPE depositors receive nHYPE, a liquid receipt token that represents their claim on the underlying HYPE principal. nHYPE is a fully transferable ERC-20 token.

• Withdrawals: nHYPE holders may redeem their HYPE at any time, as long as the total HYPE in the bond contract remains above the minimum HIP-3 stake requirement (500,000 HYPE).

• Incentives: nHYPE holders earn cHIPs based on their deposit time, duration, and participation in other ecosystem activities. This is the primary way for strategic partners to signal long-term conviction. Moreover, stakers into Nunchi's HYPE LST nHYPE will be eligible for 20x Ethena rewards, to help support the bootstrapping of the exchange. Find details on this partnership between Ethena and Nunchi here.

Deposit

Deposits must be in native HYPE. The process is straightforward:

1. Visit the official Nunchi bonding page and connect a wallet.

2. Enter the amount of HYPE to deposit and confirm the transaction.

3. Receive nHYPE tokens in the connected wallet, representing a respective share of the bond.

The amount of nHYPE a user receives is based on the current exchange rate, calculated as total HYPE in vault / total nHYPE supply. The minimum deposit amount is 1 HYPE.

Background

Per Hyperliquid's protocol rules, HIP-3 deployers like Nunchi must maintain a minimum stake of 500,000 HYPE to operate their markets.

Nunchi is launching its own HYPE LST (nHYPE) to meet this requirement in a decentralized, community-driven manner. By contributing to the bond, users are directly funding the ignition of Nunchi's on-chain yield and rates markets.

Delegation

The HYPE in the vault is delegated to a selection of trusted, high-performance validators.

Withdrawal Process (Queued & Batched)

nHYPE holders can initiate a redemption for their underlying HYPE at any time. The process is designed to be orderly and secure, operating through a daily batch system.

• The user calls withdraw to submit a redemption request.

• The user's nHYPE is escrowed, and the request is added to a global, first-come, first-served queue.

• Once per day (the Withdrawal Batch Cadence), the system processes as many queued withdrawals as possible.

• This process is subject to the core security rule: the vault's total HYPE balance must always remain ≥ 500,000 HYPE after the batch is processed. If the request cannot be processed without violating this rule, it remains in the queue for the next batch.

• Once a withdrawal is processed in a batch, it enters the native ~7-day Hyperliquid unstaking period (the Withdrawal Claim Delay).

• After this delay, a user can claim their HYPE. The HYPE will be transferred directly to their HyperCore spot account.

Key Operational Parameters

• Minimum Stake Balance: 500,000 HYPE

• Withdrawal Batch Cadence: 1 day

• Withdrawal Claim Delay: 7 days

FAQs

What is this for?

Nunchi is syndicating a HYPE bond to meet the stake requirement for launching a HIP-3 perpetual markets dex. Community contributors deposit HYPE and receive nHYPE (a liquid receipt) plus cHIPs (Nunchi points) in return. Stakers are also eligible for 20x Ethena rewards.

See announcement from Ethena ↗

What is nHYPE?

nHYPE is a liquid receipt token that can be minted by depositing HYPE into the bond. It represents a user's share of the bond and accrues cHIPs over time.

When can I exit?

A user can redeem their HYPE at any time, as long as the bond balance is above the 500,000 HYPE minimum stake requirement. If the balance is at or below this level, withdrawals are temporarily paused but can be queued. Deposits will be unlocked after a few months if bond is not filled.

How do I withdraw?

The process is two steps: 1) Request a withdrawal to enter the daily processing queue. 2) Claim HYPE after the request has been processed and the ~7-day unstaking period is complete.

Is nHYPE audited?

nHYPE is a direct fork of Ventuals’ vHYPE contract, which has been audited. Find the audit reports here: https://docs.ventuals.com/vhype/audits

What are the risks?

All HYPE deposited through nHYPE remains subject to the standard HIP-3 staking and slashing parameters defined by Hyperliquid. Additionally, if the bond’s total HYPE balance reaches the minimum stake threshold, withdrawals will pause automatically until the balance increases.