Buttonwood Protocol
Buttonwood V1 is a decentralized lending and borrowing platform on HyperEVM. It lets you borrow stablecoins against crypto collateral through mortgage-like instruments, with a unique convertible credit mechanism that lets borrowers retain upside exposure.
Three Ways to Use Buttonwood
Buy Now Pay Later
Purchase HYPE tokens by making a down payment in stablecoins and financing the rest. The protocol lends you the difference through origination pools, and you repay monthly over 36 periods.
Coin Compounding
Use HYPE you already own as your down payment to purchase more HYPE on credit. End up with roughly 2x the HYPE you started with, all locked as collateral with automatic conversion if prices rise.
Get started with Compounding →
Lending
Deposit stablecoins into origination pools to fund borrowers and earn yield in Consol tokens. Choose from direct pool deposits, automated rollover vaults, or fulfillment vaults.
How It Works
All borrowing produces a Mortgage NFT — a position that represents your loan, tracks your collateral, payment history, interest, and status. Loans are structured in monthly periods (30 days each, up to 36 months). The protocol uses Pyth oracle price feeds for real-time collateral pricing.
The protocol's key innovation is the Conversion Queue: if collateral appreciates past a trigger price, the system can automatically convert collateral to pay down debt — letting borrowers capture upside while lenders receive guaranteed returns.
Tokens
| Token | Role |
|---|---|
| HYPE | Collateral token (currently the only supported collateral) |
| USDX | Protocol stablecoin — a vault wrapping USDC, USDT0, and USDH |
| Consol | Yield-bearing token earned by lenders |
| Mortgage NFT | ERC-721 representing each loan position |
Quick Links
- User Guide — Step-by-step instructions for all user flows
- Architecture — How the protocol works under the hood
- Smart Contracts — Contract reference documentation
- Glossary — Key terms and definitions