Glossary
Tokens
| Term | Meaning |
|---|---|
| HYPE | Collateral token (currently the only supported collateral on HyperEVM) |
| USDX | Protocol stablecoin — a multi-token vault that wraps any USD-pegged token into a common 18-decimal rebasing token. Backed by USDC, USDT0, and USDH. |
| Consol | The protocol's main rebasing treasury token. Backed by a portfolio of USDX, ForfeitedAssetsPool tokens, and SubConsol for each supported collateral. Appreciates from mortgage interest payments. |
| SubConsol | Collateral-specific vault that accepts a single collateral type and mints tokens based on principal borrowed. Manages collateral deposits/withdrawals and can deploy to yield strategies. Not rebasing. |
| Mortgage NFT | ERC-721 token representing ownership of a mortgage position in LoanManager. Carries a user-chosen MortgageId label. |
| Pool Tokens | Receipt tokens (1:1 ratio) received when depositing into an Origination Pool, burned on redemption for proportional USDX + Consol. |
| RLV | Rollover Vault share token — represents your stake in the automated lending vault |
| FLV | Fulfillment Vault share token — represents your stake in the order fulfillment vault |
Core Contracts
| Term | Meaning |
|---|---|
| GeneralManager | Upgradeable central orchestrator owned by governance. Controls penalty rates, refinance rates, insurance fund, oracles, pool scheduler, and loan manager. Routes mortgage creation requests through OriginationPools. |
| LoanManager | Creates new loans and manages the full mortgage lifecycle — payments, penalties, redemption, refinancing, foreclosure, and conversions. |
| OriginationPool | Non-upgradeable, disposable pools for originating loans. Issues receipt tokens. Progresses through Deposit → Deploy → Redemption phases. Withdrawals are never impacted by pause state. |
| OriginationPoolScheduler | Upgradeable contract owned by governance that creates new OriginationPools on a schedule (weekly epochs starting Friday 2am GMT). |
| OrderPool | Order book contract that holds PurchaseOrders for buying collateral and finalizes mortgage origination. Authorized fulfillers process orders by providing collateral in exchange for USDX. |
| Forfeited Assets Pool | Holds collateral seized from foreclosed mortgages and issues liability tokens. Users burn Consol to redeem proportional foreclosed collateral at a discount. |
| Router | Periphery contract that handles multi-step user transactions (approvals, wrapping, deposits) |
Queues
| Term | Meaning |
|---|---|
| Conversion Queue | Double-queue: lenders deposit Consol and wait to get collateral out with a premium; borrowers submit mortgages and wait to get converted. Processes conversions when collateral prices hit trigger thresholds. |
| USDX Queue | Withdrawal queue where users deposit Consol and wait to receive USDX out. Processed FIFO by permissionless actors who collect gas fees. |
| Forfeited Assets Queue | Withdrawal queue where users deposit Consol and wait to burn ForfeitedAssetsPool tokens for underlying foreclosed collateral. Value received may exceed Consol deposited. |
| Mortgage Queue | Sorted linked-list maintaining mortgage positions ordered by trigger price (lowest to highest) for efficient conversion processing. |
Oracles
| Term | Meaning |
|---|---|
| Pyth Price Oracle | Pull-oracle reading Pyth price feeds for real-time collateral/USD prices. Validates freshness (max 60s) and confidence thresholds. |
| Pyth Interest Rate Oracle | Pull-oracle reading 3-year and 5-year US Treasury rates from Pyth. Multiplies by 2, adds 100 bps. Additional 100 bps if no payment plan. Reverts if age > 60s or confidence > 100 bps. |
| Static Interest Rate Oracle | Fallback fixed interest rate oracle |
Mortgage Terms
| Term | Meaning |
|---|---|
| BNPL | Buy Now Pay Later — purchasing HYPE with a stablecoin down payment and financing the rest. Borrower provides USDX for half the collateral; the other half is borrowed from an OriginationPool. |
| Coin Compounding | Using existing HYPE as a down payment to purchase more HYPE on credit (~2x leverage). Borrower provides half the collateral directly; the other half is purchased with borrowed USDX. |
| Conversion Trigger Price | The collateral price at which auto-conversion activates for a position in the ConversionQueue |
| Conversion Premium | Percentage above the purchase price that collateral must appreciate before conversion occurs |
| Bullet Payment | Single lump-sum payment at maturity instead of monthly installments (mortgage with hasPaymentPlan = false) |
| Foreclosure | Seizure of all collateral after exceeding the maximum missed payments (3). Collateral transferred to ForfeitedAssetsPool. |
| Refinance | Recalculating interest on outstanding principal for a new duration. Charges a refinance fee. Requires no unpaid penalties. |
| Balance Sheet Expansion | Adding additional principal and collateral to an existing mortgage position |
Protocol Constants
| Constant | Value | Description |
|---|---|---|
| BPS | 1000 | Basis points in a whole, used for percentage/rate calculations |
| PERIOD_DURATION | 30 days | Duration of one mortgage period |
| PERIODS_PER_YEAR | 12 | Number of periods per year |
| LATE_PAYMENT_WINDOW | 3 days | Grace period after due date |
| MAXIMUM_MISSED_PAYMENTS | 3 | Missed payments before foreclosure eligibility |
| MINIMUM_AMOUNT_BORROWED | 1 USDX | Minimum borrow amount (1e18 wei) |
| EPOCH_DURATION | 1 week | Duration of origination pool deployment epoch |
| EPOCH_OFFSET | 1 day + 2 hours | Guarantees epochs start Friday 2am GMT |
Roles
| Role | Intended Holders | Purpose |
|---|---|---|
| Default Admin | Governance | Manage supported tokens, set caps, assign roles, upgrade contracts |
| Withdraw Role | ConversionQueues, LoanManager, SubConsols, UsdxQueue, ForfeitedAssetsQueue | Withdraw/flash-swap from Consol |
| Pause Role | Governance + automated safety checks | Emergency pause of deposits, deployments, and mortgage operations |
| Depositor Role | LoanManager | Deposit foreclosed assets and update liabilities |
| Conversion Role | ConversionQueue(s) | Convert mortgage positions by reducing principal and collateral |
| NFT Role | LoanManager, OrderPool | Burn mortgage NFTs by tokenId |
| Fulfillment Role | Authorized market maker | Sell collateral to OrderPool and receive USDX |
| Deploy Role | GeneralManager | Flash-loan USDX from OriginationPools for repayment in Consol |
| Accounting Role | LoanManager, ConversionQueue | Mint/burn SubConsol tokens |
| Portfolio Role | Governance + automated safety | Deposit/withdraw collateral from SubConsol into YieldStrategies |
| Ignore Cap Role | Governance + Routers | Bypass relative cap restrictions on USDX and Consol |
| Supported Token Role | Governance | Add/remove input tokens backing Consol and USDX |
Other
| Term | Meaning |
|---|---|
| Epoch | A lending cycle (1 week) — pools progress through Deposit, Deploy, and Redemption phases |
| Yield Strategy | Escrow contract associated with a SubConsol that earns yield on collateral via staking. Supports async deposit/withdrawal. |
| Purchase Order | On-chain intent to purchase collateral for a mortgage at a specified price, with a 5-minute expiration window |
| Flash Swap | Temporary borrow of tokens from Consol, repaid in different supported tokens within the same transaction. Used during foreclosure to swap SubConsol for ForfeitedAssetsPool tokens. |
| NFT Metadata Generator | Upgradeable contract that generates art and metadata for Mortgage NFTs |