# Welcome Welcome to the official documentation for Rip Strategies - a decentralized finance platform offering institutional-grade vaults and strategies on HyperEVM. ## What is Rip Strategies? Rip Strategies provides yield-generating opportunities backed by real assets, with transparent NAV (Net Asset Value) calculations and onchain risk management. Our vaults use an ERC-4626-inspired architecture to tokenize onchain strategies. ## Quick Links ### 🚀 Getting Started New to Rip Strategies? Start here to learn how to connect your wallet and make your first deposit. [Get Started →](/getting-started) ### 🏦 Available Vaults #### rHYPURR (Live) An auto-managed NFT index token providing diversified exposure to the Hypurr NFT ecosystem on HyperEVM. * **Asset Type:** Hypurr NFTs * **Backing Token:** WHYPE * **Strategy:** Automatic NFT treasury management [Learn about rHYPURR →](/hypurr-vault/overview) ### 📚 Learn More * [How the Protocol Works](/protocol/how-it-works) - Understanding vault mechanics * [Security](/resources/security) - How the assets are protected * [FAQ](/resources/faq) - Common questions answered ## Key Features ### Transparent Valuation NAV is calculated hourly using objective market data, ensuring fair pricing for all deposits and redemptions. ### Professional Management Assets are held in secure MPC wallets with multi-signature requirements, managed by smart contracts and experienced teams. ### Fair Price Discovery Asynchronous processing prevents front-running and ensures all users receive fair NAV-based pricing. ### Built-In Safety Deposit caps, confidence scoring, and epoch-based processing protect user funds and maintain system stability. ## How It Works 1. **Deposit Assets** - Submit WHYPE tokens to the vault 2. **NAV Calculated** - Keeper bot values all vault assets hourly 3. **Request Processing** - Deposits and redemptions processed at fair NAV prices 4. **Receive Shares/Assets** - Shares minted or assets returned automatically [Deep dive into mechanics →](/protocol/how-it-works) ## Resources * **App:** [rip.xyz](https://www.rip.xyz) * **GitHub:** [github.com/rebeldividends](https://github.com/rebeldividends) * **Support:** # Getting Started Learn how to connect your wallet, make your first deposit, and start getting exposure with Rip Strategies vaults. ## Prerequisites Before you begin, make sure you have: * A Web3 wallet (Rabby, MetaMask, Rainbow, Coinbase Wallet, or WalletConnect-compatible) * WHYPE tokens (for rHYPURR deposits) * Sufficient HyperEVM network gas (HYPE) for transactions * Basic understanding of DeFi concepts ## Step-by-Step Guide ### 1. Connect Your Wallet Navigate to the Rip Strategies app and click the "Connect Wallet" button in the top right. 1. Select your preferred wallet provider from the list 2. Approve the connection request in your wallet 3. Ensure you're connected to the HyperEVM network 4. Your wallet address will appear in the top right when connected {% hint style="info" %} **First Time on HyperEVM?** You may need to add the HyperEVM network to your wallet. Most wallets will prompt you automatically, or you can add it manually using the network details from the HyperEVM documentation. {% endhint %} ### 2. Choose a Vault From the dashboard, select the vault strategy that matches your investment goals: * **rHYPURR** — NFT-backed strategy with exposure to Hypurr NFT ecosystem * More vaults coming soon {% hint style="info" %} Each vault has different risk profiles, strategies, and backing assets. Review the vault documentation before depositing. {% endhint %} ### 3. Make a Deposit On the vault page, click the "Deposit" button and follow these steps: 1. **Enter Amount:** Specify how much WHYPE you want to deposit 2. **Approve Token:** First-time users must approve the vault to spend WHYPE (one-time transaction) 3. **Submit Request:** Confirm the deposit transaction in your wallet 4. **Wait for Processing:** Your request will be processed after the next NAV update (typically within 1 hour) {% hint style="warning" %} **Important Notes:** * Deposits are asynchronous — shares are minted after the next NAV update * You'll receive shares based on the NAV at the time of your request * A small deposit fee applies (check vault specifications) {% endhint %} ### 4. Track Your Position Once your deposit is processed, you can monitor your vault position: * View your share balance and current NAV value * Track vault performance over time * See pending requests in the "Pending Requests" section * Monitor NAV updates and epoch information {% hint style="info" %} Vault shares are ERC-20 tokens visible in your wallet. You can also use them in other DeFi protocols (though we recommend holding them to benefit from the vault strategy). {% endhint %} ### 5. Redeem When Ready To exit your position, click the "Redeem" button: 1. **Enter Shares:** Specify how many vault shares you want to redeem 2. **Submit Request:** Confirm the redemption transaction 3. **Wait for Processing:** Redemptions are processed after deposits following each NAV update 4. **Receive Assets:** WHYPE is automatically sent to your wallet once processed {% hint style="warning" %} **Redemption Notes:** * Redemptions may take 1-2 hours to process * In rare cases of low liquidity, redemptions may be partially fulfilled * A small redemption fee applies (check vault specifications) {% endhint %} ## Understanding Processing Times ### Why Asynchronous? Rip Strategies vaults use time-delayed processing to ensure fairness and security: * **Prevents front-running and price manipulation** * **Ensures fair NAV-based pricing for all users** * **Allows vault manager time to rebalance** * **Protects against liquidity shocks** ### Processing Timeline * **Submit request:** Immediate * **NAV calculated:** Hourly * **Deposits processed:** Right after NAV calculation * **Redemptions processed:** After deposits complete ## Safety Tips ### Do Your Research * Read the vault documentation thoroughly * Understand the investment strategy and risks * Check current NAV, fees, and performance metrics * Review smart contract addresses ### Start Small * Make a small test deposit first * Verify the process works as expected * Gradually increase position size as you gain confidence ### Monitor Your Position * Check vault performance regularly * Watch for NAV updates and confidence scores * Stay informed about protocol announcements * Keep track of your cost basis for tax purposes ### Security Best Practices * Never share your private keys or seed phrase * Use hardware wallets for large positions * Verify you're on the correct website URL * Be cautious of phishing attempts ## Ready to Get Started? [Open rHYPURR Vault](https://www.rip.xyz/rhypurr) | [Learn More About rHYPURR](/hypurr-vault/overview) # How It Works Rip Strategies vaults are built on ERC-4626, the standard for tokenized vaults. This architecture provides a consistent, secure way to represent shares in automatically managed DeFi strategies. Understanding how these vaults work will help you make informed investment decisions. ## ERC-4626: The Vault Standard ERC-4626 is an Ethereum standard that defines how tokenized vaults should work. It creates a consistent interface for depositing assets, receiving shares, and later redeeming those shares for underlying assets. ### 🪙 Deposit Assets Users deposit underlying assets (like WHYPE) into the vault ### 🎫 Receive Shares Vault mints ERC-20 shares representing proportional ownership ### 💰 Redeem Value Shares can be redeemed for assets based on current vault value ### Why ERC-4626? * **Standardization:** Works seamlessly with DeFi protocols and wallets * **Composability:** Vault shares can be used in other DeFi applications * **Security:** Battle-tested standard with extensive auditing * **Transparency:** Clear accounting of assets and shares ## Vault Strategies Each vault on the Rip Strategies platform implements a specific exposure strategy. Some vaults may employ automatic management with dedicated security managers, while others might follow passive or algorithmic approaches. The strategy determines how deposited assets are used to generate returns. Currently, only the Hypurr Vault and Hypurr Market are live. ### Common Strategy Components #### Asset Deployment Deposited assets are deployed according to the vault's strategy—this currently only includes purchasing Hypurr NFTs. In the future this could include providing liquidity, staking, lending, or other activities. #### Rebalancing Vaults may periodically rebalance positions to maintain target allocations based on user demand. #### Liquidity Management Vaults balance capital efficiency with redemption capability by maintaining appropriate reserves of liquid assets. #### Risk Controls Built-in safeguards like deposit caps, minimum holdings, and pause mechanisms protect user funds and maintain system stability. ## NAV-Based Pricing The vault's **Net Asset Value (NAV)** determines the fair value of each share. NAV is calculated by dividing the total value of all vault assets by the total number of outstanding shares. ### NAV Calculation Formula ``` NAV per Share = (Total Assets Value) ÷ (Total Shares Outstanding) ``` All deposits and redemptions are processed at the NAV price, ensuring fair treatment for all users. ### When You Deposit You receive shares equal to: ``` Your Assets ÷ NAV per Share ``` **Example:** If NAV is 1.2 WHYPE per share and you deposit 120 WHYPE, you receive 100 shares. ### When You Redeem You receive assets equal to: ``` Your Shares × NAV per Share ``` **Example:** If NAV is 1.5 WHYPE per share and you redeem 100 shares, you receive 150 WHYPE. ## Request Processing Different vaults may process deposits and redemptions in different ways. Some vaults use instant processing for immediate settlement, while others employ asynchronous systems with queues and epoch-based processing to ensure fair pricing and prevent manipulation. ### Asynchronous Processing (Example) Some vaults use time-delayed processing where requests are queued and settled in batches using NAV snapshots. This approach provides several benefits: * ✓ **Prevents Front-Running:** Users can't exploit NAV movements since they don't know the price before submitting requests * ✓ **Fair Pricing:** All users in the same batch get identical pricing * ✓ **Liquidity Management:** Allows time for managers to prepare redemption liquidity and rebalance positions * ✓ **Gas Efficiency:** Batch processing reduces transaction costs ## Liquidity Management Vaults must balance deploying capital into their strategy with maintaining sufficient liquidity to process redemptions. The approach varies by vault architecture and strategy type. Some vaults maintain all assets in liquid form for instant redemptions, while others deploy capital into less-liquid strategies (like NFTs or staked positions) and manage redemption queues accordingly. {% hint style="info" %} **Note:** When liquidity is limited, redemption requests may be delayed or partially fulfilled until sufficient liquid assets become available through new deposits or position liquidations. {% endhint %} ## Permissioned Roles Rip Strategies vaults use a **role-based access control** system to separate concerns and enhance security. Different addresses have different permissions: ### Admin Role Controls critical protocol parameters and emergency functions * Determine fee configuration * Set deposit/redemption limits * Pause vault in emergencies * Upgrade contracts (if applicable) ### Keeper Role Authorized to update NAV and process queues * Calculate and submit NAV updates * Process deposit requests in queue * Process redemption requests in queue * Increment epoch counter ### Vault Manager Manages strategy assets and executes approved trades * Ensures deployment of capital into strategy * Rebalance holdings * Provide liquidity to vault reserves ### Treasury Receives protocol fees from vault operations * Collect deposit fees * Collect redemption fees * Collect NFT trading fees (5% on every buy and sell executed by the vault manager) * Fund protocol operations * Support protocol development ## Built-In Safeguards Rip Strategies vaults include multiple layers of protection to secure user funds and maintain system integrity: ### 🛡️ Deposit Caps Maximum deposit limits prevent the vault from growing too quickly and ensure the strategy can effectively deploy all capital ### 🔒 Pause Mechanism Admin can pause deposits and redemptions in emergency situations while existing positions remain secure ### ⚖️ Minimum Holdings Minimum deposit and redemption amounts prevent dust attacks and ensure economically viable gas costs ### 🎯 Epoch System Time-delayed processing prevents front-running, sandwich attacks, and other forms of MEV exploitation ## Explore Live Vault Strategies Now that you understand how vaults work, explore the specific strategies available in the Rip Strategies. Each vault has unique characteristics and risk/return profiles. [View Hypurr Vault →](/hypurr-vault/overview) # Contract Addresses Below are the canonical HyperEVM contract addresses for Hypurr Vault / rHYPURR. ## Hypurr Vault (rHYPURR ERC-4626) [0x0Df4f69CF9417b1817AB9579bF099537a694667B](https://hyperevmscan.io/token/0x0Df4f69CF9417b1817AB9579bF099537a694667B) ## Vault Manager (MPC) [0xB0A980d0506610Cf08dCDee2a8112Bf103163ee2](https://hyperevmscan.io/address/0xB0A980d0506610Cf08dCDee2a8112Bf103163ee2) ## Fee Recipient (MPC) [0x5e7cAd312922F90115B8371273e75C5CFD83C140](https://hyperevmscan.io/address/0x5e7cAd312922F90115B8371273e75C5CFD83C140) ## wHYPE (ERC20) [0x5555555555555555555555555555555555555555](https://hyperevmscan.io/token/0x5555555555555555555555555555555555555555) ## ProjectX LP (rHYPURR/wHYPE Pair) [0x1F6b7B53623B3039720a186b31Ef7f50F0E34420](https://hyperevmscan.io/address/0x1F6b7B53623B3039720a186b31Ef7f50F0E34420#internaltx) # Overview ## What is rHYPURR? rHYPURR is an automatically managed NFT index token that provides diversified exposure to the Hypurr NFT collection on HyperEVM. The vault holds a automatically managed portfolio of Hypurr NFTs, seeking exposure to the collection and any benefits that come with that exposure, such as airdrops from the Hyperliquid ecosystem. | Backing Asset | WHYPE | | -------------- | ------------- | | Strategy Type | NFT Portfolio | | Token Standard | ERC-4626 | ## How rHYPURR Works rHYPURR operates as an automatically managed NFT treasury with transparent on-chain reporting: ### 🏦 Vault Custodies NFTs The vault manager (MPC wallet) holds a portfolio of Hypurr NFTs. These NFTs are the core assets backing the vault's value. ### 📊 NAV Calculated Regularly A keeper bot continuously monitors NFT floor prices using recent sales data. It calculates the total value of all vault assets and publishes Net Asset Value (NAV) reports on-chain. ### 💱 Users Deposit/Redeem at NAV You deposit WHYPE tokens to mint rHYPURR shares or redeem shares to receive WHYPE back. All transactions are processed at the fair NAV price determined by the keeper using our proprietary valuation model. ### 📈 Portfolio Value Appreciation The vault manager can manually acquire or rotate NFTs to optimize portfolio value. As the NFT collection appreciates and executed strategy activity improves the portfolio, the NAV per share increases. ## Key Features ### 🔒 Multi-Signature Security Assets are held by a secure MPC (Multi-Party Computation) wallet, requiring consensus for all transactions. ### 🎯 Transparent Valuation NAV is calculated using objective floor price data from recent Hypurr NFT sales, ensuring fair and verifiable pricing. ### ⚖️ Fair Price Discovery Asynchronous queues ensure all users get NAV-based pricing without front-running or manipulation. ### 🔄 Liquidity Management The vault maintains WHYPE reserves for redemptions while maximizing capital efficiency through automated liquidity sweeps. ## Managed Vault Architecture rHYPURR separates the vault contract from the vault manager contract to enhance security and flexibility: | Vault Contract | Vault Manager Contract | | ------------------------------------- | ------------------------------------- | | Holds user shares (ERC-20 tokens) | Holds and manages NFT portfolio | | Manages deposit/redemption queues | Executes approved buy/sell operations | | Enforces protocol rules and limits | Maintains working capital reserves | | Calculates NAV and processes requests | Implements trading strategy logic | ## Investment Strategy The rHYPURR vault employs a sophisticated approach to NFT portfolio management: ### Automated Liquidity Management When WHYPE reserves exceed a configured threshold, excess liquidity is automatically swept to the vault manager wallet. This capital can be deployed by the vault manager to purchase Hypurr NFTs when sufficient liquidity has accumulated, expanding the portfolio. ### Standardized NFT Trading A **5% trading fee** is charged on every NFT purchase and sale executed by the vault manager. This fee is routed to the protocol treasury and is recognized as protocol revenue. NAV calculations reflect the post-fee proceeds of any trade activity. ### Liquidity Generation When large redemptions require additional liquidity, the vault sells NFTs from the treasury to generate WHYPE, ensuring users can exit their positions while maintaining portfolio quality. ### Portfolio Diversification Holding a basket of Hypurr NFTs spreads risk across the collection, reducing exposure to single-asset volatility while maintaining broad exposure to the ecosystem. ### Long-Term Value Accrual Benefiting from the overall growth of the Hypurr NFT ecosystem as the collection matures and gains adoption. ### Airdrop Benefits Holders receive a proportional share of any airdrops received by the vault treasury, adding additional value beyond the core NFT strategy. ## Risk Considerations Like all investments, rHYPURR carries risks. Understanding these risks is essential: {% hint style="warning" %} **NFT Market Volatility** NFT prices can be highly volatile. The vault's NAV fluctuates with floor price movements. {% endhint %} {% hint style="warning" %} **Liquidity Risk** In extreme market conditions, redemptions may be delayed or partially fulfilled due to limited vault liquidity. {% endhint %} {% hint style="warning" %} **Smart Contract Risk** While audited, smart contracts may contain undiscovered vulnerabilities. {% endhint %} {% hint style="warning" %} **Keeper Dependency** NAV calculations rely on accurate data from the keeper bot and NFT marketplaces. {% endhint %} {% hint style="warning" %} **Strategy Risk** The vault's trading strategy may not always be profitable, especially in bear markets. {% endhint %} {% hint style="danger" %} Only invest what you can afford to lose. Past performance does not guarantee future results. {% endhint %} ## Permissioned Roles rHYPURR is managed by multiple specialized contracts to ensure security and operational efficiency: ### Admin Role Controls vault settings including caps, thresholds, and emergency pause functionality. ### Treasury Role Manages fee configuration and withdrawal of protocol revenue. ### Keeper Role Authorized to publish NAV reports and process deposit/redemption queues. ### Vault Manager MPC wallet that custodies NFTs and executes the trading strategy. ## Technical Specifications | Parameter | Value | | ---------------------------- | -------------------------- | | Network | HyperEVM (chainId 999) | | Token Standard | ERC-20 (ERC-4626 inspired) | | Backing Asset | WHYPE (Wrapped HYPE) | | Vault Assets | Hypurr NFT Collection | | NAV Update Frequency | \~1 hour | | Queue Processing | Asynchronous (FIFO) | | Deposit Fee | 0.3% (30 bps) | | Redemption Fee | 0.5% (50 bps) | | NFT Trading Fee (Buy & Sell) | 5% | | Deposit Cap | 20,000 WHYPE | | Minimum Deposit | 0.1 WHYPE | | Minimum Redemption | 1 rHYPURR | | Minimum Partial Payout | 1 WHYPE | | Liquidity Sweep Threshold | 1,000 WHYPE | | NAV Drift Limit | 10% (1000 bps) | | Max NAV Staleness | 2 hours | ## Ready to use the Hypurr Vault? Learn more about how the vault works or start your first deposit today. * [How to Deposit/Redeem](/hypurr-vault/deposit-redemption) * [Understand NAV](/hypurr-vault/nav-calculation) * [Open Vault](https://www.rip.xyz/rhypurr) # NAV Calculation The Net Asset Value (NAV) of Hypurr Vault is calculated hourly by a keeper bot that values all vault assets—both liquid WHYPE reserves and NFT holdings—to determine a fair price per share. Understanding this calculation helps you make informed investment decisions. ## NAV Calculation Formula ### Total NAV Formula ``` Total NAV = (Vault HYPE - Pending Deposits) + Vault Manager HYPE + NFT Portfolio Value ``` ### NAV per Share ``` NAV per Share = (Total NAV × 10¹⁸) ÷ Total Shares Outstanding ``` The NAV per share determines how many shares you receive when depositing or how much HYPE you receive when redeeming. ### Components #### Liquid Assets HYPE tokens held in both the vault contract and vault manager wallet, minus any pending deposits awaiting processing. #### NFT Portfolio All Hypurr NFTs held by the vault manager, valued using our weighted average floor price methodology. #### Share Conversion NAV is expressed in wei (10¹⁸ units per HYPE) for precise calculations when minting or burning shares. ## NFT Valuation: Weighted Average Floor Price The most critical component of NAV calculation is accurately valuing the NFT portfolio. We use a sophisticated weighted average floor price methodology that emphasizes recent market activity. ### How It Works #### 1. Recent Sales Window The oracle queries the most recent NFT sales from the past 30 days, collecting up to 100 sales transactions for analysis. #### 2. Linear Decay Weighting Each sale is assigned a weight based on recency. The most recent sale receives maximum weight, with older sales receiving progressively less weight in a linear decay pattern. #### 3. Outlier Detection Statistical analysis identifies and flags potential outliers using standard deviation techniques, ensuring that unusual transactions don't distort the floor price. #### 4. Weighted Average Calculation The final floor price is computed as a weighted average of the cleaned dataset, giving you a market-responsive yet stable valuation. ### Why This Approach? * ✓ **Market Responsive:** Recent sales are weighted more heavily, ensuring NAV reflects current market conditions * ✓ **Manipulation Resistant:** Outlier detection prevents single unusual transactions from distorting valuations * ✓ **Transparent:** The methodology is deterministic and auditable via on-chain inputsCommit hashes ## Confidence Scoring Every NAV report includes a confidence score (measured in basis points) that indicates the reliability of the valuation. Higher confidence means more recent and liquid price data. ### Confidence Factors #### Base Confidence Starting confidence level set by protocol parameters. **Value:** Configurable #### Recency Penalty Applied when floor price data is stale. The penalty increases as the most recent sale ages beyond 30 days. **Max Penalty:** Up to -3,000 bps #### Coverage Penalty Applied when there are fewer than 10 recent sales, indicating insufficient market activity for robust valuation. **Max Penalty:** Up to -1,000 bps ### Interpreting Confidence Scores {% hint style="info" %} Low confidence doesn't necessarily mean inaccurate NAV—it indicates that market data is limited or dated. During periods of low confidence: * NAV calculations may be based on older sales data * Price discovery might be slower to reflect market changes * The vault may pause deposits/redemptions if confidence falls below protocol thresholds {% endhint %} ## NAV Update Process NAV is calculated and updated automatically by a keeper bot on a regular schedule: ### 1. Asset Query Keeper fetches current holdings from the vault contract and vault manager wallet, including both WHYPE reserves and NFT inventory. ### 2. Sales Data Collection Recent NFT sales are retrieved from marketplace APIs and on-chain transaction logs covering the past 30 days. ### 3. Floor Price Calculation Weighted average floor price is computed using the methodology described above, with outlier detection and recency weighting applied. ### 4. NAV Computation & Validation Total NAV and per-share values are calculated. The oracle validates that NAV drift is within acceptable bounds compared to the previous report. ### 5. On-Chain Submission The NAV report is signed by the keeper wallet and submitted to the vault contract, incrementing the epoch counter and enabling queue processing. ### 6. Snapshot Storage The vault stores an epoch snapshot containing NAV per share, confidence, and an inputsCommit hash for auditability of the calculation inputs. ## Built-In Safety Mechanisms ### 🛡️ Drift Bounds The vault contract enforces maximum drift limits—if NAV changes too dramatically between reports, the submission is rejected to prevent manipulation or errors. ### ⏱️ Staleness Protection NAV reports include expiration timestamps. If a report is too old or the vault hasn't received an update within the staleness threshold, deposits and redemptions are paused. ### 🔐 Signed Reports All NAV reports must be cryptographically signed by the authorized oracle address. The vault verifies signatures before accepting updates, preventing unauthorized manipulation. ### 📝 Audit Trail Each NAV report includes an inputsCommit hash—a cryptographic commitment to the calculation inputs that allows retrospective verification of NAV accuracy. ## Ready to use the Hypurr Vault? Learn more about how the vault works or start your first deposit today. * [How to Deposit/Redeem](/hypurr-vault/deposit-redemption) * [Understand NAV](/hypurr-vault/nav-calculation) * [Open Vault](https://www.rip.xyz/rhypurr) # Deposits & Redemptions rHYPURR uses an asynchronous deposit and redemption system to ensure fair pricing for all users. This guide explains how to deposit WHYPE to receive vault shares and how to redeem shares back to WHYPE, along with how the keeper bot processes your requests. ## How Deposits Work When you deposit WHYPE into rHYPURR, you're submitting a request that will be processed after the next NAV update. This ensures you receive a fair share price based on the vault's actual asset value at the time of your request. ### Your Steps #### 1. Approve WHYPE First-time depositors must approve the vault contract to spend your WHYPE tokens. This is a one-time transaction. #### 2. Submit Deposit Request Enter the amount of WHYPE you want to deposit and submit your request. The vault contract transfers your WHYPE immediately and tags your request with the current epoch. **Minimum deposit:** 0.1 WHYPE. #### 3. Wait for Processing Your request enters a queue. After the next NAV update (typically within an hour), the keeper bot will process your deposit automatically. You may cancel while the request is still pending in the same epoch. Once the next NAV report finalizes that epoch, the request can no longer be cancelled. #### 4. Receive Your Shares Once processed, rHYPURR shares are automatically minted to your wallet. No additional action required—check your wallet balance to see your new shares. ### Behind the Scenes: Bot Processing After NAV is updated, the keeper bot automatically processes deposits in FIFO (First In, First Out) order: * → **NAV Snapshot:** Uses the NAV from the epoch snapshot when your request was submitted, ensuring fair pricing * → **Fee Deduction:** Applies the deposit fee (typically 0.3%) and sends it to the protocol treasury * → **Share Calculation:** Calculates shares using the formula: `shares = (net_assets × 10¹⁸) ÷ NAV_per_share` * → **Minting:** Mints rHYPURR shares directly to your designated receiver address * → **Liquidity Sweep:** If vault WHYPE exceeds the configured threshold, excess liquidity is automatically swept to the vault manager for NFT strategy deployment ## How Redemptions Work When you redeem rHYPURR shares, you're requesting to burn your shares and receive WHYPE back at the current NAV price. Like deposits, redemptions are processed asynchronously after the next NAV update. ### Your Steps #### 1. Submit Redemption Request Enter the number of rHYPURR shares you want to redeem. The vault contract immediately transfers your shares to itself (held in escrow) and tags your request with the current epoch. **Minimum redemption:** 1 rHYPURR. #### 2. Wait for Processing Your request enters the redemption queue. After the next NAV update, deposits are processed first, then the bot processes redemptions in FIFO order. You may cancel while the request is still pending in the same epoch. Once the next NAV report finalizes that epoch, the request can no longer be cancelled. #### 3. Receive Your WHYPE Once processed, WHYPE is automatically sent to your wallet. If vault liquidity is limited, you may receive a partial redemption (see below). ### Behind the Scenes: Bot Processing The keeper bot processes redemptions after deposits are complete: * → **NAV Snapshot:** Uses the epoch NAV to calculate how much WHYPE you should receive * → **Payout Calculation:** Calculates using: `payout = (shares × NAV_per_share) ÷ 10¹⁸` * → **Liquidity Check:** Verifies the vault has sufficient WHYPE. If not, large redemptions may be funded from the vault manager if needed * → **Fee Deduction:** Applies the redemption fee (typically 0.5%) and sends it to the protocol treasury * → **Token Transfer:** Sends net WHYPE to your designated receiver address and burns the redeemed shares ## Automatic Liquidity Management The vault and bot work together to maintain optimal liquidity for redemptions while maximizing capital efficiency for the NFT strategy. ### 💧 Liquidity Sweeps After processing deposits, if the vault holds more WHYPE than the configured threshold, excess liquidity is automatically swept to the vault manager. **Purpose:** Maximizes capital deployment in the NFT strategy while maintaining a reserve for immediate redemptions. ### 🚰 Funding Large Redemptions When redemption requests exceed vault reserves, the vault manager can transfer WHYPE to the vault contract to fund withdrawals. **How:** The vault manager sells NFTs or uses existing HYPE reserves to ensure redemption liquidity is available. ## Partial Redemptions In rare cases where vault liquidity is insufficient to fulfill all pending redemptions, your request may be partially fulfilled. ### How Partial Redemptions Work {% hint style="warning" %} 1. The bot processes redemptions in FIFO order until vault liquidity is depleted 2. If your request is at the head of the queue but liquidity is limited, you receive a partial redemption (must meet the minimum partial threshold) 3. Your request stays in the queue with remaining shares still pending 4. As more liquidity becomes available (from new deposits or vault manager transfers), your partial request is fulfilled further 5. **Important:** Due to FIFO ordering, no other redemptions can be processed until your partial redemption is fully completed {% endhint %} ### Avoiding Partial Redemptions Partial redemptions are rare and typically occur only during periods of high redemption volume or market stress. Monitor vault liquidity metrics before submitting large redemption requests. ## Processing Timeline ### Typical Processing Flow #### 0:00 - Submit Request You submit a deposit or redemption request. It's tagged with the current epoch and enters the queue. #### \~1h - NAV Update Keeper calculates and submits new NAV on-chain, incrementing the epoch counter. Your request's epoch is now finalized. #### \~1h - Deposits Processed Bot processes all pending deposit requests from finalized epochs in FIFO order. Shares are minted and excess liquidity is swept. #### \~1h - Redemptions Processed Bot processes pending redemption requests in FIFO order. WHYPE is sent to users and shares are burned. {% hint style="info" %} **Total Time:** Most deposits and redemptions complete within 1-2 hours from submission. Check the "Pending Requests" section on the vault page to track your request status. {% endhint %} ## Fees ### Deposit Fee A small fee is charged on deposits to cover protocol operations and discourage rapid entry/exit strategies. Current rate can be found in the Technical Specifications table on the [rHYPURR Overview](/hypurr-vault/overview) page. ### Redemption Fee A small fee is charged on redemptions to cover protocol operations and ensure long-term vault stability. Current rate can be found in the Technical Specifications table on the [rHYPURR Overview](/hypurr-vault/overview) page. ### NFT Trading Fee A **5% fee is charged on every NFT purchase and every NFT sale** executed by the vault. This fee is routed to the protocol treasury and counts toward protocol revenue. The NAV reflects the net (post-fee) value of trade activity, so the fee impact is already priced into share value. ## Important Notes ### ℹ️ FIFO Processing All requests are processed in strict First In, First Out order. Earlier requests are always processed before later ones. ### ℹ️ Cancellations Pending deposit and redemption requests can be cancelled only before the next NAV report finalizes their epoch. Cancellation returns the net WHYPE or rHYPURR shares to your wallet; the request fee is still paid to the protocol treasury. After the epoch is finalized, the request stays in the queue and will be processed at the next available opportunity. ### ℹ️ Fair Pricing Guaranteed The asynchronous system prices redemptions using the NAV from the next report/epoch after your request is submitted, preventing front-running or price manipulation. ### ℹ️ Automatic Processing You don't need to take any action after submitting a request. The bot automatically processes everything and sends tokens directly to your wallet. ## Ready to use the Hypurr Vault? Learn more about how the vault works or start your first deposit today. * [How to Deposit/Redeem](/hypurr-vault/deposit-redemption) * [Understand NAV](/hypurr-vault/nav-calculation) * [Open Vault](https://www.rip.xyz/rhypurr) # Trading rHYPURR rHYPURR can be acquired through the ProjectX (PRJX) liquidity pool for immediate secondary-market access. This route is useful if you want faster entry without waiting for the next NAV window. **Trade on ProjectX:** [Open HYPE -> rHYPURR Swap](https://www.prjx.com/?type=swap\&fromToken=0x0000000000000000000000000000000000000000\&fromChain=999\&toToken=0x0Df4f69CF9417b1817AB9579bF099537a694667B\&toChain=999) **LP contract:** 0x1F6b7B53623B3039720a186b31Ef7f50F0E34420 > Note: Onchain liquidity can be thinner than vault NAV windows. Always check price impact before trading. # Security Security is a top priority for Rip Strategies. This page outlines the security measures, smart contract architecture, and best practices we employ to protect user funds. ## Smart Contract Security ### Audits All Rip Strategies smart contracts undergo thorough security audits by reputable third-party auditors before deployment to production. #### rHYPURR Vault — Three Sigma The rHYPURR (Hypurr Vault) smart contract was audited by [Three Sigma](https://threesigma.xyz/), a leading blockchain security firm. [**View the full audit report (PDF)**](https://rip.xyz/audits/hypurrvault/rHYPURR.pdf) ### Battle-Tested Standards Rip Strategies vaults are built on ERC-4626, a well-established and audited standard for tokenized vaults, reducing the attack surface. ## MPC Wallet Security ### Multi-Party Computation Vault assets are held in MPC (Multi-Party Computation) wallets, which distribute cryptographic key shares across multiple parties. ### No Single Point of Failure No single entity has full control over vault assets. Transactions require consensus from multiple key holders. ### Enterprise-Grade Infrastructure Our MPC provider offers institutional-grade security infrastructure used by major DeFi protocols and traditional financial institutions. ## Access Control ### Role-Based Permissions Rip Strategies vaults use a role-based access control system that separates concerns: * **Admin:** Protocol parameters and emergency functions * **Keeper:** NAV updates and queue processing * **Vault Manager:** NFT trading and liquidity management * **Treasury:** Fee collection ### Emergency Pause In case of security threats, the admin can pause deposits and redemptions while keeping existing positions secure. ## Oracle Security ### Signed NAV Reports All NAV reports must be cryptographically signed by authorized keeper addresses. The vault verifies signatures before accepting updates. ### Drift Bounds The vault enforces maximum NAV drift limits to prevent manipulation or errors from causing dramatic price changes. ### Staleness Protection NAV reports include expiration timestamps. Stale reports are rejected, and vault operations pause if updates aren't received timely. ### Audit Trail Each NAV report includes an inputsCommit hash for retrospective verification of calculation accuracy. ## User Security Best Practices ### Wallet Security * Use hardware wallets for large positions * Never share private keys or seed phrases * Keep wallet software updated * Use strong passwords and 2FA ### Verification * Always verify you're on the correct website URL * Double-check contract addresses before transactions * Be cautious of phishing attempts * Review transaction details carefully ### Risk Management * Only invest what you can afford to lose * Start with small test deposits * Understand vault strategies and risks * Monitor your positions regularly ## Bug Bounty Program {% hint style="info" %} We're working on establishing a bug bounty program. Details will be announced soon. {% endhint %} ## Contact Security Team If you discover a security vulnerability, please report it responsibly: * Email: * Do not disclose vulnerabilities publicly until they are addressed * Allow reasonable time for investigation and remediation ## Disclaimer While we implement multiple layers of security, no system is completely risk-free. Users should understand the risks inherent in DeFi and smart contracts before participating. {% hint style="danger" %} DeFi protocols carry inherent risks including smart contract vulnerabilities, market volatility, and operational failures. Only invest funds you can afford to lose. {% endhint %} # FAQ Frequently asked questions about Rip Strategies and Hypurr Vault. ## General Questions ### What is Rip Strategies? Rip Strategies is a decentralized finance platform offering institutional-grade vaults on HyperEVM. Our vaults fractionalized exposure opportunities backed by real assets with transparent NAV calculations. ### What is Hypurr Vault? Hypurr Vault is an automatically managed NFT index token providing diversified exposure to the Hypurr NFT ecosystem. It holds a portfolio of Hypurr NFTs managed by the vault. ### What blockchain does Rip Strategies run on? Rip Strategies operates on HyperEVM, a high-performance EVM-compatible blockchain. ### Are the smart contracts audited? All smart contracts undergo thorough security audits by reputable third-party auditors. Audit reports are published on our website as they become available. ## Deposits & Redemptions ### How do I deposit into Hypurr Vault? 1. Connect your wallet to the Rip Strategies app 2. Navigate to the Hypurr Vault vault page 3. Click "Deposit" and enter the amount of WHYPE 4. Approve the transaction (first time only) 5. Submit your deposit request 6. Your shares will be minted after the next NAV update (\~1-2 hours) ### Why can't I withdraw immediately after depositing? Rip Strategies vaults use an asynchronous processing system to ensure fair pricing and prevent front-running. Your deposit is processed at the next NAV update, typically within 1-2 hours. ### What fees are charged? * **Deposit Fee:** 0.3% (check current rates in vault specifications) * **Redemption Fee:** 0.5% (check current rates in vault specifications) * **NFT Trading Fee:** 5% on every buy and 5% on every sell executed by the vault. This fee is sent to the protocol treasury and is included in protocol revenue. Fees support protocol operations and discourage rapid entry/exit strategies. ### Can I cancel a deposit or redemption request? Yes, while the request is still pending in the same epoch. Once the next NAV report finalizes that epoch, the request can no longer be cancelled and will be processed at the next available opportunity. Cancellation returns the net WHYPE or rHYPURR shares to your wallet; the request fee is still paid to the protocol treasury. ### What happens if the vault doesn't have enough liquidity for my redemption? In rare cases, redemptions may be partially fulfilled. Your request stays in the queue and is completed as more liquidity becomes available from new deposits or vault manager transfers. ## NAV & Pricing ### What is NAV? Net Asset Value (NAV) is the per-share value of the vault, calculated by dividing total vault assets by total shares outstanding. NAV determines pricing for deposits and redemptions. ### How often is NAV updated? NAV is calculated and updated approximately every hour by an automated keeper bot. ### How are NFTs valued for NAV calculation? NFTs are valued using a weighted average floor price methodology that emphasizes recent sales data (past 30 days), applies linear decay weighting, and includes outlier detection to prevent manipulation. ### What is confidence scoring? Confidence scores indicate the reliability of NAV valuations based on data recency and market activity. Higher confidence means more recent and liquid price data. ### Can NAV go down? Yes, NAV fluctuates based on the value of underlying assets. If NFT floor prices decline, NAV per share will decrease accordingly. ## Vault Strategy ### What assets back Hypurr Vault? Hypurr Vault is backed by: * A portfolio of Hypurr NFTs held by the vault * WHYPE token reserves for redemption liquidity ### How does the vault manager make money? The vault seeks value appreciation through: * Overall growth of the Hypurr NFT ecosystem * Airdrops and other benefits from holding NFTs ### Who controls the vault manager wallet? The vault manager is an MPC (Multi-Party Computation) wallet, requiring consensus from multiple parties for all transactions. No single entity has unilateral control. ### Can the vault manager steal my funds? No. The vault manager can only execute authorized operations (buying/selling NFTs, managing liquidity). User shares are held in the vault contract, and redemptions are processed according to NAV. The MPC wallet structure and smart contract safeguards prevent unauthorized fund movement. ## Technical Questions ### What token standard is used for vault shares? Hypurr Vault shares are ERC-20 tokens following the ERC-4626 vault standard with the symbol rHYPURR, making them compatible with DeFi protocols and wallets. ### Can I use my vault shares in other DeFi protocols? Yes, vault shares are standard ERC-20 tokens that can theoretically be used in other protocols. However, we recommend holding them to benefit from the vault strategy. ### What happens if the keeper bot goes down? If the keeper fails to submit NAV updates within the staleness threshold, the vault automatically pauses deposits and redemptions to protect users. Operations resume once NAV updates are restored. ### Are there deposit limits? Yes, the vault has maximum deposit caps to ensure the strategy can effectively deploy capital. Check current limits on the vault page. ### What is an epoch? An epoch is a counter incremented with each NAV update. Requests are tagged with epochs to ensure they're processed at the correct historical NAV price. ## Risks ### What are the main risks? * **NFT Market Volatility:** NFT prices can fluctuate significantly * **Liquidity Risk:** Redemptions may be delayed in extreme conditions * **Smart Contract Risk:** Potential for undiscovered vulnerabilities * **Keeper Dependency:** Relies on keeper bot for NAV calculations * **Strategy Risk:** Trading strategy may not always be profitable See the [Security](/resources/security) page for detailed risk information. ### Is my investment insured? No. DeFi protocols are not insured like traditional financial institutions. Only invest funds you can afford to lose. ### What happens if I lose money? Investment value can go down as well as up. You are responsible for your investment decisions and any losses incurred. ## Support ### How do I get help? * Review documentation at docs.rip.xyz * Join our Discord community (link coming soon) * Email ### Where can I see my vault position? Your vault shares appear in your wallet as ERC-20 tokens. The Rip Strategies app dashboard shows detailed position information including NAV value and performance. ### How do I report a bug? For security issues, email . For other bugs, please open an issue on our GitHub repository or contact support. ## Still Have Questions? If your question isn't answered here, please reach out to our support team or community channels.