Overview
What is rHYPURR?
rHYPURR is an actively managed NFT index token that provides diversified exposure to the Hypurr NFT ecosystem on HyperEVM. Similar to an ETF, the vault holds a professionally managed portfolio of Hypurr NFTs, seeking value appreciation through strategic trading and portfolio optimization.
Strategy Type
NFT Portfolio
Token Standard
ERC-4626
How rHYPURR Works
rHYPURR operates as a professionally managed NFT fund with transparent on-chain reporting:
🏦 Vault Custodies NFTs
The vault manager (MPC wallet) holds a diversified portfolio of Hypurr NFTs. These NFTs are the core assets backing the vault's value.
📊 NAV Calculated Regularly
An 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 actively trades NFTs to optimize portfolio value. As the NFT collection appreciates and the strategy captures trading gains, the NAV per share increases.
Key Features
🔒 Multi-Signature Security
Assets are held in a secure MPC (Multi-Party Computation) wallet managed by Fordefi, 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:
Holds user shares (ERC-20 tokens)
Holds and manages NFT portfolio
Manages deposit/redemption queues
Executes 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 is then deployed to purchase Hypurr NFTs from OpenSea when sufficient liquidity has accumulated, expanding the portfolio.
Strategic NFT Trading
The vault manager actively "trades up" by selling lower-value NFTs and acquiring higher-value ones based on proprietary valuation models. This optimization strategy aims to improve the quality and value of the portfolio over time.
Liquidity Generation
When large redemptions require additional liquidity, the vault manager can strategically sell 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, similar to how an index fund benefits from market growth.
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:
NFT Market Volatility
NFT prices can be highly volatile. The vault's NAV fluctuates with floor price movements.
Liquidity Risk
In extreme market conditions, redemptions may be delayed or partially fulfilled due to limited vault liquidity.
Smart Contract Risk
While audited, smart contracts may contain undiscovered vulnerabilities.
Keeper Dependency
NAV calculations rely on accurate data from the keeper bot and NFT marketplaces.
Strategy Risk
The vault's trading strategy may not always be profitable, especially in bear markets.
Only invest what you can afford to lose. Past performance does not guarantee future results.
Permissioned Roles
rHYPURR is managed by multiple specialized roles 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
Network
HyperEVM
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%
Redemption Fee
0.5%
Ready to Invest in rHYPURR?
Learn more about how the vault works or start your first deposit today.
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