Elysian Reserve

Elysian Reserve is a reserve-currency protocol in the Olympus lineage. The treasury acquires assets by selling ELYR at a discount through bonds. Each bond adds more value to the treasury than the ELYR it creates, and that difference becomes realized surplus. Each epoch, part of the surplus is minted to sELYR stakers as a rebase.

The design keeps the bond, stake and rebase loop from OHM and removes its main failure: emissions that ran ahead of the backing. Here a rebase cannot exceed realized surplus or the excess reserves above circulating supply, whichever is smaller.

Elysium is Kinetiq's EVM layer 2 for Hyperliquid. It runs Arbitrum Orbit (Nitro), settles to HyperEVM, uses HYPE for gas and produces blocks every 100 to 200 ms. USDC and HYPE are the chain's two most liquid assets, which gives the treasury two well-known reserves from day one.

Elysium mainnet goes live on 9 November 2026. Its chain ID, public RPC and canonical token addresses are published at launch. Until then this app points at Elysium testnet (chain 99801), using the canonical testnet tokens from the official contract list.

• ELYR: a plain, non-rebasing ERC-20 with 18 decimals. Only the treasury creates it: through bonds, and through epoch rewards capped by surplus.
• sELYR: staked ELYR. Its balance grows with each rebase. Unstaking returns ELYR 1:1 against sELYR. Holders of unstaked ELYR are diluted relative to stakers each epoch.

Only canonical assets from the official Elysium contract list are whitelisted. The explorer shows look-alike WHYPE and "Mock USDC" tokens. The treasury ignores them, and you should too. Check every address against the table below.

Asset	Address	Haircut	Max weight	Bond	Discount
USDC	0x7D29d8…cB47b2	0%	100%	At launch	1%
WHYPE	0xCD57F6…E1F234	10%	50%	After HYPE feed	3%

Each reserve has a haircut: the share of its oracle value the treasury refuses to count. It also has a max weight: the largest share of total reserve value it may make up. A deposit that would push an asset over its weight reverts. This keeps the backing from collapsing into a single volatile asset.

elyreUsdTarget is the USD backing the treasury counts per ELYR. It starts at $1, so one dollar of discounted reserves backs one ELYR.

Elysium has no Chainlink, Pyth, RedStone or API3 feeds at launch. The protocol does not price anything from its own pool. A treasury that values reserves from a pool it trades in can be drained by moving that pool.

• USDC is valued at $1 by a fixed AggregatorV3-compatible feed, behind the same OracleRouter interface the other reserves use. It bonds from launch.
• WHYPE counts toward reserves only once a real HYPE/USD feed exists. Elysium plans a sequencer-attested HyperCore market-data precompile about four weeks after mainnet. The WHYPE bond market opens when that feed is wired into the OracleRouter.

The router enforces a heartbeat for every feed. A stale price makes the asset unpriceable, so bonds in it revert instead of filling at a bad price.

A bond sells a reserve asset to the treasury in exchange for ELYR at a fixed discount, delivered as a vesting note.

The full value enters reserves. Only payout is owed to the bonder, so profit is credited to realized surplus straight away. A bond with zero profit reverts.

• Vesting: 5d linear. Redeem the full note at maturity.
• Early exit: before maturity you can take the vested part. The unvested part is charged the market penalty (100% by default). The penalty is burned and credited to surplus, so it ends up with stakers.
• Limits: each market has a per-bond max payout, a total capacity, a debt ceiling and an end date. Your transaction also carries a slippage floor (minPayout).

Stake ELYR for sELYR. Epochs last 8h. The first stake or unstake after an epoch ends triggers the rebase. The Distributor then mints the reward through the treasury:

maxPayout starts at 0.5% per epoch. Policy can tune it, and a guardian-set cap bounds it. excessReserves is total reserve value minus ELYR supply, floored at zero. If reserves fall below supply, rebases stop: they never pay out of the backing itself.

Surplus is the only thing that funds rewards. It is counted when it is realized, not marked to market:

• Bond profit: the discount spread on every bond.
• Early-exit penalties: ELYR burned from notes exited before maturity.
• Pool fees: once Uniswap v4 is live on Elysium, a FeeHook skims a protocol fee on ELYR swaps and sends it to the treasury as realized revenue. The fee is capped in the contract at 1%.

ELYR launches on Boxa, the Elysium launchpad. Boxa creates the token and its locked-liquidity pool. Creators earn a share of trading fees, and protocol revenue buys HYPE.

1. The protocol contracts deploy on Elysium.
2. ELYR goes live on Boxa.
3. The treasury is seeded and the USDC bond market opens.
4. Staking opens. The first rebase lands at the end of the first epoch.

Until launch, the address chip on the home page reads "Coming soon". Only trust the address shown there and in the contracts table below.

Deployed addresses on Elysium. Click one to open the explorer.