Re-LP
"Re-staking" for your AMM LPs.
On Hyperplex you can re-deposit an existing AMM Liquidity Position similar to re-staking ETH on Eigenlayer. Your deposit will still be used to help the base protocol function, but when it's not being productive, we re-direct it to where it can be best utilized to earn extra yield. Re-LPing is the process of moving your base liquidity into Hyperplex's bookkeeping.
Getting Started
For any protocol we support, you can use their UI and deposit as normal and then come to Hyperplex to re-LP, or you can start on Hyperplex and do both at once. At the moment we support only a few AMMs as base protocols, but we'll be expanding quickly. See Supported Chains & Protocols to stay up to date.
How It Works
When you re-LP, the first thing we do is withdraw your position from the base AMM. Then we split up your LP range into multiple sections to give it Semi-Fungibility. The range of your liquidity that overlaps with the LVR Capture tranche is put back into your base AMM, and the rest is directed into your rehypothecation vaults.
Unconcentrated LPs
For unconcentrated LPs, we aren't able to split up your position and put back only a piece since unconcentrated (V2-style) AMMs only have full-range positions. So for us we actually move your V2 position into a V3-style, concentrated AMM but still provide liquidity to the full-range. This way your risk profile stays the same, and we issue you ERC20 tokens like a regular V2 AMM would, and you can now access all of our features. Plus, typically V3-style AMMs get more order flow. Overall this should be a significant improvement over a regular V2 position.
Which Features Should I Choose?
We offer a continually expanding list of rehypothecations, reservations, hedges, utilities, and more. You can either be a power user and choose exactly which to use yourself, or you can be a more passive investor and let us optimize and auto-enroll in new perks for you. Either way, we want to reward both types of users.
Power Users (Active Investors)
If you're a power user and choose your own perks, beyond the basic integration fees (which help us monitor risk on the integrated protocols, and pay our engineers to add more integrations) you don't pay any fees like management fees or revenue shares. Many of the free perks like auto-compounding will remain 100% free for you to use. Plus you can sign up to be notified of new perks right when they drop.
Passive Investors
Passive investing on Hyperplex means signing up for managed perks which will switch you between rehypothecation vaults based on yields and auto-enroll you in higher yielding perks as they are published. In the beginning we'll offer a management service ourselves but overtime we'll decentralize this and allow others to offer their own specialized managements.
When signing up for managed re-LPs, you choose:
If you prefer real-yield or incentives (or a mix of both).
How aggressive you want to be. Conservative/Moderate/Aggressive.
A conservative real-yield management will minimize smart contract risk, try to get consistently stable yields from well-tested protocols like AAVE, Morpho, and Pendle. An aggressive real-yield management will continually chase after the highest yielding incentives available and auto-enroll into new rehypothecation vaults. Moderate real-yield finds a balance between the two. Incentive managements do the same but look for incentive programs to farm. Real yield management may also chase after some incentives but will quickly sell them into more stable assets.
Due to how involved these management strategies can be, we charge a fee for them but only on the yield we earn on top of your base AMM's returns. Our fees will never cut into your original LP position's returns. We are only incentivized to earn more by helping you earn more.
Finally, note that we don't actively manage your position range. That is still up to you and you're welcome to use any active managers that integrate with Hyperplex. In the future we'll offer an active price management vault that natively combines price management and perk management.
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