Hyperdrive

Hyperdrive is an automated market maker that enables fixed-rate markets to be built on top of arbitrary yield sources. Hyperdrive provides several novel features for fixed-rate AMMs including:

• Terms on Demand: Hyperdrive allows for minting to be a part of the AMM, where the AMM essentially underwrites a new term for the user whenever they open a position. The user is not constrained to purchasing, selling, or minting into preexisting terms that are partially matured.
• Continuous Liquidity: Hyperdrive pools never expire and underwrite a variety of fixed and variable rate terms with differing maturity dates. LPs can provide liquidity once without needing to roll their liquidity over to new terms.
• Single-Sided Liquidity: Hyperdrive liquidity providers are only required to provide base assets. The fact that LPs don't need to mint bonds to provide liquidity improves the capital efficiency and UX of providing liquidity to fixed-rate markets.

Hyperdrive-rs

Hyperdrive-rs is a Rust library that mirrors the functionality of the Hyperdrive Solidity smart contracts. Hyperdrive-rs includes differential testing against smart contracts for implemented functions, which demonstrates parity between the two implementations. This is a work-in-progress and not all Hyperdrive features are present.

Python bindings for this library can be accessed via hyperdrivepy or see agent0 for Python applications that utilize hyperdrivepy.

Typescript bindings for this library can be found here.

Resources

The Hyperdrive docs include documentation on how to use Hyperdrive to source and provide liquidity, documentation for developers seeking to use Hyperdrive programatically, and documentation for developers that want to integrate Hyperdrive with a yield source.

The Hyperdrive Whitepaper describes the technical details underlying how Hyperdrive mints terms on demand, enables LPs to provide everlasting liquidity, and explains how the AMM's pricing model works.

Gettings Started

Pre-requisites

Install forge

This repository makes use of foundry to build and test smart contracts against the Rust implementation. If you haven't already, you will need to Install forge.

Install hyperdrive-rs

hyperdrive-rs is composed of three published packages:

• fixedpointmath
• hyperdrive-wrappers
• hyperdrive-math

You can install them for production runs via cargo add [package], or add it to your cargo.toml.

If you'd like to set up a development environment, clone the repo and build with make:

make build

Updating the Hyperdrive contracts

When the hyperdrive-wrappers crate is built, it will clone the Hyperdrive repository and generate type-safe Rust bindings using ethers-rs. You can modify the version of the Hyperdrive contracts that are built against by updating the git ref in the hyperdrive.version file.

To build against an existing local Hyperdrive repository instead, you can symlink the local repository to the hyperdrive-wrappers directory:

ln -s <path-to-local-hyperdrive-clone> crates/hyperdrive-wrappers

And then in the .env file in hyperdrive-wrappers, add:

LOCAL_DEVELOPMENT=true

To prevent hyperdrive-wrappers from rebuilding automatically, add the following to the same .env:

BUILD_DISABLED=true

This is useful during development since running tests in hyperdrive-math will retrigger builds, which slows down development and testing considerably. Also, certain IDE's like vscode will over-eagerly rebuild the wrappers so turning off the build can be useful when there are no changes to the solidity files in hyperdrive.

Test

make test

Lint

make lint

Disclaimer

The language used in this code and documentation is not intended to, and does not, have any particular financial, legal, or regulatory significance.

Copyright © 2024 DELV

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