Put USDT0 to work with a liquidity boost. The 25% zap buys HSTR and pairs it with USDT0 to deepen the market, with HSTR participation rewards planned on either settlement outcome.
75%USDT0 reserve — held in the contract until settlement
25%protocol-owned LP⚡
75% stays in the bond contract as USDT0 until settlement. It pays the cash outcome, or is released for HYPE accumulation after HSTR settlement is funded.
25% is zapped into protocol-owned liquidity: part market-buys HSTR, then the rest pairs with that HSTR as LP.
What the zap does to the book
ZAP
Atomic swap leg
Part of the 25% allocation swaps USDT0 into HSTR; the rest pairs with it as LP.
BUY
It buys the market
The swap buys HSTR from the HSTR/USDT0 pool, adding buy pressure as it executes.
POL
Locked while you're in
The LP remains locked during the issuance window. After settlement, treasury manages the position on-chain.
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A deeper market
The zap builds liquidity in the market the bond can convert into. Subsequent trading determines price.
Depth from your depositYour deposit adds liquidity to the market you may later convert or sell into.
Protocol-owned liquidityLP stays locked during the issuance window, then treasury manages it on-chain.
The treasury earns on itProtocol-owned LP accrues fees back to the treasury — your deposit starts working immediately.
+ HSTR participation rewardsPlanned for either outcome · allocation TBA
Issuance
BLB · Tranche III
Choose an issuance to deposit or manage your BLB. View the terms and claim dates for each issuance.
Treasury AUMlive
$—
— HYPE·Protocol treasury context
HSTR Price
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Market Cap
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HYPE Price
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mNAV
Treasury AUM ÷ HSTR Market Cap
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Your bond + HSTR rewards
One $1,000 deposit. Two possible bond outcomes, with an additional HSTR participation reward planned in either case.
Cash + HSTR rewards
Illustrative reward: 1,000 HSTR per $1,000 depositExample only · final reward allocation TBA
Bond payoutBond + HSTR reward (example)
USD value · HSTR closing TWAP on the horizontal axis
Your bond payout
750 USDT0
$750 at the selected price
Example HSTR reward
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Example combined value
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How rewards affect your return
The solid line is the bond payout. The dotted line adds the example HSTR reward, valued at the selected closing TWAP. Combined value = bond value + reward HSTR × HSTR price; total return = combined value ÷ deposit − 1. The example uses one HSTR per USDT0 deposited. It does not set contract rewards: final allocation and timing are unannounced and are not enforced by the current bond contract.
Example strike price$0.22
HSTR closing TWAP$0.15
Aligned incentives
Win-win
A market buy, deeper HSTR liquidity and planned participation rewards. The 25% zap supports the market your bond can convert into; the bond contract holds the other 75% in USDT0 until settlement.
For bond holders
75%cash below strike
+ HSTR participation rewards
LP allocation
25%
Upside
Uncapped
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For the treasury
—HYPE accumulated
Treasury value—
mNAV—
Schedule
Maturity ladder
Issuance windows and maturities on a single timeline — the protocol's runway at a glance.
Minting In term Matured● Today
Mechanics
How BLB works
01
Deposit USDT0
Deposit USDT0 up to the tranche and wallet caps. Tranche III records one bond per USDT0 in the contract. This bond balance is not an ERC-20 and cannot be transferred.
02
Zap into the HSTR market
The 25% zap uses part of its USDT0 to market-buy HSTR, then pairs the bought HSTR with the remaining zap funds in protocol-owned liquidity. The bond contract holds the other 75% in USDT0 pending settlement. The zap adds buy pressure, while later trading still determines the closing price.
03
Finalize and claim
The TWAP ending at maturity selects one permanent outcome. HSTR settlement funds the fixed HSTR allocation. Cash settlement lets you claim 75% of face at maturity. HSTR participation rewards are planned independently of which outcome settles.
FAQ
What is a Boosted Liquidity Bond?
Tranche III records your USDT0 deposit as a bond balance. A temporary price touch does not settle it. The closing TWAP fixes either HSTR at the strike or 75% of face in USDT0. The recorded outcome never flips with later prices. A separate HSTR participation reward is planned for both outcomes, with allocation and timing to be announced. BLB is Tranche III; original Tranches I and II are available on the Convertible Bonds page.
What comes back at settlement?
At maturity, you can claim 75% of your bond’s face value in USDT0 if settlement is below strike. At or above strike, the full face converts into a fixed HSTR allocation, whose market value can rise or fall. A separate HSTR participation reward is planned for either outcome.
How is the conversion value calculated?
In an HSTR outcome, your full bond face divided by the strike determines a fixed HSTR amount. Settlement funds those claims once. Users may claim later even if the market falls, deposits are halted, or mint authority changes. There is no USDT0 option after HSTR settlement.
Can I exit before maturity?
Tranche III balances cannot be transferred or redeemed before maturity. After HSTR settlement you may hold or claim your HSTR allocation. After cash settlement you must claim by the displayed deadline.