Source · one HYPE deposit
Pre-launch · vaults and token are not live yet
Deposit HYPE once. Collect fees from the best pools on Elysium.
A vault that keeps your liquidity in range, moves it without forced swaps, and shows the real result: fees minus impermanent loss.
Contract · $TETHYS on Elysium
Pre-launchNot launched yet
The $TETHYS contract address appears here on launch day, in the docs and on the official account, and nowhere else.
⚠ Fake contracts copy names and logos. Trust only the address on this page, in the docs and on the official account.
§ Readings
Fees are already flowing on Elysium. Liquidity is not.
Every trade pays a fee to the liquidity in range. On the chain's first public day, the pools that pay outside LPs were short of exactly that.
$1.8M
liquidity in pools open to outside LPs
$116K
trading fees those pools paid in 24 hours
≈6.4%
of that liquidity, paid back in fees in one day
0
liquidity vaults live on Elysium
On-chain snapshot of the 700 largest Elysium pools, Nov 9, 2026. Vault count: DefiLlama, Nov 10, 2026.
Launch pools held about $2.9M more, but their hooks keep the fee: outside LPs there collected about $3K.
▍A launch-week peak. Rates like these fall as liquidity arrives, and Tethys never quotes them as a promise.
How liquidity is provided today, and how Tethys does it
Usual ways ·Manual terminals: you pick the pool, the range and the shape, then watch the chart.
Tethys ·One HYPE deposit. The vault picks pools, ranges and shapes, and keeps watching.
Usual ways ·Managers that swap on every move: the pool fee is paid and the loss is locked in.
Tethys ·Swapless moves: the next range opens on the side the vault already holds.
Usual ways ·Fee-rate tables from tiny pools: one busy day reads as 15,000% a year.
Tethys ·Every result reported as fees minus impermanent loss, against simply holding.
Usual ways ·Launch pools whose hook keeps the fee: outside LPs collect nothing.
Tethys ·Only pools that pay LPs. Hook permissions are checked inside the contract.
Usual ways ·LP skill stays private: nobody can follow the wallets that do it well.
Tethys ·A public record of every LP wallet on Elysium, and one click to follow it.
Usual ways ·The protocol's cut goes to the team and nowhere else.
Tethys ·Protocol rewards in HYPE to stakers, a buyback, and a public Safety Fund.
§ Watershed
One source. Many pools. Every move checked.
Tethys is the one source that feeds every pool: deposit HYPE once, and the vault spreads it across the open pools that pay the most, keeps it in range, and shows you exactly what it made and what it cost.
01
Connect on Elysium
Any EVM wallet on chain 99901. No HYPE there yet? The bridge from HyperEVM takes about a minute.
02
Pick a vault
Majors goes live first. Its card shows past fees, past loss and the net result, never an annual rate.
03
Deposit HYPE, sign once
The vault swaps about half into the pair tokens through a DEX aggregator, inside the same transaction.
04
Receive vault shares
Shares are a token in your wallet. Their value moves with the positions and the fees collected.
05
The vault keeps watch
A keeper checks every 5 seconds. The contract checks every move against fixed guardrails.
06
Withdraw any time
In HYPE, or in the pair tokens with no swap at all. No lock, no fee on principal.
- Your HYPE
- ↓ Vault zap · half to the pair token
- ↓ USDC / HYPE · KNTQ / HYPE · next pool
- ↓ Trading fees collected
- → 90% · vault share value
- → 10% · FeeRouter
Three shapes for a range
Spot
Even depth across the range.
Curve
Most depth where the price trades.
Bid-Ask
Depth at the edges, for swings.
Majors runs Curve at about ±8% on USDC/HYPE and ±15% on KNTQ/HYPE, re-checked every hour against 7-day volatility. Width grows on violent days, so the vault leaves range less often.
Swapless moves
When the price leaves a range, the position holds only one token. Most managers swap half of it back and reopen around the price. That pays the pool fee and slippage, and turns a temporary loss into a permanent one.
Tethys reopens on the side it already holds. Price fell below the range: the vault is all HYPE, so the next range opens just below the price, HYPE only. Price rose above it: the vault holds the pair token, so the next range opens just above, token only.
A real swap happens only when the vault's mix drifts past 70/30 for more than six hours, cut into slices of at most 0.5% of the pool's depth.
§ Gauge
Gauge a range before you trust one.
This runs the same concentrated-liquidity math the vault uses: Uniswap v3 position value inside a range, against simply holding. Move the price and watch fees and impermanent loss pull against each other.
Elysium's open pools averaged ≈6.4% a day on Nov 9, a launch-week peak.
- Depth versus full range
- 21.5×
- Time in range (model)
- 52%
- Fees collected
- +1.83 HYPE
- Impermanent loss vs holding
- −7.56 HYPE
- Net result
- −5.73 HYPE
- A swap move would cost
- 0.67 HYPE
- Tethys moves without that swap.
Model, not a promise. Fees use the pool's past average rate and stop while the price is out of range; a narrow range usually collects more per HYPE while in range. Spot shape, one range, no compounding.
§ Currents
Follow the wallets that move the most fees.
Tethys reads every LP position on Elysium, values it every hour, and ranks the wallets by their net result: fees minus loss. Pick one, set your own caps, and your Copy Account mirrors its ranges.
The real board opens with Copy in phase 2, filled from every LP position on Elysium since block one.
0x4f…a1
net +18.4%
loss −3.1%
followers 212
Delta
0x9c…07
net +14.0%
loss −6.8%
followers 97
River
0x21…e9
net +11.2%
loss −1.4%
followers 40
Stream
0x7b…3d
net +8.7%
loss −2.2%
followers 9
Brook
Follow sheet
- Allocation
- 20 HYPE
- Max per position
- 5 HYPE
- Stop following at
- −15%
Fee: 10% of the fees your copied positions collect. 6% to Tethys, 4% to the leader.
- Listed wallets hold at least $5K in ranges and show 7 days of history.
- Fees paid by wallets linked to the LP are removed from its record.
- Your Copy Account is a contract only you own. The leader never touches it.
- A pool that fails the safety screen is skipped and logged, never copied.
Leader ranks
Brook
listed, under 10 followers
Stream
10+ followers, 14+ days of record
River
50+ followers, net positive two seasons
Delta
top 10 of the Tide Table at season end
§ Floodgates
The keeper can only ask. The contract decides.
Every move a keeper requests passes seven gates inside the vault contract. If one stays shut, nothing moves.
Gate 1
Allowed pool
The pool is on the vault's list. Changes wait 48 hours in a timelock.
Gate 2
Really out of range
Out for 30 seconds, not a single wick. A time-weighted price must agree where one exists.
Gate 3
Interval
At least 10 minutes since the last move.
Gate 4
Slippage cap
Under 0.5% on Majors, 1% on Hot.
Gate 5
Pool share
No pool holds more than 50% of Majors, or 10% of Hot.
Gate 6
Hook bits
New positions only where the hook cannot take from or block a withdrawal.
Gate 7
Closed loop
Tokens move only between the vault and its own positions. There is no path anywhere else.
Security model
- Custody
- Non-custodial. Shares and Copy Accounts belong to the user; withdrawals cannot be paused.
- Keeper
- Holds no user funds. A compromised keeper can at worst make allowed moves inside the gates.
- Caps
- $250K on Majors at launch, raised only after review rounds and 30 days without incident.
- Reviews
- Two independent reviews before mainnet deposits, reports published in the docs.
- Bounty
- Open from day one, paid from the Safety Fund.
- Changes
- Every parameter change waits 48 hours in the timelock, visible on chain.
Which pools qualify
- 01The pool pays its LPs a fee. Launch pools whose hook keeps the whole fee are excluded.
- 02Venue contracts match published Uniswap v3/v4 code, or the venue is reviewed and listed by name.
- 03Liquidity of at least $50K for Majors, $20K for Hot. Hot also needs 48 hours of trading history.
- 04Hot only: top 10 holders under 60%, deployer under 8%, early-block buyers under 10%, bundled launch buys under 25%.
§ Reservoir
Where every protocol fee goes, on chain.
Tethys charges only on fees the vaults actually collect. Nothing on deposits, withdrawals or principal. Every fee passes through the FeeRouter contract, which splits it in the open.
Revenue streams
- 0110%
Vault performance fee
of trading fees the vaults collect. 8%, 7% or 6% for stakers.
- 0210%
Copy fee
of fees collected by copied positions: 6% Tethys, 4% the leader.
- 030.1%
Zap routing
on the swapped part of a deposit or withdrawal. In-kind exits pay nothing.
- 045%
Auto-manage
of fees collected by a manual position handed to the range engine.
- 055 HYPE
Liquidity Desk
setup for a token team's dedicated vault, then the usual 10%.
- 06V2
Strategist Vaults · Data API
Tethys keeps 6 of 10 fee points; read access to the LP index by tier.
FeeRouter split
- 40%Treasuryteam, reviews, infrastructure, growth
- 25%Stakersstreamed in HYPE over 7 days
- 20%Buyback$TETHYS bought on market and burned
- 15%Safety Fundbackstop for contract incidents, not for market loss
Leader shares from Copy and Strategist Vaults are paid first, straight to the leader.
Illustrative math, not a forecast
Liquidity
Fees 0.1% a day
Fees 0.3% a day
$1M
0.1%/day · $3,000 / month
0.3%/day · $9,000 / month
$5M
0.1%/day · $15,000 / month
0.3%/day · $45,000 / month
$20M
0.1%/day · $60,000 / month
0.3%/day · $180,000 / month
Protocol revenue per month = vault liquidity × daily fee rate × 30 × 10%. Both columns sit far below the Nov 9 peak; copy and zap fees come on top.
§ Token
$TETHYS: fee discounts, protocol rewards, votes.
- Supply
- 1,000,000,000 $TETHYS, fixed
- Launch
- 100% through an Elysium launchpad curve
- Team allocation
- none
- Presale / VC
- none
- Team purchases
- on the open curve, wallets disclosed
- Network
- Elysium, chain ID 99901
- Rewards
- paid in HYPE, never newly minted $TETHYS
Stake tiers
Surface
no stake
- Majors vault · 10% performance fee
- Follow 1 leader
- Pools terminal, free
Stream
500K $TETHYS
- Performance fee 8%
- Follow up to 3 leaders
- Protocol rewards in HYPE
- Range alerts
River
2.5M $TETHYS
- Performance fee 7%
- Follow up to 10 leaders
- Hot vault one week before the public
- Listed as a leader
Ocean
10M $TETHYS
- Performance fee 6%
- Publish a Strategist Vault
- Double weight on pool-list votes
Lock boost
1x
none
1.5x
30 days
2x
90 days
3x
180 days
Weight = staked $TETHYS × boost. Rewards stream over 7 days, claim any time. Staking right before a big fee lands only counts the seconds you stay.
What $TETHYS may never do
- Be minted after launch. Supply is fixed at one billion.
- Give a claim on the vaults' assets or anyone's deposit.
- Be needed to withdraw. Every depositor can leave without it.
- Promise a reward. Protocol rewards follow usage and can be zero.
- Be moved by an admin key once staked.
Sinks
- 20% of all protocol revenue buys $TETHYS and burns it.
- 100% of the launch pool's creator fee share is burned.
- Every burn is listed with its transaction on the Stake page.
§ High water
Seasons that reward patience, not noise.
Each season runs four weeks. Depositors and followers gather Tide points by time and size; leaders are ranked on the Tide Table by net result.
Points unlock fee discounts and badges inside Tethys. They are not a token and carry no promise of one.
Source
first deposit into any vault
Spring
30 days in a vault without a full withdrawal
Undertow
stayed in through a day HYPE fell 15%+
Delta
a leader copied by 25+ followers
Still Water
30 days as a leader with drawdown under 5%
Tide Keeper
$TETHYS staked for 180 days
Cartographer
first to add a pool later listed in a vault
Gaming it, and why it fails
Attack ·Wash trades to inflate a pool's fees
Defence ·Fees paid by wallets linked to the LP are removed from its record.
Attack ·Fresh wallets farming points
Defence ·Points start after 24 hours in a vault; tiny deposits score zero.
Attack ·Leaders opening and closing to look busy
Defence ·The score is net result, never activity.
Attack ·Sybil followers inflating a leader
Defence ·Only allocations of 5+ HYPE held 3+ days count as followers.
Attack ·Throwaway leader listings
Defence ·Leaders stake $TETHYS to be listed; a flagged stake is frozen until review.
§ Atlas
Contracts in the middle. Everything else asks them.
The vault contract holds the positions. Off-chain services only read the chain and request moves; the guard decides.
On chain · around TethysVault
- StrategyGuardthe seven gates
- CopyAccountone per follower, owner-only
- FeeRoutersplits every fee on chain
- TethysStakingstake, boost, HYPE stream
- SafetyFund2-of-3 multisig, 48h timelock
- Admin2-of-3 + 48h timelock; never pauses exits
Off chain · they only ask
- Keeperwatches every 5 s, sends straight to the sequencer
- Indexerevery LP position on Elysium, hourly
- APIreturns unsigned transactions only
- Web appvaults, copy, pools, stake
Stack
- Chain
- Elysium, Kinetiq's L2 on HyperEVM, chain ID 99901
- Network fees
- native HYPE; WHYPE inside pools; blocks about every 100 ms
- Venues
- Uniswap v3 and v4 pools on Elysium
- Contracts
- Solidity, Foundry, ERC-4626-style shares
- Ordering
- priority fee within each block; the keeper prices its moves
- Swaps
- DEX aggregator routing for zaps
- Frontend
- Next.js, React, Tailwind
- Data
- own indexer into a managed Postgres database
- Later
- HyperCore read precompile and CoreWriter lane for hedged vaults
§ Course
From the first vault to a hedged one.
weeks 1-4now · building
Phase 1 · MVP
- Contracts on Elysium testnet: vault, guard, fee router, staking
- Two independent reviews, bug bounty opened
- Majors vault: USDC/HYPE + KNTQ/HYPE, cap $250K
- Real PnL pages, hourly snapshots, share cards
- Pools terminal with the safety screen
- Index of every Elysium LP position from block one
months 1-2
Phase 2 · Growth
- Copy: leaderboard, follow, Copy Accounts
- Manual positions in the terminal + auto-manage
- $TETHYS fair launch after the product is live
- Staking with HYPE protocol rewards from day one
- Season 1 of the Tides
months 2-4
Phase 3 · Scale
- Hot vault: capped, safety screen, stop exits
- Strategist Vaults for Ocean stakers
- Liquidity Desk for token teams
- Pools with an arbitrage hook: price gaps close inside the swap, the gain goes to LPs
- Data API
months 6-12
Phase 4 · Ecosystem
- Hedged vaults: HYPE exposure offset on HyperCore, no exchange keys from users
- Range shapes placed as order ladders on HyperCore books
- SDK for wallets and launchpads
- Staker votes on pool lists and parameters
Key decisions
Vault first, terminal second
people want fees, not range work
HYPE-only deposits
everyone on Elysium holds HYPE
Majors before Hot
trust before risk
Swapless moves
no forced swap, less loss locked in
Real PnL, no annual rates
honesty is the brand
Guardrails in the contract
a keeper can only ask
Copy through user-owned accounts
non-custodial by design
Leaders paid 4%
skill brings followers
10% performance fee
nothing on principal
40 / 25 / 20 / 15 split
team, stakers, burn, safety
Product before token
launch with a working vault
Fair launch, no team allocation
trust from day one
Caps raised in steps
risk grows with proof
Hedging on HyperCore later
no user exchange keys
What we watch
- Vault liquidity, depositors, 7 and 30-day retention
- Fees collected, impermanent loss and net result per vault
- Moves per day, swap cost per move, failed moves
- Copy follows, allocation, followers' net result
- Protocol revenue and its split, on chain
- Share of Elysium's open-pool liquidity held by Tethys
What we refuse to headline
- Annualised fee rates: one busy day is not a year
- Liquidity bought with incentives
- Follower counts made of dust allocations
- Volume that our own keeper creates
§ Depths
Strengths and risks, measured plainly.
Strengths
- 01First liquidity vault on Elysium: no LP manager was live on Nov 10, 2026.
- 02Leaders bring followers, followers make the board worth claiming, strategists bring their own crowd.
- 03An hourly record of every LP position on the chain from block one.
- 04Season points, lock boosts and leader ranks stay with Tethys.
- 05A name that is the product: the one source that feeds every river.
- 06Swapless moves, contract guardrails and execution straight to the sequencer.
Risks
- 01Impermanent loss is real. A vault can end a week below simply holding, and Tethys will say so.
- 02Fee rates on Elysium are at a launch-week peak and will fall as liquidity arrives.
- 03The Hot vault carries token risk: a token can collapse faster than any exit.
- 04Smart contracts can fail. Caps, reviews and the Safety Fund reduce the damage; they do not remove the risk.
- 05Elysium has one sequencer. When it stops, moves wait.
- 06Copy follows a record, and a record is not a promise.
- 07Other teams build LP tools on Elysium. Tethys claims only to report every result in full.