How Tethys works, in full.

Every trade on Elysium pays a fee to the liquidity in range. On Nov 9, 2026, the pools open to outside LPs held about $1.8M of liquidity and paid about $116K in trading fees in 24 hours, while no liquidity vault was live on the chain. The fees were there; the liquidity was not.

Tethys closes that gap with three pieces:

• Vaults: one HYPE deposit, and the vault picks pools, ranges and shapes and keeps them working.
• Copy: a ranked record of every LP wallet on Elysium, and one click to mirror one with your own caps.
• Pools terminal: the full table of Elysium pools with a safety screen, for people who set ranges themselves.

⚠ Fee rates on a chain in its first week are a launch peak. Tethys never annualises them and never quotes them as a promise.

• Connect any EVM wallet on Elysium (chain ID 99901). No HYPE there yet? Bridge it from HyperEVM; deposits arrive in about a minute.
• Pick a vault. Majors goes live first: USDC/HYPE and KNTQ/HYPE, capped at $250K at launch.
• Deposit HYPE and sign once. The vault swaps about half into the pair tokens through a DEX aggregator inside the same transaction.
• Receive vault shares, a token in your wallet whose value moves with the positions and the fees collected.
• Withdraw any time, in HYPE or in the pair tokens with no swap. No lock, no fee on principal.

Shapes and widths

Each position is a row of price bins with a shape: Spot spreads depth evenly, Curve puts most depth where the price trades, Bid-Ask puts it 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. Instead of swapping half back and reopening around the price, Tethys reopens on the side it already holds: below the price with HYPE when the price fell, above it with the pair token when the price rose. 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.

Real results

Fees collected

trading fees the vault's ranges collected

Impermanent loss

value lost against simply holding the tokens deposited

Net result

fees minus impermanent loss, in HYPE and in dollars

Snapshots

hourly, kept forever, public per vault

Which pools qualify

• The pool pays its LPs a fee. Launch pools whose hook keeps the whole fee are excluded.
• Venue contracts match published Uniswap v3/v4 code, or the venue is reviewed and listed by name.
• Liquidity of at least $50K for Majors and $20K for Hot; Hot also needs 48 hours of history.
• Hot only: top 10 holders under 60%, deployer under 8%, early-block buyers under 10%, bundled launch buys under 25%.

A keeper watches every vault range every 5 seconds, but it can only ask. The vault contract refuses a move unless all seven gates pass:

• Allowed pool: the pool is on the vault's list; changes wait 48 hours in a timelock.
• Really out of range: out for 30 seconds, and a time-weighted price agrees where one exists.
• Interval: at least 10 minutes since the last move.
• Slippage cap: under 0.5% on Majors, 1% on Hot.
• Pool share: no pool holds more than 50% of Majors or 10% of Hot.
• Hook bits: new positions only where the hook cannot take from or block a withdrawal.
• Closed loop: tokens move only between the vault and its own positions.

Custody

non-custodial; withdrawals cannot be paused

Keeper

holds no user funds between moves

Caps

$250K Majors at launch, raised after reviews and 30 clean days

Reviews

two independent reviews before mainnet deposits

Bounty

open from day one, paid from the Safety Fund

Admin

2-of-3 multisig behind a 48-hour timelock

⚠ Elysium orders each block by priority fee and has one sequencer. When blocks stop, moves wait; the app shows a network banner after 60 seconds without a block.

Tethys indexes every LP position on Elysium's v3 and v4 venues and values each one hourly. Wallets are ranked by net result (fees minus loss) over 7 and 30 days.

• Listed wallets hold at least $5K in ranges and show 7 days of history; wash activity is removed.
• Press Follow and set an allocation in HYPE, a cap per position and a stop.
• Your Copy Account is a contract only you own. It mirrors the leader's opens, range moves and closes, scaled to your allocation.
• A pool that fails the safety screen is skipped and logged, never copied.

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

Vault performance fee

10% of fees collected (8 / 7 / 6% for stakers)

Copy fee

10% of fees collected by copied positions

Zap routing

0.1% on the swapped part only

Auto-manage

5% of fees collected by a manual position

Liquidity Desk

5 HYPE setup, then 10% of fees collected

Deposits, withdrawals, principal

no fee

FeeRouter split

⚠ Illustrative only: protocol revenue per month = vault liquidity × daily fee rate × 30 × 10%. At $5M and 0.1% a day that is $15,000 a month.

Supply

1,000,000,000, fixed

Launch

100% through an Elysium launchpad curve

Team allocation

none

Presale / VC

none

Rewards

paid in HYPE, never newly minted $TETHYS

Stake tiers

Surface · no stake

Majors vault, follow 1 leader, terminal

Stream · 500K

fee 8%, follow 3, protocol rewards, alerts

River · 2.5M

fee 7%, follow 10, Hot vault a week before the public, leader listing

Ocean · 10M

fee 6%, Strategist Vaults, double vote weight

Lock boosts: none 1x, 30 days 1.5x, 90 days 2x, 180 days 3x. Weight = staked $TETHYS × boost. Rewards stream over 7 days and can be claimed any time.

What $TETHYS may never do

• Be minted after launch.
• Give a claim on the vaults' assets or anyone's deposit.
• Be needed to withdraw.
• Promise a reward: protocol rewards follow usage and can be zero.

Each season of the Tides runs four weeks. Depositors and followers gather 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

Phase 1 · weeks 1-4

testnet contracts, two reviews, Majors vault capped, real results pages, Pools terminal, LP index

Phase 2 · months 1-2

Copy, manual positions + auto-manage, $TETHYS fair launch after the product, staking, Season 1

Phase 3 · months 2-4

Hot vault, Strategist Vaults, Liquidity Desk, arbitrage-hook pools, Data API

Phase 4 · months 6-12

hedged vaults on HyperCore, order-ladder shapes, SDK, staker votes

• Impermanent loss is real: a vault can end a week below simply holding.
• Fee rates fall as liquidity arrives.
• The Hot vault carries token risk: a token can collapse faster than any exit.
• Smart contracts can fail; caps, reviews and the Safety Fund reduce the damage, they do not remove the risk.
• Elysium has one sequencer; when it stops, moves wait.
• Copy follows a record, and a record is not a promise.

Is my deposit ever locked?

No. Withdraw any time, in HYPE or in the pair tokens. Deposits can be paused in an emergency; withdrawals never can.

Why no annual rate on the vault card?

One busy day multiplied by 365 is a number nobody receives. Tethys shows past fees, past loss and the net result for 24 hours, 7 days and 30 days.

Can the leader I follow move my funds?

No. Your Copy Account belongs to you; the leader's moves are only a signal the keeper mirrors inside your caps.

Where is the contract address?

On the home page, in these docs and on the official account, and nowhere else. Before launch the home page says so instead of showing an address.