Sounding demo, deep book: Depth Value 0.192 HYPE for 20,000 tokens, limit 0.134 HYPE.
Depth-priced credit on Elysium
Borrow HYPE against any Elysium token.
Your limit is what the order book can actually absorb. Bythos sounds the book, not a price feed.
The problem
A price is not a buyer.
On Elysium, tokens launch on curves, move to pools, graduate to a HyperCore order book and may get a perp. Holders sit on positions they can only turn into HYPE by selling into thin markets. Nobody lends against them, and for good reason.
- 01
Pumped TWAPs
A TWAP from a thin pool can be pushed up and borrowed against.
- 02
No buyer at liquidation
When the position has to be sold, the bids are not there. Lenders eat the bad debt.
Depth Value
Your limit is what the book can absorb.
For a given quantity, Depth Value is the HYPE you would actually receive selling it now into the bids, stopping 15% below the best bid. The limit is 70% of it. Same tokens, same price: a deep book lends, a thin one barely does.
Position
20,000 tokens · 0.2 HYPE at spot
- Depth Value
- 0.192 HYPE
- Limit · 70%
- 0.134 HYPE
- Effective LTV
- 67.1%
The protocol
Three parts, one measurement.
Sounding
The depth oracle. It walks the bids for your exact quantity and returns the HYPE a sale would receive now, stopping 15% below the best bid.
Read more →Line
Your position. The limit is 70% of Depth Value and liquidation sits at 85%, so a large deposit gets a lower effective LTV without anyone voting on it.
Read more →Trawl
Liquidation into the venue that priced the position. A 5% penalty: 3% to whoever trawls, 2% to the protocol.
Read more →sound(token, qty) -> HYPE out now, walking the bids to a 15% stop
limit = 0.70 × applied DV ; collateral counts after 50 blocks
health = 0.85 × live DV / debt ; below 1.00 the Line can be trawled
liquidate(market, l) -> sells into the same venue ; 3% keeper, 2% protocolAnti-manipulation
Slow to rise. Quick to fall.
Borrowing power follows the book upward only after the book has held. Health follows it downward at once.
- 01
Sounding window
The value used for borrowing is the minimum of every recorded sounding over the last 15 minutes. A pump has to hold.
15 min - 02
Price cap
Depth Value can never exceed quantity × 30-minute TWAP × 0.9. A new market waits for 30 minutes of history.
0.9 × TWAP30 - 03
Deposit age
Collateral counts toward the limit only after 50 Elysium blocks. Nothing can be deposited and borrowed against in one move.
50 blocks
Why Elysium
Only one chain can read the whole book.
Elsewhere
Price oracle × governance LTV × hope.
A market elsewhere multiplies a price by a ratio picked in a vote. Neither can see how much the market can actually take, so lenders find out at liquidation.
On Elysium
Full HyperCore book, read in-block, free.
A contract on Elysium can read every level of the HyperCore order book in-block and send trade-only intents back to it. Bythos prices each position by what that book would pay for its exact size, and liquidates into the same book.
$BYTHOS
Not launched.
$BYTHOS is not launched. No contract address. It launches on Clover at Elysium mainnet. Follow @BythosDepth for the only official announcements.