Belos documentation

Last updated 3 November 2026

1. Overview

Deposit HYPE once. Belos market-makes every memecoin on Elysium.

On Elysium, every memecoin is born on a launchpad with a HYPE pair. After graduation its liquidity dies. Nobody wants to provide liquidity for a memecoin, because impermanent loss and rugs make it a losing trade, so the deployer ends up holding most of the depth and swap fees leak to anonymous liquidity providers. A trade from one memecoin to another also costs two hops through HYPE.

Belos replaces “provide liquidity for a memecoin yourself” with one shared, underwritten vault. Depositors put HYPE into the Quiver once, and the Quiver market-makes every listed token from that single pool of HYPE. Projects do not buy that liquidity: they post a HYPE bond that is slashed first if their pool is drained, so the risk is carried by the party that creates it.

2. The Quiver

The Quiver is an ERC-4626 vault whose asset is wrapped HYPE. You deposit native HYPE with depositHYPE, the vault wraps it, and you receive bHYPE shares in proportion to the vault’s total assets at that moment. Shares are standard ERC-20 tokens, so they can be held, transferred or integrated like any other vault share.

The vault splits its assets into idle HYPE and deployed HYPE. At least 20 % of total assets, the reserve ratio, always stays idle, which means the vault never deploys more than 80 %. No single token may receive more than 10 % of total assets. Deployment happens only when a listing is activated: the liquidity manager takes HYPE from the vault and pairs it with the project’s tranche in that token’s Belos pool.

Withdrawals with withdrawHYPE are paid from idle HYPE first. If idle HYPE is not enough, the vault pulls the same share from every pool, credits the HYPE it gets back, and then prices your shares again before paying you. Tokens that come out of a pool are never given to depositors; they go back to the Listing contract, which holds them for the project.

Fees accrue to the share price. Half of every swap fee arrives in the vault as HYPE in the same transaction as the swap. Total assets rise and the number of shares does not, so each bHYPE is worth more. Deployed HYPE is counted at its cost until it is pulled back, because the protocol has no oracle and valuing pools at their spot price would let a single swap move the share price.

The risk you take is real. Deployed HYPE sits in pools against memecoins, so it carries impermanent loss: when buyers dump a token, the pool’s HYPE side shrinks. Bonds, the floor and the per-token exposure cap reduce that loss, and the reserve ratio keeps withdrawals liquid, but bonds do not cover every scenario. A fast dump can take a pool below its floor by more than its bond is worth, and the vault absorbs the difference.

3. Listing by bond

A project lists a token by calling applyListing with three things. The first is a tranche of its token supply, which the Listing contract takes and holds. The second is a vesting period of at least 30 days and a declared initial price in HYPE per token. The third, sent as the transaction value, is a HYPE bond of at least the minimum bond.

Activation is a separate call that anyone can make once the vault holds at least k times the bond in idle HYPE, with k set to 4. Activation creates the token’s pool and deploys the smaller of k × bond and what the reserve ratio and the 10 % exposure cap allow. The matched HYPE is paired with enough of the tranche to open the pool at the declared price. The rest of the tranche vests linearly to the project over the vesting period, and it vests only while the token stays listed.

Every listed pool has a floor at 50 % of the HYPE the vault deployed into it. If a dump drains the pool’s HYPE side below that floor, anyone can call slash. The pool is pulled, the bond goes to the vault up to the HYPE shortfall, and any bond above the shortfall goes back to the project. The tokens still held for the project are returned to it minus 10 %, which is burned. The listing is then marked Slashed and cannot be relisted.

A project can leave on its own terms. It gives a 7-day notice with noticeDelist, then calls delist. The pool is pulled, the bond first covers any HYPE the vault lost in that pool, and the rest of the bond comes back with every remaining token. An application that was never activated can be cancelled at once for a full refund.

In return, the project receives real HYPE depth from its first day and 20 % of every swap fee on its pool, paid in HYPE. That gives its holders a “the project earns HYPE” story without a transfer tax.

4. Fees

Every swap on a Belos pool pays a fee of 1.0 % on the HYPE side. When you buy a token, the fee is taken from the HYPE you send; when you sell a token, it is taken from the HYPE you receive. The pool forwards the fee to the FeeRouter in the same transaction.

The FeeRouter splits each fee by fixed rule: 50 % to Quiver depositors, 30 % to the Treasury for $BELOS buyback-and-burn, and 20 % to the listed project. The three shares are public constants in the contract, not governance parameters, and the site reads them from chain. If a project’s address refuses a payment, its share is credited and can be claimed later, so a project can never block trading on its own pool.

5. Depth

Every listed token has a depth page. It shows the real HYPE in the token’s pool, the bond, the HYPE the vault has deployed, the coverage ratio, the days listed, lifetime fees, fees over the last 24 hours, vesting progress and status. Coverage is the bond divided by the deployed HYPE. With k at 4 a fresh listing starts at 25 % coverage, or higher when the exposure cap limits the match.

HYPE depth tells you how much you can sell before the price collapses, and coverage tells you how much of the vault’s risk the project has pledged against its own behaviour. Read both before you buy any Elysium memecoin. A token with deep HYPE and a large bond has something to lose; a token without either does not.

6. $BELOS

$BELOS is not launched. There is no contract address. Anyone sharing one is scamming you.

$BELOS is planned to launch on Clover around Elysium mainnet, with the date announced only on X. There is no presale. Its utility is on the demand side: a project that stakes $BELOS posts a smaller HYPE bond, with a discount that grows linearly with the stake up to 50 %. On the supply side, 100 % of the protocol’s own share of fees, the 30 % routed to the Treasury, is used to buy $BELOS and burn it.

Two things change at launch. The bond discount turns on, because stakeBelos stops reverting with BelosNotLaunched. And Treasury.buyback becomes usable, so the HYPE accumulated before launch starts buying and burning. Until then the Treasury only holds HYPE, and the site shows that balance as reserved for buybacks.

7. Why Elysium

Elysium is Kinetiq’s Hyperliquid L2. Gas is paid in HYPE, blocks arrive about every 100 ms, and every memecoin on the chain is already paired with HYPE because that is how its launchpads work. Those launchpads graduate tokens into Uniswap pools that then go thin. Belos is meant to be the post-graduation home: one place where a graduated token finds HYPE depth that does not depend on its deployer.

On mainnet, each listed token’s liquidity will be a Uniswap v4 position managed by the vault, so the depth sits where aggregators already look. The testnet uses an internal constant-product pool per token as a stand-in. The interfaces the rest of the protocol uses, depositing, pulling, reading depth and routing fees, stay the same.

8. Integrations

Any launchpad can open a Belos listing at the moment a token graduates. It approves the tranche to the Listing contract and calls applyListing(token, tokenAmount, vestDays, initialPrice) with the bond as the transaction value. The price is in HYPE per whole token, scaled by 10¹⁸. Anyone can then call activate(token), including a keeper run by the launchpad.

Aggregators route through Belos pools like any other AMM. Each pool exposes getAmountOut(tokenIn, amountIn) and swapExactIn, plus native-HYPE variants for wallets that do not hold wrapped HYPE. The pool address for a token is LiquidityManager.poolOf(token).

9. Risks

Smart-contract risk comes first. The testnet contracts are unaudited and may contain bugs. Basket drawdown is the second: the vault holds the HYPE side of many memecoin pools at once, and several can fall together. Bond insufficiency is the third: in a fast dump, the loss in a pool can exceed the bond before anyone calls slash, and the vault takes the rest.

The design is oracle-free. Prices come only from each pool, which keeps the system simple but means a pool can trade at any price its trades produce. Finally, on testnet a single operator address can change the parameters listed below; the fee split cannot be changed by anyone.

10. Parameters

These values are read live from the Elysium testnet contracts.

11. Contracts

Every address below links to the Elysium testnet explorer. Testnet addresses will change at mainnet.

12. Glossary

Quiver

The Belos vault. It holds depositors’ HYPE and acts as the market maker for every listed token.

bHYPE

The ERC-4626 share token of the Quiver. Its value in HYPE rises as fees and slashed bonds arrive.

Tranche

The block of its own supply a project locks when it applies. Part is paired in the pool and the rest vests to the project.

Bond

The HYPE a project posts to list. It is the first loss if the project’s pool is drained.

Coverage

The bond divided by the HYPE the vault has deployed in that token’s pool.

Floor

The minimum HYPE depth a pool must keep, set at 50 % of the HYPE the vault deployed into it.

Slash

The call anyone can make when a pool is below its floor. It pulls the pool and sends the bond to the vault up to the loss.

Questions: ask on X → @BelosElysium