LINTEL // VAULT
--/08 | [ ERC-4626 ] Docs Elysium Open app

Yield that stays a token.

Rewards accrue in the share price, not in a contract you claim from. The position stays a plain ERC-20 — so it earns here while it works somewhere else.

Open the app Integration brief
Not a rate pitch — a form argument
Unmodified ERC-4626 — no rebase, no claim step, no epoch, no queue. Accepting it costs a config entry and a risk review. VIEW_STATUS_REPORT
01The argument

We would lose a yield comparison.
So we are not having one.

The vault runs no strategy. Its rewards are whatever is sent to it, so a rate table is a contest it would lose to protocols with longer records. The argument is about the form of the share instead.

Not the pitch
  1. Our APY is higher than the vault you are already in.
  2. Points, boosts and emissions make the headline number work.
  3. Trust the backtest.

Rate claims are refreshed daily and won by whoever subsidises hardest.

The pitch
  1. 01The thing that earns is an ordinary ERC-20.
  2. 02Its accounting is unmodified ERC-4626: no rebase, no claim, no epoch.
  3. 03So the same capital can earn here and be posted as collateral somewhere else.

Checkable from the contract, and it does not decay when rates move.

02The mechanic

Four calls, and none of them are unusual.

The whole lifecycle is the ERC-4626 interface as written, plus one public function that anyone may call once a week.

Fig. 1 — Lifecycle of a depositLINTELVAULT / ELYSIUM 99901
How a deposit moves through the vault HYPE is wrapped to WHYPE and deposited through the vault's left opening. Rewards enter from above and are released over seven days. Shares leave on the right as an ERC-20 that can sit in a wallet or another protocol. Redeeming returns WHYPE along the lower lane, which can be unwrapped to HYPE. LintelVault · ERC-4626 share price = totalAssets totalSupply counted in totalAssets still releasing WHYPE sent in, no deposit 2 harvest() then released over 7 days HYPE native gas wrap WHYPE wrapped, ERC-20 1 deposit() shares Your wallet 3 Lending marketposted as collateral DEX poolpaired as liquidity Any ERC-20 venueit is just a token None has listed the share yet. 4 redeem() shares burn, WHYPE out, same block unwrap, optional How a deposit moves through the vault: wrap and deposit in at the top, rewards in from the side, shares out at the bottom, redeem back to WHYPE. HYPE wrap WHYPE WHYPE sent in, no deposit 1 deposit() 2 harvest() over 7 days LintelVault share price = totalAssets totalSupply counted releasing shares Your wallet 3 transfer() Lending marketcollateral DEX poolliquidity Any ERC-20 venuejust a token None has listed the share yet. Exit shares 4 redeem() WHYPE unwrap HYPE
Drawn as a section through the vault. The walls are the contract; the three openings are the only ways value enters or leaves.
  1. Depositminted
    1,000 HYPE
    shares1,000.000
    1

    Deposit

    deposit(assets, receiver)

    The app wraps your HYPE to WHYPE and deposits it. Shares mint at the current rate, rounded down in the vault’s favour.

  2. Rewardreleasing
    +40 WHYPE
    day 3 of 743%
    2

    Earn

    harvest()

    WHYPE sent to the vault counts once anyone calls harvest(), then releases over seven days. No shares are minted, so each share is worth more.

  3. 1,000.000 shares
    • Your wallet
    • Lending market
    • DEX pool
    3

    Hold, or use it

    transfer(to, amount)

    Hold it, post it, pair it. The vault does not care where the token sits; the claim travels with it.

  4. Redeemsame block
    burn1,000.000 sh
    receive1,040.00 WHYPE
    4

    Redeem

    redeem(shares, receiver, owner)

    Shares burn and WHYPE leaves in the same block. No epoch, queue, cooldown or exit fee.

Figures on the cards are an example, not live data.

Anatomy of a reward
  1. 01

    You deposit

    1,000 HYPE in, 1,000 shares out. The share is worth exactly one WHYPE.

  2. 02

    A reward lands

    40 WHYPE is sent to the vault. It is not counted yet, so nobody can deposit just before it and leave just after.

  3. 03

    Someone calls harvest()

    The reward starts to count, in a straight line, over the next seven days.

  4. 04

    Seven days later

    All of it is in the price. Same shares, more WHYPE behind each. Redeem whenever you like.

Your positionExample
1,000.00 HYPE
1,000.000 shares at 1.0000
day 0reward landsharvest+7 days
countedreleasingsent, not counted
Share price1.0000
Shares you hold1,000.000
SpecificationWHAT NEVER HAPPENS
Rebase
NonebalanceOf never changes by itself.
Claim step
NoneNo second token, so nothing to strand.
Epochs
NoneEverything settles in the block it is sent.
Withdrawal queue
NoneThe vault holds the WHYPE itself.
Receipt NFT
NoneFungible, so it can be pooled and priced.
Transfer hooks
NoneNothing fires when a market takes custody.
Fees
0No deposit, exit or performance fee.
Owner
NoneNo pause, upgrade or setter.
03Capital efficiency

One deposit. Two jobs. At the same time.

Elsewhere, capital that is earning is capital that is parked. Here the share is a plain ERC-20, so in principle it can do both at once.

InputsSIMULATION
1,000HYPE
180days
8.0% a year

Made up. The vault pays only what is sent to it.

60%

If a lending market listed the share. None has.

Capital at work 1,600.00 HYPE
  • Your deposit
  • Rewards released
  • Borrowable, hypothetical
Job one — inside the vaultSimulation
1,082.31 HYPE

redemption value after 180 days

Shares minted1,000.000
Share price1.00000 → 1.08231
Rewards released+82.31 HYPE
Job two — elsewhereHypothetical
600.00 HYPE

borrowable against the same shares

Collateral posted1,000.000 shares
Still earningyes, in custody
Vs. a locked receipt1.60× the capital

Read this honestly. The left job is the vault’s own arithmetic at the made-up rate above, starting from a share price of 1. The right job is what the form allows: no market has listed the share, so the borrow figure describes the design, not a position you can open. Values are in HYPE; in dollars they move with HYPE.

04Integration cost

Most yield receipts are expensive to accept.

Risk teams rarely decline on the yield. They decline because the receipt needs custom code, a new oracle path and an untested liquidation route.

Receipt design What the integrator has to build Fungible Priced by a view call
Rebasing balance
A wrapper, and every cached balance revisited. Most markets refuse the unwrapped version. Yes Partly
Claimable reward token
A keeper, a policy for who owns rewards in escrow, and a second asset to risk-rate. Yes No
Non-fungible receipt
Per-position valuation and a bespoke liquidation path. Nothing is pooled or reused. No No
Epoch or queue withdrawals
A liquidation path that survives not being able to exit for days. Partly Yes
Price-accruing ERC-4626 shareThis vault
Nothing new. Read convertToAssets for the price and treat it as any other ERC-20. Yes Yes

This is about integration cost, not safety. Given equal diligence this shape costs the least to accept, and an audited rebasing token is still the better risk.

05For integrators

The whole integration is two view calls.

No adapter, no keeper, no reward stream. If you support any ERC-4626 vault, the marginal work is a config entry and a risk review.

Solidity
Listing checklist6 ITEMS
  1. Price source
    convertToAssets(1e21) times your existing HYPE feed. Shares have 21 decimals, so 1e21 is one whole share.
  2. Liquidation path
    redeem() to WHYPE in the same transaction. No queue, no cooldown.
  3. Supply cap
    Set one. Conservative beats none.
  4. Reward handling
    None. There is no second token to route.
  5. Upgradeability
    The vault has none. WHYPE is an upgradeable proxy; see the status section.
  6. What exists today
    The integrator reference, the source, 24 tests and a fork test against Elysium. Addresses once deployed.
06Pricing & risk surface

The parts a risk team will actually ask about.

The pricing story has to survive review, so here it is with the parts that do not flatter us.

share price = totalAssetstotalSupply
Moves it up

Harvested rewards, released over seven days. Rounding on every deposit and redeem, by a few wei.

Moves both, price unchanged

Deposits and redeems. A whale entering does not dilute you.

Cannot touch it

An admin call: there is no setter. A donation becomes a reward, and the virtual offset keeps it from being an inflation attack.

Where the risk actually is

Contract
Unaudited, and not deployed yet. The real blocker; see the status section.
Asset
A share is a claim on WHYPE, an upgradeable proxy. In HYPE the share price does not fall; in dollars it moves with HYPE.
Oracle latency
The share inherits your HYPE feed’s staleness. Use the same freshness policy.
07Where this actually stands

The unflattering version, because you will find it anyway.

The design is done and tested. The chain, the deployment, the audit and any listing are not.

  1. Contract written155 lines on OpenZeppelin
  2. Tested24 tests, plus an Elysium fork
  3. Elysium mainnetpre-launch, Kinetiq’s call
  4. Vault deployedafter official addresses
  5. Auditnot started
  6. Listingsnone
Contracts
Not deployed

Target is Elysium mainnet, chain 99901. Its asset will be WHYPE at 0xba87…5e81, an upgradeable proxy. Kinetiq lists the chain as pre-launch with no official RPC, explorer or addresses yet, so the site reads it through community endpoints. Until an address appears here and in the app, there is nothing to deposit into.

Audit
Not started

Whatever is deployed will be unaudited until a report exists. Size exposure accordingly.

ERC-4626 conformance
Pending

True of the source today. It becomes true of a contract once one is deployed: check the bytecode, not this page.

Admin surface
None in source

The source has no owner, pause, upgrade path or setter. Once deployed, this row will say whether the bytecode matches.

Collateral listings
None

Every capital-efficiency figure here describes what the design allows, not a live position.

Secondary liquidity
None

Redeeming through the vault will be the only exit at first.

08Questions

The ones integrators actually ask.

More in the docs and the risk disclosure.

Because the vault has no rate of its own. It pays out only what is sent to it, so any number we printed would be a promise about someone else’s transfers. The realised rate is on chain: convertToAssets at two blocks gives it without trusting a figure we wrote.
Whoever owns the position. The market holds the token, the balance never changes, only its value does, and that value is credited to the depositor. No policy question, no code to route.
In WHYPE, yes: the vault holds only WHYPE, adds rewards to it, and runs nothing that could lose. In dollars it moves with HYPE. What remains is contract risk, since the code is unaudited, and the fact that WHYPE itself can be upgraded by its administrator.
Anyone, once the current seven-day cycle has ended. It takes no arguments and costs about 69,000 gas. Calling it early reverts, so nobody can use it to hold rewards back.
It should not, and this page does not ask it to. A design review can start now, from the docs and the tests, so the listing decision after an audit is short rather than cold.