01
Staking yield
The treasury stakes on HyperCore and the reward arrives as HYPE. Ninety percent of it becomes floor. This is the one that runs while nobody is watching, and the only reason the tagline is literally true.
01 / The floor
Three ways up. No way down.
Below is the arithmetic the treasury actually runs, in your browser. The yield ticks in real time, sped up so a step is visible. Issue some notes, redeem some, burn some, and watch which of the three moves the floor and which does not.
Floor, HYPE a note1.000000
Backing, HYPE240.00
Supply, RIZEN240.00
Staked70 %
Liquid, answerable now72.00
Yield earned0.0000
Protocol share, 10 %0.0000
Premium on issue2 %
02
The issue premium
A new note costs the floor plus two percent. The buyer pays 1.02 floors and receives one note, so the rest lands on everybody else's floor. Issuing can never dilute.
03
Burned notes
Burning removes a claim without removing the HYPE that covered it. Try it above: the supply drops, the backing does not, and the floor steps up for everyone still holding.
And redeeming does not move it. A redemption takes exactly the floor out per note burned, so it leaves the ratio untouched by construction. The ratchet is there for a different reason: to keep the floor a number you can plan against rather than one that moves under you.