Summary / Abstract:
Hyperdelta is an in-development option platform in the Hyperliquid ecosystem. Hyperdelta proposes to adapt Derive’s mature smart contract infrastructural foundation as a base for its protocol. It would require a licensing agreement to cover the next 9 months while the v2-core repository is still licensed under a BUSL. To make it worthwhile for the Derive community, Hyperdelta would commit to a 6% token allocation aidropped to stDRV holders once the token launches. This would accelerate Hyperdelta’s development while tangibly rewarding the Derive’s community.
Motivation:
While in development, the Hyperdelta project sees a direct benefit in adopting already proven, battle-tested smart contract risk architecture. The Lyra v2-core smart contract repository would be an excellent starting point and help eliminate many early-stage security and implementation risks. However, it is currently under a Business Source License preventing commercial use until converting to a GNU AGPL License in November this year.
This proposal outlines a mutually beneficial agreement where Derive grants Hyperdelta a commercial license to use the Lyra v2-core repository for the next nine months before conversion. In return, Hyperdelta will commit to allocating 6% of its future token supply to stDRV holders based on a snapshot at a date in the future.
Beyond the token incentives, Derive stands to benefit from increased adoption and visibility as Hyperdelta has potential to become a significant project within the Hyperliquid ecosystem, positioning Derive as a foundational element in emerging DeFi innovations.
Please note, significant adaptions will be made to the base Lyra v2-core protocol, this is not a copy-paste of Derive to another chain, it would be being used simply as a starting point. Additionally, there are many other components of Derive that are not publicly available and/or are irrelevant to Hyperliquid, and would be built entirely differently, e.g. no equivalent to OP rollups, off-chain orderbook.
Please also note, by the time Hyperdelta launches, the time the Lyra v2-core repository will remain under a BUSL would be significantly less than the current remaining 9 months.
Specification:
- Hyperdelta will be provided with a Business Source License Additional Use Grant for the use of Lyra v2-core within their infrastructure
- The license will be applicable for Lyra v2-core up to the current commit hash of
0ae94c055fe69d1a724d39249fca3c8decb61e24 - Hyperdelta will airdrop stDRV holders 6% of the future Hyperdelta token supply upon launch, based on a holder snapshot closer to the launch date.
- Hyperdelta will commit, as it would also be bound under the GNU AGPL license, to the same change date of 16 Nov 2025 to convert to fully open source
- Hyperdelta will have its adapted smart contracts audited by a recognised firm before launch
Rationale:
Hyperdelta’s use of Derive’s infrastructure allows for quicker deployment, improved security, and the credibility that comes from utilising battle-tested contracts. The proposed approach allows Derive to gain from its licensing before the change date by increasing contract adoption and rewarding its community with a portion of Hyperdelta’s token. Both communities gain exposure through cross-promotion on Hyperliquid, helping expand overall awareness and potential token utility in each ecosystem.
Copyright Waiver:
In submitting this proposal, Hyperdelta waives all copyright and related or neighbouring rights to the proposal text itself.