HRUSD (Hyperoute)

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

HRUSD is a Base stablecoin minted 1:1 against USDC through a Peg Stability Module; the protocol then auto-builds a concentrated HRUSD/USDC Uniswap V3 position from the deposit, stakes the LP NFT, and hands the capital to a delta-neutral trading strategy whose returns pay stakers in HRUSD. DefiLlama recorded about $0.010M on 2026-08-22, under our $100M materiality line. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush. The strategy custody, operator identity, audit record, and gated exit would each require separate underwriting if scale returns; none changes this class result today.

Kill criteria: the events that revoke this verdict
• TVL sustained above $100M for 30 days

The research file

Mechanism and product perimeter

A depositor sends USDC and the PSM locks it and mints HRUSD one for one; the white paper states 1 HRUSD = 1 USDC with no slippage at mint. The protocol then splits the capital, builds an 80/20 concentrated HRUSD/USDC position in the Uniswap V3 0.05% fee tier after checking spot against a TWAP, mints the LP NFT, and stakes it automatically — the user never holds the LP position directly. The surveyed deposit is therefore not a passive stablecoin balance: it is an auto-managed LP stake plus a claim on a trading strategy.

Strategy and control

The white paper says capital is deployed through a market-neutral strategy drawing on perpetual futures funding, Uniswap fees, and arbitrage, combining ”decentralized liquidity with institutional trading infrastructure,” and pays rewards in freshly minted HRUSD. No operator is named, no custody arrangement for the strategy leg is described, and no audit is cited anywhere in the served materials. The paper is the protocol’s own account of itself; nothing in it can be reconciled to an independent record yet.

Exit consequences

Exits are gated by design: a holder must submit an exit request, wait a mandatory one-day cooldown, withdraw the LP NFT, then remove liquidity to recover assets. The paper justifies the cooldown as protection against sudden withdrawals and systemic stress, which is also a plain statement that redemption is not instant. Secondary exit depends on the same incentivised HRUSD/USDC pool the protocol itself builds, whose depth is the surveyed $0.010M.

Why the class rule decides

The surveyed aggregate is five orders of magnitude below the $100M floor, so the standing size rule decides before the strategy-custody, operator, oracle, audit and gated-exit questions are reached. Sustained scale above the floor reopens a separate review of the PSM backing, the strategy leg’s custody and reporting, and proposed-size exits through both the cooldown path and the pool.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• HRUSD Protocol white paper — architecture, PSM, strategy, exit · primary · accessed 2026-08-22
  Supports: 1:1 PSM mint against USDC, 80/20 Uniswap V3 auto-LP and staking, delta-neutral strategy and HRUSD rewards, one-day exit cooldown, no audit named
• Hyperoute app — served documents and Base deployment · primary · accessed 2026-08-22
  Supports: issuer-served white paper and infographic, Base contract addresses in the app bundle
• DefiLlama — HRUSD survey record · secondary · accessed 2026-08-22
  Supports: about $10,230 TVL, Base-only perimeter, Basis Trading category, listed 2026-08

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.