The Rite
The Rite is the listing ceremony, run by a bonded Officiant with its own funds while the sponsors' HYPE stays in escrow. It ends either in settlement, which repays the Officiant, or in failure, which slashes its bond.
Claiming the Rite
When a Pot is eligible, a bonded Officiant calls claimRite(potId) on the RiteManager. The call succeeds only if:
potIdequalseligiblePot()at that moment;- the caller has a bond of at least the minimum, no pending unbond, and no other Rite.
The Pot moves to In Rite. Pledges and bounties are frozen. The Rite records the Officiant, the claim time and a deadline (30 minutes on testnet). Only one Rite runs at a time.
The six steps
The steps follow the numbering of the Elysium guide to HyperCore spot deployment. On testnet they run against the simulated HyperCore contracts, from the Officiant's own address.
| Step | Action | Who pays | Irreversible |
|---|---|---|---|
| 1. Plan | Decimals and supply are computed when the Pot opens and stored on chain | Nobody | The spec is locked when the ticker is bought |
| 2. Buy the ticker | buyTicker(ticker, szDecimals, weiDecimals, maxPrice) at the auction | The Officiant, with its own HYPE | Yes: the name and spec are locked |
| 3. Create the deposit wallet | createWallet(token, tokenIndex, officiant) on the factory | Gas only | The address is deterministic |
| 4. Genesis | genesis(tokenIndex, maxSupply): the whole supply to the token's system address | Gas only | Yes: one-shot |
| 5. Link | linkEvmContract(tokenIndex, wallet, evmExtraWeiDecimals) | Gas only | Yes: permanent |
| 6. List | listSpot(tokenIndex, startPx) against USDC | Gas only | One-shot |
In the same Rite the Officiant sets the three locks of the Seat:
setDeployerFeeShare(tokenIndex, 0)revokeFreezePrivilege(tokenIndex)- genesis and link, sealed by steps 4 and 5.
The Rite console shows one button per action, in this order: buy ticker, create wallet, genesis, link, set fee share to 0, revoke freeze, list. Each is disabled until the previous one is confirmed.
Who pays what, and when
- During the Rite, the Officiant pays the ticker price and the gas. Sponsors pay nothing yet.
- At settlement, the Pot repays the Officiant the price recorded in the auction's sale record, plus 3%. The protocol receives 2%. The rest of the Pot, the surplus, is returned to sponsors pro rata.
- If the Rite fails, the Officiant is not repaid and loses its whole bond. Sponsors lose nothing.
The price used for repayment is read from the auction contract. It is never a value supplied by the caller.
Settlement
Anyone can call settle(potId). It evaluates the seven checks described in Verification and reverts with CheckFailed(n) on the first that fails. It also reverts if the price paid plus 5% is larger than the Pot, which can happen if the Officiant bought the ticker in a later window at a higher price.
When settle passes, the Pot becomes Listed, the Officiant is released, and the claims open. See Fees for a worked example.
Deadline and failure
If the Rite is not settled by its deadline, anyone can call fail(potId). The Rite fails when the Officiant:
- never bought the ticker, or stopped halfway;
- made a step that cannot pass a check, such as leaving the fee share at 100%, or minting part of the genesis supply elsewhere.
On failure:
- The Officiant's whole bond is sent to the Treasury.
- The Pot returns to Open. Pledges, bounties and crossing deposits can be withdrawn.
- The Pot can be claimed again by another Officiant if it is still eligible. If the failed Officiant bought the ticker, the ticker is taken and the Pot is skipped by the queue.
The Pot page shows a "Fail this Rite" button to everyone once the deadline has passed.