# 1.1 - What is nest?

The HYPE-aligned MetaDEX.

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fh428ZzjBQ1ZNBPUTZk6J%2Fuploads%2FXlm425ZXJY0Jue0kMzWh%2Fssstwitter.com_1765319505198.mp4?alt=media&token=608e1d7f-a748-4f39-b89b-d4695370b60d>" %}

**Welcome to nest, the Hyperliquid Spot Growth & Yield Machine.**

nest is the liquidity, growth, and yield layer of Hyperliquid. It helps assets launch, bootstrap liquidity, and scale into HyperCore - all while converting protocol revenue into HYPE for long-term holders.

On Hyperliquid, HYPE is the dominant store of value. If you build on HyperEVM but your protocol doesn't connect to HYPE value accrual, you end up with a disconnect: apps grow, tokens rotate, but the chain's core asset doesn't fully capture the upside.

nest closes that gap. From launch to HyperCore, every swap and liquidity flow routes through the [HYPE Engine](/nest-explained/2.6-hype-engine) - converting protocol revenue into HYPE, deepening liquidity, and strengthening alignment between builders, traders, and long-term holders.

***

### What you can do on nest

* **Swap** any supported HyperEVM token with best-execution routing
* **Provide liquidity** across three pool types (Classic, CLAMM, Automatic) and earn NEST emissions
* **Lock NEST** for veNEST: earn 100% of protocol trading fees and rewards. Vote to direct emissions and capture them.
* **Vote** each epoch to allocate NEST emissions to pools of your choice
* **Deposit into HEV** for automated voting, fee compounding, and Liquid HYPE rewards

{% hint style="info" %}
**Key distinction:** LPs earn NEST emissions — not trading fees. Trading fees go to veNEST holders. This is the core mechanic of a MetaDEX.
{% endhint %}


# 1.2 - Official Links

Always use official links. Bookmark them. Beware of lookalike domains.

<figure><img src="/files/e2uzq1V60aV0M4T8J3XV" alt=""><figcaption></figcaption></figure>

{% hint style="danger" %}
**The team will never DM you.** Treat unsolicited DMs as scams. Never share seed phrases or private keys. We will never ask you to sign any transaction to join any of our groups or send us a message.
{% endhint %}

### Core&#x20;

***

<table><thead><tr><th width="230.6171875">Resource</th><th>Link</th></tr></thead><tbody><tr><td>Website</td><td><a href="https://usenest.xyz/">usenest.xyz</a></td></tr><tr><td>App</td><td><a href="https://app.usenest.xyz/">app.usenest.xyz</a></td></tr><tr><td>Dashboard</td><td><a href="https://app.usenest.xyz/dashboard">app.usenest.xyz/dashboard</a></td></tr><tr><td>Swap</td><td><a href="https://app.usenest.xyz/trade/swap">app.usenest.xyz/trade/swap</a></td></tr><tr><td>Liquidity</td><td><a href="https://app.usenest.xyz/liquidity">app.usenest.xyz/liquidity</a></td></tr><tr><td>Create Lock</td><td><a href="https://app.usenest.xyz/lock/create">app.usenest.xyz/lock/create</a></td></tr><tr><td>Vote</td><td><a href="https://app.usenest.xyz/vote">app.usenest.xyz/vote</a></td></tr><tr><td>Incentives</td><td><a href="https://app.usenest.xyz/trade/incentivise">app.usenest.xyz/trade/incentivise</a></td></tr><tr><td>Analytics</td><td><a href="https://app.usenest.xyz/analytics">app.usenest.xyz/analytics</a></td></tr></tbody></table>

### Analytics & Tools

***

<table><thead><tr><th width="230.62109375">Resource</th><th>Link</th></tr></thead><tbody><tr><td>Dune</td><td><a href="https://dune.com/x3research/nest">dune.com/x3research/nest</a></td></tr><tr><td>DefiLlama</td><td><a href="https://defillama.com/protocol/nest">defillama.com/protocol/nest</a></td></tr><tr><td>vfat.io (CL yields)</td><td><a href="https://vfat.io/yield?chains=999&#x26;protocols=nest">vfat.io</a></td></tr><tr><td>Otomato (alerts) </td><td><a href="https://otomato.xyz/">otomato.xyz</a></td></tr></tbody></table>

### Community

***

<table><thead><tr><th width="230.62109375">Platform</th><th>Link</th></tr></thead><tbody><tr><td>𝕏 - Nest </td><td><a href="https://x.com/NestExchange">@NestExchange</a></td></tr><tr><td>𝕏 - HYPE Engine</td><td><a href="https://x.com/TheHypeEngine">@TheHypeEngine</a></td></tr><tr><td>Telegram</td><td><a href="https://t.me/NestExchangeHL">NestExchangeHL</a></td></tr><tr><td>Hyperwarp (veNEST)</td><td><a href="https://hyperwarp.fi/mx/v3/nest">hyperwarp.fi</a></td></tr></tbody></table>

### API

***

<table><thead><tr><th width="230.62109375">Resource</th><th>Link</th></tr></thead><tbody><tr><td>Liquidity pools</td><td><a href="https://app.usenest.xyz/api/blaze/liquidity-pools">app.usenest.xyz/api/blaze/liquidity-pools</a></td></tr></tbody></table>

### Bridge

***

<table><thead><tr><th width="230.62109375">Resource</th><th>Link</th></tr></thead><tbody><tr><td>Bungee</td><td><a href="https://bungee.exchange/">bungee.exchange</a></td></tr><tr><td>Across</td><td><a href="https://across.to/">across.to</a></td></tr><tr><td>Jumper</td><td><a href="https://jumper.xyz/">jumper.xyz</a></td></tr></tbody></table>

### Need Support?

***

Open a ticket on [usenest.xyz](https://www.usenest.xyz/)  and let the nest Copilot AI help you or open a chat with one of our support agents. Add your wallet address, tx hash, what you were trying to do, the exact error message, and a screenshot, so that we have more context and can better help.


# 2.1 - What is a MetaDEX?

A DEX that pays investors 100% of trading fees plus HYPE, Hyperliquid.

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fh428ZzjBQ1ZNBPUTZk6J%2Fuploads%2FdjZXRNOJbQVDuPsHx8KB%2Fssstwitter.com_1765018110101.mp4?alt=media&token=d02ea80e-0124-44a4-a2e0-18b8a71b68a4>" %}

**A DEX that pays investors 100% of trading fees plus HYPE, Hyperliquid.**

A MetaDEX is a decentralised exchange built around vote-escrow incentives. Instead of paying trading fees passively to LPs or a treasury, a MetaDEX routes 100% of fees to investors who lock NEST as veNEST - alongside HYPE rewards from the HYPE Engine. In turn, they vote to direct NEST emissions to liquidity pools.

This flips the standard DEX model. On a Uniswap-style DEX, LPs earn trading fees directly, sometimes topped up with extra incentives. On a MetaDEX, the roles separate: LPs earn NEST emissions directed by the vote, while investors capture the fee revenue and HYPE rewards.

The result is a flywheel - deeper liquidity attracts volume, volume generates fees, fees grow the HYPE Engine, and locking becomes more valuable with every cycle.

***

### Standard DEX vs. MetaDEX

<figure><img src="/files/sCvVYmAr15j2wxkoaDex" alt=""><figcaption></figcaption></figure>

<table><thead><tr><th width="188.26171875">FEATURE</th><th width="236.12109375">STANDARD DEX</th><th>METADEX (nest)</th></tr></thead><tbody><tr><td>LP rewards</td><td>&#x3C;100% of trading fees</td><td><strong>NEST emissions</strong></td></tr><tr><td>Fee destination</td><td>LPs / protocol</td><td><strong>veNEST holders (100%)</strong></td></tr><tr><td>Incentive direction</td><td>Fixed or manual</td><td><strong>Governance-directed (weekly vote)</strong></td></tr><tr><td>Token utility</td><td>Governance or % Fee </td><td><strong>Fee capture + emissions direction</strong></td></tr></tbody></table>

***

By separating fee capture (to veNEST) from LP rewards (emissions), nest creates a market for liquidity incentives. Protocols bribe veNEST holders to vote for their pools. veNEST holders earn fees AND bribes. LPs follow the emissions.

<figure><img src="/files/4BcFsf4lRmOXqHqiLXyM" alt=""><figcaption></figcaption></figure>

But nest takes this further with the HYPE Engine, which autonomously compounds a portion of fees into HYPE exposure. This creates a structural bid for HYPE as volume grows, aligning the protocol with HyperEVM ecosystem strength.

***

### The Vote-Escrow Flywheel

{% stepper %}
{% step %} <mark style="color:$info;">**STEP 1**</mark>

**Trading volume generates fees.** Every swap on nest generates trading fees: 100% of which flow to veNEST holders.
{% endstep %}

{% step %} <mark style="color:$info;">**STEP 2**</mark>

**Fees flow to veNEST holders.** veNEST holders earn real yield from protocol activity: proportional to their voting power.
{% endstep %}

{% step %} <mark style="color:$info;">**STEP 3**</mark>

**veNEST holders vote on emissions.** Each epoch, holders direct NEST emissions to pools they choose. Protocols bribe them with additional tokens to vote for specific pools.
{% endstep %}

{% step %} <mark style="color:$info;">**STEP 4**</mark>

**Emissions attract LPs.** Pools with more votes receive more NEST emissions, attracting liquidity providers who want to earn.
{% endstep %}

{% step %} <mark style="color:$info;">**STEP 5**</mark>

**Deeper liquidity → more volume.** Better liquidity drives more volume, more fees, and liquidity gets deeper.
{% endstep %}
{% endstepper %}

The vote-escrow model creates a **flywheel effect**. Each component reinforces the others.

{% hint style="info" %}
The flywheel works because **every participant has aligned incentives**: traders want deep liquidity, LPs want emissions, veNEST holders want fees and bribes, and protocols want their pools to receive more incentives.
{% endhint %}

***

### Why It Matters

Unlike a standard DEX where fee revenue is passively distributed, a MetaDEX makes token holders **active participants in liquidity strategy**. Your vote determines where capital goes, that's real governance power with real economic consequences.

<table data-card-size="large" data-view="cards"><thead><tr><th></th><th></th><th data-hidden data-card-cover data-type="image">Cover image</th></tr></thead><tbody><tr><td><h4><strong>For veNEST Holders</strong></h4></td><td>Earn 100% of all trading fees plus incentives from protocols. Longer locks = more voting power = more fee share.</td><td><a href="/files/avYntQ9LpCGnhn41VZS7">/files/avYntQ9LpCGnhn41VZS7</a></td></tr><tr><td><h4><strong>For LPs</strong></h4></td><td>Earn NEST emissions - not trading fees. Use Moonmath to model returns: the pool's vote share determines your emission rate.</td><td><a href="/files/vICh28YnMudmW8Zm2eVQ">/files/vICh28YnMudmW8Zm2eVQ</a></td></tr><tr><td><h4>For Protocols</h4></td><td>Bribe veNEST holders to vote for your pool. More votes → more emissions → deeper liquidity for your token.</td><td><a href="/files/cBHWH2X7ejIuvwdk7hly">/files/cBHWH2X7ejIuvwdk7hly</a></td></tr><tr><td><h4><strong>For  HYPE Engine</strong></h4></td><td>The HYPE Engine holds approximately ~27% of $veNEST supply using its revenue to buy $HYPE and distribute it to new lockers in HEV every week through the HYPE Spring. </td><td><a href="/files/OapuihjHuxgPRGTTzPCY">/files/OapuihjHuxgPRGTTzPCY</a></td></tr></tbody></table>


# 2.2 - How nest Works

The full protocol flow, from trade execution to treasury accumulation.

<figure><img src="/files/2hMiMpNlB31YVv1ke69r" alt=""><figcaption></figcaption></figure>

nest brings together three groups with aligned incentives: **Traders, Liquidity Providers, and Governance Participants**. Each benefits when the protocol grows, creating a positive-sum system.

Each layer has one job and the magic is how they compound into a single flywheel.

{% hint style="success" %}
**LPs earn NEST emissions - not trading fees.** This distinction is central to how nest functions as a MetaDEX.
{% endhint %}

***

### Key mechanics at a glance

<table><thead><tr><th width="187.19921875">Mechanism</th><th width="283.76171875">Who Benefits</th><th>How</th></tr></thead><tbody><tr><td><strong>Trading fees</strong></td><td>veNEST holders</td><td>100% of swap fees, claimable from Dashboard</td></tr><tr><td><strong>NEST emissions</strong></td><td>LPs</td><td>Weekly NEST tokens, proportional to pool vote share</td></tr><tr><td><strong>Bribes</strong></td><td>veNEST voters</td><td>External tokens paid by protocols to attract votes</td></tr><tr><td><strong>HYPE Engine</strong></td><td>Protocol treasury / HEV holders</td><td>~27% of veNEST, revenue used to buy and distro $HYPE</td></tr><tr><td><strong>Assistance Fund</strong></td><td>Protocol (NEST buybacks)</td><td>Funds permanent buyback mechanism, at team's discretion</td></tr></tbody></table>


# 2.3 - Emissions

NEST tokens distributed to LPs each epoch. Directed by governance. Scheduled to peak and taper.

<figure><img src="/files/0UKcaySvc1oWPxmnFZWr" alt=""><figcaption></figcaption></figure>

**Emissions** are NEST tokens distributed to liquidity providers every epoch. They are separate from trading fees - emissions are the LP reward mechanism, while fees are the governance reward mechanism.

<figure><img src="/files/JFaPQJGHs9dKe3X9FmcR" alt=""><figcaption></figcaption></figure>

<table data-view="cards"><thead><tr><th align="center"></th><th align="center"></th></tr></thead><tbody><tr><td align="center"><h2>20M</h2></td><td align="center">NEST / week (Epoch 1)<br>+1.5%</td></tr><tr><td align="center"><h2>+1.5%</h2></td><td align="center">Per epoch, first 12 epochs (bootstrapping)</td></tr><tr><td align="center"><h2>−1%</h2></td><td align="center">Per epoch, epoch 13+ (maturation)</td></tr></tbody></table>

***

### How emissions are distributed

* Each epoch, veNEST holders vote to allocate emission share across pools
* A pool's share of emissions = its share of total vote weight
* If a pool receives 10% of all votes, it receives 10% of that epoch's emissions
* LPs in that pool share those emissions proportionally to their deposit size

{% hint style="warning" %}
**No votes = no emissions.** If a pool receives zero vote weight in an epoch, it receives zero emissions. LPs in unvoted pools earn nothing from emissions that epoch.
{% endhint %}

***

### Emission schedule phases

**Phase 1 — Bootstrapping (epochs 1–12):** emissions increase +1.5% each epoch to build initial liquidity depth.

**Phase 2 — Maturation (epoch 13+):** emissions decrease −1% each epoch toward a long-term sustainable rate, preventing infinite dilution while maintaining LP incentives.

***

### Approximate emission schedule

<table><thead><tr><th width="130.3984375">Epoch</th><th>Approx. NEST / week</th><th>Phase</th></tr></thead><tbody><tr><td>1</td><td>20,000,000</td><td>  <mark style="background-color:yellow;">Bootstrapping</mark>  </td></tr><tr><td>3</td><td>~20,600,000</td><td>  <mark style="background-color:yellow;">Bootstrapping</mark>  </td></tr><tr><td>6</td><td>~21,530,000</td><td>  <mark style="background-color:yellow;">Bootstrapping</mark>  </td></tr><tr><td>9</td><td>~22,500,000</td><td>  <mark style="background-color:yellow;">Bootstrapping</mark>  </td></tr><tr><td>12</td><td>~23,380,000</td><td>  <mark style="background-color:yellow;">Peak</mark>  </td></tr><tr><td>15</td><td>~22,680,000</td><td>  <mark style="background-color:blue;">Maturation</mark>  </td></tr><tr><td>20</td><td>~21,600,000</td><td>  <mark style="background-color:blue;">Maturation</mark>  </td></tr><tr><td>30</td><td>~19,600,000</td><td>  <mark style="background-color:blue;">Maturation</mark>  </td></tr></tbody></table>

{% hint style="info" %}
LPs claim accumulated emissions from the **Dashboard** on the app. Emissions accumulate continuously and can be claimed at any time. Always refer to the live epoch dashboard for current figures.
{% endhint %}


# 2.4 - Epoch System

A one-week cycle that governs votes, emissions, and bribes.

An **epoch** is a one-week window during which votes, emissions, and bribes are processed. Everything in nest's governance layer from voting, to LP rewards, to bribe distribution, this all runs on this weekly clock.

{% hint style="info" %}
**Thursday 00:00 UTC → Wednesday 23:00 UTC**\
Each epoch starts Thursday and closes Wednesday. This is when the vote snapshot is taken and emissions are calculated.
{% endhint %}

***

### What happens each epoch

{% stepper %}
{% step %}

### Thursday 00:00 UTC

**New epoch begins.** Previous vote snapshot locks in. Emissions from the prior epoch become claimable for LPs
{% endstep %}

{% step %}

### Thursday → Wednesday

**Active epoch window.** veNEST holders vote. Protocols add bribes. LPs accumulate emissions based on pool vote weights
{% endstep %}

{% step %}

### Wednesday 23:00 UTC

**Voting closes.** Final vote weights locked. Epoch ends and new distribution is calculated.
{% endstep %}
{% endstepper %}

{% hint style="warning" %}
**Vote early.** Don't leave your vote to the final hour of the epoch, the last hour is reserved for HEV automated flows. Your vote is most effective when submitted early in the week.
{% endhint %}


# 2.5 - HYPE Spring

HYPE Spring is Nest’s paid-to-lock mechanism.

Users lock NEST into veNEST, deposit that veNEST into HEV, and can receive weekly HYPE bonuses.

\
The HYPE comes from the HYPE accumulated by the [HYPE Engine](/nest-explained/2.5-hype-spring) NFT and is distributed to qualifying HEV depositors.

***

### Why it matters

HYPE Spring adds a new mechanism to the MetaDEX flywheel.

Traditional MetaDEX models reward LPs with emissions and reward voters with fees or incentives. HYPE Spring adds another layer: users can be paid in HYPE for locking NEST and staying aligned through HEV.

This creates a stronger loop:

Lock NEST → build veNEST → deposit into HEV → earn HYPE → compound alignment.

<figure><img src="/files/MG2dBsoHttcCiGBXM2xq" alt=""><figcaption></figcaption></figure>

***

### How to qualify

To qualify, users need:

1\. New NEST locked into veNEST during the epoch.

2\. veNEST deposited into HEV before voting closes.

3\. A qualifying position during the relevant voting window.

4\. All NEST compounded in existing locks in the HEV will qualify.

\
Manual veNEST positions do not qualify.

***

### Important notes

* The current HYPE Spring payout APR is displayed on the Nest website.
* This APR is based on HYPE accumulated from the previous epoch and may change each epoch.
* There is no fixed HYPE amount or guaranteed APR.
* HYPE Spring bonuses are paid out on Fridays.
* HYPE Spring is the current live HYPE distribution event.


# 2.6 - HYPE Engine

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fh428ZzjBQ1ZNBPUTZk6J%2Fuploads%2Fhx4Ww9t27ogQjhVvWxKo%2Fssstwitter.com_1765117938149.mp4?alt=media&token=127cb2e8-4c76-4907-aa74-b5ed092951b3>" %}

On HyperEVM, there’s a pattern you see again and again, people don’t just want “a farm token”, they want **HYPE** exposure.

Most DeFi incentive systems ignore that reality. They pay emissions in a protocol-native token, users sell it, and the loop becomes short-term and extractive. Liquidity turns into a revolving door.

That’s the context the **HYPE Engine** was built for - [see whitepaper here](https://x.com/TheHypeEngine/status/2016997308660150652)


# 2.6.1 - Overview

Imagine an exchange that actually *listens* to what users prefer.

Instead of paying out rewards that encourage dumping, it takes something real and sustainable - **trading fees** and turns that value into a long-term “HYPE-first” flywheel.

This is where **nest Exchange** plugs in.

<figure><img src="/files/tlu0XbYwI2HE3GhNe9ZE" alt=""><figcaption></figcaption></figure>

When trades happen on Nest, fees are produced, and go to the people committing long-term to the protocol ([veNEST](/governance-venest/5.1-venest-basics)):<br>

1. **veNEST receives 100% of trading fees**
2. The HYPE Engine holds roughly **27% of the veNEST** supply which uses its revenue to buy HYPE and  is routed into the HYPE Engine.
3. Distribute it each week to new veNEST lockers in the HEV through the HYPE Spring Campaign.

So the exchange activity doesn’t just create temporary yield, it creates a repeatable mechanism that converts real usage into persistent HYPE exposure.

***

### How Hype Engine supports the Hyperliquid ecosystem

HyperEVM liquidity and attention ultimately flows from Hyperliquid users and builders. The Hype Engine approach is designed to meet that ecosystem where it already is: HYPE is the gravitational center, so incentive design should *accumulate into it*, not compete against it.

HYPE held inside the Engine isn’t idle. It can be deployed to **support protocols across HyperEVM** while also act as a treasury to back the value of veNEST or as incentive to have new NEST locked like how it is being used now through the HYPE Spring.

<figure><img src="/files/OapuihjHuxgPRGTTzPCY" alt=""><figcaption></figcaption></figure>


# 2.6.2 - Hype Engine Vault (HEV)

<figure><img src="/files/0cfNMF4rY17UcApoiCqw" alt=""><figcaption></figcaption></figure>

The Hype Engine Vault (HEV) is the default “set-and-forget” path for **nest exchange** users who lock NEST and hold **veNEST**.

It does three things in one place:

* **Distributes HYPE rewards:** Trading fees earned by veNEST flow through the **HYPE Engine**, where a portion of fee value is converted into HYPE for aligned holders.
* **Auto-votes for you (optimally):** Your veNEST voting power is automatically allocated to maximise incentive outcomes, so you don’t need to manage votes manually.
* **Compounding your position:** Rewards are used to buy back NEST and compound into you veNEST position within the vault.
* **Keeps participation simple:** You stay aligned and receive rewards without constant governance micromanagement.

{% hint style="info" %}
[HEV](/nest-explained/2.6-hype-engine/2.6.2-hype-engine-vault-hev) is the main way users receive HYPE from the system, the only other route is **minting directly via the HYPE Engine**.
{% endhint %}

{% hint style="warning" %}
If you want to vote manually or do certain position actions, you may need to **exit HEV first** (Dashboard → Manage position), then re-enter afterward.
{% endhint %}

***

### HEV lock window (important if you want to withdraw)

<figure><img src="/files/HtuPkxliTBLXnRelwCD9" alt=""><figcaption></figcaption></figure>

If you deposit your veNEST into HEV, it is locked **from Wednesday 23:00 UTC (epoch end) until Monday 00:00 UTC** to stop users manipulating the system.

So if you want to switch back to manual voting, plan around that window.


# 2.6.3 - MEGAHYPE

A zero-liquidation, leveraged version of HYPE

MEGAHYPE is designed to feel like a **leveraged version of HYPE**, but **without liquidation risk**.

Instead of using borrowed leverage (where you can get liquidated), MEGAHYPE is created through the compounding mechanics of the HYPE Engine, turning real protocol value into amplified HYPE exposure over time.

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fh428ZzjBQ1ZNBPUTZk6J%2Fuploads%2FTLrxARNH5biLXyuFxHGL%2Fssstwitter.com_1765319570624.mp4?alt=media&token=45e9ba2e-2bff-4d3d-a5c1-6bcc02a3322f>" %}

#### What MEGAHYPE is (and isn’t)

MEGAHYPE is designed as **treasury-backed amplified exposure** (NAV-based), not a fixed-multiple levered product:

* Not a perpetuals position (zero cost to hold)
* Not a liquidation-by-wick leveraged token (your position can't blow up).&#x20;
* HYPE held inside the Engine isn’t idle. It can be deployed to **support protocols across HyperEVM** while also working to improve the **MEGAHYPE/HYPE ratio** over time.
* It is strengthened by floor mechanics and a compounding HYPE to MEGAHYPE ratio.&#x20;

<figure><img src="/files/vTB8dn3L9hm3rwFlQ2gm" alt=""><figcaption></figcaption></figure>

#### How you can get MEGAHYPE

There are two routes:

1. **Via the Hype Engine Vault (HEV)** — the main distribution path for aligned **veNEST** participants.
2. **By minting directly via the Hype Engine** — for users interacting with the Engine’s mint path.

{% hint style="warning" %}
**MEGAHYPE has not launched yet.** Any minting, distribution, and module details are **pre-launch** until live.
{% endhint %}


# 2.7 - Tokenomics

Supply at launch, there will be **1,000,000,000 $NEST**, for **total raise of $1,000,000** at **$20,000,000 FDV** for all participants. A large majority of allocations are for protocol functionality and growth to align the system with HyperEVM.&#x20;

<figure><img src="/files/WpxorgQm6IdMBqpcp0oU" alt=""><figcaption></figcaption></figure>

<table><thead><tr><th width="224.62109375">Allocation</th><th width="518.875">What it does</th></tr></thead><tbody><tr><td><strong>Ecosystem Fund (10%)</strong></td><td>Permanently locked veNEST intended to align the team with protocol success.</td></tr><tr><td><a href="/pages/OaaFAj6Ka9PGSjoUvNl0"><strong>HYPE Engine</strong></a> <strong>(40%)</strong></td><td>Uses <a href="/pages/50cCWwaZ6o8WPYJ1SZqQ">veNEST voting</a> rewards to help generate <strong>HYPE</strong> rewards for nest users via the Hype Engine (alignment + compounding route). </td></tr><tr><td><strong>Fenix Airdrop (5%)</strong></td><td>Distributed to veFNX holders from Blast (recognising prior MetaDEX users).</td></tr><tr><td><strong>Assistance Fund (10%)</strong></td><td>Collects voting rewards for <strong>NEST buybacks</strong>, lock bonuses, and future incentive programs (this is the explicit “buy NEST” bucket).</td></tr><tr><td><strong>Team (15%)</strong></td><td>Permanently locked veNEST to team. </td></tr><tr><td><strong>Raise (5%)</strong></td><td>Raise at <strong>$20m FDV</strong>, issued as max-locked <a href="/pages/50cCWwaZ6o8WPYJ1SZqQ">veNEST</a> (alignment-first capital).</td></tr><tr><td><strong>Liquidity (5%)</strong></td><td>Seeds NEST trading pairs to ensure liquid trading conditions.</td></tr><tr><td><strong>Growth Treasury (10%)</strong></td><td>Reserved in the multisig for future development and growth, and kept outside circulating supply.</td></tr></tbody></table>


# 2.8 - Egg Initiative

Nest's early adopter program. Liquidity formation, incentive coordination, and strategic partnership for HyperEVM protocols.

<figure><img src="/files/30f9c1184e821c8ca213065876911c531f440b8e" alt=""><figcaption></figcaption></figure>

The **Egg Initiative** is nest's early adopter program, designed to bootstrap liquidity and governance participation at launch. A structured way to help HyperEVM projects launch, deepen liquidity, and align with nest deepening the partnership.

A pool doesn’t create a market. **Liquidity creates a market.** The egg initiative exists to make sure the liquidity is there, sustained, and aligned with the “HYPE Must Grow” thesis, not mercenary points farming.

***

### Who's it for

* **Builders** launching assets on HyperEVM who want real markets, not thin pools
* **Protocols** that want liquidity where it matters (tight routing, stable quote depth)
* **Communities** who want sustainable execution and long-term holders

***

### How it works

The Egg Initiative's goal is simple: **get the market liquid, keep it liquid, and make it tradable at size.** is powered by the same weekly system that makes Nest a MetaDEX:

<figure><img src="/files/U9u5l2Y2ghZ49YQJ4NFA" alt=""><figcaption></figcaption></figure>

{% stepper %}
{% step %} <mark style="color:$info;">**STEP 1 - JOIN**</mark>

**Partners join the Egg Initiative.** They can earn NEST, lock it for veNEST, and earn 100% of the fees their pools generate — immediately aligned with protocol growth.
{% endstep %}

{% step %} <mark style="color:$info;">**STEP 2 -  CO-ORDINATE INCENTIVES**</mark>&#x20;

**Emissions and bribes work together.** Emissions can be directed via veNEST vote weight. Partner bribes/incentives can be added to compete for votes,stacking reward streams for LPs in target pools.
{% endstep %}

{% step %} <mark style="color:$info;">**STEP 3 - DEEPEN WHERE IT'S PRODUCTIVE**</mark>

**Liquidity concentrates where it reduces slippage and supports real volume.** Not spread thin, not farming vanity TVL — targeted depth at the pairs that matter.
{% endstep %}

{% step %} <mark style="color:$info;">**STEP 4 - ITERATE EACH EPOCH**</mark>

**Markets aren't set once, they're shaped weekly.** As volume and liquidity mature, incentives adjust to keep the market efficient without wasting emissions.
{% endstep %}
{% endstepper %}

{% hint style="info" %}
Open a *'*[*Collaboration Ticket*](https://discord.gg/nestexchange)*'* in the Discord to enquire about partnership directly
{% endhint %}


# 2.5 - USDH (Acquired by Circle, Sunsetted)

Hyperliquid's native stablecoin

USDH is Hyperliquids native stablecoin, built to make “stable liquidity” actually **feed the chain**, not an external issuer.

Most stablecoins export value from a chain, reserves earn yield elsewhere, and the ecosystem gets convenience but does not have compounding alignment. USDH flips that. [**A programmatic share of USDH revenue (50%) is contributed to Hyperliquid’s Assistance Fund**](https://nativemarkets.com/), creating a structural HYPE buy demand as USDH adoption grows.

<figure><img src="/files/00ad09be1846e4d4b0c8ea6be223d879629f754c" alt=""><figcaption></figcaption></figure>

nest is the **default liquidity hub** for USDH:

* it becomes the clean quote asset for most markets (TOKEN/USDH)
* it improves routing and execution (deep stable rails reduce fragmentation)
* it enables stable-denominated strategies across the wider stack in the HyperEVM

{% hint style="success" %}
Every ecosystem needs a monetary base. On Hyperliquid, the “best” base asset is the one that **compounds back into HYPE demand**. USDH is designed to do exactly that.
{% endhint %}

***

#### Why supporting USDH is HYPE-aligned

nest is built to make USDH the **routing core** for HyperEVM liquidity, deep stable markets that make every other asset easier to trade, launch, and build around.&#x20;

**nest’s role** is to concentrate real, usable USDH liquidity on HyperEVM (not fragmented, mercenary stable liquidity), so the ecosystem gets:

* deeper markets → better execution → more onchain volume
* more USDH adoption → more aligned value flow
* stronger, more persistent HYPE-aligned demand loops
* Hype Must Grow thesis aligned


# 3.1 - Slippage & Price Impact

Two sides of the same coin. Both affect how much you receive from a swap.

**Slippage** is the difference between the price you see when you submit a swap and the price at which it actually executes. It occurs because the AMM curve moves as your trade executes, and other transactions may land before yours.

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2FXA5f0OdpC9cYSSTb9zCI%2FScreen%20Recording%202026-02-08%20at%2020.40.05.mp4?alt=media&token=1eabfc0a-f07c-4ed8-9acb-8d57a3082b0e>" %}

***

### Slippage settings

| Scenario                         | Recommended slippage |
| -------------------------------- | -------------------- |
| Stable pairs (USDH/USDC)         | 0.1%                 |
| Standard pairs (most tokens)     | 0.5% (default)       |
| Volatile or thin liquidity pairs | 1–2%                 |

* **Too tight:** transaction reverts with "slippage exceeded" — you pay gas but get nothing
* **Too loose:** you may receive significantly less than expected, especially in thin markets

{% hint style="info" %}
Slippage tolerance is a **maximum you're willing to accept** — it doesn't mean you'll always lose that amount. Most swaps execute near the quoted price.
{% endhint %}

***

### Price Impact

<figure><img src="/files/swNzzbrHCyrb0O6Ilu4f" alt=""><figcaption></figcaption></figure>

**Price impact** is how much your trade moves the price of a pool. Large trades in pools with low liquidity have high price impact — meaning you receive worse execution than the market price suggests. AMM pools use a mathematical curve (x × y = k for Classic pools, or concentrated ranges&#x20;

for CLAMM) — the larger your trade relative to pool reserves, the more the price moves.

{% hint style="warning" %}
**Always check price impact before confirming.** The app shows it before you confirm — if it's above 1–2%, consider splitting the trade or waiting for deeper liquidity.
{% endhint %}

***

### Reducing price impact

* **Split your trade:** break a large trade into several smaller ones over time
* **Trade through deeper hubs:** route via USDH or WHYPE which typically have deeper liquidity
* **Trade smaller sizes:** if the pool is thin, accept less or wait
* **Check routing:** the router may find a multi-hop path with lower total impact


# 3.2 - Routing & Errors

How the router finds best execution — and what to do when swaps fail.

The **nest router** automatically searches across all available pools to find the most efficient execution path for your swap. A trade may route through multiple pools (multi-hop) if that delivers a better net output than a single direct swap.

***

### How routing works

* You request a swap from Token A → Token B
* The router scans all available paths: direct A→B, A→USDH→B, A→WHYPE→B, and more
* It selects the path that maximises your output after all fees
* The route is shown in the swap interface before you confirm

{% hint style="info" %}
HYPE → TOKEN may route as **HYPE → USDH → TOKEN** if that path has deeper liquidity and lower total price impact — even though it uses two pools and two fee hops.
{% endhint %}

***

### When routing looks unexpected

* The direct pool may have low liquidity → multi-hop is better
* New or low-liquidity tokens may route imperfectly until liquidity deepens
* If the route looks very inefficient: reduce size and retry, or wait for more liquidity

***

### Common Swap Errors

<table><thead><tr><th width="193.0234375">Error</th><th>Cause</th><th>Fix</th></tr></thead><tbody><tr><td><strong>Insufficient output / Slippage exceeded</strong></td><td>Price moved outside your slippage tolerance</td><td>Increase slippage slightly or reduce trade size</td></tr><tr><td><strong>Insufficient gas</strong></td><td>Not enough HYPE in wallet for gas</td><td>Add HYPE to your wallet — HYPE is the gas token on HyperEVM</td></tr><tr><td><strong>Approval required</strong></td><td>Token hasn't been approved for the router</td><td>Approve the token (first time only per token)</td></tr><tr><td><strong>Transaction reverted</strong></td><td>Slippage, gas, or pool state changed</td><td>Refresh and retry; check slippage and gas</td></tr><tr><td><strong>Route not found</strong></td><td>No liquidity path exists for this pair</td><td>Try routing manually through USDH or WHYPE, or wait for liquidity</td></tr></tbody></table>

{% hint style="info" %}
**Most common issue:** not enough HYPE for gas. Always keep some HYPE in your wallet on HyperEVM — even a small amount covers most transactions.
{% endhint %}


# 4.1 -  LPing on nest

Provide liquidity, earn NEST emissions. Choose the pool type that fits your strategy.

<figure><img src="/files/5c9f2d255d5de71410b721ff94643e1ab3955c90" alt=""><figcaption></figcaption></figure>

On Nest, LP rewards come from **emissions**, not trading fees.

Liquidity providers (LPs) supply tokens to Nest's pools to enable trading. In return, they earn **NEST emissions**, distributed each epoch based on the vote weight their pool receives.

***

### Pool types

<table><thead><tr><th width="182.15234375">Type</th><th width="284.0078125">How it works</th><th>Best for</th></tr></thead><tbody><tr><td><strong>Classic</strong></td><td>Full-range liquidity, v2-style constant product curve</td><td>Stable pairs, beginners, set-and-forget</td></tr><tr><td><strong>CLAMM</strong></td><td>Concentrated liquidity within a custom price range</td><td>Active managers, higher capital efficiency</td></tr><tr><td><strong>Automated</strong></td><td>Automated CLAMM vault, managed algorithmically</td><td>Volatile pairs, hands-off management</td></tr></tbody></table>

***

### What determines your LP earnings

* **Pool vote weight:** more votes = more emissions flowing to that pool
* **Your share of the pool:** larger deposit = larger share of pool emissions
* **NEST price:** emissions are in NEST, their value depends on price
* **CLAMM range activity:** if out of range, you typically earn zero emissions


# 4.2 - Classic pools

<figure><img src="/files/9coOurVwZivGYca7bRDc" alt=""><figcaption></figcaption></figure>

Classic pools use a **v2-style constant product curve** (x × y = k). Liquidity is spread across the full price range — from zero to infinity — meaning your position is always active regardless of where the price moves.

***

### How Classic pools work

* You deposit two tokens in the current pool ratio
* Your liquidity covers the entire price range
* Your position is always active — no range to manage
* You earn NEST emissions proportional to your share of the pool

***

#### Why people use Classic pools

* **Simple setup** (Beginners learning to LP)
* **Low maintenance** (no range management)
* Good default for most pairs when you don’t want to babysit liquidity ranges

***

#### What to watch

* **Impermanent Loss (IL):** your LP token mix shifts as price moves
* **Crowding/dilution:** more LPs joining the pool can reduce your share of emissions lowing APR
* **Token risk:** volatility and depeg risk (if a stable/coin breaks)
* **Best use case:** you want exposure + incentives without managing CLAMM ranges.

{% hint style="info" %}
**Tutorial** on how to use classic pools here - [6.2 - Add Liquidity - Classic](/tutorials/6.2-add-liquidity-classic)
{% endhint %}


# 4.3 - CLAMM pools (Custom Ranges)

**CLAMM** (also known as concentrated liquidity) lets you provide liquidity inside a **chosen price range** instead of across the whole chart.

You’re basically saying: “I want my liquidity working *here*, where trading happens.”

Filter pools on the [liquidity page](https://app.usenest.xyz/liquidity) by clicking the '[Concentrated](https://app.usenest.xyz/liquidity)' tab:

<figure><img src="/files/5Hw5oaDVc11ybmHeCENb" alt=""><figcaption></figcaption></figure>

### Why CLAMM exists

Concentrating liquidity near the current price can:

* create **deeper effective liquidity** where swaps actually occur
* improve execution for traders
* let LPs earn **more NEST emissions per unit of capital** when positioned well

### The one rule that matters

* **In range = active liquidity**
* **Out of range = inactive liquidity**

If you go out of range, your liquidity stops being used for swaps, and on Nest you stop earning emissions while inactive.&#x20;

Enable **Otomato “Out of Range”** alerts so you know when your position stops earning efficiently - see [**Notifications & Alerts**](/tutorials/6.10-notifications-and-alerts).

{% hint style="info" %}
Enable **Otomato “Out of Range”** alerts for telegram notifications - [**Notifications & Alerts**](/tutorials/6.10-notifications-and-alerts).
{% endhint %}

#### Choosing a range&#x20;

* **Tighter range** → more efficiency, more management, higher emissions
* **Wider range** → less management, less efficiency, lower emissions *(compared to tighter range)*

A good beginner approach is starting wider, then tightening once you understand how the pair moves.

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2FOblPXsd63tRuRnKhnzEK%2FScreen%20Recording%202026-02-04%20at%2015.21.30.mp4?alt=media&token=6813dd7f-37f7-4596-a6aa-8981849cf73b>" %}

#### What to watch

* **Range risk:** price can move out of your range (especially on volatile pairs)
* **Impermanent loss:** still applies
* **Repositioning cost:** adjusting ranges means more transactions (gas + time)

**Best use case:** you want higher efficiency and you’re willing to monitor/adjust regularly for higher NEST emissions to be earned.

{% hint style="info" %}
**Tutorial** on how to use concentrated pools here - [6.3 - Add Liquidity - CLAMM](/tutorials/6.3-add-liquidity-clamm)
{% endhint %}


# 4.4 - Amplifi pools (Automated)

**Amplifi vaults** are automated liquidity vaults designed to manage liquidity positions for you. You deposit into a vault, and it handles the position management so you don’t have to babysit ranges manually.

Think of it as: **automated LPing built for early-stage liquidity environments.**

Filter pools on the [liquidity page](https://app.usenest.xyz/liquidity) by clicking the '[Automated](https://app.usenest.xyz/liquidity)' tab:

<figure><img src="/files/izpnRTckslNPE0pXUTXQ" alt=""><figcaption></figcaption></figure>

### What you earn?

LP rewards come from **NEST emissions** when the vault’s underlying pool is incentivised for the epoch.

### What to know before depositing

Automation doesn’t remove risk:

* **Impermanent loss still exists**
* Vault performance varies with volatility and market conditions
* There’s additional **vault/contract risk** versus manual LPing

### When Amplifi makes sense

* You want hands-off liquidity provisioning
* You want to LP volatile pairs without managing ranges
* You prefer simpler execution and monitoring vs manual CLAMM management

### Amplifi Docs

* <https://docs.ichi.org/home/yieldiq-strategy> (volatile pairs)
* <https://docs.ichi.org/home/ascend-strategy> (stable and LST pairs)

{% hint style="info" %}
**Tutorial** on how to use concentrated pools here - [6.4 - Add Liquidity - Automated](/tutorials/6.4-add-liquidity-automated)
{% endhint %}


# 4.5 - Beating Impermanent Loss (IL)

**Impermanent Loss (IL)** is what happens when the two assets in your pool move in price relative to each other, and your LP position ends up worth **less than simply holding** those assets outside the pool which is a normal part of providing liquidity.

***

### How nest LP users beat IL

nest’s design gives you multiple ways to offset that cost where the more “full-stack” you go, the more your rewards can compound depending on your level of conviction.&#x20;

{% stepper %}
{% step %}

### LEVEL 1 — Sell LP emissions (basic)

On Nest, **LPs earn NEST emissions** (if the pool is incentivised). LPs **do not earn trading fees**.

So emissions are the primary tool LPs use to offset:

* IL
* volatility
* early-market inefficiency

> Emissions are vote-directed and change by epoch; CLAMM must stay in-range to keep earning.&#x20;
> {% endstep %}

{% step %}

### LEVEL 2 — Lock + compound (adds fee value on top)

Locking emissions (or bought NEST) into **veNEST** which adds a second income stream that isn’t “inside the pool”:

* **100% of trading fee value is allocated to veNEST participants**&#x20;
* veNEST also controls where emissions go each epoch, so long-term lockers compound influence over incentives

> If you want to stay long-term aligned, **auto-max** feature exists to help maintain lock strength over time without constantly extending manually.&#x20;
> {% endstep %}

{% step %}

### LEVEL 3 — HEV route (automated compounding + HYPE)

If you don’t want to vote manually every epoch, you can deposit veNEST into **HEV (HYPE Engine Vault)**:

* HEV **auto-votes** with your veNEST with the highest effieceny possible
* The HYPE Engine holds roughly 27% of veNEST supply which its revenue uses to buy HYPE and distribute it to back to veNEST HEV depositers.

> IL is a market-making tax — Nest’s whole system is built so emissions + fee value + Engine compounding can outgrow it over time (when adoption + volume show up).&#x20;
> {% endstep %}
> {% endstepper %}

{% hint style="info" %}
See the next page for a full numerical break down of this effect
{% endhint %}


# 4.6 - Moonmath - LP Rewards

This page is a **model**, not a promise. It’s here to explain *structure* — how Nest’s design can turn LP emissions into compounding alignment that can outgrow impermanent loss over time.

Crypto is volatile. Outcomes depend on adoption, trading volume, emissions, HYPE performance, and market conditions.

***

### The problem: early-chain LPing is hard

On a new chain, the upside is massive — but early markets are volatile and liquidity is thin. That makes LPing challenging because:

* price trends create **impermanent loss (IL)**
* tight ranges can go inactive
* fees alone often don’t scale fast enough to offset IL on typical DEXs

Nest is designed to solve this by giving LPs an “anti-IL toolkit”:\
**emissions → veNEST → fee value → HEV → MEGAHYPE**.

***

### Assumptions (example only)

We’ll model a single scenario:

* Initial position: **$10,000** LP in a **HYPE / USD**-style pair
* Pool type: **Concentrated liquidity (±10% range)**
* Emissions APR: **150%** (example)
* HYPE appreciation: **20% per year** (example)
* NEST price: **$0.004** (held constant for simplicity)
* Annualized DEX rewards: **$2.6M** (example macro assumption)

#### IL progression (example estimate)

Based on a ±10% range and a trending asset:

* Year 1: **18.5%**
* Year 2: **34.8%**
* Year 3: **49.1%**

**Point:** if you only LP and do nothing else, your LP position can shrink over time even if HYPE is up — especially in tight ranges.

This is why **what you do with emissions** matters.

***

{% stepper %}
{% step %}

### Behaviour A — Sell rewards (linear)

You take emissions as cashflow.

**Example year 1**

* LP value after IL: **\~$9,000**
* Emissions earned: **\~$15,000**
* Emissions sold: **\~$15,000**
* **Total:** **\~$24,000**\
  → **\~140% return**

**What this path is**

* strong short-term cashflow
* no compounding
* no growing governance share
* no Engine access

Lowest effort, lowest upside.
{% endstep %}

{% step %}

### Behaviour B — Lock & compound into veNEST (exponential)

Same LP, same emissions — but instead of selling, you lock emissions into **veNEST**.

**What changes**

* veNEST earns the **fee-value side** (100% of trading fee value allocation)
* voting power grows as you keep locking
* your share of future value flows can scale faster

**Illustrative year 1**

* LP after IL: **\~$9,000**
* Emissions locked: **\~$15,000**
* Fee-value earned via veNEST: **\~$6,000**
* **Total:** **\~$30,000**\
  → **\~200% return**

This is where compounding starts to dominate IL.
{% endstep %}

{% step %}

### Behaviour C — HEV route (amplified compounding + MEGAHYPE)

Now deposit veNEST into **HEV** instead of managing votes manually.

**What HEV does (conceptually)**

* auto-votes (hands-off)
* prevents “lazy decay” behavior
* routes a portion of fee value into the HYPE Engine path
* distributes **MEGAHYPE** (treasury-backed amplified HYPE exposure)

**Illustrative year 1**\
If veNEST fee-derived value would normally be **\~$6,000**, assume HEV improves effective compounding:

* Conservative amplification (\~2×): fee-derived value **\~$12,000**\
  → total **\~$36,000+** (**\~260% return**)
* Stronger alignment (\~3×): fee-derived value **\~$18,000**\
  → total **\~$42,000+** (**\~320% return**)

These numbers come from **structure and compounding**, not liquidation leverage.
{% endstep %}
{% endstepper %}

<figure><img src="/files/SjIzv01SQW1mIWzg2NH0" alt="" width="563"><figcaption></figcaption></figure>

### Why this can outgrow IL over time

By year 2–3 (in this framework):

* veNEST controls more vote weight
* fee-value share increases
* rewards stack on rewards
* IL becomes relatively smaller compared to the growing “outside-the-pool” reward streams

This is the core Nest thesis:

* on typical AMMs, you fight IL with fees
* on Nest, you fight IL with **emissions + governance compounding + fee value + Engine effects**

Long-term aligned users are structurally favored.

***

### Who this strategy is for (and who it isn’t)

**Best suited for users who:**

* are bullish on Hyperliquid / HyperEVM long-term
* can tolerate volatility
* can tolerate lockups (with optional secondary market liquidity depending on venue)
* want compounding, not quick flips

**Not ideal if you need:**

* short-term liquidity
* predictable returns
* zero volatility


# 5.1 - veNEST Basics

veNEST is the governance and coordination layer of nest: it’s how long-term participants direct liquidity incentives *and* capture rewards from trading. If swaps are the fuel, veNEST is the “control panel” that decides where emissions go and fee value flows.

<figure><img src="/files/01272c899f9e53aacd0523a29eabcdf062d3a742" alt=""><figcaption></figcaption></figure>

### Key Features&#x20;

{% stepper %}
{% step %}

### Locking (Max lock duration + linear voting power)

nest uses a short, accessible vote-escrow model:

* You can lock  NEST **up to 6 months**.
* Voting power is **linear** with time:
  * **100 NEST for 6 months → 100 veNEST**
  * **100 NEST for 3 months → 50 veNEST**

A simple way to think about it:

> **veNEST ≈ NEST locked × (months remaining / 6)** (linear model).
> {% endstep %}

{% step %}

### Decay (what happens if you do nothing)

If you don’t extend or auto-max your lock, your voting power trends down toward expiry. In the current model guidance, **a max (6 month) lock left to decay reduces voting power by \~4% each epoch**.&#x20;

nest epochs run on a **weekly cycle** (votes + emissions allocation update on the epoch boundary). Once the 6-months is up your veNEST position will unlock to NEST.
{% endstep %}

{% step %}

### Voting (manual vs automated)

***

* **Route A — Manual voting:** \
  You vote each epoch to direct emissions and pursue fee value + any bribes in the pool you select\
  \
  Set up **Otomato Alerts** for vote/unlock reminders, see [**Notifications & Alerts**](/tutorials/6.10-notifications-and-alerts)

{% hint style="warning" %}
The last hour of voting is reserved for the **HYPE Engine Vault (HEV)** to optimally vote so APRs can vary
{% endhint %}

***

* **Route B — Automated-Voting:**\
  Deposit veNEST into the **HYPE Engine Vault (HEV)**:
  * the vault **votes automatically**
  * you receive the **MEGAHYPE distribution route** (Hype Engine rewards)&#x20;
  * rewards are compounded, buying NEST and re-locking into your veNEST position

{% hint style="warning" %}
If your veNEST is in HEV, **manual voting is disabled**, and **merge/transfer won’t work**
{% endhint %}
{% endstep %}
{% endstepper %}

### Practical links&#x20;

* Create lock: <https://app.usenest.xyz/lock/create>&#x20;
* Vote: [https://app.usenest.xyz/vote](https://app.usenest.xyz/vote?utm_source=chatgpt.com)&#x20;
* Dashboard: <https://app.usenest.xyz/dashboard>&#x20;


# 5.2 - Managing your veNEST

{% hint style="warning" %}
If your veNEST is deposited in the **HYPE Engine Vault (HEV)**, you **cannot** perform the actions below until you **withdraw from it**.
{% endhint %}

To withdraw:

* Go to **Dashboard** → find your position in the lock tab → **Manage Position** → 'Deactivate' from HEV - <https://app.usenest.xyz/dashboard>

<figure><img src="/files/H3OXfmHyjJdNIMBerdeI" alt=""><figcaption></figcaption></figure>

Once the veNEST NFT is back in your wallet as a manual position, you can manage it normally.

***

<figure><img src="/files/Y8H6reAy9XriQ3cxaHZo" alt=""><figcaption></figcaption></figure>

{% stepper %}
{% step %}

### Extend (increase lock duration)

Extend expiry to maintain voting power.

* **Max lock:** up to **6 months**
* Voting power is **linear** with time:
  * 100 NEST for 6 months → 100 veNEST
  * 100 NEST for 3 months → 50 veNEST
    {% endstep %}

{% step %}

### **Increase (add more NEST)**

Add more NEST into an existing veNEST position.
{% endstep %}

{% step %}

### Merge

Combine multiple veNEST NFTs into one position. Useful for simplifying management and concentrating vote weight.

### Auto-Max (set-and-forget power)

Auto-Max is designed to keep your lock near maximum duration so vote weight doesn’t drift down.

{% hint style="info" %}
Why it matters: if you don’t maintain duration, voting power decays toward expiry (example guidance shows \~**4% voting power reduction per epoch** on a max lock left to decay).
{% endhint %}
{% endstep %}

{% step %}

### Transfer

Because veNEST is an NFT, it can be transferred (and may be tradable on supported marketplaces like Hyperwarp).

{% hint style="info" %}
Reminder: Buyers inherit the lock’s remaining duration, future rewards and for selling marketplace liquidity can be thin with discount required for sale.
{% endhint %}
{% endstep %}

{% step %}

### Unlock/Withdraw

Withdrawal requires completed vesting.\
\
Unlock your veNEST position back into NEST.&#x20;

{% hint style="warning" %}
Your veNEST must be in a [manual position](/governance-venest/5.1-venest-basics#voting-manual-vs-automated) and the vesting period must be complete before you can unlock / withdraw NEST.
{% endhint %}
{% endstep %}
{% endstepper %}


# 5.3 - Voting

#### Who can vote

Voting is how **manual veNEST holders** decide which pools receive **NEST emissions** and earn rewards related to that pool each epoch.

{% hint style="warning" %}
You can only vote if your **veNEST is in your wallet as a manual position**.
{% endhint %}

If your veNEST is **deposited into the HYPE Engine Vault (HEV)**:

* the vault **votes automatically** for you
* you **won’t vote manually** with that NFT (as HEV is the voter)
* **common confusion:** your veNEST NFT will **not appear** on the [Vote page](https://app.usenest.xyz/vote) because it’s currently deposited in HEV (not held as a manual position)

***

#### Voting window (UTC)

* Epochs run **Thu 00:00 → Wed 23:00 UTC**.
* **Practical rule:** don’t leave voting to the last minute.
* Set up **Otomato Alerts** for vote/unlock reminders, see [**Notifications & Alerts**](/tutorials/6.10-notifications-and-alerts)

{% hint style="info" %}
Only manual veNEST positions will be able to vote, HEV vote for you and your position will not appear if attempting to vote
{% endhint %}

***

#### Voting Deadline

The HYPE Engine Vault (HEV) is designed to operate around the epoch flip with protections that reduce last-minute gaming.

* This hour before 00:00 is used for the Hype Engine Vault to optimally vote.
* veNEST deposited into HEV remains locked **from Wednesday 23:00 UTC (epoch end) until Monday 00:00 UTC**.
* This is described as mitigating front-running around the **“1 hour epoch flip”** buyback/compounding behavior.

***

#### Voting checklist (manual veNEST)

1. Go to **Vote**: [https://app.usenest.xyz/vote](https://app.usenest.xyz/vote?utm_source=chatgpt.com)
2. Pick pools and allocate vote weight
3. Submit (you’ll need **HYPE for gas**)
4. Vote **before Wednesday 22:00 UTC** (best practice)


# 5.4 - Hyperwarp Marketplace

**veNEST positions are NFTs**, which means they can be **transferred** and, where supported, **traded** on secondary markets. Hyperwarp is the primary venue you’ll see used for veNEST trading.

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2Fh428ZzjBQ1ZNBPUTZk6J%2Fuploads%2F1V1VLSihjfGrePunV6GI%2Fssstwitter.com_1765717170150.mp4?alt=media&token=10a7bd4f-6a4e-4252-9fe8-9ace7c106583>" %}

Marketplace: [**https://hyperwarp.fi/mx/v3/nest**](https://hyperwarp.fi/mx/v3/nest)

{% hint style="warning" %}
**Discount:** veNEST on the secondary market is listed with a discount due to it's lock period.
{% endhint %}

#### What you’re buying (or selling)

When you trade a veNEST NFT, you are trading:

* the **locked veNEST position**
* the **remaining lock duration** (expiry date does not change)
* the NFT’s **current voting power** (which trends down as expiry approaches unless managed)

{% hint style="info" %}
**Important:** you inherit the lock’s remaining time. You are not “resetting” it.
{% endhint %}

#### Why Hyperwarp matters

Hyperwarp makes veNEST more flexible opening a secondary trading market:

* exit a lock without waiting for expiry (via sale)
* acquire veNEST exposure without creating a fresh lock
* consolidate strategy (buy larger locks instead of building slowly)

#### Key warnings (read before buying)

* **Liquidity can be thin:** listings may not fill instantly
* **Check what you’re actually buying:** amount locked + expiry + current power
* Secondary markets for 've' NFTs naturally are sold at a discount due to being locked

{% hint style="info" %}
Secondary markets for locks are part of what makes MetaDEXs powerful — they turn liquidity coordination into an asset. The more veNEST is held by aligned participants, the more efficiently the ecosystem can direct incentives into the markets that grow HyperEVM.
{% endhint %}


# 6.1 - First Swap

<figure><img src="/files/tTlTe0qxrhoc9VdKu6Qy" alt=""><figcaption></figcaption></figure>

Swap: [**https://app.usenest.xyz/trade/swap**](https://app.usenest.xyz/trade/swap)

**Quick checks**

* You’re on **HyperEVM**
* You have a little **HYPE for gas**
* You’re using the official app link (bookmark it)

**Steps**

1. Connect wallet
2. Select token in → token out
3. Start with a **small test swap**
4. **Approve** the input token (first time only)
5. Click **Swap** and confirm

{% hint style="info" %}
**If it fails -** Most common causes: no HYPE gas, approval didn’t go through, slippage too tight, or trade size too large → add gas, re-approve, slightly increase slippage, or reduce size.
{% endhint %}


# 6.2 - Add Liquidity — Classic

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2F8DEtwb9g85jyHCIYqHjw%2FScreen%20Recording%202026-02-04%20at%2014.51.05.mp4?alt=media&token=3e24111c-97ca-47cd-b3c9-e7d2bc8947ce>" %}

Liquidity: [**https://app.usenest.xyz/liquidity**](https://app.usenest.xyz/liquidity)\
Dashboard (to monitor): [**https://app.usenest.xyz/dashboard**](https://app.usenest.xyz/dashboard)

#### **Before you start**

* You need both tokens for the pair (roughly 50/50 by value)
* Keep **HYPE for gas**
* Remember: on Nest, LPs earn **NEST emissions** (if incentivised), not trading fees

#### **Steps**

1. Open **Liquidity** and select the **Classic** pool for your pair
2. Click **Add Liquidity**
3. Enter amounts
4. **Approve** tokens if prompted (first time only)
5. Confirm the deposit

#### **After**

* Check **Dashboard** to confirm the position is live and you’re in the right pool.

#### Classic pool tips

* **Best beginner default:** always active, no range management.
* **Choose pairs you’re happy holding:** if one side dumps, you’ll end up holding more of it.


# 6.3 - Add Liquidity — CLAMM

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2Fuz4Lj7enWxlGdrQ1Kysp%2FScreen%20Recording%202026-02-04%20at%2015.16.06.mp4?alt=media&token=7dedcae7-a693-45f5-88fd-08e4f16ff696>" %}

Liquidity: [**https://app.usenest.xyz/liquidity**](https://app.usenest.xyz/liquidity)\
Dashboard: [**https://app.usenest.xyz/dashboard**](https://app.usenest.xyz/dashboard)

**CLAMM = concentrated liquidity.** You choose a **price range** where your liquidity is active.

{% hint style="info" %}
Enhanced concentrated liquidity options at <https://vfat.io/yield?chains=999&protocols=nest>
{% endhint %}

***

### **Key rule**

* **In range = active (earning)**
* **Out of range = inactive (typically zero emissions while inactive)**
* Enable **Otomato “Out of Range”** alerts so you know when your position stops earning efficiently, see [**Notifications & Alerts**](/tutorials/6.10-notifications-and-alerts).

***

### **Steps**

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2FOblPXsd63tRuRnKhnzEK%2FScreen%20Recording%202026-02-04%20at%2015.21.30.mp4?alt=media&token=6813dd7f-37f7-4596-a6aa-8981849cf73b>" %}

1. Open **Liquidity** and select the **CLAMM** pool for your pair
2. Click **Add Liquidity**
3. Choose a **range**
   * wider = less maintenance
   * tighter = more efficiency, more babysitting
   * drag range into desired area or keep at current price
4. Enter amounts
5. **Approve** tokens (first time only)
6. Confirm the deposit

### **After**

* Check **Dashboard** to confirm you’re **in range**.
* If you go out of range, you’ll need to **reposition** (remove + re-add with a new range).

***

### **CLAMM (range) tips**

* **In range = earning:** out of range = inactive (often zero emissions while inactive).
* **Wider range = less babysitting:** tighter range = higher efficiency but more maintenance.
* **Repositioning costs:** adjusting ranges means more transactions, so plan for gas/time.
* **Don’t set “perfect” ranges:** beginners should prioritise staying active over max efficiency.


# 6.4 - Add Liquidity — Automated

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2FkDqFu0u0dKMQVH4uhWS5%2Fautomated%20pool%20video.mp4?alt=media&token=3f0f94fc-c354-4de7-b1aa-2be8dfd59b0a>" %}

Liquidity: [**https://app.usenest.xyz/liquidity**](https://app.usenest.xyz/liquidity)\
Dashboard: [**https://app.usenest.xyz/dashboard**](https://app.usenest.xyz/dashboard)

**ICHI vaults** are automated liquidity vaults. You deposit, and the vault manages the underlying position so you don’t have to babysit ranges manually.

#### **When to use ICHI**

* you want hands-off LPing
* you’re LPing volatile pairs but don’t want active range management
* you prefer “set-and-check” over manual adjustments

#### **Steps**

1. Open **Liquidity** and find the **ICHI vault** for your pair (where available)
2. Click into it → **Deposit**
3. Enter amount(s)
4. **Approve** tokens (first time only)
5. Confirm the deposit

#### **After**

* Check **Dashboard** to confirm the vault position is live.
* Rewards depend on whether the underlying pool is **incentivised this epoch** and how crowded it is.

<figure><img src="/files/ZuSYKpEP60QYP76x2AL8" alt=""><figcaption></figcaption></figure>

#### ICHI vault tips

* **Automation reduces work, not risk:** IL still exists and vault outcomes vary.
* **Check what the vault is managing:** underlying pair + how often it adjusts matters.
* **Use vaults for “set-and-check”:** if you can’t monitor ranges, vaults often fit better.


# 6.5 - Remove Liquidity / Exit

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2FZAiyN26qDTX1ylS6NAwN%2FScreen%20Recording%202026-02-04%20at%2015.32.53.mp4?alt=media&token=ecef18d7-0443-4e82-b01e-89b266031bb9>" %}

Dashboard: [**https://app.usenest.xyz/dashboard**](https://app.usenest.xyz/dashboard)\
Liquidity: [**https://app.usenest.xyz/liquidity**](https://app.usenest.xyz/liquidity)

**Steps**

1. Open **Dashboard** (or Liquidity) and select your position
2. Click **Remove / Withdraw**
3. Choose how much to withdraw (partial or 100%)
4. Confirm the transaction (you need **HYPE for gas**)
5. Verify your wallet balances + position update on Dashboard

**Notes by position type**

* **Classic:** straightforward withdraw back into the two tokens.
* **CLAMM:** if price moved, you may withdraw mostly one asset — normal LP behavior.
* **ICHI vault:** withdraw from the vault first; you’ll receive the vault’s output of the underlying position.

{% hint style="info" %}
If you plan to re-enter with a new CLAMM range, it’s usually **withdraw → re-add** with the updated range.
{% endhint %}


# 6.6 - Create a veNEST Lock

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2FDWHHHcI0U9aLIhZNdw4m%2FScreen%20Recording%202026-02-04%20at%2015.37.20.mp4?alt=media&token=c403124f-e66f-4e2d-8a49-78b896b65095>" %}

Create lock: [**https://app.usenest.xyz/lock/create**](https://app.usenest.xyz/lock/create)\
Dashboard: [**https://app.usenest.xyz/dashboard**](https://app.usenest.xyz/dashboard)

**What you’re doing**\
Locking **NEST** mints a **veNEST NFT** (your governance/voting position).

#### **Steps**

1. Open **Create Lock**
   1. Standard is the automated Hype Engine Vault (HEV), or you can choose a manual lock
2. Enter amount of **NEST** to lock
3. Choose lock duration (up to the max allowed)
4. Confirm the transaction (HYPE gas required)
5. Check **Dashboard** to confirm your veNEST position appears

{% hint style="info" %}
If you plan to vote manually, keep it as a **manual veNEST** position. If you want set-and-forget voting + MEGAHYPE route, you can deposit into **HEV** later (covered in the HEV tutorial).
{% endhint %}


# 6.7 - Voting

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2FKoqoJlmnouVZfwuqs87Y%2FScreen%20Recording%202026-02-04%20at%2015.41.12.mp4?alt=media&token=bef4c41f-e0ad-42d2-a017-bda4d9f37e01>" %}

Vote: [**https://app.usenest.xyz/vote**](https://app.usenest.xyz/vote?utm_source=chatgpt.com)

#### **Before you start**

* You must have a **manual veNEST NFT in your wallet**
* If your veNEST is deposited in **HEV**, it **won’t appear** here (HEV votes for you), you must disconnect from the HEV first via the dashboard.
* Set up **Otomato Alerts** for vote/unlock reminders, see [**Notifications & Alerts**](/tutorials/6.10-notifications-and-alerts)

#### **Steps**

1. Open **Vote** and connect the wallet holding your veNEST
2. Select you veNEST poistion
3. Select the pools you want to support
4. Allocate your vote weight (you can split across pools)
5. Submit the vote transaction (HYPE gas required)

{% hint style="info" %}
Vote earlier than the deadline. Don’t leave it to the last hour of the epoch window.
{% endhint %}


# 6.8 - Add Bribes / Incentives

{% embed url="<https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FUdGGVpyA6q5ny7Vbeeqk%2Fuploads%2Fx5MuhpU39ic001EQoDfn%2FScreen%20Recording%202026-02-04%20at%2015.44.48.mp4?alt=media&token=300ad733-6d0c-4bb1-abd7-0f3f4de4e827>" %}

Incentivise: [**https://app.usenest.xyz/trade/incentivise**](https://app.usenest.xyz/trade/incentivise)

#### **What this is**

Bribes (incentives) are a **protocol tool** used to attract **veNEST votes**, so a pool receives more **NEST emissions** next epoch. This is not a “user deposit to earn yield.”

{% hint style="danger" %}
Bribes are **paid incentives**, not deposits, to be used by protocols not users. Once submitted for an epoch, they are **non-returnable**.
{% endhint %}

#### **Steps**

1. Open **Incentivise**
2. Select the pool/gauge you want to incentivise
3. Choose the incentive token + amount
4. Approve token (first time only)
5. Confirm the transaction
6. Track vote weight → emissions → resulting liquidity depth during the epoch

{% hint style="info" %}
Bribes reward **voters**. Emissions reward **LPs**. They’re separate flows.
{% endhint %}


# 6.9 - Troubleshooting Checklist

When something doesn’t work, it’s usually one of these. Check in order.

#### 1) Safety + basics (always first)

* ✅ You’re using the official app: <https://app.usenest.xyz/>
* ✅ You’re on **HyperEVM**
* ✅ You have **HYPE for gas** (most common issue)
* ✅ You’re connected to the **correct wallet**

***

### Swaps&#x20;

#### Swap failed / reverted

* **No gas:** add a bit more HYPE and retry
* **Approval missing/stuck:** approve again, refresh, retry
* **Slippage too tight:** increase slightly or reduce size
* **High price impact / thin liquidity:** split trade, trade smaller, or route through deeper hubs (USDH / WHYPE)

#### Route looks weird

* Reduce size + retry
* If it’s a new/low-liquidity token, expect routing to be imperfect until liquidity deepens

***

### Liquidity

#### I don’t see rewards / APR changed

* **Epoch flip:** emissions shift weekly — APR is a snapshot
* **Pool not incentivised this epoch:** no vote weight = no emissions
* **Pool is crowded:** dilution reduces your share

#### CLAMM (Ranges) not earning

* **Out of range = inactive** (typically zero emissions while inactive)
* Fix: withdraw and re-add with a new range

#### ICHI vault deposit/withdraw issues

* Make sure you’re interacting with the **vault**, not the underlying pool
* Rewards still depend on whether the underlying pool is incentivised this epoch

#### Can’t remove liquidity

* Usually gas, approvals, or a temporary UI/RPC hiccup
* Refresh, retry, or try from the Liquidity page instead of Dashboard (or vice versa)

***

### veNEST + Voting&#x20;

#### My veNEST NFT doesn’t show on the Vote page

* Most common cause: your veNEST is **deposited in HEV** (HEV votes for you)
* Or: wrong wallet / wrong network

#### I can’t vote near the end

* Don’t leave it late — vote earlier in the epoch window
* Final-hour behaviour is often reserved for HEV flip flow; treat “last hour” as too late for manual ops

***

### Bribes / Incentivise&#x20;

#### “Bribes” confusion

* Bribes are for **protocols** to attract **votes → emissions**, not a user deposit product
* Bribes are **non-returnable** once submitted for an epoch

***

### General UI / network issues

* Refresh the page, disconnect/reconnect wallet
* Try a different RPC/provider in your wallet if transactions keep failing
* Check you’re not on a lookalike site

***

### If you need support (fastest resolution)

Open a Discord **support ticket** and include:

* wallet address
* tx hash (if you have one)
* what you were trying to do
* screenshot of the error

Never share seed phrases or private keys.


# 6.10 - Notifications & Alerts

<figure><img src="/files/5aQYzwSouyRNq2svcZff" alt=""><figcaption></figcaption></figure>

Optional, but highly recommended if you LP or vote regularly. Alerts help you react faster when positions drift, and they reduce “I forgot to vote / check range” moments.

**Link -** [**https://otomato.xyz/**](https://otomato.xyz/)

> **Safety note:** Octomato is a third-party tool. Never share seed phrases, never install unknown wallet extensions, and don’t sign transactions you don’t understand.

***

<table><thead><tr><th width="193.2109375">Category</th><th width="235.96875">Alert</th><th>What it does</th></tr></thead><tbody><tr><td><strong>Liquidity positions</strong></td><td><strong>Out of range</strong></td><td>You’ll get pinged when a concentrated position stops earning as intended.</td></tr><tr><td><strong>Liquidity positions</strong></td><td><strong>Back in range</strong></td><td>You’ll know when a position becomes active again.</td></tr><tr><td><strong>Governance &#x26; schedules</strong></td><td><strong>Weekly vote reminder</strong></td><td>A nudge so you don’t miss the vote window.</td></tr><tr><td><strong>Governance &#x26; schedules</strong></td><td><strong>veNEST unlock reminders</strong></td><td>“1 week before” + “at unlock” so you can extend/withdraw on time.</td></tr><tr><td><strong>Protocol updates</strong></td><td><strong>Social updates</strong></td><td>Major announcements and important changes.</td></tr></tbody></table>

#### 1) Connect to Otomato - [**https://otomato.xyz/**](https://otomato.xyz/)

* Go to the Otomota website and connect your Telegram account
* Tell it your wallet to monitor
* Go to your dashboard

<figure><img src="/files/o2NB7ImP1NZVXwFUQ8GI" alt=""><figcaption></figcaption></figure>

#### 2) Recommended settings

If you want a simple default setup:

* ✅ Out of range
* ✅ Back in range
* ✅ Weekly vote reminder *(if you vote weekly)*
* ✅ 1 week before veNEST unlock *(if you lock)*
* ✅ veNEST unlock *(if you lock)*
* Optional: Social updates *(if you want news pings)*

<figure><img src="/files/oPnzxQ8odQaT8LUyvtrD" alt=""><figcaption></figcaption></figure>


# 7.1 - AMM Architecture

nest is built around a **unified AMM**: one venue + one router that can support multiple pool types without fragmenting liquidity. The goal is simple, **best execution for traders** and **the right liquidity shape for each asset**, all under one governance/incentive surface.

<figure><img src="/files/d67bfd8af1cb53afae6af4faf0eb7158fbfc40b9" alt=""><figcaption></figcaption></figure>

At the core, nest uses a **Concentrated Liquidity AMM (CLAMM)** based on **Algebra Integral**, where LPs can provide liquidity inside a chosen range to increase effective depth near the current price.

Why this matters:

* **Modular architecture:** keep core pricing/liquidity accounting more immutable, extend behavior via plugins/hooks (less migration, less fragmentation).
* **Dynamic fees (where enabled):** fees can adjust with conditions (volatility/volume) to balance execution vs LP risk.
* **Hooks (where enabled):** pools can add behaviors like launch protections to reduce early bot exploitation on new launches.
* **Multiple pool types:** not every asset should live in the same curve; unified routing keeps it cohesive.

Important distinction:

* **Pools can be permissionless** (anyone can deploy/provide liquidity),
* but **emissions are governance-directed** (veNEST decides where incentives go).


# 7.2 - Security Model

nest is **non-custodial**: it doesn’t hold your wallet funds, and **transactions are final** (no reversals). That means your operational hygiene matters.

### Team security&#x20;

Operationally, the team uses:

* a **3-of-5 multisig** for core protocol functions
* a **separate treasury multisig** for holdings
* dedicated signing keys + hardware authentication for multisig operations

This reduces single-key failure risk and separates operational controls from treasury custody.

### What nest is designed to protect

* **Conservative core design:** keep the most sensitive logic (pricing + liquidity accounting) more immutable, with extensibility pushed to the edges (plugins/hooks).&#x20;
* **Constrained governance:** veNEST coordination is designed to direct incentives/value routing — not to arbitrarily drain funds or override core protections.
* **Operational security practices:** multisig + key separation are referenced as core mitigations where admin controls exist.&#x20;

### What nest cannot protect you from

* **Market outcomes:** volatility, IL, slippage/price impact, adverse selection.&#x20;
* **Profitability:** no guaranteed APR/returns.&#x20;
* **User error & phishing:** wrong address, malicious approvals, fake sites, compromised devices.

### User safety rules (non-negotiable)

* Team will **never DM you first**.
* Never share seed phrases/private keys.
* Bookmark official links, avoid lookalike domains.
* Be careful with approvals; revoke what you don’t need.


# 7.3 - Audits

<figure><img src="/files/asYTlTJIx6OdNmvxDEEw" alt=""><figcaption></figcaption></figure>

Below are the public competitions/audit sources referenced for inherited code and major components.

#### 1) Bail Security Audit

BailSec has published a dedicated audit report for nest covering the **VE Core**, with the final report made available on GitHub. Nest has stated that its technical team reviewed and responded to every item before BailSec issued the final report.

[\[Final Report\]](https://github.com/bailsec/BailSec/blob/main/Bailsec%20-%20Nest%20-%20VE%20Core%20-%20Final%20Report.pdf)

#### 2) Hats Finance — Core code / Thena-derived lineage (Blast-era)

Prior to Blast deployment, implicated code derived from the Thena fork underwent a Hats Finance audit competition with a $40,000 reward pool.

* **Audit repository (GitHub):** <https://github.com/hats-finance/Fenix-Finance-0x83dbe5aa378f3ce160ed084daf85f621289fb92f>
* **Audit scope (Hats):** [https://app.hats.finance/audit-competitions/fenix-finance-0x83dbe5aa378f3ce160ed084daf85f621289fb92f/scope](https://app.hats.finance/audit-competitions/fenix-finance-0x83dbe5aa378f3ce160ed084daf85f621289fb92f/scope?utm_source=chatgpt.com)
* **Result summary (as published):** 12 findings (2 High, 1 Medium, 2 Low) — *status: resolved* (per published notes)

#### 3) Hats Finance — Voting management / automation & compounding system

A second Hats Finance competition focused on the voting management system (vote delegation, vote optimisation, reward auto-compounding).

* **Scope / repository / findings (Hats):** [https://app.hats.finance/audit-competitions/fenix-0x9d7765a7ebd5b6322a30797a44a5428531970d3d/scope](https://app.hats.finance/audit-competitions/fenix-0x9d7765a7ebd5b6322a30797a44a5428531970d3d/scope?utm_source=chatgpt.com)
* **Result summary (as published):** 12 findings (1 High, 3 Medium, 8 Low) — *status: resolved* (per published notes)

#### 4) Code4rena — Voting contract changes (Invitational)

A Code4rena Invitational audit covered changes to voting contracts following implementation of the voting management system.

* **Contest page (Code4rena):** [https://code4rena.com/audits/2024-09-fenix-finance-invitational](https://code4rena.com/audits/2024-09-fenix-finance-invitational?utm_source=chatgpt.com)
* **Final report (Code4rena):** [https://code4rena.com/reports/2024-09-fenix-finance](https://code4rena.com/reports/2024-09-fenix-finance?utm_source=chatgpt.com)
* **Result summary (as published):** 7 findings (1 High, 6 Medium) — *status: resolved* (per published notes)

<figure><img src="/files/FUs2oLs49gTGLzM5l5i5" alt=""><figcaption></figcaption></figure>

#### 5) Algebra Integral — concentrated liquidity engine + audits

Nest’s CLAMM + plugin/hook capability is powered by Algebra Integral.

* **Algebra audits index (docs):** [https://docs.algebra.finance/algebra-integral-documentation/algebra-integral-technical-reference/audits](https://docs.algebra.finance/algebra-integral-documentation/algebra-integral-technical-reference/audits?utm_source=chatgpt.com)
* **Algebra audit repository (GitHub):** <https://github.com/cryptoalgebra/Algebra/tree/master/audits>

> Note: Some summaries reference additional auditors (e.g., “Paladin”) for whole-codebase reviews. Always treat the **official audit links above** as the source of truth.

#### 6) Ongoing / new audits

Nest expands coverage as new modules ship. If a “full protocol audit” is underway or completed, the **latest reports will be published via official channels** and added here.


# 7.4 - Contracts

### Key Contracts

***

<table><thead><tr><th width="214.07421875">Contract</th><th>Address</th></tr></thead><tbody><tr><td>NEST</td><td><a href="https://hyperevmscan.io/address/0x07c57e32a3c29d5659bda1d3efc2e7bf004e3035">0x07c57e32a3c29d5659bda1d3efc2e7bf004e3035</a></td></tr><tr><td>veNEST</td><td><a href="https://hyperevmscan.io/address/0x2f2ae07e3cc3391a2e27825652ba8dcdd5412074">0x2f2Ae07e3cc3391A2E27825652BA8DcdD5412074</a></td></tr></tbody></table>

{% hint style="danger" %}
Never trust addresses from DMs. Verify you're on HyperEVM. "Same name" does not mean same token.
{% endhint %}

### API

***

<table><thead><tr><th width="230.62109375">Resource</th><th>Link</th></tr></thead><tbody><tr><td>Liquidity pools</td><td><a href="https://app.usenest.xyz/api/blaze/liquidity-pools">app.usenest.xyz/api/blaze/liquidity-pools</a></td></tr></tbody></table>

### DEX

***

```
{
  "poolDeployer": "0x3842CE04380B8655A3A47Ed87eA0D311ADCa161F",
  "factory": "0xF77Bd082c627aA54591cF2f2EaA811fd1AB3b1F3",
  "algebraFactoryImplementation": "0xd99930FAE54B3Fbc237eB330527501237bB1B59E",
  "proxyAdmin": "0x45727c03B46970C64E4039B546E6bd1F9c9d92ab",
  "vault": "0x15E408A37cE4D13218202C0054B0f485E38F5768",
  "vaultFactory": "0x0136B1cde62210EA99a7c0482B9b6626809cc964",
  "AlgebraBasePluginV1": "0x974f1Be2b28c455ee29af20152C112fEeE85e3C1",
  "BasePluginV1Factory": "0x9F0B3984cE2496bDf9DB89701dF6BAc425FaAdD8",
  "wrapped": "0x5555555555555555555555555555555555555555",
  "tickLens": "0x44f1292f550e33b2ecd346ac8746E405a351c2C5",
  "quoter": "0x89C3aB4F5342498e9EdAC5C43C07e9Bd9AE4DB78",
  "quoterV2": "0xBea20609A4772311c5b81F814Cd4f9ECaEF5DFAd",
  "swapRouter": "0xaA26B8e5Cadd04430c32787eCC3AA325e99681e9",
  "NFTDescriptor": "0xA842feb9F816891B4a377B6f8435462739091836",
  "NonfungibleTokenPositionDescriptor": "0x0f36C26844632A78605d43b2e55EcB1dd19e71C8",
  "proxy": "0x18ceCc5C2DC431045F707bb388f11957CDf358Db",
  "nonfungiblePositionManager": "0xEAF58788a405F3253814b4559391a22bE8616250",
  "AlgebraInterfaceMulticall": "0x4b2ACD111648718D9aaf028b744DbbFbF96bc545",
  "eternal": "0x92B99DA7DeD04684FedE0e68484DC17b930c3066",
  "fc": "0x98961D85E004b246fcd9A07ac4d6D8169E30b0f8"
}
```

### Core&#x20;

***

```
{
  "BribeFactoryUpgradeable_Implementation": "0xb63363E5C71148f4f6cc75d4EE1b7dcfc997a1CB",
  "BribeUpgradeable_Implementation": "0xd073c875AC73C5b93ec142675bB6A40134C3Cc64",
  "GaugeFactoryUpgradeable_Implementation": "0x9Eb42a8596836A68F47c014B74e5239d5BdB55Df",
  "MinterUpgradeable_Implementation": "0xEaAA90ba5A9229F7dB273abb3CcaE33a50eC5FFC",
  "NestRaiseUpgradeable_Implementation": "0x891ACb9f28985a40687d12d24F711824D00E98A5",
  "VeNestDistributorUpgradeable_Implementation": "0x6D87bAD7b75499b84e3e28E618B43840F56ACd9A",
  "VeNestSplitMerklAidropUpgradeable_Implementation": "0x84daBa9c04733da41b9ff3b44F14CFa9C18d567D",
  "VoterUpgradeable_Implementation": "0xc5A2F1A950dD3E383132fc89a4EBD3CFe66c2799",
  "VotingEscrowUpgradeable_Implementation": "0xAB7517EEd99B3e4Ae640FFe997236A92ca18D968",
  "Pair_Implementation": "0xc8e091a600Da73E27B1101F319A760e2C0740082",
  "SingelTokenVirtualRewarderUpgradeable_Implementation": "0xAF24Cf0Dd121B89DF98b9FAD2E05821bd08069DF",
  "CompoundVeNESTManagedNFTStrategyUpgradeable_Implementation": "0xb3B7F4f4B380ce53259170654Eed32c89B3BF5B5",
  "CompoundVeNESTManagedNFTStrategyFactoryUpgradeable_Implementation": "0xC3fF1e8E73559f07C269031DC239f6eE42b6bBe4",
  "RouterV2PathProviderUpgradeable_Implementation": "0x6d3cD36518c6800F6aa9d1Fd54276b5dd0Fee1c0",
  "ManagedNFTManagerUpgradeable_Implementation": "0x481f9d30a70A90F6b50E4D1052323A8e79802972",
  "PairAPIUpgradeable_Implementation": "0x4f0EC8880749F6F080515F1907964312220D97E3",
  "RewardAPIUpgradeable_Implementation": "0xbfa705DbF2a72077F6C66230C901f54A3788BC7D",
  "VeNFTAPIUpgradeable_Implementation": "0x862B14C353fE6789492de96ee2c42c31BF92a774",
  "UtilsUpgradeable_Implementation": "0x29290C57C883156f972f35D8b110613680a27D60",
  "BribeVeNESTRewardToken_Implementation": "0xa2E33F280d93621d967d273e33998Da4935104BC",
  "CustomBribeRewardRouter_Implementation": "0x6e18a9B2fDB7915eCE11ef61aB59D43E611E7Eb5",
  "GetInformationAggregatorUpgradeable_Implementation": "0x39B16A40263c68Bd25401281E8e9FE9e1D68e12A",
  "PairFactoryUpgradeable_Implementation": "0xBa717129344552D510B392E947c45915807301aC",
  "FeesVaultFactoryUpgradeable_Implementation": "0x798561d239A46991377b934da48DDA0cF985aBbF",
  "FeesVaultUpgradeable_Implementation": "0x7B12E8Ed9740d9d190b498A9AAc3584D81C7cf03",
  "GaugeUpgradeable_V2Pools_Implementation": "0x90ec77Ad5cC0E723ee502c9cb54C3652D9d7636E",
  "GaugeUpgradeable_V3Pools_Implementation": "0x0EF3aa4F8E509d580ee0A1fd0E14c4B66A72655F",
  "GaugeRewader_Implementation": "0x4158958Bf30C818491b36020f4b709404ce645Ee",
  "CompoundEmissionExtensionUpgradeable_Implementation": "0x550040864D272392D7c14Ab9bCFF4159952F881a",
  "ProxyAdmin": "0xb688d5e73777DfaaDbD7c5Fe98Aee6F35CF20124",
  "BribeFactoryUpgradeable_Proxy": "0x638e382300Ee2ece790164DAfAF7a9f16045621b",
  "GaugeFactory_V2Pools_Proxy": "0x15eb3987A7edC464e5A4d3bC3A9b8E84b8ceE2C7",
  "GaugeFactory_V3Pools_Proxy": "0x09D1A533032319557196F87dFf831FF46204c49d",
  "MinterUpgradeable_Proxy": "0x574f6865140e6929bDed24596D78a8D9c07E356d",
  "NestRaiseUpgradeable_Proxy": "0xcd78D1A27320FeE9A03860172649b92A10aA3867",
  "VeNestDistributorUpgradeable_Proxy": "0x22350F14c6ee70992f1bbc7498e4C291B8B7682f",
  "VeNestSplitMerklAidropUpgradeable_Proxy": "0xB97B9217B55F322F7105f34777Af9F63B3b720A6",
  "VoterUpgradeable_Proxy": "0x566bdc5444fd5fe5d93ec379Bd66eC861ddbA901",
  "VotingEscrowUpgradeable_Proxy": "0x2f2Ae07e3cc3391A2E27825652BA8DcdD5412074",
  "CompoundVeNESTManagedNFTStrategyFactoryUpgradeable_Proxy": "0x98fe2510DFcAdb52431C2A651E1ecfC46196fa87",
  "RouterV2PathProviderUpgradeable_Proxy": "0xFF5a9613C6bcfF56da96d068326A9Bb998A67c9B",
  "ManagedNFTManagerUpgradeable_Proxy": "0x843d31e601b38F7207864457f0fB38E14441E792",
  "PairAPIUpgradeable_Proxy": "0x7D01900dE6101F842b01F5301910Dc401FbDcb79",
  "RewardAPIUpgradeable_Proxy": "0xf822375D86F74a147a3a4b2661E68376cD1EC677",
  "VeNFTAPIUpgradeable_Proxy": "0x0cCbeFa11FfF9A37c8a14914F548B0664dD22b19",
  "BribeVeNESTRewardToken_Proxy": "0x224240310337462bdE7fEE244A6e07E35a231f47",
  "CustomBribeRewardRouter_Proxy": "0x1Eb78Fb533e480436a2e10CA01F5e828A28b3DFb",
  "GetInformationAggregatorUpgradeable_Proxy": "0xa6857656500eEf32D434F1a6c11C08B290672b98",
  "UtilsUpgradeable_Proxy": "0xf9159f2e75163436e52986878B65a16b3eA8Cf81",
  "PairFactoryUpgradeable_Proxy": "0x889Fd0aDA8453C7619cD7f11E9029a1f0848Fdf5",
  "FeesVaultFactoryUpgradeable_Proxy": "0x705C76e29977Ed52cd93d390A7BBcC61189724C0",
  "GaugeRewader_Proxy": "0xfF0124cf664240e5573282511042d7033C3f22eA",
  "CompoundEmissionExtensionUpgradeable_Proxy": "0x1c925056A1a657a4cb70D677D8C21028233cA05D",
  "Nest": "0x07c57E32a3C29D5659bda1d3EFC2E7BF004E3035",
  "RouterV2": "0xfDb34624506e9A0624AF60F85ebd9E44A0FD2a17",
  "UniswapV2PartialRouter": "0x3aED39FcD5742c3044faE2fdf0C307D2F205636F",
  "VeArtProxyStatic": "0xBB3EB334412a8a7e8336cCBA98bdce5694708cE0",
  "VeArtProxy": "0xF00037084e1C359f2Be067016C5E00CB945C494d"
}
```