> For the complete documentation index, see [llms.txt](https://docs.usenest.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usenest.xyz/nest-explained.md).

# Nest Explained

- [2.1 - What is a MetaDEX?](https://docs.usenest.xyz/nest-explained/2.1-what-is-a-metadex.md): A DEX that pays investors 100% of trading fees plus HYPE, Hyperliquid.
- [2.2 - How nest Works](https://docs.usenest.xyz/nest-explained/2.2-how-nest-works.md): The full protocol flow, from trade execution to treasury accumulation.
- [2.3 - Emissions](https://docs.usenest.xyz/nest-explained/2.3-emissions.md): NEST tokens distributed to LPs each epoch. Directed by governance. Scheduled to peak and taper.
- [2.4 - Epoch System](https://docs.usenest.xyz/nest-explained/2.4-epoch-system.md): A one-week cycle that governs votes, emissions, and bribes.
- [2.5 - HYPE Spring](https://docs.usenest.xyz/nest-explained/2.5-hype-spring.md): HYPE Spring is Nest’s paid-to-lock mechanism.
- [2.6 - HYPE Engine](https://docs.usenest.xyz/nest-explained/2.6-hype-engine.md)
- [2.6.1 - Overview](https://docs.usenest.xyz/nest-explained/2.6-hype-engine/2.6.1-overview.md)
- [2.6.2 - Hype Engine Vault (HEV)](https://docs.usenest.xyz/nest-explained/2.6-hype-engine/2.6.2-hype-engine-vault-hev.md)
- [2.6.3 - MEGAHYPE](https://docs.usenest.xyz/nest-explained/2.6-hype-engine/2.6.3-megahype.md): A zero-liquidation, leveraged version of HYPE
- [2.7 - Tokenomics](https://docs.usenest.xyz/nest-explained/2.7-tokenomics.md)
- [2.8 - Egg Initiative](https://docs.usenest.xyz/nest-explained/2.8-egg-initiative.md): Nest's early adopter program. Liquidity formation, incentive coordination, and strategic partnership for HyperEVM protocols.
- [2.5 - USDH (Acquired by Circle, Sunsetted)](https://docs.usenest.xyz/nest-explained/2.5-usdh-acquired-by-circle-sunsetted.md): Hyperliquid's native stablecoin