The loan
You lock tokens in Hock and receive HYPE straight away. Three things are fixed when you sign and never change: how much you borrowed, the fee, and the date. There's no interest that grows, no health factor, and no price feed involved.
Terms run 1, 3, 7, 14 days. The fee is deducted from the loan, so the HYPE you receive is the loan minus the fee, and what you repay is the loan itself.
At the date
Before the date you can repay at any time and your tokens come back to you in the same transaction. After the date passes unpaid, the loan ends: the vault that funded it keeps your tokens and you keep the HYPE. You owe nothing further.
Nothing happens between signing and the date. If the price halves, nobody can sell your tokens. If it triples, the gain is still yours as long as you repay in time.
Sale value
Hock never asks what a token is worth on a chart. It asks the token's own pool what your exact amount would sell for right now, after slippage, using the same quoter any swap uses. That number is the sale value shown on your loan.
This is what makes lending without an oracle safe enough to try. Pumping a thin pool doesn't help a borrower much, because the sale value of a large position in a thin pool is small, and the loan is a fraction of that.
Loan-to-value and caps
Loan-to-value is a share of sale value, set per token by each vault's curator and lower for thinner pools. Hock caps it at 50% for any token. The live figures are on the Markets page, read from the contracts.
Each vault also sets how much it will lend against a token in total. On top of that, the core contract refuses a loan if the vault's outstanding loans against a token would exceed what all of that token's collateral could be sold for at once, times its loan-to-value. That keeps defaulted collateral small enough to actually sell.
Fees
| Term | Fee, share of the loan |
|---|---|
| 1 day | 1% |
| 3 days | 2.5% |
| 7 days | 5% |
| 14 days | 9% |
Fees go to the vault that funded the loan, less a protocol share of 10% that goes to the Hock treasury. Repaying early doesn't refund any of the fee.
Vaults and curators
Lenders deposit HYPE into vaults. Each vault is run by a curator who sets which tokens it takes, its loan-to-value limits and terms, within Hock's limits. Depositors earn the fees; when a loan defaults, depositors share its collateral.
A conservative vault takes deep pools at short terms and earns less. An aggressive one takes thinner tokens at low loan-to-value and charges for the risk. Pick the book you'd want to be.
$HOCK
$HOCK is live on volta.family. When staking opens, the protocol share of every fee will be split 50% to stakers, 30% to buying back and burning $HOCK, and 20% to the treasury. Until then it goes to the treasury. More on $HOCK.
Price checks
A loan is priced from a live sell quote, scaled back if the pool's price sits above a recent snapshot of it. That stops anyone pumping a pool in the same transaction to borrow more. A snapshot counts once it is a minute old and stops counting after 30 minutes.
Snapshots are taken by every loan and by anyone who asks. If a token has been quiet for half an hour, the borrow page offers a price check: one small transaction, then a minute's wait, and the loan can be opened.
Risks
Lenders can lose money. Borrowers may let a loan mature unpaid when the collateral is worth less than the loan, and lenders then hold that collateral, which may be hard to sell. Fees are set to cover this but are not guaranteed. Hock is unaudited software on a new chain, and vault deposits are capped while it is.
Elysium itself is new. Withdrawals from it to HyperEVM take about seven days, and its sequencer can delay transactions by up to a minute, so don't leave a repayment to the last minute.
Contracts
All on Elysium, chain id 99901. Elysium can't verify contract source yet, so the ABIs are published here as plain JSON that viem, ethers or cast can read as they are.
Hock Volta Vault
ERC-4626 vault of wrapped HYPE that funds loans
0x141E0d88eD0C52700eeF5eb8C64265f4aa25cd94Tokens Hock lends against, each through its Volta pool:
Hock prices and sells through Uniswap's own v4 deployment on Elysium: the PoolManager at 0xE2e105d3F7209A9DA11f83cCf3E7398a753823F1 and the V4Quoter at 0x379F556c5a748BD7Cc9baF0F7A344094Ac1814f5. Vaults hold wrapped HYPE at 0xbA876237B0F021A6c6D852d6c26E107997cC5E81.
Network
- Network
- Elysium
- Chain id
- 99901
- RPC
- https://rpc.agoradex.app
- Explorer
- https://explorer.volta.family
- Gas
- HYPE