HMX
HMX is the native utility token of the HYPERMAX protocol. It is used to reward platform usage, enable governance participation, and power long-term protocol alignment through its vote-escrowed version, veHMX.
Users can lock HMX to receive veHMX, the non-transferable governance token that determines voting power, value accrual rights, and boost eligibility across the ecosystem.
HMX → veHMX
Locking HMX grants users veHMX, with the amount received depending on the lock duration. The maximum lock period is 2 years, inspired by proven DeFi governance models such as PENDLE’s vote-escrow system.
1 week
~0.01 veHMX
6 months
~0.25 veHMX
1 year
~0.50 veHMX
2 years
1.00 veHMX
The veHMX balance decays linearly over time, reaching zero when the lock expires.
Utility of veHMX
Protocol Governance
veHMX holders control key decisions in the HYPERMAX ecosystem, including:
Allocation of protocol treasury
Reward gauges
Activation of the protocol fee switch
Strategic partnerships and DAO proposals
Fee Accrual Rights
While HYPERMAX currently charges 0% protocol fees to prioritize growth, all major modules are built with a fee switch:
CLMM (Concentrated Liquidity AMM)
SmartFunds
Lending Market
xUSD
When governance enables the switch, fees will flow directly to veHMX holders.
Boosted Incentives
Holding veHMX boosts a user’s points, emissions eligibility, and yield multipliers rewarding long-term commitment. (Holding HMX enables same effect before locking feature it available.)
HMX vs veHMX: Summary Table
Tradable
Yes
No
Governance Power
No
Yes
Fee Accrual
No
Yes (once enabled)
Boosted Rewards
Limited
Full
Unlockable Anytime
Yes
No (locked until expiry)
Long-Term Vision
HMX is the coordination layer of the HYPERMAX ecosystem. Over time, veHMX governance will influence:
SmartFund strategy onboarding and incentives
Lending collateral parameters
Liquidity mining programs
Treasury deployment and sustainability planning
By locking HMX into veHMX, users become active stakeholders in the protocol’s future—and share directly in its growth and decision-making.
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