The order book
has a spirit
4,313 spirits on Elysium run one market maker together. It quotes HYPE off Hyperliquid’s own book ten times a second, and shares what it earns with the spirits that are awake.
Every swap on Elysium that touches our pool leaves a little behind. 4,313 spirits keep the book, and the ones who are awake share it.
Every spirit is drawn from the book
Every spirit is one second of Hyperliquid’s HYPE book from Elysium’s first 72 minutes, painted as one brushstroke. Depth sets the weight of the stroke, the spread opens the gap, and the price turns it. This is the real book, right now. Freeze a second to see who would be born.
From mint to earning
Mint
Mint a sealed spirit for $2 on OpenSea. Everything raised seeds the market maker’s pool.
Awaken
Burn $SHIO to wake your spirit. A sleeping spirit keeps its art and earns nothing.
Quote
The pool quotes HYPE/USDC on Elysium. Aggregators route each swap to the tightest quote, so the flow finds us.
Share
Spreads and fees collect in the pool and pay out in HYPE to awake spirits, by weight.
Weight is rank times tide
Rank is sealed by how wild the book was in the spirit’s second: a wide spread, a lopsided book, a violent move. Tide is the $SHIO you burn into your spirit.
$SHIO only ebbs
A prelude, three acts
The sealing
The book is being recorded second by second as Elysium opens. Then 4,313 sealed spirits mint on OpenSea, $2 each.
The pool opens
Mint proceeds seed the pool. Quotes follow Hyperliquid through a keeper while Elysium’s native book reads are on their way.
The book, read directly
Quotes move onto Elysium’s native reads of the full Hyperliquid book, with nothing in between.
Storms
When Hyperliquid turns violent, spreads widen and spirits earn the most. Storm nights, fusions, rank-ups.
In plain words
一What is Kehai?
4,313 NFT spirits on Elysium, the new chain that sits on top of Hyperliquid. The money from the mint becomes one market-making pool that the spirits own together. When swaps on Elysium go through that pool, it earns a small spread, and that is shared with the spirits.
二Why is every spirit different?
Each spirit is one second of Hyperliquid’s HYPE order book, from the first 4,313 seconds of Elysium, about 72 minutes. The book in that second draws its ensō halo and seals its rank. Calm seconds make Ripples. The wildest seconds make Dragons and the eight Kami.
三When and where is the mint?
On OpenSea, on Elysium, shortly after mainnet. $2 per spirit, paid in HYPE. Every spirit mints sealed as a talisman and wakes at the reveal. The exact time is announced on X first.
四How does a spirit earn?
The pool quotes HYPE on Elysium using Hyperliquid’s book as the reference. Swap aggregators send each trade to the best price, so when our quote is best, the trade goes through us and leaves the spread behind. Those fees are paid in HYPE to awake spirits, split by weight: rank times tide. Earnings depend on trading volume and are never guaranteed.
五What is $SHIO?
The tide token. It comes after the mint and is not live yet. Its supply is fixed and it can only burn. Burning 5,000 wakes a spirit so it starts earning, burning more raises its tide and its weight, and part of the pool’s earnings buys $SHIO back and burns it.
六What does “I’m early” do?
It seals a talisman from the book as it is right now and lets you post it. It does not reserve a spirit or put you on a list. It is a way to say you were here before the mint.
Wake a spirit
4,313 of them, one for every second of Elysium’s first 72 minutes. The rarest come from the wildest seconds. Until the reveal, every spirit sleeps inside a sealed talisman.
The mint is not open yet. Seal a talisman of this second and post it.