The First Ritual
Before the gates of Reliq open up to everybody, early believers of Reliq and HyperEVM will be able to enter through a series of pre-deposit vaults. The vaults are the coordination layer to let people collectively mint reHYPE at the same price to avoid the risk of gas wars and front-running.
If Reliq opened without pre-deposit vaults, every new participant would mint individually and at a higher price, kicking-off a fastest-finger-first race.
The Three Stages
The Pre-Deposit phase / The First Ritual unfolds across three distinct stages:
- Vault I // Genesis
- Vault II // Expansion
- Vault III // The Opening
Each stage brings access to more participants across HyperEVM, letting more believers through the gate. With the conclusion of Vault III, Reliq activates fully and becomes an immutable protocol until the end of time.
Each vault pools deposits over its window. At vault close, Reliq converts all deposits into kHYPE, updates the reserve, and computes a single clearing price using the standard backing formula
(kHYPE backing / reHYPE supply).
All participants in that vault mint reHYPE at this same clearing price.
Why Participate in The First Ritual
Pre-Deposit Vaults are an attempt to create a fair distribution mechanism to bootstrap Reliq, to make sure it's not value extractive to early participants, and to reward early alignment with Reliq's growth.
By depositing in the Pre-Deposit Vaults, believers enjoy several benefits:
- Earliest and cheapest access to reHYPE
- Lifetime Reliq Points boost. For example, 1.5x multiplier on all rPoints earned
- Guaranteed priority access to Reliq's eventual ICO