$2,000 in Quotrons rewards are live on Hypercall Earn. Earn upfront premium on your xStocks, plus a variable share of the campaign for eligible covered-call sellers on Ink.
MiniChef is back, with a twist for options
MiniChef helped kick off DeFi Summer. Covered calls have different economics, so we made a reward system for positions instead of copying a liquidity-pool reward schedule.
- Premium upfront. Choose a sale price and expiry for your xStocks. Accept a maker’s firm quote and receive the option premium when you fund the position.
- Quotrons rewards on top. Eligible sellers earn a variable share of the $2,000 campaign based on premium paid and time active, up to expiry.
- Claim separately. Campaign rewards are separate from your option premium and are not a fixed APY. See how rewards work.
Explore Earn or get your assets through Quotrons pools.
Hypercall Earn is live. It lets an xStock holder earn upfront premium when they are willing to sell that stock at a price they choose.
That is a covered call built around a firm RFQ, fixed physical delivery, and transferable position NFTs. You set an asset, amount, strike, and expiry. A maker quotes the exact premium. If you accept, the premium arrives upfront and the position is isolated onchain.
Why we are building this
The team behind Hypercall started with Synapse, a multichain protocol that has moved more than $55 billion for 2.5 million users across chains.
That history changes how we think about collateral. The next financial system will not keep every asset in one place. Collateral will sometimes live in a wrapper, on another chain, or inside a position with its own onchain rights.
Hyperliquid is the house of all finance. Hypercall is built around the idea that its options infrastructure can meet collateral where that collateral already lives, rather than requiring every asset to become the same thing first.
We have also been inspired by the DeFi renaissance around NFTs, DeFi, and RWAs, including the strange and useful experiments happening with memecoins. Hypercall is the first platform to let people earn yield on stocks. Earn is our first live step toward making that yield more composable.
We are working toward a CoreWriter-like interface for Hypercall. We did not want to miss all the fun while that work is underway, so we are rolling out Earn now.
Why Ink?
Hyperliquid alignment. Bloomberg recently reported that Hyperliquid is in talks with Kraken’s parent on a US market entry. Read the report. We are building alongside the ecosystem’s momentum toward an open financial system.
xStocks are already here. xStocks are live on Hyperliquid. Earn gives holders a way to turn a price they would accept into a firm, upfront premium.
Quotrons are fun. The Quotrons community is doing something that reminds us of old DeFi: new token primitives, a community that actually experiments with them, and a willingness to find out what they can become. Earn uses a Quotrons campaign to reward eligible positions separately from their option premium.
Why this design
No oracle.
Earn does not use an oracle to decide whether a position is in or out of the money. The design is informed by Vitalik’s insight that real-time oracles are hard to make safe. We wrote about Vitalik’s full concept here.
Hyperliquid has solved this problem in its own environment with CoreWriter. Earn lives on Ink, so it does not reuse the Hyperliquid oracle path. Instead, the position fixes the strike and collateral up front. A defined exercise window gives the buyer an American-style decision with an Asian lookback, which gets close to the economics people want for far-dated options.
Simplicity.
One seller. One buyer receipt. One collateral balance. One firm quote. Premium upfront. No pooled vault and no hidden rate machine.
The point is not to hide a yield strategy inside a vault. The point is to make the economic choice explicit before a position opens, with fewer moving parts and fewer weird exploit surfaces.
Speed.
RFQ lets a market maker quote an exact asset, amount, strike, and expiry without asking a user to accept a generic pooled rate. A seller sees the firm premium before deciding whether to fund.
Interop.
Each side of an Earn position is represented by an ERC-721. That is a fun primitive. We want to see how people experiment with position ownership, liquidity, and rights around those NFTs.
A new option shape
Earn is Asian in exercise and physically settled European in delivery. The buyer receipt holder has a defined window after expiry to choose whether to exercise. If they do, fixed strike trades for fixed wrapped xStock collateral.
Unlike a cash-settled European option, physical delivery lets the maker receive exposure to the collateral’s dividend economics.
Earn is live
Start with Hypercall Earn, then read the Earn overview, how Earn is different, live contract addresses, and rewards.
This content is informational and not financial or investment advice. Options, tokenized equities, smart contracts, and blockchain networks carry risk.