> For the complete documentation index, see [llms.txt](https://delpho.gitbook.io/delpho-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://delpho.gitbook.io/delpho-docs/for-developers/architecture.md).

# Architecture

Delpho lives on both HyperCore and HyperEVM. This page describes the split.

## HyperEVM responsibilities

* USDV ERC-20 token contract.
* sUSDV staking contract.
* Hedge orchestration logic (the entry point that triggers HyperCore actions through CoreWriter).
* Liquidation logic.
* Oracle integration.
* Pause and parameter administration.

## HyperCore responsibilities

* The actual perpetual positions that constitute the hedge.
* Margin state for those positions.
* Treasury reserve allocations held in HyperCore accounts.

## CoreWriter as the bridge between them

CoreWriter is a HyperCore precompile callable from HyperEVM. It lets a HyperEVM contract:

* Read HyperCore state (margin balances, position sizes, prices).
* Submit HyperCore instructions (open or close perpetual positions, shift margin between accounts).

Both happen within the same atomic transaction. There is no off-chain coordination layer, no bridge, and no separate centralized exchange account in the rebalance loop.

## Why this matters for builders

When integrating with Delpho:

* All user-facing state (USDV balance, sUSDV balance, mint flow) is on HyperEVM.
* Hedge state and the underlying perpetual positions are on HyperCore.
* For most integrations, you only interact with HyperEVM.
* For deeper integrations (e.g., reading the live hedge state for risk dashboards), you may need to read from HyperCore directly. See Hyperliquid's documentation.

For more on CoreWriter from the protocol's perspective, see [CoreWriter and atomic hedge management](/delpho-docs/how-delpho-works/corewriter-and-atomic-hedge-management.md).