How Delpho works

This chapter is the technical reference for Delpho. It covers the system architecture, the user-facing flows, the yield engine, and the underlying infrastructure. Read this if you need to understand how the protocol behaves end to end - before allocating, integrating, or running due diligence.

Pages

• System overview - how the components fit together.

• Minting USDV - depositing collateral and creating a debt position.

• Liquidations - what happens as a position approaches its threshold.

• Redemptions and the peg - exiting USDV through the treasury-first redemption ladder.

• The yield engine: funding capture - how Delpho captures perp funding for sUSDV.

• sUSDV mechanics - per-share accrual, staking, and unstaking.

• CoreWriter and atomic hedge management - how HyperEVM and HyperCore stay synchronised.

• Oracles - price feeds, staleness, and manipulation defense.

• Stability mechanisms - caps, pauses, circuit breakers.

For risk-side detail (failure modes, structural responses, stress test results), see the Risk chapter. For current parameter values, see Parameters. For term definitions, see the Glossary.