> 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/readme.md).

# Welcome to Delpho

{% hint style="warning" %}
**These docs are under active development.** Some values and sections are still being finalized ahead of public launch and will be updated soon.
{% endhint %}

{% hint style="info" %}
USDV is a crypto-collateralized stablecoin and sUSDV is a variable-yield asset. sUSDV yield is not fixed: it can fall to zero, or accrue negatively, during sustained negative funding. USDV can deviate from $1 under stress. Read the Risk chapter before allocating.
{% endhint %}

Delpho is Hyperliquid's balance-sheet layer. Delpho lets holders of HYPE, kHYPE, USDC, and USDT mint USDV against collateral with per-collateral launch parameters: 80% maximum LTV for USDC/USDT and 65% maximum LTV for HYPE/kHYPE with 0% borrow APR. USDV can be staked into sUSDV, the yield-bearing version, where holders receive yield captured from a hedged funding strategy on Hyperliquid perps.

## Where to start

* **Holding USDC or USDT and want delta-neutral yield?** See [Mint USDV with USDC or USDT](/delpho-docs/using-delpho/mint-usdv-with-usdc-or-usdt.md).
* **Holding HYPE or kHYPE and want dollar liquidity?** See [Mint USDV with HYPE or kHYPE](/delpho-docs/using-delpho/mint-usdv-with-hype-or-khype.md).
* **Holding USDV and want yield?** See [Stake USDV to sUSDV](/delpho-docs/using-delpho/stake-usdv-to-susdv.md).
* **New to Delpho?** Start with [Delpho 101](/delpho-docs/delpho-101.md).
* **Assessing risk before allocating?** Read the [Risk](/delpho-docs/risk.md) chapter.
* **Building on Delpho?** Go to [For developers](/delpho-docs/for-developers.md).

## What makes Delpho different

* **0% borrow APR** on minted USDV.
* **Retained directionality**: HYPE and kHYPE collateral preserves the user's original long exposure.
* **Same-chain execution** via CoreWriter. No bridges or centralized exchanges required.
* **Treasury-first redemptions** to defend the peg without unwinding the structural hedge.

## Long-form context

For the thesis behind the protocol design, read the *Delpho Explained* series:

* Part 1: [The Basics](https://x.com/delpho_labs/status/2043721065872920902)
* Part 2: [The Yield Engine](https://x.com/delpho_labs/status/2052072785443221723)
* Part 3: The Risk Architecture (forthcoming)
* Part 4: Composability and the Productive-Money Thesis (forthcoming)