# Architecture

USD+ is a yield-generating vault token on HyperEVM that allocates stablecoins across multiple lending protocols.

### Core Components

#### User-Facing

* **Depositor**: Accepts USDC/BeatUSD deposits, mints USD+ shares
* **Withdrawal Queue**: Manages queued withdrawals with rate protection, burns USD+ shares

#### Capital Management

* **Deposit Receiver**: Holds idle capital, provides withdrawal liquidity
* **Morpho V2 Orchestrator**: Allocates funds between the two lending markets, handles USDC <> BeatUSD conversions

#### Pricing & Accounting

* **Pricer**: Manages exchange rates between USD+ and underlying assets
* **Exchange Updater**: Calculates NAV from positions across both markets
* **Accountant**: Tracks fees and vault accounting

### Investment Strategy

USD+ deploys capital across multiple lending protocols on HyperEVM to maximize risk-adjusted yield.

#### Morpho Markets (BeatUSD lending)

| Market            | Collateral | Link                                                                                                                              |
| ----------------- | ---------- | --------------------------------------------------------------------------------------------------------------------------------- |
| WWHYPE / BeatUSD  | WWHYPE     | [View](https://app.morpho.org/hyperevm/market/0x063ad132f8637cfad29660f8c28a522d63af268bb7bcbbab92c28a28d6b6090e/wwhype-beatusd)  |
| WBEHYPE / BeatUSD | WBEHYPE    | [View](https://app.morpho.org/hyperevm/market/0xda35ec213f5d27609210fd14f148dee5e84bbec87dd79e893df4dca18bf07cac/wbehype-beatusd) |
| WUBTC / BeatUSD   | WUBTC      | [View](https://app.morpho.org/hyperevm/market/0x3614200586f926ce2f712f60ff01270d19cb930369c1f81f3160adf1bdcbcf0d/wubtc-beatusd)   |
| WUETH / BeatUSD   | WUETH      | [View](https://app.morpho.org/hyperevm/market/0x41fc21455f4890fa3d680a5433ab780360f31e6d4a53cdca282a53a3b8cb45d6/wueth-beatusd)   |
| WUSOL / BeatUSD   | WUSOL      | [View](https://app.morpho.org/hyperevm/market/0x520dc6596ad9dc2a5c21bde2f35e38ed48179ee38916e418cc505101a2ceeca5/wusol-beatusd)   |
| WXAUT0 / BeatUSD  | WXAUT0     | [View](https://app.morpho.org/hyperevm/market/0x63c34750ab0b0b204d236f3e103d8477c9737710a065b1a40c8e126ddcd2cbd7/wxaut0-beatusd)  |

#### USDC Lending Protocols

<table><thead><tr><th width="254.79998779296875">Protocol</th><th>Address</th></tr></thead><tbody><tr><td>Hypuur</td><td><code>0x8667f088827a6ae1e2c2a865c675ca4fbc9d2ff0</code></td></tr><tr><td>Hyperlend</td><td><code>0xacBf6aCB842Ed0534ba8eBf06B7C8C9cE7356f9a</code></td></tr><tr><td>Felix Market</td><td><code>0x97395DDA5127ecf7BdBe2Adc1BCC2fb4A5A046FA</code></td></tr></tbody></table>

#### Why multiple markets?

* Diversification across collateral types and protocols reduces concentration risk
* BeatUSD markets earn yield before being lent (double yield layer)
* USDC is deployed across Hypuur, Hyperlend, and Felix for additional yield sources
* Active rebalancing optimizes risk-adjusted returns across all positions

### Access Control

Role-based permissions via MultiRolesAuthority:

* `ALLOCATOR_ROLE`: Deploy funds across markets
* `KEEPER_ROLE`: Update exchange rates
* `SOLVER_ROLE`: Process withdrawals

No single role can access user funds directly.

### Flow Summary

```
Deposit → Deposit Receiver → Orchestrator → Morpho Markets → Yield
Withdraw → Queue (rate-protected) → Solver processes → Assets returned
```


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