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
WBEHYPE / BeatUSD	WBEHYPE	View
WUBTC / BeatUSD	WUBTC	View
WUETH / BeatUSD	WUETH	View
WUSOL / BeatUSD	WUSOL	View
WXAUT0 / BeatUSD	WXAUT0	View

USDC Lending Protocols

Protocol	Address
Hypuur	0x8667f088827a6ae1e2c2a865c675ca4fbc9d2ff0
Hyperlend	0xacBf6aCB842Ed0534ba8eBf06B7C8C9cE7356f9a
Felix Market	0x97395DDA5127ecf7BdBe2Adc1BCC2fb4A5A046FA

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