Unlocking Capital Efficiency with Delpho: The Next Era of Stablecoins

In the current DeFi landscape, most stablecoins are passive assets—they preserve value but lack inherent productivity. Delpho is changing this narrative by launching a native, yield-bearing stablecoin (dUSD) built specifically for the Hyperliquid execution layer.

By integrating a Collateralized Debt Position (CDP) model with perpetual funding mechanics, Delpho ensures that capital remains productive at all times. Unlike traditional models that rely on opaque off-chain wrappers, Delpho operates fully on-chain, offering a transparent and liquid solution that solves the stablecoin trilemma through direct system mechanics.

The Prism Pass & Reward System

To reward early adopters and active participants within the Hyperliquid ecosystem, Delpho has introduced the Prism Pass and a tiered scoring system. Your historical and ongoing activity—ranging from trading to lending—determines your standing and future eligibility for the dUSD rollout.

Note: Your HL Score is updated every 24 hours based on your Hyperliquid on-chain footprint.

How to Participate and Earn Points

1. Connect & Claim: Visit the Delpho Prism Pass page and connect the wallet associated with your Hyperliquid trading history.
2. Build Your HL Score: Engage with the Hyperliquid ecosystem. Points are accumulated through:
   • Perpetual trading activity.
   • HyperEVM interactions.
   • Providing liquidity (LP) and lending.
   • General ecosystem participation.
3. Monitor Progress: Check the dashboard daily to see your score updates and current tier (Bronze to Obsidian).
4. Leverage Referrals: Utilize your unique referral link to grow the community. This activity is reflected through system multipliers that boost your leaderboard position.
5. The Snapshot: Ensure your activity is finalized before January 18, 2026 (23:59 UTC). After this date, scores will be locked.
6. Mint Your Pass: Following the snapshot, eligible users can mint their Prism Pass as a soulbound token. This token acts as your “key” for priority access during Season 0 and the official launch of dUSD.

Why Focus on Delpho?

Delpho honors the spirit of decentralized finance by rewarding users who contribute real value to the network. By focusing on “productive capital,” Delpho provides a way for users to move away from static holdings and into a more dynamic, automated yield environment.

To stay updated on the latest developments and Season 0 announcements, you can follow the project’s official social channels and join the active community of Hyperliquid power users.

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