[AIP-64] Hyperlock - an Aura Franchise

Summary

This proposal seeks to ratify Hyperlock as the first Aura DAO franchise, serving as a meta-governance and yield-boosting layer for Thruster - the future flagship DEX on Blast, backed by large Blast depositors, investors, and builders.

The success of this AIP will drive utility back to Aura DAO in the form of a large share of any potential future HYPER tokens, governance power and extending Aura’s influence to new ecosystems. This ensures a symbiotic and mutually beneficial partnership between Hyperlock and Aura.

What is Hyperlock?

Hyperlock is a meta-governance protocol, yield-booster and liquidity marketplace built on top of Thruster. In order for Thruster to scale quickly and ensure the sustained expansion of liquidity, they are implementing a VE token system (veTHRUST). Hyperlock will aggregate veTHRUST, vote-escrowed Thruster Token (THRUST) and pass back it’s value to Hyperlock users:

• For LPs: Earn boosted yields without having to lock THRUST
• For Hyper Stakers (vlHYPER): Control of THRUST + HYPER emissions
• For Thrust Lockers (hyperTHRUST): Earn thruster protocol fees without being locked in
• For DAOs: Capital efficient liquidity mining and concentrated liquidity range boosting
• For Blast: A solid liquidity stack for the rest of defi to leverage and exciting new native yield mechanics to capitalize on.

Hyperlock will initially be comprised of Aura contributors, with a tentative medium-term plan of becoming independent. Pending ratification, a separate foundation will be established to ensure a strong and self-sufficient future for Hyperlock.

Points Program as Go To Market

In the initial stage of the Blast mainnet deployment, both Blast and Thruster will operate without a token. Throughout this phase Thruster will implement a points program focused on maximizing liquidity.

The Aura DAO will enable Hyperlock to establish a points program to supplement Thruster points, to best onboard LPs directly to Hyperlock and bootstrap an initial share of veTHRUST.

LPs on Thruster will accrue Thruster points; they can further deposit their Thruster LPs into the Hyperlock points system to accrue hyperTHRUST points and HYPER points. In short, early Hyperlock users will get access to a triple threat of incentives: BLAST points, THRUST points, and HYPER points.

Thruster

Thrusters core product centers around its concentrated liquidity (CL) AMM with native yield integrations and a supporting fair launch product suite. Thruster is positioned to lead as Blast's primary DEX and liquidity layer, with over a dozen Blast-native protocols onboarded for upcoming integrations and token launches.

Supporters of Thruster include Aura contributor 0xMaha, Redacted co-founder 0xSami, contributors from JonesDAO, Chris, Badger DAO founder, and others aligned with metagovernance concepts and Thruster/Hyperlock specifically.

Potential Thruster features to drive value to Hyperlock are:

• Direct frontend integrations
• Incorporating Hyperlock yield into Thruster Spaceport partners
• Encouraging early Thruster supporters to lock THRUST and provide liquidity.

We see building on Thruster via Hyperlock as a great opportunity for Aura DAO to:

• Gain exposure to one of the most anticipated L2s of 2024
• Build on top of Thrusters CFMM and CL AMM, fair launch features, and veToken
• Capitalize on being the first mover to a new chain with an existing large pool of capital

Together, Thruster and Hyperlock are poised to boost liquidity, increase trading volume, and provide a premier venue for DAOs and traders.

Blast

Blast has accrued over $1.25 billion worth of deposits across over 100,000 addresses. Should it launch today, Blast would be the 6th largest chain by TVL and the second-largest L2. Conversations we have had with Blast lead us to believe it is set to host a vibrant DeFi landscape. There is a large pool of capital, outsized developer incentives and infrastructure and an ecosystem of native builders poised for rapid growth.

Proposal

Aura DAO's deep understanding of liquidity markets and strong synergies with strategic partners such as Redacted, Gnosis, and JonesDAO position it as an extremely valuable springboard for Hyperlock's success.

Aura’s commitment

It is requested that, Aura DAO's early support of Hyperlock would provide the latter with access to Aura's well-established smart contract base, front-end elements, and brand association, creating a solid foundation for Hyperlock's growth and recognition within the ecosystem.

Aura's impact on Balancer’s continued success has been evident. With the initial backing of the Aura DAO we anticipate that Hyperlock will bring comparable value to Thruster and the Blast ecosystem.

In a subsequent AIP, Hyperlock will seek approval for a ~$200k loan from Aura DAO to cover critical operations, including security audits, legal, and contracting costs. This amount will be returned to Aura DAO once Hyperlock launches. Additionally, Aura DAO is committed to supporting and enabling the Hyperlock points system as well as support with the initial marketing and partnerships.

Hyperlocks’s commitment

In return for Aura’s support, Hyperlock is committed to delivering value back to Aura in the form of:

• A share of any potential $HYPER Token for vlAURA holders
• A share of any potential $HYPER supply streamed over 3 years to the Aura DAO
• Liquidity incentives for HYPER/AURA v3 farms on Thruster
• Sharing of protocol fees collected on Hyper
• Access to a pool of resources for development on shared resources and protocol development

Voting

This proposal acts as a temperature check for the official ratification of Hyperlock as an Aura franchise. A “Yes” vote gives the approval for the Franchise partnership to develop, looking forward to the subsequent AIP mentioned above. A “No” vote signals that the terms need to be re-addressed.