March 13, 2024

This report describes the specification and verification of the new DELV Hyperdrive protocol using the Certora Prover and manual code review findings. The work was undertaken from May 3rd 2023 to July 1st 2023.

Hyperdrive is a new AMM protocol featuring a novel pricing mechanism for fixed and variable yield positions. In addition to terms on demand, its mechanism design enables a more efficient and symmetrical yield market.

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