Rip Strategies Hypurr Vault (RHYPURR) provides tokenized access to a treasury holding HYPURR NFTs, which are the native non-fungible tokens of the Hyperliquid ecosystem.

To participate, users deposit HYPE to mint rHYPURR, securing diversified exposure to various HYPURR NFTs and their related airdrops. As HYPE deposits build up in the treasury, the protocol buys HYPURR NFTs from OpenSea once enough capital is gathered.

Holders of rHYPURR gain from:

• Rising HYPURR NFT floor prices driven by Hyperliquid’s growth
• Airdrops allocated to HYPURR owners
• Higher net asset value resulting from the expansion of the HyperEVM ecosystem

Regarding redemptions, burning rHYPURR allows users to withdraw HYPE from the treasury’s withdrawal reserve. Should this reserve run out, the system automatically lists a treasury-held HYPURR for sale on OpenSea to restore liquidity, establishing a self-balancing, perpetual treasury model.