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This page walks through the whole system at a high level. For role-specific detail, jump to For Traders, For LPs, or For Builders.

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The trader journey

1

Buy a challenge

A trader signs in (email or Phantom wallet) and pays an evaluation fee in USDC. The fee is recorded on-chain and the rule version is pinned at purchase.
2

Pass evaluation

The trader trades a demo account on Bybit under smart-contract-enforced rules. A Rust engine monitors continuously; an oracle posts equity and the verdict to Solana.
3

Get funded (Tier 1)

On pass, a funded demo opens. The trader keeps 80% of profits, paid in real USDC, from 0% up to +15%.
4

Unlock the dual-track at +15%

The demo is not canceled. It continues at a 50/50 split on incremental profit, and a real-capital vault opens in parallel — seeded by HyroTrader and open to LP deposits.
5

Scale with LP capital

The trader runs both surfaces in parallel. LPs deposit into the real-capital vault and the trader scales beyond the firm’s balance sheet.

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The LP side

An LP deposits USDC into a vault and receives vault shares minted at the current NAV. Their capital is routed to the manager’s Bybit sub-account, the manager trades, and the LP earns carry on profits the trader generates. When the LP withdraws, shares are burned and USDC is returned at the prevailing NAV — with a high-water-mark-protected performance fee crystallizing on realized gains. Read the LP flow in detail →

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What’s on-chain vs. off-chain

Hyro is explicit about this boundary — it’s the single most important thing for LPs to understand.

On Solana (on-chain)

Capital settlement · share accounting · LP deposits & withdrawals · performance-fee logic · challenge-fee collection · payout records (every payout has a TXID)

Off-chain

Trade execution on Bybit’s real order books · the Rust risk engine that monitors rules · NAV reporting via the Hyro oracle (which writes results back on-chain)
NAV reporting currently depends on oracle infrastructure operated by Hyro. This is the largest trust assumption in Phase 1, and it’s disclosed plainly. See Trust Assumptions.

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The oracle, briefly

A NATS/JetStream message queue reads Bybit sub-account equity and posts NAV updates and challenge state to Solana roughly every 60 seconds during active hours. Safety checks pause the vault if the exchange API goes dark for more than 5 minutes, or if on-chain NAV diverges from Bybit equity by more than 2%. An independent watchdog reader cross-validates the primary. More on oracle infrastructure →

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Where it’s headed

Execution starts on Bybit and progressively expands to other CEXes, then to on-chain Solana DEXes (Drift, Phoenix) in Phase 4 — removing CEX counterparty risk entirely for the on-chain track. The protocol decentralizes in stages: decentralized capital and programmatic rules today, permissionless trader onboarding next, on-chain execution after that.

The Dual-Track Model

The mechanic that removes the artificial scaling cap — explained in full.