Prospectus

BidBid Capital Management issues a single transferable share, $BID, on HyperEVM. The share is an ERC-20 token with nine decimals. It represents a claim on nothing in the legal sense and confers no equity, no debt, and no entitlement to the assets of any entity.

The protocol is an implementation of the Olympus design: a treasury that issues shares, a staking contract that distributes newly issued shares to holders at fixed intervals, and a set of market operations that transact against the share using treasury assets. The market operations follow the Range Bound Stability specification, described in section 3.

That lineage is stated plainly because it is the honest description. This is not a novel mechanism. It is a known one, with a known history, deployed on a different chain with parameters fixed at deployment.

Range Bound Stability was introduced by Olympus in November 2022 to reduce the volatility of its share against a reserve asset. It replaced an earlier arrangement in which the treasury made no continuous market at all.

Olympus disabled Range Bound Stability in late 2024. Public accounts of the decision note that the system had transacted very little in its final period — on the order of a few hundred thousand dollars across more than a year — and that its functions were superseded by other facilities. The module was left in place and can be re-enabled.

A reader should weigh that in both directions. The mechanism operated for roughly two years without failing, which is a longer record than most designs of this kind accumulate. It was also switched off by the people who built it, and a fork adopting it inherits the reasons as well as the code.

The protocol maintains a moving average of the market price of the share, updated once per epoch. Four prices are derived from that average by two fixed spreads.

Lower wall

The moving average less the wall spread. The treasury will buy shares at this price, instantly, from anyone, until its allotted capacity is spent. This is the standing bid.

Lower cushion

The moving average less the cushion spread. In the Range Bound Stability specification a bond market opens here. In these contracts none does: the price is computed and published every epoch, and nothing transacts at it. See section 5.

Moving average

The centre of the range. It trails the market price over a fixed window, so the whole channel drifts with the market rather than defending a fixed number.

Upper cushion

The moving average plus the cushion spread. As with the lower cushion, the specification opens a bond market here and these contracts do not. The price is computed and published, and nothing transacts at it. See section 5.

Upper wall

The moving average plus the wall spread. The treasury sells shares at this price until its allotted capacity is spent.

The ordering is fixed by construction: lower wall, lower cushion, moving average, upper cushion, upper wall. The cushion spread is always narrower than the wall spread.

The treasury acts only at the two walls. Between them the market sets the price and the protocol does nothing, and because the cushions are not implemented that inert region runs the whole way from one wall to the other.

A wall is an instant swap at a fixed price, not an order on a book. A holder calls the operator, delivers shares, and receives reserve assets at the lower wall price in the same transaction. There is no queue, no counterparty to find, and no discretion.

Each wall has a capacity. The bid capacity is a fixed fraction of the treasury reserves. The ask capacity is derived from the bid capacity, the wall spread and the upper wall price, so that the two sides are sized consistently against one another.

When a wall’s capacity is spent the wall is down. It stops quoting entirely. It does not partially fill, it does not borrow, and it does not draw on the other side.

A down wall regenerates only under two conditions together: the price must have been observed on the favourable side of the moving average for a set number of the most recent epochs, and a minimum period must have elapsed. Both are fixed parameters. Neither can be waived.

This is the most important operational fact in this document. The standing bid is real, callable and continuous while capacity lasts. It is not a commitment to absorb any particular volume, and it can be exhausted.

Range Bound Stability specifies a bond market inside each wall — a cushion — that opens before the wall is reached and absorbs pressure at a better price, so that wall capacity is preserved. This protocol does not have them.

What exists is the arithmetic. Both cushion prices are computed from the moving average and the cushion spread, and are published every epoch. The RANGE module keeps a market slot for each side, and the Operator carries the cushion factor and the cushion duration. None of it is used: the market slot reports no market on both sides, permanently, and no code path opens one.

A bond market needs a bond auctioneer. That is a separate contract, it has not been written, and it would need its own review. Rather than ship a half-built one, the range operates walls-only.

The consequence is not cosmetic. With no cushion there is nothing between the market price and the wall. Pressure the specification would have absorbed at a better price arrives at the wall instead and is paid for out of wall capacity, which is finite and does not regenerate on a timer. The standing bid is therefore spent faster here than in the design it is taken from.

Wherever a cushion price appears on this site it is a published number with no facility behind it, and the page that shows it says so.

Shares may be staked. Staked shares receive a distribution at the close of each epoch, which is eight hours. Three distributions occur each day.

The distribution is paid in newly issued shares at a fixed reward rate applied to the staked supply. It is a rebase: every staked balance increases by the same proportion, so a holder’s share of the staked pool is unchanged. What changes is the number of shares outstanding.

The annualised figure quoted on this site is that per-epoch reward rate compounded across a year. It is arithmetic applied to a contract parameter, not a forecast and not a yield. It describes how quickly the share count grows and says nothing about value.

A new stake does not begin receiving distributions immediately. It waits a fixed warm-up period, measured in epochs, before it is counted.

Staked shares can be wrapped. The wrapped share does not rebase: its balance stays fixed and its claim grows with the index instead. This exists so that the share can be used in contracts that cannot handle a changing balance.

Runway is the number of days the treasury can fund the current reward rate before liquid reserves are exhausted. It is computed from the liquid backing, the staked supply and the reward rate.

It is a projection under the assumption that nothing changes: no new reserves arrive, the reward rate is not altered, and the staked supply stays where it is. All three assumptions are usually wrong. Runway is a measure of how much room the current settings leave, not a prediction of how long the protocol lasts.

Because the reward rate is fixed at deployment, runway can only be extended by the treasury growing. It cannot be extended by lowering emissions.

Treasury market value

Every asset the treasury holds, marked at prices the contracts can read. Includes protocol-owned liquidity.

Liquid backing

Only the assets that could actually be sold to fund the lower wall. Excludes protocol-owned liquidity, because a position paired against the share cannot be relied on to defend the share.

Index

Cumulative distribution multiplier since inception. One share staked at inception and never unstaked would hold a balance equal to the index today. It measures growth in share count, not in value.

Liquid backing per share is the figure that bears on the lower wall, because it is what the treasury could realise if the wall were exercised heavily. Treasury market value is the larger number and the less useful one.

Where a holding has no readable price, it is excluded rather than estimated. The figures published on this site are computed from the same contract calls a holder can make directly.

There is no supply cap. Shares are created by the epoch distribution and by the upper wall, and destroyed when the treasury buys them at the lower wall. The specification adds the two cushion markets as further paths in both directions; they are not implemented, so they create and destroy nothing. Supply is a consequence of activity rather than a schedule.

Mint authority is held by the treasury contract alone and is exercised only through those paths. There is no allocation to founders, no reserve for a committee, and no insider vesting schedule, because there is no mechanism by which shares could be issued to anyone outside them.

The range does not update itself. Once per epoch a function must be called that records the current price into the moving average and recalculates the four band prices. In the full specification the same call opens and closes cushion markets; here there are none to open.

That function is callable by anyone. It pays a fixed reward from the treasury to whoever calls it, which is what makes it reliable without an operator. There is no allowlist and no privileged caller.

If nobody calls it, the moving average stops advancing and the range stays where it was. The consequences of that are set out in the risk factors.

There is no governance process. The contracts hold no owner address, no administrative role, no pause function, no upgrade path, and no proxy.

Every range parameter — the moving average window, the cushion spread, the wall spread, the bid factor, the cushion factor, the regeneration threshold and wait — was fixed at deployment and cannot be changed by any party including the authors. The reward rate and the warm-up period are fixed on the same terms.

This differs from the original. At Olympus these parameters were adjustable by governance, and they were adjusted. Fixing them removes the risk that they are changed against holders and installs the risk that they cannot be corrected if they are wrong. Both are set out in the risk factors.

The protocol charges no management fee, no performance fee, and no fee on staking, wrapping or wall swaps. No address receives a share of distributions.

Holders pay network gas in HYPE. On HyperEVM both the base fee and the priority fee are burned, so no portion of transaction cost accrues to the protocol or to any operator.

The heartbeat reward is paid from the treasury to whoever advances the epoch. It is a cost borne by holders, and it is the only recurring outflow that is not a distribution.

This site reads the modules directly and publishes what it finds. Band prices, wall capacity, treasury holdings, index, supply, reward rate and epoch state are shown as returned, without adjustment.

No figure on this site is audited. Where the site cannot reach the chain it says so rather than displaying a cached value as though it were current, and where a mechanism is specified but not built — the cushions — it is labelled as absent rather than drawn as though it worked.

You will probably not be able to sell a large position at the screen price. This is the first risk factor because it is the one most likely to affect you, and because it is the one most often left to the end of documents like this.

HyperEVM is a thin market. On 25 August 2026 the deepest two-sided pool on the entire chain held approximately $18.8M, and that pool trades HYPE, the chain’s own native asset. The next deepest held about $8.0M. Below the first handful of pairs, depth falls into the low single-digit millions and then into the hundreds of thousands.

A newly listed $BID pair will be smaller than any of those. A realistic initial range is between $100,000 and $2,000,000 of paired liquidity. In a pool of that size a sale of a few tens of thousands of dollars moves the price by a visible percentage, and a sale of a few hundred thousand does not complete at anything close to the quoted price.

The lower wall does not solve this. It clears at a fixed discount to a trailing average, it is capped by the treasury capacity allocated to it, and it stops entirely once that capacity is spent. It is a better exit than a thin pool, and it is not a deep one.

Chain-level totals do not help either. Published figures for stablecoins on Hyperliquid are dominated by margin held on the order-book venue, which is not addressable from HyperEVM contracts and cannot absorb a sale of this share. Aggregate value locked on the chain is likewise concentrated in staking and lending positions, which are not tradable depth. Neither number tells you what you can exit into.

If your intended position is large relative to the pool, assume you are the market. Size accordingly.

The lower wall is funded by a fixed fraction of treasury reserves — 15%, set at deployment and with no setter to change it. When that allocation is consumed the wall is down: the swap function stops quoting, and it does not partially fill or draw on any other pool of assets.

Selling pressure large enough to exhaust the wall is exactly the circumstance in which holders most want it. The bid is most likely to be unavailable at the moment it is most valuable. This is a property of the design, not a defect in this implementation.

It is spent faster here than in the design it is taken from, and that part is a defect in this implementation. Range Bound Stability puts a cushion bond market inside each wall to absorb pressure before the wall is reached. These contracts have no cushion, because a cushion needs a bond auctioneer that has not been written. Every share a cushion would have absorbed at a better price is bought at the wall instead, out of the same finite allocation.

A spent wall does not return on a timer alone. It regenerates only when the price has been observed on the favourable side of the moving average for a set number of recent epochs and a minimum period has elapsed. In a sustained decline the first condition may not be met for a long time, and the wall stays down throughout.

The wall price is derived from the moving average and has no relationship to backing. It can sit above liquid backing per share, and frequently will. While it does, every share bought at the wall costs the treasury more than the liquid assets standing behind it, and liquid backing per share falls for every holder who does not sell. The mechanism permits this; nothing prevents it.

The tagline on the front of this site describes a mechanism that exists and is callable. It does not describe a guarantee, and it is not one.

The range is centred on a moving average of the market price. It is not anchored to backing, to reserves, or to any fixed value. If the market price falls persistently, the moving average falls after it, and every band falls with it.

The lower wall is therefore not a floor in the ordinary sense. It is a trailing offset. A holder who reads it as a level below which the price cannot go has misunderstood the mechanism: it is a level below which the price does not go quickly.

The lag cuts the other way as well. In a sharp recovery the upper wall sells shares at a price the market has already passed, and the treasury forgoes the difference.

There is no lower bound on where the range can travel. Nothing in the contracts prevents the bands from descending indefinitely.

The moving average and the band prices are updated by a function that some external party must call once per epoch. It pays a reward, which is what makes it reliable in normal conditions.

If it is not called, the range freezes. The bands stay at their last values while the market moves away from them. A frozen lower wall in a falling market will be too high, and will be consumed faster than intended.

The reward is fixed at deployment. If gas costs rise, or the reward stops being worth claiming, the incentive to call it weakens and there is no mechanism to increase it.

Distributions are paid in newly issued shares. The annualised figure published on this site is a per-epoch reward rate compounded three times a day. It describes how quickly the share count grows and says nothing about value.

At the rates this design produces, the share count grows by more than an order of magnitude across a year. Unless the treasury grows at a comparable rate, backing per share falls throughout. A holder can accumulate shares continuously while the value of the position declines, with the published rate never moving.

A holder who does not stake is diluted by every distribution and receives nothing in return. There is no mechanism that compensates unstaked holders.

The reward rate is fixed at deployment. If it proves too high for the treasury to sustain, it cannot be reduced.

At Olympus the range parameters were adjustable, and they were adjusted as conditions changed. Here they are fixed at deployment. That removes the risk that they are altered against holders and installs the risk that they are simply wrong.

A wall spread too narrow puts the treasury in front of ordinary volatility and spends reserves defending noise. Too wide, and the bid is so far below the market that it is not usefully an exit. A moving average window too short tracks manipulation; too long, and the range is stale in every fast move.

These are judgements made once, before any live data existed, and they are permanent. No party can retune them, including the authors.

There is no owner, no pause, no upgrade and no privileged keeper. This is stated elsewhere on this site as a strength, and it is one. It is also the risk factor with the widest range of outcomes.

If a contract contains an error, that error is permanent. Funds cannot be recovered, a pricing function cannot be corrected, and a drain cannot be halted. No party has the ability to intervene, and no audit removes this possibility.

A holder relying on the absence of an administrator key should hold the corresponding position on the absence of a remedy.

Everything the range does depends on an observed market price. In a thin pool that price is cheap to move, and the observation happens at a known interval.

An actor able to push the price at the moment of observation can drag the moving average, and therefore the walls, in a direction that suits them. Doing so repeatedly moves the whole range. The cost of the attack scales with pool depth, and section 1 sets out how little depth there is.

A holder should not assume the bands reflect an honest price merely because they were computed on chain.

The wall is funded with stablecoins, and stablecoins are not risk-free despite the accounting convention. USDT0 depends on the solvency of Tether and on the correct operation of the bridge that issues it. A failure at either point reduces wall capacity directly.

Volatile reserve assets fall. HYPE is a single asset on a single chain, and a decline in its price reduces treasury value and liquid backing while the range continues to quote from a price average that knows nothing about it.

Protocol-owned liquidity is excluded from liquid backing for a reason. It is paired against the share itself, so in a decline it converts into more of the share and less of the reserve asset. It cannot be relied on to defend the share, and this site does not count it as though it could.

Collateralised stablecoins available on this chain are backed by HYPE and HYPE-derived assets. Holding them alongside HYPE concentrates the same exposure twice.

Range Bound Stability was disabled by Olympus in late 2024, after a final period in which it transacted very little. Its functions were superseded by other facilities.

This protocol adopts a mechanism its originator stopped using. That is not by itself disqualifying — the system ran for around two years without failing — but a prospective holder should not assume the design is current practice, and should weigh the possibility that the reasons for retiring it apply here as well.

The share is not equity, not debt, and not a fund unit. There is no issuer with obligations to you, no jurisdiction in which those obligations could be enforced, and no entity from which recovery could be sought.

The vocabulary used across this site — prospectus, shareholders, treasury, dividend — describes mechanisms by analogy. It does not create the legal relationships those words carry elsewhere. Nothing on this site is an offer, and nothing on it is advice.

The regulatory treatment of instruments of this kind is unsettled and differs by jurisdiction. It may change in a way that restricts your ability to hold or transfer the share.

The risks in this document are not independent. A falling market drags the moving average down, spends the lower wall, prevents it from regenerating, and dilutes holders through distributions throughout. These are one event observed from four positions.

You may lose the entire amount you commit. Commit only what you are prepared to lose in full.