New Teller Collateral: hyperRAM on HyperEVM

Teller now supports hyperRAM on HyperEVM as collateral. A lending offer is live against it, so a hyperRAM holder can borrow stablecoins without selling the position.

hyperRAM is the liquid-staked form of xRAM, the staking token of Ramses Exchange. It is the first Ramses asset Teller has taken as collateral.

What hyperRAM is

Contract: 0x5555c2542836e7a6c8d3e133d5aa9773b65d5555

Ramses is a concentrated-liquidity DEX on HyperEVM built on x(3,3), the team’s iteration on the ve(3,3) model. xRAM is the staked form of RAM. hyperRAM is xRAM made liquid. It is minted 1:1 from xRAM at any time. It gives up direct voting rights and emission control in exchange for staying transferable, and it auto-compounds, so the ratio of hyperRAM to xRAM climbs as protocol rewards accrue.

That last property is the one that matters to a lender. The backing behind hyperRAM grows over the life of a loan.

What this actually unlocks

Collateral support on Teller is narrower than a money market. There is no shared risk pool and no protocol-set interest rate. What opens up is permission:

Borrow against it. A holder can post hyperRAM and draw stables against it without selling.

Post your own offer. Any wallet can publish standing terms against hyperRAM without escrowing capital up front. The money stays in the lender’s wallet until a borrower draws on it.

Launch a pool. Anyone can deploy an isolated lending pool that takes hyperRAM as collateral, fixing the terms at deploy time.

The part that matters for volatile collateral

Teller loans are time-based, not price-based. Price movement never causes a default. Only expiration does.

There is no health factor, no liquidation price and no margin call. A borrower who posts hyperRAM and draws stables keeps that position until the term ends, whatever price does in between.

The trade-off runs the other way, and it is real. If principal plus interest is not repaid by the due date, the collateral is forfeited and goes to a Dutch auction to make the lender whole. There is no partial liquidation and no grace period. Fixed term means fixed term. (For how that differs from a pooled, price-triggered design, see Teller vs Aave.)

Risk, plainly

One thing is specific to this listing. Uniswap is not deployed on HyperEVM, and a Teller commitment prices collateral through Uniswap-v3-shaped pools and nothing else. So an offer against hyperRAM carries a ratio fixed by hand when the offer is published. It keeps lending at that price however far the collateral moves, until the lender updates the offer or it expires.

That changes what a lender is agreeing to. An oracle-priced offer re-prices itself as the collateral moves. A hand-priced one holds still, so its expiry ends up doing the job the oracle would otherwise do. Anyone posting their own offer on HyperEVM should price and date it with that in mind.

The usual applies beyond that. A Teller listing is not an endorsement of any asset or project, and a lender underwrites the asset themselves. The question to ask is what the collateral would realise in an auction if the loan is never repaid, not what it is worth on the day the loan is written.

Borrowers should treat the term date as the only date that matters. Set the reminder.

Get started

hyperRAM is live on the Borrow tab at pro.teller.org/borrow, and can be borrowed against through Debit AI by an agent acting within permissions you set. New to how any of this works? Start with how crypto-backed loans work.

Nothing here is financial advice.