Hedgents · Real-World Assets
hgMETAL
Metals-focused structured products on Solana, spanning gold, silver, platinum and palladium. Run by an autonomous, role-isolated agent fleet that actively rebalances across cross-metal strategies, then tranches the output into senior and junior products.
01 / The thesis
v0 proved it. hgMETAL scales it.
The Hedgents v0 fleet ran real capital across three DeFi strategies on Solana mainnet with an autonomous, role-isolated agent fleet and active cross-strategy rebalancing. The point was never the yield. It was proving the architecture works on-chain, with real money. hgMETAL re-applies that proven architecture to a domain that genuinely demands it: a multi-metal product where the strategies being rebalanced are metal strategies.
“v0 proved an autonomous role-based fleet can actively rebalance on-chain capital. hgMETAL applies that same architecture to a multi-metal product: a fleet of metal-strategy agents rebalancing across four precious metals, tranched into senior and junior products.”
02 / Product family
One engine. Three tranches.
The fleet produces one stream of metals P&L. A senior/junior waterfall splits it into products with distinct risk profiles, so each depositor self-selects by conviction.
In-kind metals index, oracle-free
An oracle-free, in-kind index across four precious metals: gold, silver, platinum and palladium. Pure directional exposure with no yield overlay. One token instead of stitching together separate tokenized issuers.
Long-term metals believers
Gold-backed structured income
Delta-hedged carry with a defined yield target. First claim on the fleet's P&L, protected by the junior buffer. The income product: yield comes from carry, not gold price.
Family offices · DAO treasuries
Leveraged metals + residual
Takes the residual after senior is paid, and first loss. Captures cross-metal alpha and amplified upside in exchange for absorbing drawdowns. The alignment vehicle.
Yield maxis · team
03 / The metals fleet
Cross-metal strategy, role-isolated.
Four metal price feeds and multiple cross-metal strategy types make this a real allocation problem, which is exactly what the fleet pattern is for. Each agent has one role and cannot exceed it. Execution daemons sign; observers can never move funds; the orchestrator routes but its binary cannot sign a Solana transaction at all.
Long basket, short XAU perp for delta-neutral carry
GLD/SLV + GLD/PT ratio mean-reversion
Sizes into extreme Hyperliquid funding windows
Regime-aware allocator across metal strategies
4 metal feeds, funding rates, cross-metal ratios
Tracking error, hedge delta, concentration
04 / Built, not promised
The settlement layer is live on devnet.
The senior/junior tranching contract is deployed and exercised end-to-end: a four-metal basket valued against live Pyth feeds, deposits and redemptions through the waterfall, and 31 on-chain tests covering the path. You can buy and sell all three tokens right now with test USDC. The on-chain foundation is real today; the multi-strategy metals fleet on top of it is the scale-up in progress.
Junior-windfall reserve
A war-chest that skims junior windfalls above ~30% APR to defend the senior 4.5% floor, then releases pro-rata to junior. Accounting-only: it never leaves the vault.
Ops / insurance treasury
A ~15% idle-USDC buffer for redemption liquidity and hedge margin. Distinct from the reserve, sized to keep the gate open in stress.
Forward-priced mint / redeem
Requests settle at a keeper-struck NAV (anti-dilution), behind a redemption gate with a per-window cap and swing fee.
Tranching program
live on devnet
Metals priced on-chain
XAU · XAG · XPT · XPD
10,000 units · ~$100/token
~$1,000,000 NAV
Oracle
Pyth pull feeds
Hedge venue
Hyperliquid
On-chain tests
31 · exercised end-to-end
05 / Replay
Drag through the history.
Real Hyperliquid funding, replayed day by day through the on-chain waterfall, with real metal prices for the basket. Watch the three tokens diverge: the metal index swings with metals, while the hedged senior and junior keep earning the carry.
Real Hyperliquid funding replayed through the on-chain waterfall, with real HL metal prices for the index. Note how hgUSD and hgYIELD keep earning the carry while the metal index falls, they are delta-hedged, so they don't track metal direction. Backtest of public data, not a live track record.
06 / Live terminal
Watch the vault, live.
A direct read of the devnet vault: live Pyth metal prices, the basket marked to those prices, and the senior / junior / unallocated NAV split, refreshing every few seconds.
Metals, the way a fleet would run them.
hgMETAL is live on devnet. Buy and sell all three tokens with test USDC, right now. The proof shipped on v0; the scale-up is building now.