Skip to main content

Nest Exchange (veNEST)

Nest Exchange is a MetaDEX on HyperEVM that transforms trading fees into amplified $HYPE exposure. veNEST holders earn trading fees via $MEGAHYPE tokens with auto-compounded voting rewards.

What is veNEST?​

Lock NEST tokens to receive a veNEST NFT representing your locked position. This grants:

  • 100% of trading fees distributed via $MEGAHYPE tokens
  • Auto-compounded voting rewards — no manual claiming required
  • Governance power over Nest Exchange protocol parameters
  • HYPE exposure through the HYPE Engine treasury mechanism

What Makes Nest Exchange Different​

  • HYPE Engine treasury — Nest Exchange converts protocol revenue into $HYPE positions, giving veNEST holders indirect exposure to Hyperliquid's native asset
  • $MEGAHYPE leveraged tokens — Trading fee rewards come as $MEGAHYPE, which provides leveraged $HYPE exposure with no liquidation risk
  • Auto-compounding — Voting rewards compound automatically, reducing the active management burden compared to standard ve(3,3) protocols
  • Unique reward model — Instead of standard fee/bribe distribution, Nest Exchange channels everything through its HYPE-focused treasury strategy

Typical Discounts​

Nest Exchange is a newer market on veX. Discounts vary based on available listings and market conditions. Check current listings for real-time pricing.

Things to Know​

$MEGAHYPE is leveraged HYPE. Fee rewards come as $MEGAHYPE tokens, which track $HYPE with leverage but no liquidation risk. Understand this mechanism before buying — your rewards are tied to HYPE performance.

Auto-compounding reduces maintenance. Unlike most ve(3,3) tokens, Nest Exchange auto-compounds voting rewards. This makes veNEST more passive-friendly.

HyperEVM ecosystem play. Nest Exchange is deeply integrated with Hyperliquid through its HYPE Engine. veNEST positions are effectively a bet on both the protocol and the broader HYPE ecosystem.

Rebases and unclaimed rewards transfer. When you buy a veNEST position, accumulated unclaimed rewards come with it.

Delist Before Merging

If you merge a listed veNEST with another position, the listing stays active at the original price but now includes the combined amount. Always delist first, then merge, then relist.