{"version":1,"id":"hipo-finance","title":"Hipo Finance","summary":"Hipo Finance is a projects-and-protocols that provides an open-source liquid staking protocol on TON that lets users stake GRAM to receive hGRAM (a liquid staking token) and participate in governance and profit-sharing via HPO.","content":"**Hipo Finance**, styled simply as **Hipo**, is an open-source [liquid staking](https://iq.wiki/wiki/liquid-staking) protocol on [The Open Network](https://iq.wiki/wiki/the-open-network-toncoin) (TON) that allows users to stake GRAM and receive **hGRAM**, a liquid [staking](https://iq.wiki/wiki/staking) token that represents the staked position and can circulate across TON [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) while [staking](https://iq.wiki/wiki/staking) rewards accrue.[[1]](#cite-id-eytismwg24)[[2]](#cite-id-7xeeogjjps) The protocol has been live on the TON [mainnet](https://iq.wiki/wiki/mainnet) since 30 October 2023, and its governing GitHub organization, HipoFinance, was created on 1 March 2023.[[3]](#cite-id-4hp4mavkls)[[4]](#cite-id-cr30jxhgji) Hipo is described as non-custodial: stake is held by on-chain [smart contracts](https://iq.wiki/wiki/smart-contract), hGRAM remains in the user's wallet, and the protocol states that \"nobody — Hipo's team included — can move your funds.\"[[2]](#cite-id-7xeeogjjps)\n\nHipo reports roughly 23,200 hGRAM holders and around 7.02 million GRAM staked, described on its site as worth about $9.7 million, and advertises a 0% staking fee.[[5]](#cite-id-pgdpvywbzd)[[6]](#cite-id-0xlzpmu4q1) The protocol markets itself as \"the #1 most profitable GRAM staking on TON,\" a self-description that, like most of its performance figures, is reported by the protocol itself.[[5]](#cite-id-pgdpvywbzd)\n\n## Overview\nHipo frames its design as addressing two constraints it identifies in conventional [staking](https://iq.wiki/wiki/staking): tokens are typically locked for the duration of a validation cycle, and participants must either run or trust [validator](https://iq.wiki/wiki/validator) infrastructure. By delegating deposited GRAM to [validators](https://iq.wiki/wiki/validator) through its [smart contract](https://iq.wiki/wiki/smart-contract) and issuing a freely transferable receipt token in return, the protocol allows capital to continue earning [staking](https://iq.wiki/wiki/staking) rewards while remaining usable in DeFi.[[6]](#cite-id-0xlzpmu4q1) Individual deposits are pooled in a treasury [smart contract](https://iq.wiki/wiki/smart-contract), so stakers do not need validator hardware or a validator-sized stake to participate.[[2]](#cite-id-7xeeogjjps)\n\nThe protocol does not require account creation; a user connects a TON wallet through TON Connect, and any wallet supporting that standard can interact with Hipo. Staking access is additionally provided through the Hipo Telegram Mini App.[[2]](#cite-id-7xeeogjjps) Hipo states there is no minimum stake, with deposits accepted down to a fraction of one GRAM, and that it takes no cut of the staked amount, minting hGRAM for the full quantity deposited.[[7]](#cite-id-7b29try668) The codebase is published in full, and the protocol describes itself as \"built to be verified, not trusted,\" with staking, unstaking and reward distribution all executed on-chain.[[2]](#cite-id-7xeeogjjps)\n\n## How Liquid Staking Works\nWhen a user deposits GRAM, Hipo delegates it to [validators](https://iq.wiki/wiki/validator) through the treasury [smart contract](https://iq.wiki/wiki/smart-contract) and immediately mints hGRAM to the user's wallet as a receipt for their share of the pool.[[6]](#cite-id-0xlzpmu4q1) The [staking](https://iq.wiki/wiki/staking) flow is presented in four steps: connect a TON-compatible wallet, enter the amount of GRAM (any amount is accepted), confirm the transaction, and receive hGRAM representing the staked position.[[8]](#cite-id-ofb2ttsbqj) If Hipo's free GRAM is already committed to the current validation round, the protocol mints the hGRAM after that round is committed rather than instantly.[[2]](#cite-id-7xeeogjjps)\n\nRewards are not distributed as separate payouts. After each validation round, the rewards returned to the treasury are folded into the hGRAM exchange rate against GRAM, so each hGRAM becomes redeemable for progressively more GRAM over time while the number of hGRAM tokens in a wallet remains constant.[[6]](#cite-id-0xlzpmu4q1) hGRAM began close to a one-to-one value with GRAM and increases with each rewarding round, so there is no separate claim step.[[2]](#cite-id-7xeeogjjps) Rewards start accruing once a deposit is working in a round, which can be up to roughly 18 hours after [staking](https://iq.wiki/wiki/staking), depending on when the deposit is made.[[2]](#cite-id-7xeeogjjps)\n\nTON's validation cycle governs Hipo's timing. A round lasts approximately 18 hours, after which stakes remain frozen for about 9 more hours while complaints are resolved before GRAM can be recovered. Hipo spreads stake across consecutive rounds so that a recovery window opens roughly every 18 hours.[[2]](#cite-id-7xeeogjjps)\n\n### Unstaking\nThe protocol offers two unstaking modes on its Unstake page. **Full** unstaking waits until the current validation round ends, keeps the user's GRAM earning until that point, \"always goes through,\" and is the default option; it settles at the protocol's rate.[[8]](#cite-id-ofb2ttsbqj)[[2]](#cite-id-7xeeogjjps) **Instant** unstaking pays out immediately from the GRAM Hipo is holding free at that moment, at a slightly lower rate, and succeeds only while free liquidity covers the requested amount; the app displays the maximum instant amount available and issues a warning if a user enters more.[[2]](#cite-id-7xeeogjjps) When sufficient free liquidity exists, Instant settlement takes seconds, while Full typically completes in under 18 hours and can take up to 36 hours in the worst case, when all funds are locked and a request misses one recovery window and must wait for the next.[[2]](#cite-id-7xeeogjjps)\n\nHipo charges no unstaking fee; users pay only TON network [gas](https://iq.wiki/wiki/gas), part of which is a prepayment, with any leftover returned alongside the final GRAM payout.[[2]](#cite-id-7xeeogjjps) For multisig and [cold wallets](https://iq.wiki/wiki/cold-wallet), which cannot sign dapp transactions directly, Hipo supports a plain-transfer method: to stake, a user sends the intended amount plus a 0.1 GRAM fee prepayment to the treasury with the text comment \"d,\" and to unstake an entire balance, sends 0.1 GRAM with the comment \"w.\"[[2]](#cite-id-7xeeogjjps)\n\n## Validator Marketplace\nInstead of using a hand-picked [validator](https://iq.wiki/wiki/validator) list, Hipo runs a permissionless on-chain marketplace in which any [validator](https://iq.wiki/wiki/validator) that meets the [smart contract](https://iq.wiki/wiki/smart-contract)'s requirements can bid for staked GRAM without approval from a central authority.[[7]](#cite-id-7b29try668) Validators compete on the reward rate they promise, and in each round the contracts automatically lend the pooled stake to the best bids.[[2]](#cite-id-7xeeogjjps) Hipo attributes its level of returns to this auction-like model, in which pooled GRAM flows to validators offering the highest reward rate.[[7]](#cite-id-7b29try668)\n\nThe marketplace design incorporates protections for stakers through [collateral](https://iq.wiki/wiki/collateral). Before borrowing stake for a round, a validator must lock GRAM of its own covering the maximum slashing penalty for that round plus the reward it has promised to pay. If a validator is slashed or underperforms, the penalty is taken from that [collateral](https://iq.wiki/wiki/collateral) rather than from stakers' funds.[[2]](#cite-id-7xeeogjjps)\n\n## Rewards and Fees\nHipo describes three reward streams available to hGRAM holders: the base [staking](https://iq.wiki/wiki/staking) rewards folded into the exchange rate, DEX [trading fees](https://iq.wiki/wiki/trading-fee) when hGRAM is supplied as liquidity, and boosted HPO rewards through Hipo Club.[[9]](#cite-id-0kfcz8jglh) The protocol advertised a rate of 16.94% yearly rewards over its last two rounds, while emphasizing that this [annual percentage yield (APY)](https://iq.wiki/wiki/annual-percentage-yield-apy) is an estimate that is never fixed or guaranteed and varies with TON rewards, [validator](https://iq.wiki/wiki/validator) bid rates and the total staked GRAM.[[5]](#cite-id-pgdpvywbzd)[[2]](#cite-id-7xeeogjjps) The stake page deliberately avoids quoting a fixed number, directing users instead to the live figure and its history on the Stats page and the public Hipo Stats dashboard, with additional on-chain analytics published on [Dune](https://iq.wiki/wiki/dune).[[6]](#cite-id-0xlzpmu4q1)[[1]](#cite-id-eytismwg24)\n\nWhen a round settles, its rewards are split in a defined order: the borrowing [validator](https://iq.wiki/wiki/validator) first receives the share it agreed when it won the loan; a governance fee on validation rewards — set by the Hipo DAO and currently 0% — is then applied; and everything remaining returns to the treasury, increasing the hGRAM exchange rate for every holder.[[2]](#cite-id-7xeeogjjps) Hipo states that it charges no management or subscription fee and does not skim from rewards as they accrue, leaving the governance fee as the only protocol-level fee.[[2]](#cite-id-7xeeogjjps)\n\nThe direct costs to a user are limited to TON network [gas](https://iq.wiki/wiki/gas), which is displayed in the app before confirmation. The app attaches a small [gas](https://iq.wiki/wiki/gas) prepayment — currently 0.1 GRAM on top of a deposit — of which only a fraction, on the order of a hundredth of a GRAM, is actually spent; the unused portion is refunded to the wallet.[[2]](#cite-id-7xeeogjjps)\n\n## Tokens and Governance\nHipo operates two TON jettons (fungible tokens). The first, hGRAM, is the [liquid staking](https://iq.wiki/wiki/liquid-staking) token minted on deposit; its exchange rate against GRAM is global and set by the treasury contract. The second, **HPO**, is a separate governance and profit-sharing token that is not required in order to stake.[[2]](#cite-id-7xeeogjjps) HPO is intended to align stakers, HPO holders and [validators](https://iq.wiki/wiki/validator), and confers three stated benefits: a share of protocol revenue calculated after each validation round and paid at the end of each Hipo Club season; a vote in the Hipo DAO on proposals ranging from the governance fee to [tokenomics](https://iq.wiki/wiki/tokenomics) and treasury decisions; and a Hipo Club level that increases the HPO earned each round on a holder's hGRAM.[[2]](#cite-id-7xeeogjjps) DAO voting is conducted with HPO through the ton.vote platform.[[1]](#cite-id-eytismwg24)\n\n### HPO Distribution and Tokenomics\nHPO has a fixed total supply of 1,000,000,000 tokens, minted once with no inflation; supply can only decline through burns.[[3]](#cite-id-4hp4mavkls) The token generation event took place on 25 November 2024 via an Initial Liquidity Offering — a launch directly on a decentralized exchange open to anyone with a TON wallet — at an initial DEX price of $0.02, with the price market-determined thereafter. Hipo states there was no private fundraising round and that early investors could buy at a modest price.[[3]](#cite-id-4hp4mavkls) HPO can be acquired by swapping GRAM for it on the STON.fi decentralized exchange, or by qualifying for [airdrops](https://iq.wiki/wiki/airdrop) through ecosystem participation such as [staking](https://iq.wiki/wiki/staking) GRAM or joining the Hipo Gang program.[[3]](#cite-id-4hp4mavkls)\n\nTwo mechanisms are described as intended to shrink supply over time. Hipo states that 90% of the team tokens scheduled for release in the first vesting year were burned and that the remaining team release schedule was extended from 24 to 48 months. Separately, a share of every Hipo Club season's unclaimed rewards is burned, while the remainder returns to the treasury.[[3]](#cite-id-4hp4mavkls) The protocol also sets out a level-reset rule intended to reward long-term holding: selling rewarded HPO resets a member's Hipo Club level, which Hipo says channels rewards toward long-term holders.[[3]](#cite-id-4hp4mavkls)\n\n### Hipo Club\nHipo Club is the protocol's tiered rewards program for stakers and HPO holders, joined through the Hipo Club bot on Telegram. HPO rewards accrue after every validation round on the hGRAM a member holds, at a rate determined by their Club level, and can be withdrawn once the accrued balance exceeds 1,000 HPO.[[2]](#cite-id-7xeeogjjps) Holding rewarded HPO preserves a member's level, while selling it resets them to [Level](https://iq.wiki/wiki/level) 1; levels rise through Club activity via either an instant upgrade or a seasonal upgrade, and higher levels earn more HPO on the hGRAM held each round.[[2]](#cite-id-7xeeogjjps) The program counts a member's HPO and hGRAM balances whether they sit in the user's wallet or are deployed in TON DEX liquidity-provider positions; HPO held in an hGRAM/HPO [liquidity pool](https://iq.wiki/wiki/liquidity-pool) counts toward a member's Club standing.[[9]](#cite-id-0kfcz8jglh)\n\n## Security and Audits\nHipo's [smart contracts](https://iq.wiki/wiki/smart-contract) are open source and have undergone four independent audits. The v1 contracts were audited by TonTech and by Daniil Sedov in October 2023, while the v2 contracts were audited by ProgramCrafter in March 2024 and by [Quantstamp](https://iq.wiki/wiki/quantstamp) in April 2025. Every audit report is published in full in the HipoFinance/audits repository on GitHub.[[2]](#cite-id-7xeeogjjps) The protocol describes its contracts as among the most rigorously tested in the GRAM ecosystem, a claim it makes itself.[[5]](#cite-id-pgdpvywbzd) The main contract repository, HipoFinance/contract, contains the FunC contracts along with a public test suite, and an architecture and integration guide documents the validation-round state machine and the message schemas.[[1]](#cite-id-eytismwg24)[[4]](#cite-id-cr30jxhgji) A Hipo MCP Server exposes live protocol data to AI clients.[[1]](#cite-id-eytismwg24)\n\nThe protocol documents five explicit risks and states that it does not promise fixed returns, is not risk-free, and does not guarantee instant native withdrawal in every case.[[1]](#cite-id-eytismwg24) The five risks are: smart-contract risk arising from potential bugs; TON network risk from dependence on the underlying [blockchain](https://iq.wiki/wiki/blockchain); [validator](https://iq.wiki/wiki/validator) underperformance, mitigated by [collateral](https://iq.wiki/wiki/collateral) sized to cover the maximum penalty plus the promised reward; thin instant liquidity, since Instant unstaking draws only on free GRAM and may be unavailable; and APY variability, since rewards change and are never fixed.[[2]](#cite-id-7xeeogjjps) All on-chain actions can be verified on any TON [blockchain](https://iq.wiki/wiki/blockchain) explorer such as tonviewer.com, and the app links directly to the treasury contract on an explorer.[[2]](#cite-id-7xeeogjjps) Hipo maintains a phishing-awareness resource listing its official channels and warns that it will never ask for [seed phrases](https://iq.wiki/wiki/seed-phrase) or private keys.[[1]](#cite-id-eytismwg24)[[2]](#cite-id-7xeeogjjps)\n\n## hGRAM in DeFi\nBecause rewards accrue through the exchange rate rather than through token balances, hGRAM continues to earn [staking](https://iq.wiki/wiki/staking) rewards regardless of where it is held or used, enabling holders to combine [staking](https://iq.wiki/wiki/staking) rewards with other DeFi yield. The protocol notes that each additional protocol adds smart-contract, liquidity and price-impact risk.[[2]](#cite-id-7xeeogjjps) hGRAM can be held in wallets such as TON Space and MyTonWallet and used or swapped across DeDust, STON.fi, TONCO, GroypFi and swap.coffee, with liquidity provision available on DeDust, STON.fi and TONCO.[[2]](#cite-id-7xeeogjjps) In August 2026, Hipo enabled liquidity provision with hGRAM in hGRAM/GRAM pools on DeDust, STON.fi and TONCO while continuing to earn boosted HPO rewards, so that a position could accrue staking rewards, DEX [trading fees](https://iq.wiki/wiki/trading-fee) and boosted HPO simultaneously.[[9]](#cite-id-0kfcz8jglh) Holders can exit either by swapping hGRAM on a DEX at the pool's rate, subject to available liquidity, or by unstaking through Hipo at the protocol's rate.[[2]](#cite-id-7xeeogjjps)\n\n## Developments\nIn September 2026, Hipo introduced a Buy & Burn mechanism under which the protocol charges borrowers a fee per validation round and uses that fee to buy HPO from the market and burn it. The announcement stated that about 140,000 HPO had already been burned since the mechanism launched the previous week, and described a model in which borrowers compete for Hipo's staked GRAM by committing higher terms.[[9]](#cite-id-0kfcz8jglh) Earlier that month, Hipo launched Hipo Verify and \"VS\" resources at hipo.finance/verify and hipo.finance/vs, presenting official Hipo addresses, accounts and security guidelines and describing an effort to begin on-chain marketing experiments to reach more GRAM holders.[[9]](#cite-id-0kfcz8jglh)\n\nOn 30 August 2026, Hipo published a fund report and said it was changing how the fund is managed. The report placed the fund's value at $98,776.51, down 10.91% since December and down 58.4% since launch, compared with GRAM's decline of 49.7% over the same period. Hipo described it as the first report to include both a since-inception figure and a benchmark, adding that \"both stay from here.\"[[9]](#cite-id-0kfcz8jglh)\n\nHipo maintains an active presence on Telegram, where it directs users to Hipo Chat for community and moderator help and to the Hipo channel for announcements, alongside its @hipofinance account on X for the same purpose.[[2]](#cite-id-7xeeogjjps)[[5]](#cite-id-pgdpvywbzd) The HipoFinance GitHub organization hosts 18 public repositories, including the contract, webapp, website, borrower and audits repositories that make up the hTON [liquid staking](https://iq.wiki/wiki/liquid-staking) protocol.[[4]](#cite-id-cr30jxhgji)","categories":[{"id":"projects-and-protocols","title":"projects-and-protocols"}],"tags":[{"id":"DeFi"},{"id":"Infrastructure"}],"images":[{"id":"QmbYYbewGWU7ykDTWrtH5BrTE5H97qyQjc36M87goYaM43","type":"image/jpeg, 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date\",\"timestamp\":1789494817655},{\"id\":\"cr30jxhgji\",\"url\":\"https://github.com/HipoFinance\",\"description\":\"HipoFinance GitHub organization\",\"timestamp\":1789494817655},{\"id\":\"pgdpvywbzd\",\"url\":\"https://hipo.finance\",\"description\":\"Hipo homepage staking metrics\",\"timestamp\":1789494817655},{\"id\":\"0xlzpmu4q1\",\"url\":\"https://hipo.finance/stake/\",\"description\":\"Hipo stake page statistics\",\"timestamp\":1789494817655},{\"id\":\"7b29try668\",\"url\":\"https://hipo.finance/docs/introduction/advantages-of-hipo/\",\"description\":\"Hipo advantages no minimum\",\"timestamp\":1789494817655},{\"id\":\"ofb2ttsbqj\",\"url\":\"https://hipo.finance/docs/introduction/how-does-hipo-work/\",\"description\":\"Hipo how-it-works staking flow\",\"timestamp\":1789494817656},{\"id\":\"0kfcz8jglh\",\"url\":\"https://x.com/hipofinance\",\"description\":\"Hipo three reward streams tweet\",\"timestamp\":1789494817656}]"},{"id":"commit-message","value":"Create Hipo Finance 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ProgramCrafter (v2)","date":"2024-03-01","description":"Independent smart contract audit by ProgramCrafter (v2).","link":null,"multiDateStart":null,"multiDateEnd":null,"id":"449f5827-81d9-44ea-9f0e-5875481ab1c8"},{"type":"DEFAULT","title":"HPO token live for trading","date":"2024-11-01","description":"HPO token became live/tradable (listed in timelines and market trackers).","link":"https://www.rootdata.com/Projects/detail/Hipo?k=MTAwMDY%3D","multiDateStart":null,"multiDateEnd":null,"id":"2b54cda6-daa0-4ba5-9912-8aee52bdda8f"},{"type":"DEFAULT","title":"Hipo Fund launched (opening capital / start of reporting)","date":"2025-04-01","description":"Launch of Hipo Fund and start of related reporting.","link":"https://hipo.finance/docs/hipo-fund/","multiDateStart":null,"multiDateEnd":null,"id":"c8261221-4587-4ff4-a899-2477e7450b11"},{"type":"DEFAULT","title":"Completed independent smart contract audit by Quantstamp","date":"2025-04-01","description":"Fourth independent smart contract audit reported to be completed by Quantstamp (April 2025).","link":"https://medium.com/@hipofinance/hipo-2nd-anniversary-report-building-sustainable-community-driven-defi-1abae215391c","multiDateStart":null,"multiDateEnd":null,"id":"6ac790b6-0461-419e-8fd5-b6ac55b3b037"}],"linkedWikis":{"founders":[],"blockchains":[],"speakers":[]},"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x2D403Be9b67bE06FFEEb7C2681e19FB4D0eeA48b"},"language":"en","operator":{"id":"0x2D403Be9b67bE06FFEEb7C2681e19FB4D0eeA48b"}}