Private dollars.
Real yield.
CYPHER is a synthetic dollar backed by delta-neutral ETH staking. Earn 5–15% APY, settle instantly, and move value through an optional ZK shielded pool.
Mint CYPHER
APY
TVL
CYPHER Supply
How it works
Four steps from ETH to private, yield-bearing dollars.
Deposit ETH
Mint CYPHER at 1:1 USD value. A small 0.1% fee applies.
Earn yield
ETH is staked and hedged delta-neutral. Yield auto-compounds into CYPHER.
Go private
Optional: move CYPHER into the ZK shielded pool for a 0.5% fee.
Redeem
Burn CYPHER for ETH at any time. A 0.2% redemption fee applies.
Why CYPHER
Stable value, real yield, and privacy. On one token.
Yield bearing
5–15% APY through delta-neutral ETH staking. Auto-compounding.
Private by design
ZK shielded pool for optional privacy. Break the on-chain trail.
Delta neutral
ETH staking plus a short perp hedge. Value stays stable at any ETH price.
Built on Base
Low fees, instant settlement, Coinbase-backed infrastructure.