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Overview

The Direct Mint & Redeem pathway enables canonical 1:1 asset migration, ensuring mAssets circulating on Hyperliquid remain backed by verifiable source-chain collateral. This is the institutional pathway used by Designated Market Makers and large participants.

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Minting Process (Inbound)

1

Deposit

Verified entity transfers the underlying asset (Ondo Global Market assets, Backed.fi xStocks, or crypto blue chips) into the Melt Collateral Bridge on Ethereum/Solana Mainnet.
2

Verification

The Melt Oracle Network confirms transaction finality and validates the deposit amount.
3

Issuance

Melt Protocol mints equivalent HIP-1 tokens (e.g., mQQQ, mGOLD) on HyperCore and sends them to the depositor.

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Redemption Process (Outbound)

1

Burn

User sends mAssets to the Melt Redemption Contract on Hyperliquid. Tokens are permanently burned.
2

Release

The protocol triggers equivalent underlying collateral release from the Bridge to the user’s specified source-chain address.

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Fee

A 0.30% (30 basis points) fee for both minting and redeeming. This funds maintenance of the secure custody bridge on Ethereum Mainnet and ongoing compliance management for Real World Assets.