The Scape Vision Scape is building toward a future where commodity sector exposure can be accessed and settled entirely on-chain—with the option for physical backing when appropriate.
The journey has two phases:
Phase Name Status Target Phase 1 Synthetic Indices (s-baskets) Active Now (Testnet) Phase 2 Constraint Tokens (x-baskets) Roadmap Q2 2026
Phase 1: Synthetic Indices (Now) What It Is Sector commodity indices available as HIP-3 perpetual contracts on Hyperliquid.
s-baskets: sSEMIS, sDEFENSE, sAERO, sENERGYPricing: Oracle-fed, price-referencedBacking: None (synthetic)Access: Perpetual contracts on Hyperliquid testnet
Current Status Component Status Index methodology Defined Oracle integration In progress (Provider TBD) HIP-3 deployment Testnet Market activation Implementation TBD
Why Start Synthetic?
Speed to market: No physical infrastructure requiredCapital efficiency: Users can leverage price exposureMarket validation: Test demand before physical investmentEcosystem alignment: Builds on Hyperliquid’s HIP-3 primitive
Phase 2: Constraint Tokens (Q2 2026) What It Is Physically-backed tokens representing audited warehouse holdings of sector commodities.
x-baskets: xSEMIS, xDEFENSE, xAERO, xENERGYPricing: NAV-based from inventory ledgerBacking: Physical warehouse receiptsAccess: AP-only mint/redeem; retail accesses secondary market
Roadmap Only. No physical backing, warehouse operators, custody partners, or x-basket tokens exist today. Phase 2 is a future development target that may change or not occur.
Key Components Component Description Status Warehouse Partners Store physical commodities TBD Custody Solution Secure warehouse receipts TBD Inventory Ledger On-chain proof of holdings Design phase AP Network Authorized create/redeem TBD NAV Oracle Calculate token value Design phase
Constraint Tokens Deep dive on the physical backing model.
Why Physical Backing? Limitations of Synthetic Synthetic indices (s-baskets) have limitations:
No delivery: Cannot take physical possessionOracle dependency: Price is only as good as the feedFunding costs: Perpetual holding has funding implicationsCounterparty risk: Depends on market solvency
Benefits of Physical Backing Constraint tokens (x-baskets) address these:
Redeemable: APs can redeem for physical deliveryNAV-based: Price anchored to audited inventoryYield potential: Storage, financing, basis opportunitiesInstitutional use: Suitable for hedging actual exposure
Use Case Comparison s-basket Use Cases
x-basket Use Cases
Best for:
Speculation on sector performance
Short-term exposure
Leverage-seeking participants
Price exposure without delivery needs
Not ideal for:
Physical delivery requirements
Long-term holding (funding costs)
Institutional hedging requiring delivery
Best for:
Institutional hedging
Physical delivery (via APs)
Long-term sector exposure
Basis exposure vs synthetics
Not ideal for:
High-leverage speculation
Retail physical redemption
Roadmap Timeline Timeline is indicative. Actual delivery dates may vary based on development progress, partner availability, regulatory considerations, and market conditions.
2024-2025: Phase 1 Foundation Milestone Target Index methodology finalized Complete Oracle provider selection In progress Testnet deployment In progress Market activation Q1 2025 (TBD) Mainnet deployment (TBD)
2026: Phase 2 Physical Milestone Target Warehouse partner selection Q1 2026 (TBD) Custody solution integration Q1 2026 (TBD) Inventory ledger deployment Q2 2026 (TBD) AP network launch Q2 2026 (TBD) First x-basket launch Q2 2026 (TBD)
Governance Evolution Index governance evolves across phases:
Aspect Phase 1 (Now) Phase 2 (Roadmap) Weight changes Fixed (TBD: governance or programmatic) Component adds/removes Manual (TBD) Rebalancing None (TBD) Fee parameters Fixed (TBD)
Governance Roadmap Future governance plans.
What Remains Unchanged Across both phases:
Sector focus: Commodity baskets targeting supply chain sectorsIndex composition: Same commodities in s-basket and x-basket variantsHyperliquid native: Built on Hyperliquid infrastructureTransparency: Public methodology and pricing
Next Steps 