Security model

Where the trust sits

Layer	What it holds or does	What you rely on
Vault contract (Elysium)	HYPE in the buffer; the withdrawal queue; OCEAN mint and burn	The correctness of the contract code
Operator (4-of-7 multisig)	HYPE in transit and HYPE delegated on Hyperliquid	Its signers acting honestly and keeping their keys secure
Hyperliquid validators	Consensus and staking rewards for the pool's stake	Validator performance, under Hyperliquid's staking rules
Elysium	The chain Ocean Reserve runs on, and its bridge	Elysium's own trust model
oCEAN governance	The validator set, parameters and role holders	OCEAN holders, behind a 48-hour timelock

Custody model

Ocean Reserve uses operator-custodied delegation. In plain terms:

• HYPE in the Vault is held by the Vault contract. Nobody holds a key to it. It leaves only to fill withdrawal claims or through Elysium's canonical bridge to the delegation account.
• HYPE delegated on Hyperliquid is held in the Ocean Reserve delegation account, which the Operator controls. The Operator is a 4-of-7 multisig. Once HYPE reaches the delegation account, the Operator can move it. No contract on Elysium can force it back.
• You rely on the Operator to keep that HYPE delegated to the approved validator set, to return HYPE to the Vault for withdrawals, and to fund the weekly distribution.

This design exists because Hyperliquid staking happens on HyperCore while OCEAN lives on Elysium, and no contract on Elysium can delegate on HyperCore directly. A disclosed multisig, with every balance visible on both chains, is the honest way to bridge that gap. The delegation account's address is recorded in the Vault and shown on the Pool page.

What the Operator can do

• Send HYPE above the buffer target from the Vault to the delegation account, through Elysium's canonical bridge only.
• Delegate and undelegate HYPE on Hyperliquid across the approved validator set.
• Return HYPE to the Vault to fill withdrawals.
• Record delegated amounts in the Vault.
• Fund the Distributor each week.

What the Operator cannot do

• Mint OCEAN. Only a deposit mints OCEAN.
• Send HYPE from the Vault to any destination other than the delegation account recorded in the Vault.
• Change the delegation account, the validator set, weights or any parameter. Those belong to governance.
• Pause withdrawals or claims.

The Guardian

The Guardian is a 3-of-5 multisig with one power: pausing deposits. It cannot pause withdrawal requests or claims and cannot move funds. It exists to stop new money entering during an incident without trapping anyone already in.

Governance

oCEAN governance sets the validator set and weights, the buffer target, the deposit cap, the delegation account, and the Operator and Guardian addresses. Every change waits 48 hours in the Timelock, which gives anyone who disagrees time to leave before it takes effect.

Contracts

• Not upgradeable. OCEAN, the Vault, the Distributor and the Governor deploy without proxies. Their code cannot be swapped out after deployment, by anyone.
• Verified source. Each contract's source is verified on the Elysium explorer. Addresses are on the Pool page.
• Audits. Audit reports are linked on this page as they are published. Until a report is linked here, treat the contracts as unaudited.

Elysium's trust model

Ocean Reserve runs on Elysium and relies on Elysium's trust model, as every application on Elysium does. According to Elysium's security and data availability documentation:

• Elysium is an Arbitrum Orbit chain that settles to HyperEVM and uses AnyTrust data availability. A committee stores transaction data and posts a compact attestation to HyperEVM.
• Elysium's documentation states that a single honest committee member is enough to keep data available, and that if the committee is unavailable the chain posts full data to HyperEVM instead.
• Withdrawals from Elysium are optimistic and finalise after a challenge period.
• Validation is permissioned at launch, and the chain has a single sequencer. Users can force transactions through the delayed inbox on HyperEVM if the sequencer censors them.

For background on AnyTrust in general, see Arbitrum's AnyTrust documentation. For details of Elysium's infrastructure and who operates it, Elysium's own documentation is the source.

Ocean Reserve deposits are not committed to Elysium's data availability committee, its sequencer or its validation, and they do not change Elysium's trust assumptions.

Hyperliquid staking

The pool's stake follows Hyperliquid's staking rules. According to Hyperliquid's staking documentation:

• Delegations are locked to a validator for one day. Moving HYPE from staking back to spot takes a seven-day queue.
• There is currently no automatic slashing. Slashing is reserved for provably malicious behaviour such as double-signing.
• A validator that is unresponsive can be jailed by its peers. A jailed validator earns no rewards for its delegators until it is unjailed.
• Validators charge a commission on the rewards they earn for delegators.

Check it yourself

Every claim Ocean Reserve makes about the pool can be checked on-chain.

Claim	How to verify
OCEAN is minted 1:1 on deposit	Deposited events on the Vault match OCEAN Transfer events from the zero address
OCEAN is burned 1:1 on withdrawal	WithdrawalRequested events match OCEAN Transfer events to the zero address
OCEAN is fully backed	Vault.totalAssets() compared with OCEAN.totalSupply() (shown as the backing ratio)
Stake sits with the approved validators	Vault.validatorSet() compared with Hyperliquid's own delegations data for the delegation account
The weekly distribution is what the site shows	EpochFunded events and Distributor.currentEpoch()

The Pool page runs these reads live and puts the Vault's records beside Hyperliquid's.