Hipo — Dune Analytics

Source of truth for the Hipo protocol dashboard on Dune. Hipo is a decentralized liquid-staking protocol on the TON blockchain: users deposit GRAM into the treasury and receive hGRAM jettons, and the hGRAM→GRAM exchange rate accrues staking rewards each validation round.

TON is a native chain on Dune, so every metric here is derived purely from on-chain data — no off-chain API, no secrets. This repo holds the versioned SQL; the live dashboard is published on Dune under the Hipo team.

• Live dashboard: (add the dune.com link after publishing — see PUBLISH.md)
• Spec / design rationale: SPEC.md
• Panel layout: dashboard.md
• How to publish / update: PUBLISH.md

What it shows

Section	Panels
Headline	TVL, APY, hGRAM supply, holder count (stat tiles)
Size & rate	TVL over time · hGRAM supply · implied exchange rate · APY
Flows	Deposit volume · unstake volume · net flow
Users	New stakers · cumulative stakers · holders over time · holder distribution
Operations	Validation-round / borrower activity
HPO buy-and-burn	HPO burned over time · GRAM spent buying it back

Anchor addresses

Dune stores TON addresses in raw form with uppercase hex (0:HEX…); lowercase hex returns no rows. The queries hard-code:

Entity	Friendly (mainnet)	Raw (in SQL)
Treasury (holds all GRAM)	EQCLyZHP4Xe8fpchQz76O-_RmUhaVc_9BAoGyJrwJrcbz2eZ	0:8BC991CFE177BC7E9721433EFA3BEFD199485A55CFFD040A06C89AF026B71BCF
Parent = hGRAM jetton master	EQDPdq8xjAhytYqfGSX8KcFWIReCufsB9Wdg0pLlYSO_h76w	0:CF76AF318C0872B58A9F1925FC29C156211782B9FB01F56760D292E56123BF87

If governance ever upgrades the parent (new hGRAM master), the supply/holder/rate queries must add the new master address. Each affected .sql flags the exact line to edit.

Accuracy notes

Some metrics are exact and some are approximate (a documented estimate). Every approximate panel states its method and known bias:

• Exact — from on-chain state: hGRAM supply, holders, holder distribution (from ton.balances_history); deposit count, new/cumulative stakers (from ton.messages).
• Exact — from the rate dataset: TVL (total_coins), exchange rate (total_coins/total_tokens), APY. These are stored treasury-getter values that can't be reconstructed from Dune's raw tables, so a small exporter/ job snapshots them daily into dune.hipofinance.dataset_treasury_rate.
• Approximate: unstake volume and the withdrawal leg of net flow (hGRAM burns from ton.jetton_events may under-capture Hipo's custom burns → lower bound), and round/borrower GRAM amounts (message counts exact; amounts need body decoding — best-effort).

Two things Dune's raw tables cannot produce, and how this repo handles them: (1) hGRAM supply/balances — Hipo's custom mints aren't TEP-74, so jetton_events undercount; we use balances_history instead. (2) exchange rate/APY — stored getter values; we snapshot them via the exporter. See SPEC.md. The contract repo's scripts/showState.ts prints the getters and is the cross-check reference.

Layout

queries/                  one .sql per metric (each is a standalone Dune query)
dashboard.md              panel-by-panel layout and chart types
PUBLISH.md                steps to create the Hipo team, the queries, and the dashboard
SPEC.md                   design decisions and validation plan
exporter/                 daily job: snapshot treasury rate/APY/TVL → Dune dataset
data/treasury_rate.csv    versioned source of truth for that dataset
.github/workflows/        cron that runs the exporter

License

MIT — © Hipo Finance.