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Maiden Voyage

To launch new markets efficiently and fairly, Harbor uses Maiden Voyage — time-limited vaults that bootstrap liquidity, collateral backing, and community participation from day one.

Maiden Voyage is the starting point for every new synthetic market on Harbor.

How Maiden Voyage Works​

1. Users Deposit Collateral​

  • Participants deposit approved collateral (e.g., wstETH, ETH, USDC) into the Maiden Voyage during the offering period
  • The deposited collateral will form the initial backing of the new synthetic market
  • Each Maiden Voyage has a defined start and end date for participation

2. Receive New Tokens at Launch​

At the end of the Maiden Voyage period, participants receive:

  • Pegged Tokens (haTokens): Synthetic assets pegged to the selected price feed (e.g., haUSD)
  • Leverage Tokens (hsTokens): Leveraged exposure tokens representing the residual collateral margin

The combined net asset value (NAV) of the issued tokens matches the value of the original collateral — meaning Maiden Voyage participants retain their value, but now split across two new tokens with different risk-return profiles.

3. Earn Additional Rewards​

Maiden Voyage participants are also rewarded with TIDE tokens to incentivize early support. This ensures that early adopters are well-compensated for helping bootstrap the protocol.

Why Maiden Voyage Is Important​

Instant Market Liquidity​

Maiden Voyage participants provide immediate collateral and token float for new markets, ensuring they are liquid and usable from launch.

Balanced System Collateralization​

The Maiden Voyage design ensures that both the stable (pegged) side and the leveraged (sail) side of the market are populated in healthy proportions.

Low-Risk Entry​

Participants in the Maiden Voyage take minimal market risk:

  • The total NAV of their pegged and leverage tokens equals their deposited collateral at launch
  • They can choose to hold, trade, or stake their new tokens based on their individual risk appetite

Community Ownership​

Maiden Voyage enables a fair and decentralized distribution of new synthetic assets — without reliance on centralized market makers or whales.

Example: wstETH Maiden Voyage​

Suppose Harbor launches a market for wstETH collateralized against USD.

During the Maiden Voyage period:

  • Users deposit wstETH into the Maiden Voyage
  • After the Maiden Voyage closes, users receive:
    • haUSD: A synthetic stablecoin pegged to the US Dollar
    • hsETHD: A leveraged long token providing amplified exposure to ETH vs USD

Participants can:

  • Hold haUSD for stability and earn yield via Stability Pools
  • Trade or hold hsETH to speculate on ETH price appreciation
  • Or sell or provide liquidity with either asset in DeFi

In addition, they earn TIDE rewards for participating early.

Participating in Maiden Voyage​

How to Join a Maiden Voyage​

  1. Monitor Announcements

    • Follow Harbor's official channels for new Maiden Voyage launches
    • Review the proposed market details and collateral requirements

  2. Prepare Approved Collateral

    • Ensure you have the required collateral token
    • Approve the Maiden Voyage contract to use your tokens

  3. Deposit During the Window

    • Navigate to the Maiden Voyage interface
    • Connect your wallet
    • Enter the amount of collateral you wish to deposit
    • Confirm the transaction

  4. Wait for Distribution

    • Maiden Voyage has a fixed timeframe
    • At the conclusion, tokens are distributed automatically
    • Your dashboard will show your allocation of haTokens and hsTokens

  5. Claim TIDE Rewards

    • Additional TIDE rewards vest over time
    • Claim them through the rewards interface

Benefits Summary​

✅ Kickstarts New Markets: Provides immediate collateral, liquidity, and token distribution

✅ Fair Participation: Community-driven and proportional — no favoritism

✅ Choice and Flexibility: Users can customize their exposure post-maiden voyage

✅ Low-Risk Structure: NAV of tokens equals deposited value at launch

✅ Boosted Incentives: TIDE rewards amplify early adopter benefits

Maiden Voyage is the launchpad for every new synthetic market in Harbor — turning early participation into a valuable opportunity while laying strong foundations for liquidity, peg health, and community ownership.