beHYPE state is updated through L1 Precompiles, with exchange rates are computed dependencies on off-chain data are eliminated.
A keeper runs twice a day, beHYPE calls the staking delegation Precompile so whenever anyone wants to know the protocol’s total assets they can call the read function “exchange rate” on the beHYPE contract to get its real-time exchange rate.
The call supplies an input equal to the staking rewards accrued since the previous rebase. How that reward figure is produced is verifiable on-chain, These metrics include the rewards earned, although slashing isn't live, the same mechanism is designed to handle any slashing events.
The state is updated twice a day, since rewards are distributed once a day this programmatically ensures the exchange rate reflects rewards and slashing in real time even if the reward distribution mechanism updates.