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ETH+

ETH+ is the equivalent of USD+, pegged to ETH 1:1, instantly mintable and redeemable in ETH. 100% collateralized with delta-neutral and other strategies based on the best protocols.

What is ETH+
ETH+ is the one of main tokens of the protocol, ERC20. It’s a rebase token, fully collateralized with assets that can be instantly converted into WETH.
A rebase token can experience Profit (positive rebase) when the collateral value exceeds 100% and Loss (negative rebase) when the collateral value falls below 100%. Please note that you assume the risk of all protocols in the ETH+ Collateral. Profit payouts occur through daily rebasing, providing transparent balance and P/L visibility.
The pegging mechanism is based on the ‘NAV of 1’ policy (“Net Asset Value”), i.e. market value of assets equals the amount of ETH+ in circulation. This is achieved by:
Conservative risk management aims to avoid daily losses by building a diversified portfolio of highly conservative DeFi Investments
Daily distribution of profits in the form of a rebase to ETH+ holders; all yield collected by the ETH+ reserves are distributed to ETH+ holders directly by increasing their wallet balance once a day
Use a liquidity index reflecting the current ratio of the number of issued ETH+ tokens to the volume of assets on strategies (Strategy), expressed in WETH. 
Internally, balances are stored in RAY (using WadRayMath), which allows you not to worry about the accuracy of working with balances when mint / redeem / balanceOf. The liquidity index is adjusted when the payment process is started on Exchange.payout() on behalf of Exchange. Access to mint() and redeem() is only available to Exchange.
The external function exchange() make it possible to get the current Exchange address for making mint/redeem.

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Last modified 1mo ago