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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.
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 (usingWadRayMath
), 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 onExchange.payout()
on behalf ofExchange
. Access tomint()
andredeem()
is only available toExchange
.
The external function
exchange()
make it possible to get the current Exchange
address for making mint/redeem.Last modified 1mo ago