Join us as we reshape the lending landscape, bringing you an unparalleled experience that redefines what is possible. Embrace the future with us, where stability, security, and innovation meet.
Introducing 3xcaliCredit, an innovation that will revolutionize your lending experience. Get ready to be amazed by its extraordinary features:
🌟 Fixed Rate and Fixed Term Lending: With CREDIT, you can enjoy the stability and predictability of fixed rates and terms. Say goodbye to unpredictable fluctuations and embrace a hassle-free lending experience.
🌟 Isolated Pools: CREDIT brings you the power of isolated pools, ensuring that your investments remain secure and protected. Experience peace of mind as you dive into a world of financial opportunities.
🌟 Oracle-Free Magic: Unlock the true potential of ERC20 pair markets with CREDIT. Our cutting-edge technology allows you to create markets without any reliance on oracles. Explore limitless possibilities and seize the future of decentralized finance.
🌟 Bid Farewell to Liquidations: In the world of CREDIT, liquidations caused by market volatility and fluctuations are a thing of the past. Experience a new era where liquidations caused by unpredictable circumstances become mere memories. Stay in control and enjoy a smoother lending journey.
Introducing the revolutionary core product offering: Fixed Term Pools.
At 3six9 Innovatio, we're taking a bold approach, primarily targeting the B2B market, including DAOS, Funds, Protocols, and Whales. Get ready to experience a paradigm shift like never before.
Here's why this strategy is a game-changer:
- Shifting the Status Quo: Prepare to challenge the traditional norms of the lending landscape. We're here to disrupt the market by introducing a concept that brings together Lenders, Borrowers, and Liquidity Providers. Yes, you read that right!
In a nutshell, the core protocol offering is are designed to:
- Attract investors with idle capital, providing them with a secure place to park their funds.
- Enable treasuries to participate in debt financing, offering new avenues for growth and expansion.
- Attract risk-averse investors who seek stability in their returns, unaffected by interest rate fluctuations resulting from market conditions.
- Attract investors looking to generate steady and fixed returns over a fixed tenure.
Let's pause for a moment and acknowledge that lenders, borrowers, and LPs are all crucial players in the credit markets.
- LPs can be likened to market makers, with one of their pivotal roles being the provision of backup liquidity if all assets supplied by lenders are borrowed.
- In fact, the CREDIT Protocol acts as an Automated Market Maker (AMM), where LPs earn a share of transaction fees. Lenders and Borrowers, on the other hand, do not receive such rewards. Why, you may ask? Well, it's because LPs bear the greatest risk.
- LPs face the risk of providing liquidity, making them the backbone of the market. They also serve as de facto default insurance for lenders. In the unfortunate event of borrower defaults (when borrowers fail to repay their loans on time), the collateral securing their loans is forfeited. This collateral is then distributed between LPs and Lenders, with lenders having priority.
- While it's an unlikely scenario, there is a possibility of a significantly high borrower default rate. In such cases, after paying out lender insurance, LPs may face substantial losses.
At 3six9, we understand the complexities and potential challenges of the market. That's why we're dedicated to creating a resilient ecosystem that safeguards the interests of all participants.
At 3six9, we prioritize the protection and well-being of our valued Liquidity Providers and Market Makers (LPs/MMs). We understand that security and rewards go hand in hand, which is why we've implemented robust safeguards for your peace of mind.
Here's how we ensure LP safety and maximize earnings:
- LP Staking: LPs have the opportunity to stake their LP tokens during a pool epoch, unlocking a world of benefits. By doing so, you can earn an impressive 30% of platform fees and an additional 30% of $CREDIT Liquidity Incentive emissions. It's our way of rewarding your commitment and dedication to the ecosystem.
- $CREDIT Staking: As LPs earn $CREDIT through liquidity incentives, we provide you with the option to stake these tokens, opening the door to even greater opportunities. By staking $CREDIT, you expose yourself to an additional 30% of platform fees and an extra 15% of $CREDIT Liquidity Incentive emissions. It's a smart move that amplifies your earnings potential.
- Rebate Program: We've got your back in case of unforeseen circumstances. Our rebate program acts as a safety net, designed to protect LPs in the event of a high borrower default rate that could potentially lead to bad debt. Rest assured, part of the $CREDIT earned by the treasury will be reserved to allocate towards compensating some of the losses incurred by LPs in the case of bad debt. It's our commitment to stand by your side, ensuring a fair and secure environment for all.
Our pools operate on a simple yet powerful principle: Fixed term and fixed rate lending, with no "non-OTC" early exits until expiry. It's akin to European options, where the true potential is unlocked only at the appointed time. This ensures a secure and controlled environment for all market and pool participants.
When you engage with The CREDIT Protocol, you enter a world where loans resemble the reliability of secured bonds. Each loan is backed by collateral, offering you peace of mind and an added layer of protection.
The beauty lies in the fixed interest rate you enjoy over a specific term or epoch. Say goodbye to sleepless nights caused by interest rate fluctuations in unpredictable market conditions. We understand that you seek stability and consistent returns. That's why our loans are meticulously designed to cater to investors who prioritize a steady and fixed income stream over a predefined tenure.
Moreover, our pools are tailor-made for astute investors who have idle capital waiting to be put to work. With 3xcaliCredit, you can transform your dormant funds into thriving assets, maximizing their potential without compromising on stability.
2. Strategy Vaults
After we deploy the core CREDIT protocol, we're thrilled to unveil that our next groundbreaking product will be: Automated Strategy Vaults (ASVs).
ASVs are designed with you, the retail investor, in mind. We believe that everyone deserves access to advanced financial solutions that were once limited to a select few.
Our ASVs are not just another addition to the protocol – they are a visionary product layer that seamlessly integrates the power of both our swap and credit markets. Experience the perfect fusion of these dynamic ecosystems as you explore the boundless opportunities that lie ahead.
But that's not all. Our Strategy Vaults are not confined to their own realm; they will composable with other protocols. This means you can unlock a world of possibilities by combining the strength of different platforms. The synergy created here will amplify your investment potential and pave the way for exponential growth.
At 3six9, we believe in democratizing finance and empowering individuals like you to take control of their financial destinies. With our Strategy Vaults, you have the key to unlocking a future where innovation, accessibility, and limitless potential converge.
Rough ideas to give a general impression of what we mean:
Vault 1: GLP
- Deposit of GLP or GLP assets such as WBTC, WETH, or USDC For non-GLP assets, the vault uses 3xcaliSwap to convert deposited tokens to GLP tokens
- All assets are converted into yield-generating GLP
- The vault collects the yield of staked GLP tokens weekly and uses the yield to open hedging positions on GMX
- GLP is by nature long on the index of assets it represents (GLP live composition can be checked on Nansen.)
- Hedging positions would imply shorting ETH and BTC on GMX to offset the risk of the volatile composition of GLP. The fact that GLP is composed of more than half of stablecoins makes it more sustainable to pay GMX high fees
- This way the vault is delta neutral and collects the yield from GLP without being exposed to market conditions
- Users can deposit assets at any time. No fees are incurred when depositing an asset.
- How can we distribute esGMX rewards that our deposits gain? (The esGMX however is a non-transferable token) It can be converted into regular GMX by a linear vesting period of 365 days One solution to this would be to automatically stake the esGMX rewards to earn higher yield benefitting the vault the most in the long term, as the yield will compound. This causes the yield in the first periods to be weaker but this can be made up by CREDIT emissions
- GLP compositions vary over time. The vault may need to find a way to hedge the market risk weekly while the assets we are hedging vary. What’s the best way to automate this? We could manually adjust the tokens we are hedging weekly assuming that the composition of GLP does not change that much if no major events incur.
- Can we consider opening up the support of GLP as collateral on 3xcaliCredit?
DOLOMITE Delta-neutral GLP
- This strategy is performed by using GLP as collateral to borrow amounts of ETH and WBTC proportional to their composition in GLP.
- Those assets are then sold to USDC. This effectively “shorts” those assets, meaning the position becomes more valuable when ETH or BTC loses value against USDC. Conversely, the GLP you hold becomes less valuable when ETH or BTC lose value against USDC. But by holding the short, any value that your GLP loses is canceled out by the gains from your short, and vice versa when the price moves in the other direction. By using this strategy, you can cancel out fluctuations in the price of GLP but keep the yield GLP generates minus any interest and trade fees on the borrowed ETH and WBTC.
- After a short hiatus, Umami is expected to launch the “V2” of their GLP vault which is built to generate “Delta-minimized” returns on assets including USDC, BTC, and ETH.
DAOJones is working on a similar product aiming to maximize yield, built on top of their own jUSDC and jGLP tokens. They’re looking to achieve a concept DAOJones refers to as “Delta maximal”, in which it tries to amplify GLP yield.
The team at UnstoppableFi has also been joining in the GLP wars. They’re looking at a strategy that is splitting the stablecoins and crypto assets into their own synthetic token, which could generate 10% APR on the stables (“RealYield”), and 30% APR on BTC.
Rage trade is building Delta Neutral Vaults for GLP, which is earning yield on GLP while shorting ETH and BTC exposure.
VestaFinance is currently aiming to maximize the yield, and volatility, of GLP by applying leverage through lending.
GMD has a “pseudo-delta-neutral” GLP strategy in the works, which will have a hedge in USDC, ETH or BTC allocated in accordance to the actual composition of GLP at that moment, rebalancing weekly.
Vault 2: ARB SSV (Single Staking Vault)
- User deposits $ARB$, receiving $triARB$.
- The vault deploys liquidity in the ARB markets on 3xcaliCredit.
- In the case of $ARB/USDC$: half of the $ARB$ held by users are instantly swapped to $USDC$.
- This creates an IL risk in case $ARB$ were to raise in price.
The vault therefore can hedge this risk with the following:
- Use $ARB/USDC$ as collateral to borrow $USDC$ and swap back to $ARB$. This requires the protocol to accept LP tokens as collateral
In case the vault was to deploy liquidity on 3xcaliSwap also, there is the possibility to hedge IL out on Smilee/Rysk finance using Straddle options.
The entire process anyway is doable on Arbitrum. Brings TVL in case of looping or in case of Swap positions being used as collateral.
Additional ARB strategies
|Strategy 1||Strategy 2|
|1. Borrow ARB on the ARB USDC pool on 3xcaliCredit||1. Borrow ARB on the ARB USDC pool on 3xcaliCredit|
|2. Provide liquidity on the ARB USDC on 3xcaliSwap||2. Provide liquidity on the ARB USDC pool on 3xcaliSwap|
|3. Hedge out IL on Rysk or Smilee||3. Leverage LP tokens on 3xcaliCredit and loop|
|4. Hedge out leveraged IL on Rysk or Smilee|
Vault 3: ETH/USDC Hedgehog
- User deposits $50-50 ETH/USDC$.
- The vault provides liquidity to the 𝐸𝑇𝐻 − 𝑈𝑆𝐷𝐶 pool in 3xcaliSwap.
- This exposes the user to earn trading fees but subjects the position to IL.
- IL can be hedged providing liquidity for the 𝑜𝑆𝑄𝑇𝐻 − 𝐸𝑇𝐻 pool on Uniswap
- This creates a synthetic yield-bearing 𝐸𝑇𝐻 portfolio that earns trading fees from providing liquidity on Uniswap v3 while still keeping linear 𝐸𝑇𝐻 exposure
- (While the 𝐸𝑇𝐻 − 𝑈𝑆𝐷𝐶 pool has a payoff with negative convexity, the 𝑜𝑆𝑄𝑇𝐻 − 𝐸𝑇𝐻 has a positive convexity and by combining them together the strategy gets a portfolio with a linear 𝐸𝑇𝐻 payoff)
Offered by LiquiHedgehog on Mainnet
Vault 4: Leverage farming/lending
Allow the possibility of using 3xcaliSwap LP tokens as collateral on 3xcaliCredit.
A framework for integration would be the following:
- Accept LP token gauge from 3xcaliSwap for the pair X/Y. At this point, the user is allowed only to borrow/lend from that exact pair. This secures us fungible assets as collateral.
- Users may be allowed to deposit and borrow multiple times thus looping their LP position, deepening liquidity on the market, and increasing revenue streams. Users may be inclined to carry higher fees if native token incentives are distributed to make for the high fees.
- Consider supporting GLP as a collateral asset for 3xcaliCredit allowing users to borrow against their GLP while still retaining all rewards, opening the door for advanced hedging, looping, and diversified farming strategies. (Implemented by Dolomite)
We are in moving ahead with onboarding a Deutsche & Ex-KPMG Quant to join our team as the strategy lead for our vault offering.
Unleash the power of $CREDIT!
- Capturing 30% of platform fees: Maximize your earnings by harnessing the potential of $CREDIT. As a participant, you have the exclusive privilege of capturing 30% of platform fees, boosting your financial rewards like never before.
- Rewards and staking control: Take charge of your staking journey with $CREDIT. Earn enticing rewards and gain full control over staking emission rates, ensuring that your investment works tirelessly to generate maximum returns.
- Platform governance at your fingertips: Shape the future of the platform with your voice. As a $CREDIT holder, you will eventually have a say in important decisions such as rebate percentage, fee split, new pools, and exciting new products.
$CREDIT Token Distribution
Maximum Supply: 1,000,000 $CREDIT
Token Emissions: 450,000 $CREDIT (45%)
Auction: 100,000 $CREDIT (10%)
veXCAL Airdrop: 100,000 $CREDIT (10%)
Alpha Pools: 100,000 $CREDIT (10%)
Treasury: 150,000 $CREDIT (15%)
Team: 100,000 $CREDIT (10%)
450,000 $CREDIT (45%)
- 400,000 $CREDIT: Market LPs
- 150,000 $CREDIT: Single Staking
100,000 $CREDIT (10%)
- 5% (50,000): Launch
- 5% (50,000): 3-month cliff then 3-month vest (staked and receiving fees normally, emissions accumulate and release after cliff)
- Token recipients can choose to stake their launch share in order to reduce the cliff to 1 month
- Unsold tokens will be sent back to the treasury
- Minimum buy amount $15 of ETH
- Minimum $1.5M raise
- Unlimited cap
Further Auction Details:
- Our Auction contract is forked from the Gnosis ido-contracts with key modifications:
- No auctioning token will be distributed and expected from the contract to start an auction
- Events emitted when users claim after settlement. If their sell orders are above the clearing price, then an event will be emitted with the amount they should receive. If not, they will receive the bidding token.
- After all the users have claimed, then we can run a script that will collect all the data on-chain and a second one to construct the Merkle tree (used to instantiate the AuctionClaim contract).
- The AuctionClaim is not requiring any modification. With the hash root, users will be able to claim the corresponding amount (TGE vs vested managed by the contract).
100,000 $CREDIT (10%)
- 5% (50,000): Launch
- 5% (50,000): 3 month cliff then 3-month vest (staked and receiving fees normally, emissions accumulate and release after cliff)
- Airdrop recipients can choose to stake their launch share in order to reduce the cliff to 1 month
Snapshot has NOT taken place yet
100,000 $CREDIT (10%)
Introducing Alpha Pools
Enhancing Your $CREDIT Journey
Experience the power of liquidity bootstrapping and maximize your $CREDIT holdings with our exclusive Alpha Pools. Here's what you need to know:
- Join us during the $CREDIT auction and for 7 days afterward to seize a unique opportunity to increase your $CREDIT holdings while contributing to platform liquidity.
- During the 14-day Alpha pool deposit window, pledge ETH to 3xcalibur for three one-month epochs and secure your share of 10% of the $CREDIT Supply.
- As an Alpha Pool pledgee, your allocated CREDIT (100,000 CREDIT, 10% of supply) will be staked and earn vested liquidity mining emissions, ensuring long-term value growth.
- Witness the power of your pledged ETH as 3xcalibur leverages it to bootstrap liquidity for carefully selected Alpha Pool pairs.
- Gain full transparency as you select your preferred pool for pledging, knowing that larger deposits yield greater rewards.
- Once you've made a deposit, embrace the commitment as it cannot be withdrawn until all three epochs have been successfully completed.
- Your pledged CREDIT will generate staking rewards, including platform fees and liquidity mining incentives, exclusively for Alpha Pool Depositors.
- At the end of the epochs, rejoice as pledgees receive their deposits back in ETH, along with added interest.
- In the spirit of prioritizing our users, collected fees and CREDIT emissions will be utilized to provide LP rebates if necessary, ensuring a rewarding experience for all.
Further Alpha Pool Details:
- The AlphaPoolFactory will be responsible for creating alpha pools as well as staking and unstaking the $CREDIT while the pools are maturing.
- The AlphaPool will all have the same maturity and will follow a 3-phase process:
1. Deposit phase: users can deposit ETH and receive a loan in return.
2. Loan phase: admin can transfer the ETH and repay the loan and interest.
3. Settlement phase: users can withdraw their collateral and interest.
- The rewards earned while staking will be distributed 50/50 between the pools and the treasury
Alpha Pool Pairs:
- USDC-ETH: 3x one-month epochs
- GMX-USDC: 3x one-month epochs
- USDC-ARB: 3x one-month epochs
Subject to possible changes.
100,000 $CREDIT (10%)
- 3-month staked cliff
- 12 month vest
150,000 $CREDIT (15%)
- 5% (50,000): Launch
- 10% (100,000): 12 month linear vesting
A different approach to staking
We understand the importance of flexibility and liquidity in the fast-paced world of DeFi. That's why we've reimagined $CREDIT staking to offer you a truly game-changing experience.
Gone are the days of capital locking and limited accessibility. We've listened to your feedback and crafted a new path forward. Our approach to $CREDIT staking is designed to empower you, allowing you to maintain control over your capital while still reaping the rewards.
With our staking model, you'll enjoy the best of both worlds - the potential for significant returns without sacrificing liquidity.
CREDIT Single Staking
15% (150,000 CREDIT) of emissions
The single staking contract will allow staking CREDIT and get rewards generated by the pools and by the CREDIT distribution:
- Epoch-based staking of a 30 days period
- 3 possible dividends tokens (CREDIT, XCAL, and ETH) will be able to be received by users. This contract will distribute whatever amount it got of these tokens.
- Stakers will have the possibility to unstake with a variable penalty rate or this:
- unstake in week 1 = -75% penalty
- week 2 = -50%
- week 3 = 25%
- meaning only withdrawing during week 4 is possible without incurring a penalty
- Pools and the staking epoch 0 will start at the same time. So Epoch 0 would have no reward to distribute but we will accumulate pending rewards coming from the pools and the liquidity mining during the epoch, and the rewards will be distributed in the next epoch.
- In theory, this will be the only epoch falling into this scenario as afterwords we can send staking fees anytime we want to the Staking contract.
- We will have a high staking rate anyway as half of the alpha pool/auction/airdrop/team alloc will be staked which should produce an emission rate > 0
Staking Progress: 80% Complete
- ✅ Create an epoch-based staking with rewards claimable in 3 tokens (2 for now, CREDIT & ETH)
- ✅ Allow users to claim right now their stake against the fee
- ✅ Allow users to claim for the next epoch for free:
- ✅ but Increase the unstake amount
- ✅ reset the unstake amount after epoch flip
- ✅ ‘addDividendsToPending’ should be only callable by the `DISTRIBUTION` and owner
- ✅ Deal with WETH/ETH conversion for the reward tokens
- ✅ Expose the CREDIT amount staked
- PENDING: Penalty mechanism finalization
- ✅ Upgradeability
Staking at Launch Details:
- Users with Credit token allocations via airdrop or auction will be given a set window to decide whether to lock their launch share (half of the total user allocation) for a set period. Doing so would reduce their total vesting schedule, and cliff duration, and entitle them to staking rewards.
- All staking is handled by the admin/owner.
- Once the reduced cliff period has elapsed the admin can call a function that unstakes $CREDIT tokens and allows launch share lockers to begin claiming their launch share, launch share locking rewards, and vested tokens.
- Once the standard cliff period has elapsed the admin can call standardCliffUnstake() which unstakes Credit tokens and allows non-launch share lockers to begin claiming their vested tokens
LP Farming Rationale:
The risk that LPs face is that by providing liquidity not only are they making the market, but LPs are also de-facto default insurance for lenders. In the case of borrower defaults (borrowers not repaying their loans on time), the borrower who defaults would be forfeiting the collateral that secure their loan in the first place, this collateral is then reserved to be shared between LPs and Lenders, with lenders come first in the pecking order before LPs.
So there is the unlikely but possible scenario where the borrower default rate is significantly high and after paying out lender insurance, the LPs would take quite a hit.
With that said, we have some safeguards in place to protect our LPs/MMs as much as possible:
- LPs can stake their LP tokens during a pool epoch and earn 30% of platform fees and 30% of $CREDIT Liquidity Incentive emissions
- As LPs earn $CREDIT from the liquidity incentives, they can opt to stake this $CREDIT and expose themselves to an additional 30% of platform fees and an additional 15% of $CREDIT Liquidity Incentive emissions
- We have a rebate program in place that ensures that if there is a high borrower default rate and LPs are left with bad debt - $CREDIT earned by the treasury will be allocated towards compensating some of the LP losses
This contract will distribute the $CREDIT allocated for staked LPs.
Here the main challenge is to dedicate the correct amount depending on the liquidity size and the duration of the LP.
The CREDIT POSITION NFT (representing the liquidity) has to be deposited into the LP DISTRIBUTION contract and will be part of the reward distribution only for maturity.
- lock position NFT for the whole epoch (or not)
- get the amount from the NFT
- register pool (duration) and only add rewards for the maturity
- Get the rewards from the CREDIT token with a variable emission rate
- Update the emission rate regularly
LP Farming Progress: Complete
- ✅ Allow CP Liquidity to be deposited
- ✅ make sure that the duration of the deposit is only set for the maturity
- ✅ get the amount in the CP
- ✅ allow the withdrawal of the CP so that users could burn it into the PAIR
- ✅ Upgradeability
🗡 ABOUT 3XCALIBUR
The 3xcalibur Protocol is a permissionless, liquidation-free, oracle-free liquidity marketplace, powered by Tri-AMM architecture to facilitate stable swaps, variable swaps, and borrowing/lending.
The Tri-AMM architecture makes 3xcalibur a highly-capable and modular automated market maker.
📱REBEL WITH US
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