CarVest is reinventing the wheel.. literally. Traditionally, yield in DeFi has been limited to either ponzinomics or basic yield through platforms such as AAVE and Maple Finance, which don't provide more then 5% APR annually and often fall short behind traditional yield sources within the US banking infrastructure such as T-Bill's.
Therefore, CarVest will be partially backed by cars, which are rented through short term rentals ton generate a real source of yield, which doesn't depend on the crypto market sentiment.
To help curb the pain of traditional bankruns, we've decided to implement a few safe stops. CarVest's Stable token (USDV) will be able to trade through the stable curve on major DEX's providing a first layer of liquidity if time needs be. Furthermore, we have an aim to have 50% of the backing available in a PSM (USDC) with a redeemption fee between 0.50 and 1% as it would provide a source of income and allow for arbitrage. Lastly, cars are exponentially more liquid then other traditional sources of yield such as CD's and RE and can be liquidated within days if the project needs to downsize with little slippage.
Deployment of 3 tokens.
- Native Stablecoin Token that has a rebase function
- Wrapped Stablecoin Token that can be redeemed for the rebased amount (always apperciates against native)
- Protocol token
Layer zero: https://github.com/LayerZero-Labs/wrapped-asset-bridge
This requirement is for native stable coin(USDV). Mint: Users can mint native stable coin with DAI (1:1). This means that users can mint 1 native stable coin(USDV) with 1 DAI. Redeem: Users can redeem(burn) native stable coins(USDV) with 0.5% redeem fee. This means that if users redeem 1 USDV, they will receive 0.995 DAI excluding redeem fee.
PSM is the automated exchange allowing for minting/redeeming with USDC, when minting the user provides USDC for 1:1 of USDV, when redeeming, the user provides USDV and gets USDC less a 0.5% redeem fee. i.e contract: https://polygonscan.com/address/0x195F7B233947d51F4C3b756ad41a5Ddb34cEBCe0
This requirement is for protocol token(VestERC20). i.e $1m minted, can mint upto $100k with it with a reference price that has to be updated manually to prevent price manipulation In simple words, protocol token owner need to set price as parameter for minting protocol token manually, and total price of minting is upto 10% of total stable coin minted.
Mint/Redeem for Wrapped Stablecoin (i.e redeem 1 wrapped for 1.01 for example and this matches the total rebases made)
Thin means that if we want redeem 1 wrapped token, we actually need to spend 1.01 wrapped token and this is for rebases. As we need to develop wrapped token as well, there are need of bridge.
The same exchange except in the first contract link instead of swapFromUnderlying we use swapFromTNGBL function (we are using a diff token that the protocol owns) Reference price is cretaed through an oracle that we can update as needed. Here's Tangible's example of an orcale: https://polygonscan.com/address/0x884C16195114F3Fc71Bd8612981687EB6be90d4b#writeContract
This is because wUSDR's value will always apperciate against USDR as it's a wrapped function as we do daily rebases.
https://docs.tangible.store/real-usd/real-usd-v3-contracts-and-addresses