ZETA Update:
Hello yearn community, ZUSD V1 mainnet has been launched. ZUSD is an ETF asset issued based on yeran’s each DAI ,TUSD ,USDT ,USDC Vault. ZUSD V1 goal is to create a portfolio of stablecoins that flexibly provide investors with a profit strategy according to market conditions.
This mainnet release includes ZUSD’s smart contract open source and interface.
https://www.zetaportfolio.com/ ← Click here You can start ZUSD Buy/Sell using the interface.
ZUSD features:
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ZUSD issuance uses DAI, USDT, USDC, and TUSD.
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If you have ZUSD, compound interest can be generated by yVaults of 4 stablecoins. Users can switch freely according to the yVaults revenue situation.
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ZUSD is not a stablecoin index for 1:1 dollar pegging. ZUSD is designed on an ETF basis because price volatility exists.
ZUSD issuance mechanism:
The basic issuance formula refers to price data in Chainlink Oracle. The weight is based on the number of stablecoins in the balance of each DAI, USDT, USDC, and TUSD Vault token, and the price of ZUSD is formed. When you deposit stablecoins, the number of issuance is determined according to the price of ZUSD.
In general, the price of ZUSD is volatile and arbitrage can be realized depending on the price situation. In addition, it is possible to create a hedging portfolio according to the volatility of the stablecoin value.
ZUSD interest generation mechanism:
Stablecoins deposited in ZUSD are deposited in each DAI, TUSD, USDT, USDC Vault strategy. The management method of each Stablecoins is as follows.
DAI+TUSD: The current strategy of DAI and TUSD is to deposit funds to Curve and sell CRV tokens obtained through liquidity mining to Uniswap. The sold funds are swapped into stablecoins and deposited back into Curve.
USDT+USDC: The strategy of USDT and USDC is to deposit funds in DForce to sell DF tokens obtained liquidity mining to Uniswap. The sold funds are swapped into stablecoins and deposited back into DForce.
For a more detailed explanation, ZUSD’s internal asset management is simpler to understand by looking at the picture below.
Profit realization (Redeem):
ZUSD holders must redeem ZUSD in order to realize profits. When repaid, the balance of the stablecoins varies depending on the situation in which the interest of each stablecoin occurs. So, ZUSD holders can freely switch and realize profits according to each stablecoin vault situation.
Reference :
In the stablecoin redemption (ZUSD burn) operation, a total of 0.52% of yVault fee and ZUSD fee will be incurred. The yVault design is designed so that small investors are not charged 0.5% commission. So, small investors are only charged a 0.02% redemption fee of ZUSD. If you are not a small investor, Uniswap allows you to charge less than the redemption fee.
*The 0.02% fee will be posted in the next post.
ZETA Protocol aims to be a decentralized asset manager based on the YFI ecosystem. We plan to issue ZAssets (ETF) tokens with various strategies in the future, and as the protocol is in the early stages, we need feedback from the community to find a market fit.
*WARNING:
The code is currently unaudited and the frontend is not fully tested. PLEASE DO NOT RISK ANY FUNDS YOU CANNOT AFFORD TO LOSE.
If after this disclaimer you still want to try ZETA, we recommend that you read our contracts carefully before depositing funds. Don’t trust, verify.
ZUSD is just the beginning. We need feedback from the yearn community to grow. We are always grateful to the yearn community for providing feedback.
Source
ZUSD token address: ZUSD | Address 0x577e56C834998f8Fa7eaCA666582691AD4Fd9de4 | Etherscan
Github: ZETA-Portfolio · GitHub
Medium:
https://medium.com/zeta-protocol/zusd-v1-mainnet-launched-c9e651f7915b