StableJack @ StableJack_xyz AVAX Chain Innovation DeFi>Delisting TL; DR Sichuan pepper conclusion (NO ADS no advertisement) 1. What is the project? Stable Jack is a DeFi platform on AVAX, focusing on Yield, Volatility, and Points markets. It stores assets such as sAVAX and is divided into YT (Stable Yield) and VT (Volatility Leverage) 2. Deposit sAVAX/stETH and split YT (stable returns)+VT (leverage fluctuations)+PT (mining airdrops). This is indeed an innovation, splitting the fixed+floating+airdrops into three tokens with three sources of income 3. Currently, we have crossed over to Sonic and can have multiple pool point bonuses. You can eat 4 fish per day and get a soft hand //Many DeFi innovations actually come from AVAX, and Benqi/trader Joe's mechanism is very good Project Introduction: What is Stable Jack? Stable Jack is a DeFi revenue project on the Avalanche (AVAX) chain, aimed at addressing the pain points of unstable revenue and difficult volatility trading. It breaks down the revenue and volatility of any asset (stablecoin, LST/LRT, LP token, RWA, etc.) into two parts: 1. Yield Token (YT): Lock in fixed or leveraged returns, break even, suitable for stable players. 2. Volatility Token (VT): amplifies asset volatility, without liquidation or funding fees 3. Points Token (PT): Leveraged mining airdrops/Points Core highlight: Dynamically adjusting NAV through smart contracts to ensure that the total value of YT+VT equals the value of the collateral asset, with a fixed+floating+airdrop gameplay SAVAX Analysis Condom 1: SAVAX is the Liquid Staking Token (LST) of the BENQI protocol, representing the pledge of AVAX rights and earning AVAX staking profits Condom 2: Stable Jack， Split into YT (Yield Token, locking in profits) and VT (Volatility Token, amplifying volatility) Calculation: Assuming we invest 1000 sAVAX ->Mint YT (fixed income, Δ=0)+VT (volatility leverage, Δ>1） So, sAVAX value (USD)=AVAX price x (1+staking income)+20x stablejack discount ticket The actual value of sAVAX is actually difficult to calculate. Benqi wrote an annualized LST age of 5%, but behind savUSD, sAVAX's pledged basic income (14.32% from Benqi) is 14%, so I need to further study it And the discount points for 20x Jack tokens (which can be bought at a discount) cannot be counted Exchange steps 1. Pledge AVAX: Deposit AVAX in BENQI protocol and replace it with sAVAX 2. Deposit into Stable Jack: Connect the wallet and deposit sAVAX. At this point, you can select mint xAVAX/aUSD (on the V1 interface) 3. Redemption: Redemption at any time based on net asset value (NAV) to exchange for sAVAX How to cast savUSD? Mechanism: savUSD is a stablecoin of Stable Jack, which is deposited into assets such as sAVAX. Through the "Yield Trade" model, a guaranteed YT savUSD is minted, as well as a VT savUSD, consisting of a guaranteed fix yeild and a leveraged savUSD yield Condom 1: AVAX pledges benqi=sAVAX Condom 2: Mint savUSD (fixed income)+xAVAX (volatility leverage portion) Condom 3: After mint, there are 80 times the discount jack points Then it's like this, YT Fixed Yield is 13%, VT Implied Leveraged Yield is 15%, which means 13% fixed income+15% leverage in human terms Let's use an official example to explain: User A deposits collateral worth $1000 and mints 1000 Yield Tokens User B deposits collateral worth $1000 and mints 1000 volatile tokens Total pool: Mortgage assets worth $2000, with a 10% increase in mortgage asset prices New Total Pool: $2200 worth of collateral assets Revenue token value: $1 (no price risk) Volatility token value: $1.2 (all prices exposed) User A redeems 1000 revenue tokens and obtains collateral assets worth $1000 User B redeems 1000 volatile tokens and obtains collateral assets worth $1200 If at this time, the collateral assets have fallen by 10%, the new total pool will be $1800 worth of collateral assets Revenue token value: $1 (no price risk) Volatility token value: 0.8 USD (all price risks) User A redeems 1000 Yield Token and obtains collateral assets worth $1000 User B redeems 1000 Volatile Tokens and obtains collateral assets worth $800 Although the price of the mortgaged asset has dropped by 10%, Yield Token has no price risk because its Δ=0, while Volatile Token has fallen by 20% because its Δ>1 What is rsAVAX? RsAVAX is a Restaked version of AVAX, which re pledges sAVAX through protocols such as EigenLayer to earn extra points and profits Condom 1: AVAX pledges benqi=sAVAX Condom 2: SAVAX pledged to EigenLayer=rsAVAX Condom 3: Staking rsAVAX to Stablejack earns 5 times 0xzukazu+2 times 0xMilk Points+117 times Jack discount points At present, after the update of the v2 protocol, there should be some highlights. I won't say much about the discount points, but they are discount tokens. I think some project parties can actually learn from this economic incentive system, which is more suitable for any current project. More attention can actually be paid to in-depth research on the Stable Jack's split token system I once helped a project design similar to this, dividing fixed income/fixed+floating income/pure floating income into three pools, which can be considered as some financial options. Overall, Stablejack seems to need to be deeply integrated with Sonic for financial stacking