# Welcome Blindex is the first stablecoin-based DeFi platform that sees all currencies as equals Blindex is the first multi-currency fractional-algorithmic stablecoin protocol It is an open-source, permissionless, and entirely on-chain – currently implemented on RSK and potentially on additional chains in the future. The end goal of the Blindex protocol is to replace all traditional financial systems and therefore it calls for being completely stable, all-inclusive and 100% decentralized. Blindex is derived from [Frax'](https://frax.finance/)s protocol with its new paradigm in stablecoin design. It brings together familiar concepts into a never before seen protocol, this time on a multi-currency scale. ![Mint, swap, trade, invest and redeem ANY FX pegged coin. All coins are partially collateralized, algorithmically stabilized and completely decentralized. ](/files/KAM1EI69c3VCjF3VBnl2) \ \ **Follow us** Website: \ App: \ Telegram: \ Twitter: \ Discord: \ Medium: # The Roadmap We’re making the (crypto) world a stable place, one block at a time. Here’s how we’re going to make it happen: **Stage 1 (LIVE)** - **Basic Economics**: Establishing stablecoins pegged to multiple currencies. **Stage 2 (LIVE) – Utility Maximization:** Enabling you to provide liquidity, swap, earn fees and accumulate rewards by staking your LP tokens (effectively a tokenized FX trading platform). **Stage 3 – Playing Bigger:** Adding tools that will help earn interest and/or borrow against your assets. **Stage 4 – The Dream:** Going beyond currencies (tokenize & synthesize everything!!!). ![](/files/jcop8FyRuBUpyZKG9lpF) # Re-Defining DeFi The Blindex protocol is Re-Defining DeFi (by Defying CeFi). Completely disconnected from CeFi, Blindex is a new breed of a DeFi platform: \ **It's game-changing** We’re creating truly decentralized stables: pegged to your home currency, but collateralized by ETH & BTC (and other select, decentralized large-cap coins in the future). \ **It's fully inclusive** Currency-blindness means we allow anyone on the planet to enjoy financial freedom, without the need to hold USD or be exposed to FX fluctuations. \ **And It's unstoppable** We made sure it’s disconnected from any existing, centralized stables (so it can not be blacklisted, paused, censored, or otherwise affected by any centralized authority). Even our infrastructure layer is running on StackOS, the decentralized cloud. # Stability How do we keep the tokens stable? This is the complex/interesting part. First of all, we’re deriving from the great work done by the FRAX team, who managed to build very robust foundations for a partially collateralized, algorithmic stablecoin. We’ve added some additional logic to support multiple fiat currencies and not just USD, as well as changed the collateral to be only fully decentralised BTC & ETH. The stability is algorithmically achieved by the combination and constant adjustment of multiple factors, such as collateral ratio, collateral and buffer pricing, and market trust. We've also refined some of the redemption mechanisms in order to remove any incentivize for a "bank run" and have a fairer collateral distribution upon redemption. # Why FRAX-Based? The Blindex protocol is derived from FRAX and it's our intention to show our respect for the great work they've done by submitting a governance proposal (once the governance is sufficiently decentralized) to allocate some BDX tokens to the FRAX team. Here's a short summary of what makes it so unique and groundbreaking: * **Fractional-Algorithmic** – FRAX is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. This means it is the first stablecoin to have part of its supply floating/unbacked. The ratio of collateralized and algorithmic depends on the market's pricing of the stablecoin. If the stablecoin is trading at above $1, the protocol decreases the collateral ratio. If the stablecoin is trading at under $1, the protocol increases the collateral ratio. * **Decentralized & Governance-minimized** – Community governed and emphasizing a highly autonomous, algorithmic approach with no active management. * **Fully on-chain oracles** – Frax uses Uniswap (ETH, USDT, USDC time-weighted average prices) and Chainlink (USD price) oracles. # Our Tokens **BDX** is the non-stable utility & governance token of the Blindex protocol. It is meant to be volatile, serving as a "shock absorber", holds governance voting rights and has an inherent utility on the platform. Its usage includes adding and adjusting collateral pools, adjusting various fees (like Minting or Redeeming), and refreshing the rate of the collateral ratio. ![The BDX token](/files/QgsLdYzMZYEx5DBTnpi9) The other tokens are commonly known as **BD-Stables** and are based on their pegged asset.\ The specific BD-Stable token naming convention changed over time. We started as "BD + country code" (e.g. **BDUS** for the USD stablecoin and **BDEU** for the European Union Euro), and then the convention changed to "b + peg symbol" (e.g. **bGBP** for Great British Pound stablecoin or **bXAU** for gold stablecoin).\ We will be gradually releasing a few major assets (bXAG, bAUD, bCHF, bCAD, bJPY, etc) and adding more stables based on community feedback. ![BD-Stable Tokens](/files/ka12m2y8eyYPrifSkPeD) #### Go to [Contract Addresses](/smart-contracts/contracts-addresses) to see the list of supported tokens and their addresses # Tokenomics 1. Total of 21M tokens.\ That's it, not even 1 bit above that. 2. 50% of the tokens are reserved for the ongoing protocol operation and for the governance reserve.\ Specifically, 35% is dedicated for partnerships, integrations and new BD-Stables, while the other 15% is reserved (with appropriate cliff and time locking) for the core team that will continue developing and maintaining the protocol. All token allocations, including this one, will be periodically reviewed and amended if needed by the DAO. 3. 50% are farmed via liquidity mining program over 5 years as per the following schedule: * Year 1 - **20%** (\~11,520 BDX/day) * Year 2 - **12.5%** (\~7,200 BDX/day) * Year 3 - **10%** (\~5,760 BDX/day) * Year 4 - **5%** (\~2,880 BDX/day) * Year 5 - **2.5%** (\~1,440 BDX/day) 4. Bonuses for locking up liquidity: * 10 years - 50x * 5 years - 10x * 3 years - 3x * 2 years - 2.333x * 1 year - 1.667x ![](/files/31M4ECjqzzKyn03udKwk) 5\. No tokens were sold to investors and/or granted to the team/advisors for past work. In addition to the future team allocation, we will propose to governance (once it's sufficiently decentralized) to allocate some tokens to the original FRAX team, as we believe that their work, from which we've greatly benefited, should be recognized and rewarded. The quantum of the grant, its vesting, and any other terms will be decided by the community. 6\. 10% of all liquidity mining rewards (which represent 5% of the total BDX tokens) - will be transferred to the operational wallet with the view of enabling the project to be self-sustainable, prior to generating sufficient revenue from the usage of the protocol itself (e.g. mint/redeem fees, deposit-borrow rate margin etc.)\ The transferring of the tokens will only happen upon claiming the liquidity mining rewards. # Meet The Team Transparency is key. ![Andrey](/files/ozPrDF6jt5XAcqC0S5wj) Hello [Andrey Shirben](https://www.linkedin.com/in/ashirben/) ✌️ In addition to his strong roots in the “traditional world” (investing in over 150 early-stage startups, helping entrepreneurs build billion $ companies, being the chairman of a publicly listed company and a founding partner of 3 VC funds, among other things), Andrey’s passion for alternative financial systems started back in 2013 when he took his first steps into the blockchain journey. Since then he has been VERY busy – investing in an average of 10 projects a month, creating investment & trading strategies, founding Gravity Capital (blockchain and crypto fund), Follow\[the]Seed (an evergreen crypto investment company), he's an early investor in Efficient Frontier (one of the largest Market Makers in the crypto world), advising selected projects and much more. ![Omer](/files/VVH5vQQzLpAqZmovpd1n) Hi [Omer Paz](https://www.linkedin.com/in/pazomer/) 🖖 Omer is an all-around business leader. Bringing vast experience in the financial space, previously the COO of PayKey (a Fintech startup that works with Banks all over the globe): He led and built many aspects including sales, finance, marketing, and A to Z product strategy. Being active in the crypto space since 2017, mostly as an early investor in projects. ![Kazaz](/files/0Sg81h1j8DpdBF4ewDVU) Hola [Or Kazaz ](https://www.linkedin.com/in/orkazaz/)🤟 Kazaz is an experienced strategic leader. Bringing in-depth experience in development, product, and business as the Director of Product & Engineering at Autodesk: making products a reality while driving strategic innovation with a wide range of business partners. Has passion for running nodes to help the crypto space grow, and an early investor in the space since 2016. ![Tom](/files/N9Th87T1vfsXYwFop7xh) Aloha [Tom Keidar](https://www.linkedin.com/in/tom-keidar/) 👋 Tom is an engineer and tech lead with extensive experience in the tech space, leading and building teams and projects in various companies from pre-seed startups to large cooperates mainly in crypto/blockchain space and cyber-security. Tom is writing smart contracts since 2017 and is active and investing in crypto since then. # Fair Launch Some key information points ### Fair Launch * No investors tokens. * No past team tokens. * No pre-mined tokens (well, technically we'll have to mint some stables in order to setup all the pools and establish prices in the system, but these will be recollaterilized upon the completion of the setup in order to avoid any collateral shortfalls). * The fair launch is set to start on 6th of Feb, 2022 and will run in a soft launch mode for a few weeks, while the team closely monitors the platform to identify any potential issues. Although technically anyone can participate in the soft launch, it is suggested only for experienced users to participate in it. Once the soft launch phase is completed, there will be a general announcement to notify the community. ### # DAO Blindex strives to be as decentralized as it gets.\ In order to do this, we need to make sure we have a well-functioning DAO that can make meaningful decisions to serve the Blindex community, without personal interests. [Join the DAO now](https://snapshot.org/#/blindex.eth) :sunglasses: ### DAO - Phase 1 #### Voting power We're starting Blindex's DAO at phase 1.\ During this phase, your voting power is just as simple as 1 BDX in your wallet = 1 voting power. That's it. Phase 2 will be a bit more sophisticated to consider how long you're holding your BDX. We want to provide more voting power to the community members here in the long run. Blindex uses [Snapshot](https://snapshot.org/#/blindex.eth) to facilitate all of its proposals. #### Decisions We wouldn't want someone to buy a lot of BDX, vote on a proposal, and get rid of their BDX right away. Until phase 2 arrives, which solves that problem, the governance tool will be used for small decisions - no life-changing proposals just yet.\ In addition, during phase 1, only Blindex's core contributors could raise proposals. The core contributors are available via Blindex's social channels, so please bring any subject you wish to propose to their attention. We're actively working on phase 2; stay tuned ;) #### Why start with phase 1? We still want to start building Blindex's DAO as soon as possible, and that is why we're going through phase 1 first. There is a lot to learn as a community, so we would like to start realizing that as fast as possible and show the community where things are going. # Investment Strategies How Blindex will invest its funds to generate more yield to its community and BDX holders One of the main drivers of the Blindex protocol will be investing its excess collateral in different Defi protocols to generate more yield for the community.\ These yields could come back to the community in the form of BDX buybacks or any other strategy to increase the value the BDX holders get. With these yields, we could also: * Keep Blindex’s assets/stables pegged across multiple DEXs protocols via arbitrage strategies. * Supply liquidity to Blindex’s pools across selected protocols. * Bring value to BDX holders * Through listing on multiple DEXs (thus strengthening the Blindex’s brand). * Participate in the Curve “games”. * Buybacks of BDX on different DEXs. ### Why do we have excess collateral reserves? Few situations could happen that will create excess collateral in the system: * The CR (Collateral Ratio) changed and is now smaller than before. As [we know](/diving-deeper/price-stability), the CR is a moving target based on the price stability of the BD-Stable.\ As it goes down, it means we now have more collateral (BTC/ETH) reserves than needed in the system. * The price of the collaterals went up.\ The collateral is required to back the circulating supply of the BD-Stables. If the collateral (BTC/ETH) price went up, that means we have more funds than we need. * Fees - minting/redeeming fees go straight back to the collateral pools. That creates a situation we'll have more collateral than needed. * BDStables locked up for a long time - Blindex is aware of all the LP tokens that were locked in its staking pools. Whenever there are BDStables that are locked, that means that **at the moment,** that wallet address can't go an redeem the stables (until the lockup period is over). Blindex can use this information to make **wiser** decisions about how much actual collateral is needed to back the "free" BDStables. ### What will happen in case of a market crash? Blindex needs to invest its collateral wisely. As the treasury will increase in size, we could take riskier (and much more rewarding) strategies.\ Until then, we'll play it safe. Blindex will invest its funds only in well-established protocols with good enough yields to not risk it too much (mostly lending protocols at the moment). Blindex could also withdraw its funds back to bring the eCR up again In case of market crashes. However, we might not always need to do it.\ Blindex also has the [incentivized swap (recollateralization)](/diving-deeper/buybacks-and-recollateralization#recollateralization-incentivized-swap) option. As described in our docs, in the case of the CR > eCR, the community can provide more collateral to the system in exchange for the same amount in BDX, plus a bonus for helping the protocol.\ So while a situation where the CR is bigger than eCR happened, the community might help in exchange for incentives even before Blindex will have to fill back the collateral pools with the excess collateral used for investments. It's also important to remember that Blindex will slowly learn more and more about these investments, and until then, we'll not take out all the excess collateral from the system.\ It will be wiser to keep some excess collateral strictly for market crashes. Long story short, we got it covered :sunglasses: ### How we're doing it? Show me the details! Blindex stable collateral pools have an option to Buyback collateral by supplying BDX to the pool.\ As mentioned in our [docs](/diving-deeper/buybacks-and-recollateralization#buybacks), this option is only available when the eCR (Effective Collateral Ratio) is bigger than the CR (Collateral Ratio). Once we've done that, Blindex can invest the excess collateral and start generating yields to increase the protocol's treasury in service of our community. Currently, this operation will be executed manually using the Blindex core contributors using the treasury multisig.\ We want to work on an automated and decentralized way of doing that in the future.\ We call it BSM (Blindex Strategies Manager). Good things are yet to come. :tada: # Treasury Blindex's treasury uses Gnosis multisig to secure all the funds. It can be [found here](https://rsk-safe.com/#/safes/0x18bc35c3b74b35c70cff0ec14ad62f4a8c2e679c/balances). ### Investments - Follow us on [DeBank](https://debank.com/profile/0x18bc35c3b74b35c70cff0ec14ad62f4a8c2e679c)! As mentioned in our investment strategies section, Blindex invests its excess collateral on different Defi Projects. A much clearer view of the treasury's portfolio [could be found on DeBank](https://debank.com/profile/0x18bc35c3b74b35c70cff0ec14ad62f4a8c2e679c). This view will also show Blindex's investments. DeBank might not yet support all of those projects, and therefore the portfolio will not include those (for example, as of May 3rd, 2022, DeBank does not support Sovryn, and Blindex invested in it). Once Blindex develops its own treasury/investments view, it will always include all of Blindex's investments. # Introduction Many stablecoin protocols have entirely embraced one spectrum of design (entirely collateralized) or the other extreme (entirely algorithmic with no backing). Collateralized stablecoins either have custodial risk or require on-chain over-collateralization. These designs provide a stablecoin with a fairly tight peg with higher confidence than purely algorithmic designs. Purely algorithmic designs such as Basis, Empty Set Dollar, and Seigniorage Shares provide a highly trustless and scalable model that captures the early Bitcoin vision of decentralized money but with useful stability. The issue with algorithmic designs is that they are difficult to bootstrap, slow to grow (as of Q4 2021 none have significant traction), and exhibit extreme periods of volatility which erodes confidence in their usefulness as actual stablecoins. They are mainly seen as a game/experiment than a serious alternative to collateralized stablecoins.\ \ Using the foundations built by Frax protocol, Blindex attempts to be the first multi-currency stablecoin protocol to implement design principles of both to create a highly scalable, trustless, extremely stable, and ideologically pure on-chain money. The Blindex protocol is a multi-token system encompassing different currency stablecoins called BD-Stables (BDEU/BDAU/BDUK etc.) and BDX - a governance token. The protocol also has pool contracts that hold BTC & ETH collateral. Pools can be added or removed with governance. Although there are no predetermined timeframes for how quickly the amount of collateralization changes, we believe that as BD-Stables adoption increases, users will be more comfortable with a higher percentage of BDX supply being stabilized algorithmically rather than with collateral. After the initial ramp-up period, during which the collateral ratio will be locked at 100%, the collateral ratio refresh function in the protocol can be called by any user once per hour. The function can change the collateral ratio in steps of .25% if the price of a specific BD-Stable is above or below its designated peg. When the BD-Stable is above its peg, the function lowers the collateral ratio by one step and when the price of the BD-Stable is below the peg, the function increases the collateral ratio by one step. Both refresh rate and step parameters can be adjusted through governance. In a future update of the protocol, they can even be adjusted dynamically using a PID controller design to automatically calculate and update those parameters according to a predefined logic. The price of the different BD-Stables and collateral are all calculated with a time-weighted average of the appropriate pair price and by utilizing some FX oracles. We're aware of some limitations, such as unavailability of the Chainlink oracles on RSK network and are working on mitigating the potential risks associated with this. Blindex stablecoins (BD-Stables) can be minted by placing the appropriate amount of its constituent parts into the system. At genesis, the BD-Stables are 100% collateralized, meaning that minting a BD-Stable only requires placing collateral into the minting contract. During the fractional phase, minting a BD-Stable requires placing the appropriate ratio of collateral and burning the ratio of BDX. While the protocol is designed to accept any type of cryptocurrency as collateral, this implementation of the Blindex Protocol will mainly accept BTC & ETH (represented by rBTC, wrBTC & ETHs on the RSK network) as collateral to smoothen out volatility in the "smaller" tokens so that BD-Stables can transition to more algorithmic ratios smoothly. As the velocity of the system increases, it becomes easier and safer to include more volatile cryptocurrency into future pools with governance. # Price Stability How arbitrage keeps BD-Stable's price-stable BD-Stables can always be minted and redeemed from the system for the value of its peg. This allows arbitragers to balance the demand and supply of BD-Stables in the open market. If the market price of a particular BD-Stable is above the price of its peg, then there is an arbitrage opportunity to mint this BD-Stable tokens by placing the value of the peg into the system per BD-Stable and selling the minted BD-Stable for over the peg price in the open market. At all times, in order to mint BD-Stables, a user must place the peg worth of value into the system. The difference is simply what proportion of collateral and BDX makes up that value. When BD-Stable is in the 100% collateral phase, 100% of the value that is put into the system to mint it is collateral. As the protocol moves into the fractional phase, part of the value that enters into the system during minting becomes BDX (which is then burned from circulation). For example, in a 98% collateral ratio, every BD-Stable minted requires 98% of the value of its peg in collateral and burning 2% of its peg value in BDX. In a 97% collateral ratio, every BD-Stable minted requires 97% of the value of its peg in collateral and burning 3% of its peg value in BDX, and so on. If the market price of BD-Stable is below the price range of its peg, then there is an arbitrage opportunity to redeem BD-Stable tokens by purchasing them cheaply on the open market and redeeming BD-Stable for the worth of its peg's value from the system. At all times, a user is able to redeem BD-Stable for its peg's worth of value from the system. The difference is simply what proportion of the collateral and BDX is returned to the redeemer. When BD-Stable is in the 100% collateral phase, 100% of the value returned from redeeming BD-Stable is collateral. As the protocol moves into the fractional phase, part of the value that leaves the system during redemption becomes BDX (which is minted to give to the redeeming user). For example, in a 98% collateral ratio, every BD-Stable can be redeemed for 98% of collateral and 2% of minted BDX. In a 97% collateral ratio, every BD-Stable can be redeemed for 97% of collateral and 3% of minted BDX. The BD-Stables redemption process is seamless, easy to understand, and economically sound. During the 100% phase, it is trivially simple. During the fractional-algorithmic phase, as BD-Stables are minted, BDX is burned. As BD-Stables are redeemed, BDX is minted. As long as there is demand for BD-Stables, redeeming it for collateral plus BDX simply initiates minting of a similar amount of BD-Stables into circulation on the other end (which burns a similar amount of BDX). Thus, the BDX token’s value is determined by the demand for BD-Stables. The value that accrues to the BDX market cap is the summation of the non-collateralized value of the BD-Stables market cap. This is the summation of all past and future shaded areas under the curve displayed as follows.\ \ ![](/files/fozMkBwaYVSMakAwEogO)\ \ The demand-supply curve illustrates how minting and redeeming BD-Stables keeps the price stabilized (q is quantity, p is price). At CD0 the price of BD-Stable is p0=peg at q0​. If there is more demand for BD-Stables, the curve shifts right to CD1​ and a new price, p1​, for the same quantity q0​. In order to recover the price to the peg, new BD-Stable must be minted until q1 ​is reached and the p0 ​price is recovered. Since market capitalization is calculated as price times quantity, the market cap of BD-Stable at q0 ​is the blue square. The market cap of BD-Stable at q1 ​is the sum of the areas of the blue square and green square. Notice that in this example the new market cap of BD-Stable would have been the same if the quantity did not increase because the increase in demand is simply reflected in the price, p1​. Given an increase in demand, the market cap increases either through an increase in price or increase in quantity (at a stable price). This is clear because the red square and green square have the same area and thus would have added the same amount of value in market cap. Note: the semi-shaded portion in the green square denotes the total value of BDX that would be burned if the new quantity of BD-Stables was generated at a hypothetical collateral ratio of 66%. This is important to visualize because BDX market cap is intrinsically linked to demand for BD-Stables. Lastly, it’s important to note that Blindex is an agnostic protocol. It makes no assumptions about what collateral ratio the market will settle on in the long-term. It could be the case that users simply do not have confidence in a stablecoin with 0% collateral that’s entirely algorithmic. The protocol does not make any assumptions about what that ratio is and instead keeps the ratio at what the market demands for pricing BD-Stable at the value of its peg. It could be the case that the protocol only ever reaches, for example, a 60% collateral ratio and only 40% of the BD-Stable supply is algorithmically stabilized while over half of it is backed by collateral. The protocol only adjusts the collateral ratio as a result of demand for more BD-Stables and changes in BD-Stables price. When the price of BD-Stable falls below its peg, the protocol recollateralizes and increases the ratio until confidence is restored and the price recovers. It will not decollateralize the ratio unless demand for BD-Stables increases again. It could even be possible that BD-Stables become entirely algorithmic but then recollateralizes to a substantial collateral ratio should market conditions demand. We believe this deterministic and reflexive protocol is the most elegant way to measure the market’s confidence in a non-backed stablecoin. Previous algorithmic stablecoin attempts had no collateral within the system on day 1 (and never used collateral in any way). Such previous attempts did not address the lack of market confidence in an algorithmic stablecoin on day 1. The logic above derives from the original FRAX protocol. Blindex introduces 2 new elements to the protocol: Effective Collateral Ratio and Effective BDX Coverage Ratio which modify the protocol when a shortage of collateral or BDX occurs. The goal of these changes is to provide more just collateral and BDX distribution in a situation when many users simultaneously decide to redeem or buyback. ## Collateral Ratio The protocol adjusts the collateral ratio during times of BD-Stables expansion and retraction. During times of expansion, the protocol decollateralizes (lowers the ratio) the system so that less collateral and more BDX must be deposited to mint BD-Stables. This lowers the amount of collateral backing all BD-Stables. During times of retraction, the protocol recollateralizes (increases the ratio). This increases the ratio of collateral in the system as a proportion of BD-Stables supply, increasing market confidence in BD-Stables as its backing increases. At genesis, the protocol adjusts the collateral ratio once every hour by a step of .25%. When a particular BD-Stable is above its peg, the function lowers the collateral ratio by one step per hour and when the price of BD-Stable is below its peg, the function increases the collateral ratio by one step per hour. This means that if BD-Stable price is over its peg for the majority of the time through some time frame, then the net movement of the collateral ratio is decreasing. If BD-Stable price is under its peg for the majority of the time, then the collateral ratio is increasing toward 100% on average. In a future protocol update, the price feeds for collateral can be deprecated and the minting process can be moved to an auction-based system to limit reliance on price data and further decentralize the protocol. In such an update, the protocol would run with no price data required for any asset including BD-Stables and BDX. Minting and redemptions would happen through open auction blocks where bidders post the highest/lowest ratio of collateral plus BDX they are willing to mint/redeem BD-Stables for. This auction arrangement would lead to collateral price discovery from within the system itself and not require any price information via oracles. Another possible design instead of auctions could be using PID-controllers to provide arbitrage opportunities for minting and redeeming BD-Stables similar to how a Uniswap trading pair incentivizes pool assets to keep a constant ratio that converges to their open market target price. ## Effective Collateral Ratio Effective Collateral Ratio was introduced to equalize users chances to withdraw collateral ratio. The formula for Effective Collateral Ratio is: $$efC\_r = C\_v / BD\_s$$ where $$C\_v$$ is collateral value in all collateral pools for a given BD-Stable expressed in underlying fiat currency $$BD\_s$$ is total supply of this BD-Stable​ Effective Collateral Ratio (efCR) replaces Collateral Ratio (CR) in Buyback and Redemption process when efCR < CR. In result user will get less collateral (and more BDX) then CR suggests. This approach prevents users leaving the protocol early from getting unfair advantage over those to leave later and could otherwise be left with no collateral. ## Effective BDX Coverage Ratio BDX is a deflationary token - there will only be 21M BDX tokens minted. In the original FRAX protocol, the amount of FXS rewarded to the user was (1-CR). This won't work with BDX due to its deflationary nature. In Blindex, every BD-Stable is supplied with a number of BDX tokens (decided by governance). These tokens are released to users in redemption and recollateralization processes. At any moment we can calculate the total value of BDX need to support BD-Stable collateralization: $$BDX\_n = (BD\_s \*(1- min(CR, efCR)))/BDX\_p$$ where ​$$BDX\_n$$ is BDX value needed to support BD-Stable collateralization $$BD\_s$$ is total supply of this BD-Stable​ $$CR$$ is collateral ratio $$efCR$$​ is effective collateral ratio $$BDX\_p$$​ is BDX/BD-Stable price If we need more BDX then is assigned to a particular BD-Stable, Effective BDX Coverage Ratio is equal to: $$efBDXC\_r = min(1, BDX\_s/BDX\_n)$$ where $$BDX\_s$$ is BDX supply which belongs the this BD-Stable $$BDX\_n$$ is BDX value needed to support BD-Stable collateralization When there is excessive amount of BDX assigned to the BD-Stable, the Effective BDX Coverage Ratio = 100%. In result user will get less BDX. This approach prevents users leaving the protocol early from getting unfair advantage over those to leave later and could otherwise be left with no BDX. # Minting and Redeeming Detailing the process of minting and redeeming BD-Stables ## Minting All BD-Stable tokens are fungible with one another and entitled to the same proportion of collateral no matter what collateral ratio they were minted at. This system of equations describes the minting function of the Blindex Protocol: $$BD = \overbrace{(Y*P\_y)}^{\text{collateral value}} + \overbrace{(Z*P\_z)}^{\text{BDX value}}$$​ $$(1-C\_r)(Y*P\_y) = C\_r(Z*P\_z)$$ $$BD$$ is the units of newly minted BD-Stable $$C\_r$$ is the collateral ratio $$Y$$ is the units of collateral transferred to the system $$P\_y$$ is the price in BD-Stable underlying fiat of $$Y$$ collateral $$Z$$ is the units of BDX burned $$P\_z$$ is the price in BD-Stable underlying fiat of BDX
![​Mint: Send collateral (BTC/ETH) & BDX -> receive the desired BD-Stable in return](https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MSa3XD6NnSamFC-W0XN%2Fuploads%2F5hk0VT0c0mOzuZuBUFvR%2Fimage.png?alt=media\&token=0ba1c396-f6e4-4450-9045-e2d159cba4a9) #### **Example A: Minting BD-Stable (BDEU - EUR pegged stable) at a collateral ratio of 100% with 0.05 ETH (ETH/EUR = 4000)** To be explicit, we can start by finding the BDX needed to mint BDEU with 0.05 ETH (`worth 200 EUR`) at a collateral ratio of 1.00 $$(1-1.00)(100*1.00) = 1.00(Z*P\_z)$$ $$0 = (Z \* P\_z)$$ Thus, we show that no BDX is needed to mint BDEU when the protocol collateral ratio is 100% (fully collateralized). Next, we solve for how much BDEU we will get with the 0.05 ETH worth 200 EUR. $$BD = (200\*1.00) + (0)$$​ $$BD = 200$$​ `200 BDEU` are minted in this scenario. Notice how the entire value of BDEU is in euro value of the collateral when the ratio is at `100%`. Any amount of BDX attempting to be burned to mint BDEU is returned to the user because the second part of the equation cancels to `0` regardless of the value of $$Z$$ and $$P\_z$$. #### **Example B: Minting BDEU at a collateral ratio of 80% with 0.03 ETH worth 120 EUR (ETH/EUR = 4000) and BDX/EUR =2.** First, we need to figure out how much BDX we need to match the corresponding amount of ETH. $$(1 - 0.8)(120 \* 1.00) = 0.8(Z\*2.00)$$ $$Z = 15$$ Thus, we need to deposit 15 BDX alongside 0.03 ETH (worth 120 EUR) under these conditions. Next, we compute how much BDEU we will get. $$BD = (120*1.00) + (15*2.00)$$​ $$BD = 150$$​ `150 BDEU` are minted in this scenario. `120 BDEU` are backed by the value of ETH as collateral while the remaining `30 BDEU` are not backed by anything. Instead, BDX is burned and removed from circulation proportional to the value of minted algorithmic BDEU. ## Redeeming Redeeming BD-Stable is done by rearranging the previous system of equations for simplicity, and solving for the units of collateral, $$Y$$, and the units of BDX, $$Z$$. However, there are 2 new components introduced. Effective Collateral Ratio and BDX Effective Coverage Ratio. Both described in the *Price Stability* section. $$Y = \dfrac{BD\*(min(efC\_r,C\_r))}{P\_y}$$​ $$Z = \dfrac{efBDXC\_r \* BD\*(1-min(efC\_r,C\_r))}{P\_z}$$​ $$BD$$ are the units of BD-Stable redeemed $$C\_r$$ is the collateral ratio $$efC\_r$$ is the effective collateral ratio $$efBDXC\_r$$ is the effective BDX coverage ratio $$Y$$ are the units of collateral transferred to the user $$P\_y$$ is the price in BD-Stable underlying fiat of $$Y$$ collateral $$Z$$ are the units of BDX minted to the user $$P\_z$$ is the price in BD-Stable underlying fiat of BDX
![​Redeem & Collect: Burn BD-Stables -> receive the collateral (BTC/ETH) + BDX in return](https://files.gitbook.com/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MSa3XD6NnSamFC-W0XN%2Fuploads%2F4lpPQzZN3hth6NRDiDpe%2Fimage.png?alt=media\&token=bfe674db-80dc-469a-bf49-98a04c76e78c) #### **Example D: Redeeming 170 BDEU at a collateral ratio of 65%, effective collateral ratio of 100%, effective BDX coverage ratio = 100%, ETH/EUR = 4000 and BDX/EUR = 3.75.** $$Y = \dfrac{170\*(.65)}{4000}$$​ $$Z = \dfrac{1 \* 170\*(.35)}{3.75}$$​ Thus, $$Y = 0.027625$$ and $$Z = 15.867$$ Redeeming `170 BDEU` returns `170` EUR of value to the redeemer: `0.027625 ETH` (worth `110.5 EUR`) from the collateral pool and `15.867 of BDX` (worth `59.5 EUR`) from BDX reserves (stored in BDEU treasury) at the current BDX market price. #### **Example E: Redeeming 170 BDEU at a collateral ratio of 65%, effective collateral ratio of 60%, effective BDX coverage ratio = 75%, ETH/EUR = 4000 and BDX/EUR = 3.75.** $$Y = \dfrac{170\*(.6)}{4000}$$​ $$Z = \dfrac{0.75 \* 170\*(.4)}{3.75}$$​ Thus, $$Y = 110.5$$ and $$Z = 15.867$$ Redeeming `170 BDEU` returns `0.0255 ETH` (worth `102 EUR`) of value to the redeemer from the collateral pool and `13.6 of BDX` (worth `51 EUR`) from BDX reserves (stored in BDEU treasury) at the current BDX market price. Please note that `170 BDEU` were exchanged for the value of only `152 EUR`. This is an important modification to the original FRAX protocol. In times when collateralization is low, we prevent the early dumpers from benefitting from leaving the protocol early at the expense of faithful holders. Additionally, there is a 1 block delay parameter (adjustable by governance) on withdrawing redeemed collateral to protect against flash loans. #### NOTE: These examples do not account for the mint and redeem fees, which are set to 0.3% # Blindex Tokens (BDX) BDX is the value accrual and governance token of the entire Blindex ecosystem. All utility is concentrated into BDX The Blindex token (BDX) is the non-stable, utility token in the protocol. It is meant to be volatile and hold rights to governance and all utility of the system. It is important to note that we take a highly governance-minimized approach to designing trustless money in the same ethos as Bitcoin. We eschew DAO-like active management such as MakerDAO. The fewer parameters for a community to be able to actively manage, the less there is to disagree on. Parameters that are up for governance through BDX include introducing additional BD-Stables, adding/adjusting collateral pools, adjusting various fees (like minting or redeeming), and refreshing the rate of the collateral ratio. No other actions such as active management of collateral or addition of human-modifiable parameters are possible other than a hard fork that would require voluntarily moving to a new implementation entirely. The BDX token has the potential of upside utility and downside utility of the system, where the delta changes in value are always stabilized away from the BD-Stables tokens themselves. BDX supply is set to 21 million tokens at genesis, but the amount in circulation will likely be deflationary as the BD-Stables are minted at higher algorithmic ratios. The design of the protocol is such that BDX would be largely deflationary in supply as long as BD-Stables demand grows. The BDX token’s market capitalization should be calculated as the future expected net value creation from the seigniorage of BD-Stables tokens in perpetuity, the cash flow from minting and redemption fees, and utilization of unused collateral. Additionally, as the market cap of BDX increases, so does the system’s ability to keep the BD-stables stable. Thus, the priority in the design is to accrue maximal value to the BDX token while maintaining BD-Stables as a stable currencies. As Robert Sam’s described in the original Seigniorage Shares [whitepaper](https://github.com/rmsams/stablecoins/blob/master/paper.pdf): "Share tokens are like the asset side of a central bank’s balance sheet. The market capitalisation of shares at any point in time fixes the upper limit on how much the coin supply can be reduced." Likewise, Blindex protocol takes inspiration from Sam's proposal as Blindex is a hybrid (fractional) seigniorage shares model. # Buybacks & Recollateralization The protocol at times will have excess collateral value or require adding collateral to reach the collateral ratio. To quickly redistribute value back to BDX holders or increase system collateral, two special swap functions are built into the protocol: buyback and recollateralize. ## Recollateralization (Incentivized Swap) Anyone can call the recollateralize function which then checks if the total BD-Stable collateral value in underlying fiat across the system is below the current collateral ratio. If it is, then the system allows the caller to add up to the amount needed to reach the target collateral ratio in exchange for BDX from BD-Stable treasury. The bonus rate is set to `3.00%` (the bonus amount could be changed by the DAO) to quickly incentivize arbitragers to close the gap and recollateralize the protocol to the target ratio. The bonus rate can be adjusted or changed to a dynamic PID controller adjusted variable through governance. \ \ $$BDX\_{received} = \dfrac{efBDXC\_r\*(Y\*P\_y)(1+B\_r)}{P\_z}$$ $$Y$$ is the units of collateral needed to reach the collateral ratio $$P\_y$$ is the price in BD-Stable underlying fiat of Y collateral $$B\_r$$ is the bonus rate for BFX rewarded when recollateralizing $$efBDXC\_r$$ is the effective BDX coverage ratio $$P\_z$$ is the price in BD-Stable underlying fiat of BDX ![Recollateralization: When eCR < CR - Send collateral (ETH/BTC) -> receive BDX + bonus](/files/K4al1FcapHEGAjJQQKGu) **Example A: There is 100,000,000 BDEU in circulation at a 50% collateral ratio. The total value of collateral across the ETHs and WRBTC pools is 50m EUR (effective collateral ratio = 50%) and the system is balanced. The price of BDEU drops to 0.99 EUR and the protocol increases the collateral ratio to 50.25%, (effective collateral ratio stays 50%), BDX effective coverage ratio = 100%.** There is now `250,000 EUR` worth of collateral needed to reach the target ratio. Anyone can call the recollateralize function and place up to 250,000 EUR of collateral into pools to receive an equal value of BDX plus a bonus rate of `3.00%`. Placing `62.5 ETH` at a price of `ETH/EUR = 4000` (worth `250000 EUR`) and a market price of `BDX/EUR = 3.8` is as follows: $$BDX\_{received} = \dfrac{(250,000\*1.00)(1+.03)}{3.80}$$ $$BDX\_{received} = 67,763.16$$ **Example B: There is 100,000,000 BDEU in circulation at a 50% collateral ratio. The total value of collateral across the ETHs and WRBTC pools is 50m EUR (effective collateral ratio = 50%) and the system is balanced. The price of BDEU drops to 0.99 EUR and the protocol increases the collateral ratio to 50.25%, (effective collateral ratio stays 50%), BDX effective coverage ratio = 90%.** There is now `250,000 EUR` worth of collateral needed to reach the target ratio. Anyone can call the recollateralize function and place up to 250,000 EUR of collateral into pools to receive an equal value of BDX plus a bonus rate of `3.00%`. The BDX received will be decreased by the factor of BDX effective coverage ratio if it's below 100%. BDX is a deflationary token with a total limit of 21M, this mechanism ensures there are always some rewards available for recollateralization. Placing `62.5 ETH` at a price of `ETH/EUR = 4000` (worth `250000 EUR`) and a market price of `BDX/EUR = 3.8` is as follows: $$BDX\_{received} = \dfrac{0.9\*(250,000\*1.00)(1+.03)}{3.80}$$ $$BDX\_{received} = 60,986.84$$ ## Buybacks The opposite scenario occurs when there is excess collateral in the system than required to hold the target collateral ratio. This can happen a number of ways: * The protocol has been lowering the collateral ratio successfully keeping the price of BD-Stable stable * Interest bearing collateral is accepted into the protocol and its value accrues * Minting and redemption fees are creating revenue In such a scenario, any BDX holder can call the buyback function to exchange the amount of excess collateral value in the system for BDX which is then burned by the protocol. This effectively redistributes any excess value back to the BDX distribution and holders don't need to actively participate in buybacks to gain value since there is no bonus rate for the buyback function. It effectively models a share buyback to the governance token distribution. $$Collateral\_{received} = \dfrac{Z\*P\_z}{P\_y}$$ $$Z$$ is units of BDX deposited to be burned\ $$P\_y$$ is the price in BD-Stable underlying fiat of the collateral\ $$P\_z$$ is the price in BD-Stable underlying fiat of BDX ![Buyback: when eCR > CR, send BDX -> receive collateral (ETH/BTC) in return](/files/Jj3DnHffErRlK5IjnKdp) **Example C: There is 150,000,000 BDEU in circulation at a 50% collateral ratio. The total value of collateral across the ETHs and WRBTC pools is 76M EUR. There is 1M EUR worth of excess collateral available for BDX buybacks.** Anyone can call the buyback function and burn up to `1,000,000 EUR worth of BDX` to receive excess collateral. Burning `1000 BDX` at a price of `BDX/EUR = 4.20` to receive ETH at a price of `ETH/EUR = 4000` is as follows: $$ETH\_{received} = \dfrac{1000\*4.20}{4000}$$​ $$ETH\_{received} = 1.05$$​ # Liquidity Programs & Staking Distributing BDX tokens to farmers and incentivizing DeFi programs with novel rules BDX rewards will be claimable for users who deposit **Blindex LP tokens** to incentivized pairs, which can be attained by **adding liquidity** to token pairs on Blindex. Each incentivized pair will have its own emission rate, and the sum of all BDX rewards across the incentivized pairs will emit at a base rate of `4,200,000 BDX` for the first year, `2,625,000 BDX` for the second year, `2,100,000 BDX` for the third year, `1,050,000 BDX` for the forth year and `525,000 BDX` for the fifth year. At the time of the claim, 10% of all liquidity mining rewards - will be transferred to the operational wallet with the view of enabling the project to be self sustainable, prior to generating sufficient revenue from the usage of the protocol itself (e.g. mint/redeem fees, deposit-borrow rate margin etc.) ### Time Locked Staking Any LP can lock their LP tokens up to `3650 days (10 years)`. LP stakes are multiplied by the boost factor (time locked). The time locked boost applies to an individual's stake as a proportion of all of the stakes in the pool, making it a zero-sum outcome when someone gets a boost from time locked stakes. In other words, a time locked boost will increase the amount of BDX a single user gets by increasing their proportion of the pool which decreases the proportion of rewards for everyone else in the pool. This is done to help balance the risk/reward of locking liquidity into the system for a fixed amount of time. Time locked staking is intended to further reward LPs who have a long term belief in the Blindex Protocol and want to commit to providing liquidity for an extended period of time. If any pool emission rate is changed due to a governance action, the time locked stakes of the pool are automatically unlocked so that emission rates don't change on LPs who have committed to locking funds. # General Questions ### **What are BD-Stables?** BD-Stables are cryptocurrency tokens that are pegged to their fiat currency, partially collateralized and algorithmically stabilized. While there are a few solutions for USD pegged stables, Blindex is creating a stable token for other currencies to support a truly decentralized financial system that is not dependent on USD to get in and out of a trade. Each BD-Stable is named after its fiat's country code (e.g. an Australian Dollar’s stable is BDAU, Chinese Yuan is BDCN, and so on). ### How do you keep the tokens stable? This is the complex/interesting part. First of all, we’re deriving from the great work done by the FRAX team, who managed to build very robust foundations for a partially collateralized, algorithmic stablecoin. We’ve added additional logic to support multiple fiat currencies and not just USD, as well as changed the collateral to be only fully decentralised BTC & ETH (Since the project is launching on RSK chain - it'll be using rBTC, wrBTC & ETHs, which are the corresponding equivalents). The stability is algorithmically achieved by the combination and constant adjustment of multiple factors, such as collateral ratio, collateral and buffer pricing, and market trust. At any point in time, BD-Stables can be Redeemed back into the underlying collateral based on the effective collateral ratio. ### What is BDX? BDX is the non-stable utility token of the Blindex protocol. It is meant to be volatile and hold rights to governance and all utility of the system. Its usage includes adding and adjusting collateral pools, adjusting various fees (like Minting or Redeeming), and refreshing the rate of the collateral ratio. ### Why do I need to approve tokens? Decentralized Exchanges use smart contracts to trade (swap) tokens. You will need to approve tokens for the first time in order to give the smart contract permission to use the particular tokens from your wallet. You would need to do this for each new token and for each new transaction (e.g. approve BDX for swapping and for staking). ### What’s the difference between Mint/Redeem and Swap? Minting/Redeeming functions are more useful when you’re looking to perform a large transaction, that if done as a regular swap would cause significant slippage and a sub-optimal price outcome for the purchase. On the other hand, the Swap function is more useful for smaller transactions (relative to the size of the pool), especially when you don’t want to deal with the underlying collateral and just want to swap token A to token B. # Mint/Redeem ### What's the idea behind Mint and Redeem? Mint and Redeem are part of the core functionality of the platform that enables the adding and removing of BD-Stables into/from circulation, as well as keeping their price stable (relative to the respective peg). ### Is Mint and Redeem better than Swap? It all depends on the size of the transaction (relative to the size of the pool). Minting/Redeeming functions are more useful when you’re looking to perform a large transaction, that if done as a regular swap would cause a significant slippage and a sub-optimal price outcome for the purchase. # Swap ### When should I consider Mint/Redeem and not swapping? There are two scenarios in which we recommend you would Mint/Redeem instead of swap: 1. You are an experienced crypto-trader and you understand the implications of each activity. 2. When you’re looking to perform a large transaction, that if done as a regular swap would cause a significant slippage and sub-optimal price outcome for the purchase. ### Do I need a BDX token for swapping? No, unless you are trying to swap to or from BDX directly. BDX is only used when Minting/Redeeming in order to make up for the collateral ratio and keep the tokens stable. ### Why do I need to approve the tokens before I swap? Decentralized Exchanges use smart contracts to trade (swap) tokens. You will need to approve tokens for the first time in order to give the smart contract permission to use the particular tokens from your wallet. You would need to do this for each new token and for each new transaction (e.g. approve BDX for swapping and for staking). ### What are the fees for swapping? There is a small fee which is typically 0.3%. The fee will be automatically calculated once you choose the tokens you would like to swap. 0.25% will be rewarded to the liquidity provider while the remaining 0.05% goes to the protocol’s treasury. In the future, we’ll work on enabling the usage of these funds to provide more interest to the holders of BDX. That will become more relevant as we’ll introduce Blindex Lending. # Liquidity Providing ### What is liquidity providing? Liquidity providing (LP) is all about providing pairs of tokens to the market (the pool of tokens), so others can then use them to trade. In return for providing liquidity to a market, the LP is offered a return on investment in the form of fees from swaps. ![Liquidity Providing: Deposit liquidity, receive LP tokens in return and earn accrued swap fees.](/files/sW8hfVcBjfdj3t5yvtOr) ### How are the earned fees calculated? When adding liquidity, you will proportionally participate in the swap fees earned by this pool. The fees are accumulated in the liquidity pool effectively increasing the value behind your LP tokens. Fees will be collected remove liquidity from the pool. ### What are LP tokens? Once you provide liquidity of a pair of tokens (in equal value proportion), you will receive LP tokens representing your share in the pool that you can exchange/redeem (remove liquidity) at any time for the underlying tokens. ### Do I need to do anything else after I provide liquidity? You don’t have to do anything if you’re happy to just earn your pro-rata of the swap fees paid by the traders to the liquidity providers. However, if you choose to stake your LP tokens (and optionally lock them in order to receive bonus rewards), you would be able to participate in the BDX liquidity mining program and receive rewards in the form of BDX tokens. ### What happens when I remove liquidity? Removing liquidity converts your LP tokens into the underlying tokens at the current rate. Accrued swap fees will be included in the amount you receive. Please note that the amount of token A and token B that you will receive will most likely be different from the ones you’ve originally supplied to the pool. The reasoning behind this is that the exchange rate of the two tokens in the pool changes with every swap. For example, if the price of token A goes up relative to token B, the amount of token A in the pool will go down, while the amount of token B will go up. ### What tokens can I provide liquidity with? You can provide liquidity for any Blindex-accepted token (BD-Stables, BDX, Bitcoin, or ETH) as long as you have both tokens of the pair in your wallet. If you don’t have the right tokens you can always Mint new ones or Swap your existing tokens. # Staking ### What is the idea behind staking? Staking is the process of locking your Liquidity Pool tokens (LP Tokens) so that you can earn rewards. The level of reward is determined by the length of the lockup period. You can also leave your staked tokens ‘unlocked’ and still earn the basic level of rewards (this will allow you to unstake them at any point in time). In order to stake, you first need to provide liquidity for a pair of tokens (eg. BDEU and BDX). \*Please note that this locking functionality is aimed at experienced users and that once set as locked, there is no way to unlock a stake. This can then lead to a substantial loss of funds. ### What is the difference between locked and unlocked staking? You can choose between leaving your stakes unlocked (and in this case, you can unstake it at any given point in time) or lock it for a predetermined period of 1, 2, 3, 5, or 10 years. While you won’t be able to unlock it until the locking period lapses, you will enjoy higher multiple reward earnings for longer locking periods. ![Staking: Stake LP tokens, earn BDX as rewards. Increase your rewards by locking up the stakes.](/files/aSGwN3D3qumodwgndp62) ### Can I stake any token? You can only stake LP (liquidity provider) tokens that represent a pair of tokens in the liquidity pool. This means you will have to provide liquidity before you can participate in the stake rewards program. ### How often are rewards distributed? Rewards accumulate every minute. You can claim your rewards via the staking page. Please note that 10% of the rewards will be paid as a fee to the protocol for ongoing operational expenses (providing liquidity, recollateralization, incentivizing members of the DAO that helped the protocol, etc). Of the remaining funds, 10% will be available immediately upon the claim, while the rest of the funds will be released linearly over the following 9 months and could be claimed back to the wallet whenever you choose via the Vesting Schedule page. # Contracts Addresses ## RSK Chain Tokens: ``` BDX: 0x6542a10E68cEAc1Fa0641ec0D799a7492795AAC1 BDEU: 0x99ac494Badd0CBa26143bd423E39A088591C7B09 BDUS: 0xB450ff06d950eFA9A9c0aD63790C51971C1BE885 bXAU: 0xA4A8Fb98A26E5314397170e5D12Da8B73Dc2CEB5 bGBP: 0x2415E222755fD1F07B0A565eB4F036e410852eE0 ``` Stables Pools: ``` BDEU-ETHs: 0x49DC93F18E47981abCe48e721F8Ff6D0be922fA9 BDEU-WRBTC: 0xb40ba8B40cab1C1b502071E53ce476ed488a94a8 BDUS-ETHs: 0x5c122F0e5cc38A92548c9632BbDDB336ec019A63 BDUS-WRBTC: 0x638B112B09dd60bddBb94a3A7B5e64E15Ef91b2e bXAU-ETHs: 0x01cD886C399B7cF81311B5FD9353665b900De103 bXAU-WRBTC: 0xa3E540Fb9F56109256A2678aCf19F351e9c68aF7 bGBP-ETHs: 0x43e247c49e9a8Ff5798827695a61208060cc6259 bGBP-WRBTC: 0xf0b8Ce9eAe1AB3d295C2BbDd73A4D34d52A43E52 BdPoolLibrary: 0xD96125617aFFA1c9312EE7531ce671fE95B9c3A0 ``` Liquidity Pools: ``` UniswapV2Factory: 0x5Af7cba7CDfE30664ab6E06D8D2210915Ef73c2E UniswapV2Router02: 0x102692AbBAB9a1AA75AA78Fff6E23f6ea7b84f61 Pools: BDEU-BDUS: 0xdc7F0077E1921dBBCf8D042EE49184716301EDFE BDX-BDEU: 0x2a5DC95E2F3150Ed52D69aD885EF6844dBED75C8 BDX-BDUS: 0x39Eb6A2601aC29526E37EA60a531223AB0679873 ETHs-BDEU: 0xAB53CC054Ac0722aB0cBF346495E64c8C8e0c346 ETHs-BDUS: 0x4B481D8024B55263455AD3329e8be62C03A3F315 ETHs-BDX: 0x3e64c5DC35546D6feF70346A395ed8E21C4A5247 WRBTC-BDEU: 0x00ffA27B58312A06dbc4aEd883d5F2EA924b2F89 WRBTC-BDUS: 0x6a11d6af629bBbf310B82312E5fbd2dcc997a781 WRBTC-BDX: 0x15f2F01159a73A56a7149096942Ae4e2c019cbEf BDUS-XUSD: 0x2De59550090353D89fE36c50482234D9B7DB2e3B WRBTC-bXAU: 0xDE9F2989cF0dE460D45535a326b267C61caeC3f6 BDX-bXAU: 0x236cAdE820cdDb99BBD1bBb00A1F317e986C3ee9 bGBP-WRBTC: 0xAd495208bb25c8f587ec8477Ebf771893ceA8D59 bGBP-BDX: 0x1fe5C659a893D0bFd3A3758963602A84216665a8 BDUS-DOC: 0xfcbf64Ed39436111116F79f3E23BD3966BfE655e ``` Staking: ``` StakingRewardsDistribution: 0xadaD428152d284d18B603Db7cF87928495Bc252E Vesting: 0xda200269A55c1bD65124A9b9Cb54D30f62Cf50c3 Staking Pools: BDEU-BDUS: 0xDaA561E04D0e73808B1A430FB360d3e497DE52c2 BDX-BDEU: 0x6a804de5D61fD6CFf8061214aBbc8Ce75463cf5b BDX-BDUS: 0x4d97F81C75a28763e858a109AC19933027aF3684 ETHs-BDEU: 0xeFaCb88E4f5bF53F13F74D267E853099CE89ac4C ETHs-BDUS: 0x67E795c3ebCd0d26225cD1582af90B590f5Ade54 ETHs-BDX: 0x314cb69F6463e1289F0dB95A525B1a6D1eE4e428 WRBTC-BDEU: 0x051c9D1E376a7e4230562656D19DF6AD12900E5f WRBTC-BDUS: 0xC237ccD60b386617CAF5EF4ca415CD789461Dec0 WRBTC-BDX: 0x4b9A981B32904C3B5e0A468528035B7DE4461cdf BDUS-XUSD: 0x750159AC3854ebb58bcE36c3Acbb4148eF7bE14A WRBTC-bXAU: 0x8e9E851136534BF9B3C91B723Adf900e9e3474cf BDX-bXAU: 0x892511BB403150e01587Bc194aCC0342590530Ec bGBP-WRBTC: 0xEAB5B0774D0288724aFD44E6042aC32079Ed99e8 bGBP-BDX: 0x08b4580f9262aB46aff69fa1d45BD4a290737c75 BDUS-DOC: 0x2Dfa7eC7655c373Ae1Fc6E8b96B5710bD88bD31D ``` Oracles and Price Feeds: ``` OracleBasedCryptoFiatFeed_ETH_EUR: 0x378f7acdA8e38e289962D5fb063C947f2Ada86Ff OracleBasedWethUSDFeed_ETH_USD: 0x60654A05279F5974c02cb7f06030E36B0a9800e7 PriceFeed_ETH_USD: 0xe1d09E605a9e18065A1B5890Ac68E8439402C38A PriceFeed_EUR_USD: 0x0D3Be6710783da0CCAb3353c5d2f4259E4a014dc PriceFeed_XAU_USD: 0x11F2237a8fc960D1a22cC346CEFcD88B6c14FE11 PriceFeed_GBP_USD: 0x1A1170A3E5187651f9D6c02120FbE4388fb70EE5 WethToWethOracle: 0x5859EE37789591D73cB012f994e6664A0b93d3fA BtcToEthOracle: 0x9A002CC91B89a426fA5CE3b6c52c2e51012381e3 Liquidity Pool Oracles: BDEU-BDUS: 0x057359898D9FF673Cd542c6a3136F67C99F55E8D BDX-BDEU: 0x458C007B7fBdbE30a660EA53A8DB830481E4B977 BDX-BDUS: 0x95978fe95918D911186EAAc507ddf4E5c57e8417 ETHs-BDEU: 0xE9070256944014C13F6570C88C5FBE3cD23AD5BA ETHs-BDUS: 0x1d125753a73a01e27a8288B09FD147c8196BEDe2 ETHs-BDX: 0xcBc935dbB66c6916F313F9329dab99E020051394 WRBTC-BDEU: 0x19309647e376E55e80161A856b94F16C89Fd8eB4 WRBTC-BDUS: 0x2168012C5BBbB132af66d1aB457610377692bdC5 WRBTC-BDX: 0xD3cD179BB46A63CA8E2e57A19313e095129493c3 BDUS-XUSD: 0x3836525924C8063F2F2aCe30fcb47Cc9c7b4AeE0 WRBTC-bXAU: 0x3170df34d23Bc5e1be4A7b01F9d54DF2065FbB2B BDX-bXAU: 0x4C9e3A686a6906761e7460cBb775521a8b69d080 bGBP-WRBTC: 0xAd07bDD5e09343B8fBcb47F7a5019dcdCadd4c80 bGBP-BDX: 0xBFE415562F6734211c1E2Cc05E59E803354413AA BDUS-DOC: 0x2Dfa7eC7655c373Ae1Fc6E8b96B5710bD88bD31D ``` More: ``` Timelock: 0x0C5Dd5111Ae413dA86800759017600010129583B UpdaterRSK: 0x2d147D20B0EBfdCF1B787467386899574Cef4882 ``` # Audits
AuditorsDate
Team Omega ΩDecember 13th, 2021