This pool will provide a route for other uses of SWEEP on PancakeSwap. When LPs use SWEEP on the dollar side of a pool, they earn stabilized interest.
OVERVIEW
Sweep Protocol provides a yield-bearing dollar coin. It earns yield with collateralized lending in DeFi and CeFi.
Sweep helps AMM users to increase their cash efficiency and earn interest as swappers and liquidity providers.
SWEEP is an “omnichain” coin that travels to seven blockchains. Sweep has deployed a SWEEP/USDC pool on PancakeSwap / BNB as the exclusive channel to supply SWEEP on BNB. This pool creates routes for all other SWEEP trades. Sweep Protocol has deployed an automated marketmaker that maintains positions near the moving target price of the Sweep coin. As a next step, Sweep would like to incentivize pools that use SWEEP as the dollar side of volatile trading pools. These pools will earn interest for LPs on the SWEEP side, and incentives.
Sweep Protocol is planning to pay approximately $10K/month in bribes, with the goal of incentivizing LPs to hold $1M worth of SWEEP in LP positions. LPs earn 14%/year in underlying SWEEP interest (on March 20). Rewards from this gauge should add 12% to LP returns.
DETAILS
Boost Multiplier and Emission Cap %: 1.00x boost multiplier and 5% emission cap
Token Utility: SWEEP is an interest-earning dollar coin that increase cash efficiency for DEX users, and provides one coin to save, bridge and swap
Volatility: Designed to be non-volatile. Upward depegging is capped by a marketmaker that will sell SWEEP at 15 bips above the target price. Downward depegging is limited by loan calls. In case of high redemption demand, SWEEP can currently return all assets within 30 minutes. In cycles when it uses money market securities, it can return all assets within 7 days. Borrowers put in capital to absorb losses.
Oracles: Sweep uses Chainlink to adjust for the price of stables such as USDT and peg to USD. Some stabilizer vaults use oracles to calculate collateral values. Sweep is protected from borrower manipulation of oracles by qualifying a single borrower per vault.
Control: A multisig can execute proposals on BNB Chain. When the SWEEPR governance coin goes into wider distribution, we will switch to voting governance. Governance is implemented with the OpenZeppelin version of Compound Governance and LayerZero cross-chain messages.
Safe Multisig on BNB chain:
bnb:0xEB0A2Dc76893c436306266fe6F98257Ed40D5DC2
Cross chain governance
Timelock: arb:0xE7b247DBbb1bFdC8E223e78F9585ACF93Df297f5
Proposal Sender: arb:0xC6c730E0424A01BF6e1A2ff4Ffac8540E29Dd185
Proposal Executor: bnb:0xE7b247DBbb1bFdC8E223e78F9585ACF93Df297f5
Merit: We intend to use SWEEP to strategically build high-volume pools where SWEEP is on the dollar side. This might be especially helpful on blockchains beyond BNB.
Design decisions make SWEEP well suited to replace zero-interest USD stablecoins in the dollar side of AMM pools.
- Non-rebasing. It fits into any AMM pool
- USD pegging. Users expect USD-denominated assets, not stablecoin denominated assets
- Stabilized with weekly rate moves
- Competitive through the business cycle. Sweep can track competitive yield in CeFi and DeFi by allocating on both sides. This adaptiveness is a useful feature for protocols and pools that are making long-term embedding decisions.
- Mobile. SWEEP moves through efficient mint/burn bridging to all chains served by Balancer
- Active liquidity management. Sweep protocol deploys marketmaker contracts to supply SWEEP and create routes. AMMs are the primary channel for purchase, redemption, and funding borrowing.
- Invisible. An AMM is the only interface that most users and LPs need. They do not have to do things like stake and unstake.
LINKS
SWEEP token: 0xB88a5Ac00917a02d82c7cd6CEBd73E2852d43574
Liquidity pool address: PancakeV3Pool | Address 0x0A5b6346B01092126FdFf8757864352843252864 | BscScan
Website: https://www.sweepr.finance/
Documentation: https://docs.sweepr.finance/
Github: SweeprFi · GitHub
Medium: Sweep Protocol – Medium
Discord: SWEEP┃Sweepr Finance
Twitter/X: https://twitter.com/SweeprFi