# Aladdin DAO Project

Aladdin DAO is a decentralized builder and incubator of cutting edge DeFi protocols. We are a global community of contributors composed of enthusiasts, shadowy super-coders, and DeFi innovators. Our current focus is in building new approaches to yield farming optimization and automation within the Curve ecosystem and with our latest product, f(x) Protocol, we are expanding to scalable decentralized stablecoins.

To date Aladdin has built three products: Concentrator, Clever, and f(x) Protocol. Each of these protocols offers powerful new tools for DeFi users and adds new, composable DeFi money lego which will help form the basis of what we believe will be the decentralized future of global finance.

{% embed url="<https://youtu.be/UkSTq9Z3xKI>" %}

## Contact us

**Website:** [**https://aladdin.club/**](https://aladdin.club/)

**Twitter:** [**https://twitter.com/AladdinDAO**](https://twitter.com/AladdinDAO)

**Medium:** [**https://medium.com/aladdindao**](https://aladdindao.medium.com/)

**Telegram:** [**https://t.me/aladdin\_dao**](https://t.me/aladdin_dao)

**Github:** [**https://github.com/AladdinDAO/**](https://github.com/AladdinDAO/)

**Discord:** [**https://discord.gg/UUabSUvRRs**](https://discord.gg/UUabSUvRRs)


# Contracts

### Governance Multisigs <a href="#user-content-governance-multisigs" id="user-content-governance-multisigs"></a>

Community Multisig:

* For Management: [0xc40549aa1D05C30af23a1C4a5af6bA11FCAFe23F](https://etherscan.io/address/0xc40549aa1D05C30af23a1C4a5af6bA11FCAFe23F)
* CLever Treasury: [0xFC08757c505eA28709dF66E54870fB6dE09f0C5E](https://etherscan.io/address/0xFC08757c505eA28709dF66E54870fB6dE09f0C5E)
* Concentrator Treasury: [0xA0FB1b11ccA5871fb0225B64308e249B97804E99](https://etherscan.io/address/0xA0FB1b11ccA5871fb0225B64308e249B97804E99)
* f(x) Treasury: [0x26B2ec4E02ebe2F54583af25b647b1D619e67BbF](https://etherscan.io/address/0x26B2ec4E02ebe2F54583af25b647b1D619e67BbF)

| Signer        |                                                        Address                                                        |
| ------------- | :-------------------------------------------------------------------------------------------------------------------: |
| Diligent Deer | [0x423b5Fa2dC16E06b36666a4BBB00c95Fa5f28FEF](https://etherscan.io/address/0x423b5Fa2dC16E06b36666a4BBB00c95Fa5f28FEF) |
| 0xLlama       | [0x7904Ad7c992CDAb500dAa0f3366301b1f5365B62](https://etherscan.io/address/0x7904Ad7c992CDAb500dAa0f3366301b1f5365B62) |
| chiaki644     | [0x4088421cBDBa1501d8Fd09fD241717097Afb42Cb](https://etherscan.io/address/0x4088421cBDBa1501d8Fd09fD241717097Afb42Cb) |
| Gordon        | [0x38a93e70b0D8343657f802C1c3Fdb06aC8F8fe99](https://etherscan.io/address/0x38a93e70b0D8343657f802C1c3Fdb06aC8F8fe99) |
| Guo Yu        | [0x74390470F4001Ca85D93bD546A4Ab1724359654B](https://etherscan.io/address/0x74390470F4001Ca85D93bD546A4Ab1724359654B) |
| Jamie         | [0xe3522d85d37F55735e9327CD7a5cDe3abaf28E03](https://etherscan.io/address/0xe3522d85d37F55735e9327CD7a5cDe3abaf28E03) |
| Martin Krung  | [0x8EcAB7B8ed8215cA52500cbf1548B9239173ef82](https://etherscan.io/address/0x8EcAB7B8ed8215cA52500cbf1548B9239173ef82) |
| Sharlyn Wu    | [0xF483De0f306952FA56ef56c1dbBDd2A70737bDd5](https://etherscan.io/address/0xF483De0f306952FA56ef56c1dbBDd2A70737bDd5) |
| vfat          | [0xef0ca09fbf9a5f61e657fb208b46b8685c1d4766](https://etherscan.io/address/0xef0ca09fbf9a5f61e657fb208b46b8685c1d4766) |

### V2 Contracts

#### Misc

| Name        |                   Address                  |
| ----------- | :----------------------------------------: |
| xALD        | 0xb13B85363A25c7361877EebaEcCed99e353F2aF9 |
| wxALD       | 0xBDC423927e70E4013A7906FE54ad8209643f734C |
| Treasury    | 0x5aa403275cdf5a487D195E8306FD0628D4F5747B |
| Staking     | 0x71072Bd71Cc4f83154F1f77b4bD5E2D71BD6aa2c |
| Distributor | 0x1cCa80c17e9155eB1F5a1Df52Ef92Cc551A4b816 |
| Keeper      | 0xDC2673d6B09a022de00fFE16bf1aE7F8004a3230 |
| Airdrop     | 0x4c42A7C2Bb34e2b9dC43098B6874771e2116e940 |

#### Bond

| Name                |                   Address                  |
| ------------------- | :----------------------------------------: |
| DirectBondDepositor | 0x8aE2a7E0C8627d6FA476aA3F89E1804dAfd2b7dD |
| RewardBondDepositor | 0xc6a477f1ef7B0Ac7530B6B78f52e270A973B0198 |

#### Oracles

| Name                     |                   Address                  |
| ------------------------ | :----------------------------------------: |
| ChainlinkPriceOracle     | 0x7f751E35AFe72775Ec88e74386BbC9b68214153e |
| UniswapV2PriceOracle     | 0x1CD632E48BeBbdA94EA0431fb8979C3012E186e9 |
| UniswapV2PairPriceOracle | 0x41718d90B2889be621f17a7f7801aa1BBd9C6840 |

#### Vaults

| Name                  |                   Address                  |
| --------------------- | :----------------------------------------: |
| MIMConvexVault        | 0x6787Db5223B84753AC597431E9137221C39DA212 |
| RenConvexVault        | 0x24b724aae64ccAB170fa05624A400215c59dB697 |
| STETHConvexVault      | 0x8D1631C549f4b08c4C72a874a69764AB56f7B4EA |
| TriCrypto2ConvexVault | 0x5f01D42Ac4529f79E7107138372Fea91D3f28cF1 |
| TriPoolConvexVault    | 0x6A975BB2b977361e53d37407CCa3e035528c14D8 |

### V1 Contracts

#### Token

| Name               |                   Address                  |
| ------------------ | :----------------------------------------: |
| ALD                | 0xb26C4B3Ca601136Daf98593feAeff9E0CA702a8D |
| ALD-USDC UNI-V2-LP | 0xaAa2bB0212Ec7190dC7142cD730173b0A788eC31 |
| ALD-ETH UNI-V2-LP  | 0xED6c2F053AF48Cba6cBC0958124671376f01A903 |
| TokenDistributor   | 0x10aF3D70831A7F85192fB70CE6A7205F81294aD7 |
| TokenMaster        | 0xfF4446E9dF1c8281CE1d42610c3bC0342f93E4d7 |

#### DAO

| Name     |                   Address                  |
| -------- | :----------------------------------------: |
| ALDDAO   | 0xB5495A8D85EE18cfD0d2816993658D88aF08bEF4 |
| ALDVOTE  | 0x6e2b4801040d5fab7D0d7700bE5903322BCf61Ce |
| ALDPlus  | 0x774E4Ee61dfcDBA5A574c113ABb03A0a6634Fbe4 |
| Treasury | 0x47e9517C2c179349c6C8F4a347acbeDFCA5E99Bc |

#### Reward

| Name                   |                   Address                  |
| ---------------------- | :----------------------------------------: |
| RewardDistributor      | 0x0427a82Cc54509e16dCAA12802762331bd354707 |
| ALDDAO Staking Rewards | 0x78Dbc6888F6CCa11CAc3d4B0027557f25d15ad23 |

#### Farms

| Name       |                   Address                  |
| ---------- | :----------------------------------------: |
| Controller | 0xA0C500eD25a88640F250C55Da7299c3345637F5E |

#### Vaults & Strategies

| Vault Name        |                Vault Address               | Strategy Name        |              Strategy Address              |
| ----------------- | :----------------------------------------: | -------------------- | :----------------------------------------: |
| VaultCurveSETH    | 0xB17d98c36d2238Ffcb27bF797cA9967B3Cc9Aa07 | StrategyCurveSETH    | 0x0c6f6F52DC7a46b0Ed729231c1350d9D3ABb96F5 |
| VaultCurveRenWBTC | 0x4EE014060F4816ad294857d29C22fe62B0e9580B | StrategyCurveRenWBTC | 0x2602Ddd659Dd415473e5986aa5634d9623f9ef79 |
| VaultCurve3Pool   | 0x5C8dC3a18761e4F22F7B8D41228970477168d9e2 | StrategyCurve3Pool   | 0xE9bb64F916f2f4b5f946688fF28D222915a19e12 |
| VaultSushiETHWBTC | 0x1C7ed66abE1BA029c8EFceecfBfc4056B8C4bbfc | StrategySushiETHWBTC | 0xb9ee24714f35b5abcc769d9acd5483478fbd5955 |

KeeperUtil: [0x3566451bEB5bda28E75dDf56879c9b6aeab8dff9](https://etherscan.io/address/0x3566451bEB5bda28E75dDf56879c9b6aeab8dff9)


# f(x) Protocol (NEW)


# Overview

f(x) Protocol is a next-generation DeFi system that innovatively addresses the challenges of volatility in Ethereum, Bitcoin, and Convex markets. It achieves this by splitting **BaseTokens** like ETH, BTC, and CVX into unique pairs of tokens:

**Stable tokens(fTokens)** (fETH, fxUSD, rUSD, btcUSD, cvxUSD): Low-volatility assets for users seeking stability.

**Leveraged tokens(xTokens)** (xETH, xwBTC, xCVX): High-volatility assets for those aiming for maximized returns without the typical risks of liquidation or funding fees.

This dual-token architecture ensures balanced exposure to crypto markets, enabling traders, investors, and liquidity providers to benefit from tailored strategies.

* fETH: A floating stablecoin designed to track ETH with reduced volatility (around 10% of ETH’s price movements). It offers users a stable exposure to Ethereum without dependence on fiat-backed systems.
* xETH: A perpetual leveraged token offering 2x to 3x long exposure to ETH price movements, ideal for those seeking enhanced returns in bull markets.
* fxUSD: A USD-pegged stablecoin using stETH and frxETH as collateral. It provides seamless liquidity and serves as a bridge for DeFi markets.
* xstETH, xfrxETH: An ETH leverage token with exposure up to 4x, offering both excitement and efficiency for traders.
* rUSD: A stablecoin that uses the same mechanism as fxUSD, but with its reserve comprised of only ETH Liquid Restaking Tokens (LRT), starting with Ether.fi’s eETH and Renzo Protocol's ezETH.
* xeETH, xezETH: An ETH leverage token with exposure up to 4x, offering both excitement and efficiency for traders.
* btcUSD: A USD-pegged stablecoin leveraging wBTC as collateral. It provides seamless liquidity and serves as a bridge for DeFi and BTC markets.
* xwBTC: A Bitcoin leverage token with exposure up to 5.6x, offering both excitement and efficiency for traders.
* cvxUSD: A USD-pegged stablecoin leveraging CVX as collateral. It provides seamless liquidity and serves as a bridge for DeFi markets.
* xCVX: A CVX leverage token with exposure up to 3x, offering both excitement and efficiency for traders.

By carefully balancing volatility, f(x) Protocol provides a smart, user-friendly system for managing ETH’s unpredictable market dynamics.

\
\
\ <br>


# F(x) Protocol: The Stable Unit

Decentralized stablecoins are the cornerstone of Web3’s economic infrastructure. However, most existing stablecoins face issues such as centralization risks, scalability limitations, and inefficiencies. f(x) Protocol introduces decentralized solutions to these challenges with innovative token mechanisms.

#### Overview of f(x) Stablecoin Products (fTokens)

* fETH: Maintains low volatility while remaining native to Ethereum, ensuring no reliance on external fiat assets or off-chain entities.
* fxUSD: A USD-pegged stablecoin backed by stETH and frxETH designed for decentralized liquidity pools and on-chain trading, providing high scalability.
* rUSD: A USD-pegged stablecoin backed by eETH and ezETH designed for decentralized liquidity pools and on-chain trading, providing high scalability.
* btcUSD: The first decentralized USD-pegged stablecoin, collateralized with wBTC, enabling new possibilities for BTC yield farming and lending in DeFi ecosystems.
* cvxUSD: cvxUSD is a stablecoin based on CVX that allows users to earn the native staking yield from Convex Finance. Users can stake cvxUSD to stability pools to earn CVX staking yield while remaining pegged to the dollar.


# F(x) 2.0

f(x) Protocol 2.0 builds upon the foundation of f(x) Protocol 1.0, retaining the robust stablecoin design of fxUSD while significantly enhancing the leveraged position tool, xPOSITION. By eliminating individual liquidation risk and funding fees, the protocol provides users with a fully decentralized trading tool offering up to 10X fixed leverage. The upgraded stability mechanisms and streamlined user experience further drive the evolution of decentralized finance (DeFi).

![🔹](https://abs-0.twimg.com/emoji/v2/svg/1f539.svg)Up to 10x Fixed Leverage – Amplify your positions without the hassle of continuous management. ​ ![🔹](https://abs-0.twimg.com/emoji/v2/svg/1f539.svg) 0 Funding Costs – Experience leverage without recurring fees, keeping more of your returns! ​ ![🔹](https://abs-0.twimg.com/emoji/v2/svg/1f539.svg) No Individual Liquidation Risk – Trade confidently without the worry of constant monitoring. ​ ![🔹](https://abs-0.twimg.com/emoji/v2/svg/1f539.svg) Perpetual Trading Experience – Seamless trading with built-in support for high-frequency transactions, feeding trading fees directly into our stability pool.

**Highlights of the v2.0 Upgrade**

![🔹](https://abs-0.twimg.com/emoji/v2/svg/1f539.svg)Ensuring stable and predictable leverage ratios for xPOSITION under varying market conditions.

![🔹](https://abs-0.twimg.com/emoji/v2/svg/1f539.svg)Increasing appeal to perpetual futures traders and long-term investors ensures protocol scalability.

<figure><img src="/files/QFveHRUs6KjiStQS8S1w" alt=""><figcaption><p>Main Functions of f(x) Protocol 2.0</p></figcaption></figure>


# FAQ

**What is F(x) Protocol 2.0?**

f(x) Protocol 2.0 improves on version 1.0 by keeping the stablecoin fxUSD and enhancing the xPOSITION tool for leveraged trading. It removes liquidation risks and funding fees, offering a fully decentralized trading tool with up to 10X fixed leverage. The updated system also makes the user experience smoother and strengthens the protocol's stability, advancing the growth of decentralized finance (DeFi).

**What is xPOSITION?**

xPOSITION, a non-fungible, high-beta leveraged long position. The leveraged long position offers a powerful decentralized tool for on-chain high-leverage trading. When a user opens an xPOSITION, the process will be seamlessly facilitated by leveraging a flash loan. **This occurs through an atomic transaction**, ensuring that all steps are completed successfully or the entire transaction is reverted, maintaining the integrity of both the user’s funds and the system.

**What is the f(x) Invariant?**

The NAV of fxUSD and xPOSITION fluctuates with the price of TOKEN, ensuring that the total value of all fxUSD combined with the total value of all xPOSITIONs always equals the total value of the TOKEN reserve.

**What is Rebalance?**

When the leverage of an xPOSITION reaches a predefined threshold, the protocol automatically triggers a Rebalance operation to return the leverage back to the rebalance line. This operation involves redeeming a portion of the fxUSD to adjust the leverage back to the rebalance line. During Rebalance or Liquidation Operations, fxUSD is first redeemed from the Stability Pool and the underlying TOKEN is swapped for USDC.

**What is a Stability Pool?**

The Stability Pool is a key component of f(x) Protocol, designed to provide both stability and yield opportunities for participants. Users can deposit fxUSD and/or USDC into the Stability Pool to earn TOKEN yield and perpetual trading commissions during normal market conditions. The Stability Pool also functions as a peg stabilizer for the fxUSD/USDC AMM pool. USDC held in the Stability Pool will be exchanged for fxUSD from the AMM when favorable exchange conditions arise, allowing USDC to be swapped for a greater amount of fxUSD. Conversely, fxUSD will be swapped for USDC when it can secure a higher amount of USDC from the AMM. This mechanism ensures efficient balancing and maintains fxUSD’s peg. USDC deposits into the Stability Pool are conducted at the Chainlink oracle price to ensure accurate valuations.&#x20;

**Where did the Leverage come from?**

1. The user opens xPOSITION and sets Leverage;
2. Check the system's fxUSD minting availability;
3. Position opened, enough fxUSD is minted, or deny the transaction;
4. Rebalance occurs within a predefined threshold to maintain system stability(Redeeming/Minting of fxUSD if needed).

**Does fxUSD work on F(x) 1.0 and F(x) 2.0?**

Yes, but with some different revenue-generating mechanisms.


# Core Products of f(x) Protocol 2.0

**xPOSITION (Leveraged Tool):**

* Provides up to 10X leverage.
* Fully decentralized with no liquidation risk.
* Zero funding fees under normal circumstances.

**fxUSD (Stablecoin):**

* Fully decentralized, maintaining a perfect peg.
* Minted and redeemed instantly in response to xPOSITION demand.
* Derives liquidity from collateral and generates sustainable on-chain yield.


# Decomposing Yield-Bearing Tokens with f(x) Protocol 2.0

At genesis, the f(x) Protocol reserves consist exclusively of **Lido’s stETH**. Users can mint fxUSD and open xPOSITION by supplying stETH as collateral. The staking rewards from stETH primarily support system stability and protocol revenue.

f(x) Protocol ensures that the total value of all fxUSD combined with the total value of all xPOSITIONs always equals the total value of the collateral reserves. Dynamic adjustments to the leverage ratio of xPOSITION and the pegging ratio of fxUSD ensure collaboration between zero-volatility stablecoins and high-leverage tools.

<br>

\ <br>


# The f(x) Invariant

f(x) Protocol ensures that the total value of all fxUSD combined with the total value of all xPOSITIONs always equals the total value of the collateral reserves. Dynamic adjustments to the leverage ratio of xPOSITION and the pegging ratio of fxUSD ensure collaboration between zero-volatility stablecoins and high-leverage tools.

$$
ns = n\_ff+n\_xx
$$

Where 𝑛 n is the number of TOKEN collateral, 𝑠 is the TOKEN price in USD, ​nf is the number of fxUSD, 𝑓  is the fxUSD NAV in USD, nx is the number of xPOSITION units, and 𝑥 represents the NAV of xPOSITION in USD.


# Key Functions

**Minting and Redeeming fxUSD, Opening and Closing xPOSITION:**

* Users can mint fxUSD and open xPOSITION by providing stETH as collateral.
* The system dynamically adjusts leverage ratios and fxUSD minting to maintain stability.

**Rebalancing Operations:**

* Automatically adjusts leveraged positions to safe levels, avoiding liquidation risk.

**Liquidation Mechanism:**

* If rebalancing fails, the protocol initiates liquidation, redeeming associated fxUSD to minimize losses.

**Stability Pool:**

* Provides yield opportunities while acting as a peg protector for fxUSD.
* Maintains price stability through arbitrage operations.


# Risk Management

**Risk Management Framework:**

* Real-time monitoring of xPOSITION leverage and collateralization ratios, triggering rebalancing or liquidation as needed.

**Real-Time Leverage Fluctuations:**

* Market volatility and user actions affect leverage ratios, with dynamic adjustments by the protocol.

**Rebalance and Liquidation Triggers:**

* Threshold-based triggers initiate rebalancing or liquidation to maintain system stability.

**Reserve Fund and Bad Debt Redistribution:**

* Reserve funds enhance risk resistance; under-collateralized debt is proportionally distributed across active positions if reserves are insufficient.

**Recapitalization:**

* When the total collateralization ratio falls below 100%, the protocol halts new xPOSITION openings and utilizes protocol assets to restore the fxUSD peg.


# Advanced Peg Protection Mechanisms

**Stability Pool as Peg Keeper:**

* Maintains fxUSD stability through arbitrage operations within the fxUSD/USDC AMM pool.

**Operational Restrictions During Depegging:**

* New xPOSITION openings are prohibited to prevent excess fxUSD minting.
* Stability pool yield incentives attract additional liquidity to restore the peg.

**xPOSITION Funding Fees:**

* During a depeg, funding fees are charged to xPOSITION holders, enhancing stability pool yields.

**Redemption of fxUSD:**

* Users can purchase fxUSD on the secondary market and redeem it for $1.00 worth of collateral (subject to fees).


# Fees and Revenue

**Revenue Sources:**

* Yield from collateral.
* fxUSD minting and redemption fees.
* xPOSITION opening and closing fees.
* Rebalancing and liquidation fees.

**Revenue Distribution:**

* Revenue is allocated between the stability pool and the protocol treasury.
* 75% of treasury revenue is distributed to veFXN holders.


# Comparison of 1.0 and 2.0

| Aspect      | F(x) 1.0                             | F(x) 2.0                      |
| ----------- | ------------------------------------ | ----------------------------- |
| Leverage    | Vary between 1 \~ 5.6X               | Fixed upon minting, up to 10X |
| BaseTokens  | ETH, BTC, CVX, and their derivatives | stETH                         |
| Funding Fee | 0, except xWBTC                      | 0, unless during depeg        |
| Earn Pool   | Deposit only fTokens                 | Deposit fxUSD and USDC        |


# Fees and Revenue

The protocol's revenue sources include **Trading fees**(Mint/Redeem xPOSITION fee, Rebalance fee, Liquidation fee, Redeem fee), **Funding fees** (charged during fxUSD depeg), and **LSD yields** from Basetokens.

### Trading Fees

Mint/Redeem xPOSITION fees

* Mint/Redeem xPOSITION Fee is set as 0.1% in default
* Fee on Minting of xPOSITION is floating by multiplying the default number 0.1% with a **Ratio**, for each **Step = 5%(Step is a Parameter which can be changed in future governance voting)** increase in AAVE V3 USDC Interest Rate, **Ratio** increased by 1:

<table><thead><tr><th width="164">Step</th><th width="506">AAVE V3 USDC Interest Interval</th><th>Ratio</th></tr></thead><tbody><tr><td>5%</td><td>0% - 10%</td><td>1.00</td></tr><tr><td></td><td>10% - 15%</td><td>2.00</td></tr><tr><td></td><td>15% - 20%</td><td>3.00</td></tr><tr><td></td><td>20% - 25%</td><td>4.00</td></tr><tr><td></td><td>25% - 30%</td><td>5.00</td></tr><tr><td></td><td>...</td><td>...</td></tr></tbody></table>

* Rebalance fee = Rebalance Bounty\*10%, Rebalance Bounty=Rebalance amount\*Rebalance penalty, Rebalance penalty is set to default as 2.5%
* Liquidation fee = Liquidation Bounty\*10%, Liquidation Bounty=Liquidation amount\*Liquidation penalty, Liquidation penalty TBD
* Redeem fee = Redeem amount\*0.5%

### Funding Fees

* When fxUSD is pegged, no funding fee is charged
* During fxUSD depegs, a funding fee is charged on each transaction. The peg status is determined by checking whether the EMA price of fxUSD/USDC in the secondary market deviates from the threshold, which is set to 0.5% by default.
* The funding rate is calculated as:\
  **interest\_funding = interest\_usdc\_aave × Ratio\_funding**,\
  where **Ratio\_funding** is an exchangeable parameter (default value is 1) and **interest\_usdc\_aave** is the AAVE rate recorded at the last transaction.

  The funding fee formula is:\
  **Funding fee = n × interest\_funding × Period**,\
  where **n** is the amount of LSD held in the user's position, **Period = current time - last time**, with **last time** being the previous charge time and **current time** being the current charge time.

### Revenue Distribution

* **Trading Fees**: By default, 70% is allocated to the fxUSD Stability Pool (V2).
* **Funding Fees**: By default, 100% is allocated to the fxUSD Stability Pool (V2).
* **LSD Yields**: By default, 100% is allocated to the fxUSD Stability Pool (V2).

The above allocations can be adjusted through governance.


# Leverage

Where is the Leverage Came From?

#### Key Features of fTokens(fETH, fxUSD, btcUSD, ..., etc) and xTokens(xETH, xeETH, xwBTC, ..., etc ):

* fTokens:
  * Fully decentralized and Ethereum, Bitcoin, Convex-native.
  * Minimizes volatility but maintains slight market exposure. (0 volatility except fETH)
  * Instant creation and trading, responding to stablecoin needs.
* xTokens:
  * A perpetual long ETH, BTC, and CVX token with built-in leverage.
  * Composable and fully on-chain with high liquidity.
  * Low liquidation risk, offering a safer alternative for leveraged positions.

**How It Works:**

To mint fTokens or xTokens, users deposit **BaseTokens** (wBTC for btcUSD and xwBTC) into the protocol. This collateral's price volatility is split into, this division allows users to diversify their Basetokens exposure by balancing between stability and leverage, creating a more flexible investment strategy:

* 0% allocated to fTokens (10% for fETH), which absorbs no market volatility.
* 100% allocated to xTokens (90% for xETH), amplifying leverage while maintaining balance.

Fees apply during minting and redemption (0-0.25% for fTokens, 1.5-2.5% for xTokens), but these can be avoided by trading tokens on secondary markets.


# Earn

Where is the yield came from?

**Earn Pools**

When stable holders stake their fTokens into **Earn Pools(Also known as Stability Pool)**, they can earn part of the yields generated by the **BaseTokens** plus FXN emissions.

Users may Deposit Corresponding **fTokens** and **Earn Yields** Generated From BaseTokens:<br>

**fxUSD, earn wstETH and frxETH:** The fxUSD Earn Pools are separate for each reserve LSD, allowing varying yields between stability pools and varying leverage between each xTokens. This separation is sensible since those pools and tokens are backed by different reserve LSDs with different risks, base yields, etc.

**btcUSD, earn WBTC**: The key difference with WBTC is that, since it has no built-in yield, xWBTC holders pay a competitive funding rate for the leveraged price exposure. As with all other fTokens, holding btcUSD is free and allows the sharing of funding rates from xWBTC holders. The funding rate of xWBTC will simply track the borrowing rate of crvUSD against WBTC.&#x20;

**rUSD, earn weETH and ezETH:** rUSD is a stablecoin that uses the same mechanism as fxUSD, but with its reserve comprised of only ETH Liquid Restaking Tokens (LRT), starting with Ether.fi’s eETH and Renzo Protocol's ezETH. Earn Pools depositors can earn restaking rewards, including points, all without taking ETH price exposure. In fact, since 100% of reserve points flow to the rUSD Stability Pool, along with 50% of LST yields, points accrual in the rUSD Stability Pool is much higher, dollar for dollar, than holding the LST itself.&#x20;

**cvxUSD, earn aCVX:** CVX Earn Pool allows users to earn the native staking yield from Convex Finance. Users can stake cvxUSD to Earn Pools to earn CVX staking yield while remaining pegged to the dollar.

**fETH, earn wstETH:** fETH Earn Pool allows users to earn the native LSD rewards from stETH, plus FXN emissions

In exchange, while the stable-leverage pair is at risk of becoming unstable because of too much minted stable and insufficient minted xTokens, stables in the Earn Pool are redeemed for reserve assets at their NAV. If the protocol enters stability mode, for Earn pool users, it is like automatically buying ETH (or whatever the reserve token is) at market price, with no slippage. Otherwise, it’s farming unstable, real yields using stablecoins.&#x20;

**FX Auto-Compound**

* **aFXN**: Concentrator [aFXN](https://fx.convexfinance.com/stake) is an auto-compounding asset. The underlying asset of aFXN is [cvxFXN](https://fx.convexfinance.com/stake). By staking cvxFXN, you’re earning a share of the usual rewards from veFXN, plus a share of the Convex LPs’ boosted FXN earnings and CVX tokens on top of that.
* Important: Converting FXN to cvxFXN is irreversible. You may stake and unstake cvxFXN tokens, but not convert them back to FXN. Secondary markets however exist to allow the exchange of cvxFXN for FXN at varying market rates.

| FXN token address        | [0x365AccFCa291e7D3914637ABf1F7635dB165Bb09](https://etherscan.io/address/0x365AccFCa291e7D3914637ABf1F7635dB165Bb09) |
| ------------------------ | --------------------------------------------------------------------------------------------------------------------- |
| cvxFXN token address     | [0x183395DbD0B5e93323a7286D1973150697FFFCB3](https://etherscan.io/address/0x183395DbD0B5e93323a7286D1973150697FFFCB3) |
| Deposit contract address | [0x56B3c8eF8A095f8637B6A84942aA898326B82b91](https://etherscan.io/address/0x56B3c8eF8A095f8637B6A84942aA898326B82b91) |
| Stake contract address   | [0xEC60Cd4a5866fb3B0DD317A46d3B474a24e06beF](https://etherscan.io/address/0xEC60Cd4a5866fb3B0DD317A46d3B474a24e06beF) |

* **arUSD**: Concentrator [arUSD](https://fx.convexfinance.com/stake/ethereum/19) is an auto-compounding asset. Users may earn up to \~ 6x ether.fi loyalty points and \~ 2x EigenLayer points by depositing rUSD. The underlying asset of arUSD is [rUSD](https://fx.aladdin.club/assets/rUSD/) staking in Earn Pool.

\ <br>


# Zaps Simplify UX

Much of the complexity of the mechanism discussed in this article will be entirely hidden, and the process will be optimized to feel seamless and straightforward. Zapping will make entering and exiting directly from ETH, LSDs or stables simple and painless, automatically routing where appropriate to account for availability, risk limits, and liquidity. When providing ETH or a constituent LSD these swaps are also slippage free, since they use f(x) minting and redeeming (of course, these transactions still incur gas costs). Deposit function supports both zap in and zap out. Supported assets include crvUSD, Frax, USDC, USDT, ETH, frxETH, stETH, ETH.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh7-us.googleusercontent.com%2FNLLSSWDmlZ34jj-8kQXxkEPvOaB-T7rghxY02cevRQuuT94I4Hp0tancMDDhCwWu-JgRYD5-CVSmvLRmzlE90FI9UFsKdIFDGFSNfbx0gBEW1PwvkOpffQrrZoBgxYyRo1WQJUvNj0rO-2U7GzEesXQ&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=29e43faa&#x26;sv=1" alt=""><figcaption></figcaption></figure>


# Oracles

## Oracle Mechanisms

Here is a breakdown of the key features and mechanisms of the oracle solution.

**Enhanced collateral price feeds:** In addition to the original TWAP, spot prices are incorporated, with additional price feeds from Curve, Uniswap V3, and Balancer.

**Arbitrage prevention:** Minting and redeeming transactions are conducted at different prices to eliminate arbitrage trades. This helps to protect the collateral held by the protocol.

fToken mint at the minimum price

fToken redeem at the maximum price

xToken mint at the maximum price

xToken redeem at the minimum price

**Risk management:** Collateralized ratio is calculated at maximum price as well as stability pool liquidations. This ensures that risk is managed effectively, and liquidations occur at appropriate levels to maintain system stability.

**Net Asset Value:** NAV is calculated based on TWAP during non-transacting period. This NAV calculation can serve as an oracle price feed for various DeFi applications integrating f(x) assets.

**Additional protection measures for xTokens:** To prevent arbitrage trades, xTokens cannot be both minted and redeemed within the same block. Additionally, a transfer of xTokens cannot occur within a specified timeframe of thirty minutes after minting. These measures help in mitigating potential exploits and maintaining price integrity.

### **\[ETH/USD Spot]** have 4 price sources, which are: <a href="#eth-usd-spot-have-4-price-sources-which-are" id="eth-usd-spot-have-4-price-sources-which-are"></a>

* <https://data.chain.link/feeds/ethereum/mainnet/eth-usd>
* <https://info.uniswap.org/#/pools/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640>
* <https://info.uniswap.org/#/pools/0x8ad599c3a0ff1de082011efddc58f1908eb6e6d8>
* <https://v2.info.uniswap.org/pair/0xb4e16d0168e52d35cacd2c6185b44281ec28c9dc>

### stETH oracle: <a href="#steth-new-oracle" id="steth-new-oracle"></a>

1. \[[stETH/ETH Curve EMA](https://curve.fi/#/ethereum/pools/factory-v2-303/deposit) ]\*\[[ETH/USD Chainlink TWAP](https://data.chain.link/feeds/ethereum/mainnet/eth-usd)]
2. \[[stETH/ETH Curve Spot](https://curve.fi/#/ethereum/pools/factory-v2-303/deposit)] \* \[**ETH/USD Spot** ]
3. \[[stETH/ETH Univ3 Spot](https://info.uniswap.org/#/pools/0x109830a1aaad605bbf02a9dfa7b0b92ec2fb7daa)] \*\[ **ETH/USD Spot** ]
4. \[[stETH/ETH Balancer Spot](https://app.balancer.fi/#/ethereum/pool/0x93d199263632a4ef4bb438f1feb99e57b4b5f0bd0000000000000000000005c2)] \* \[**ETH/USD Spot** ]
5. \[[stETH/ETH Curve2 Spot\] ](https://curve.fi/#/ethereum/pools/steth/deposit)\* \[**ETH/USD Spot ]**

### frxETH oracle: <a href="#frxeth-new-oracle" id="frxeth-new-oracle"></a>

1. \[[Curve frxETH/WETH EMA](https://curve.fi/#/ethereum/pools/factory-crvusd-15)] \* \[[Chainlink ETH/USD TWAP](https://etherscan.io/address/0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419)]
2. \[[Curve frxETH/WETH Spot](https://curve.fi/#/ethereum/pools/factory-crvusd-15)] \* \[**ETH/USD Spot** ]
3. \[[Curve frxeth Spot](https://curve.fi/#/ethereum/pools/frxeth)] \* \[**ETH/USD Spot** ]
4. \[[Curve stETH/frxETH Spot](https://curve.fi/#/ethereum/pools/factory-v2-274)] \* \[[Curve steth Spot](https://curve.fi/#/ethereum/pools/steth/deposit)] \* \[**ETH/USD Spot** ]

### weETH oracle: <a href="#weeth-new-oracle" id="weeth-new-oracle"></a>

1. \[[RedStone weETH/ETH Twap](https://etherscan.io/address/0x8751F736E94F6CD167e8C5B97E245680FbD9CC36)] \* \[[Chainlink ETH/USD TWAP](https://etherscan.io/address/0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419)]
2. \[[Uniswap V3 ETH/weETH 0.05%](https://info.uniswap.org/#/pools/0x7a415b19932c0105c82fdb6b720bb01b0cc2cae3)] \* \[**ETH/USD Spot** ]/weETH.getRate()
3. \[[Uniswap V3 wstETH/weETH 0.05%](https://info.uniswap.org/#/pools/0xf47f04a8605be181e525d6391233cba1f7474182)] \*\[wstETH/stETH rate] \* \[ [Curve steth-ng](https://curve.fi/#/ethereum/pools/factory-v2-303)]\* \[**ETH/USD Spot** ]
4. \[[Curve weETH/ETH](https://curve.fi/#/ethereum/pools/factory-stable-ng-22)] \* \[**ETH/USD Spot** ]

### ezETH oracle: <a href="#ezeth-new-oracle" id="ezeth-new-oracle"></a>

1. \[[RedStone ezETH/ETH Twap](https://etherscan.io/address/0xF4a3e183F59D2599ee3DF213ff78b1B3b1923696)] \* \[[Chainlink ETH/USD TWAP](https://etherscan.io/address/0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419)]
2. \[[Curve ezETH/ETH](https://curve.fi/#/ethereum/pools/factory-stable-ng-79/deposit)] \* \[**ETH/USD Spot** ]
3. \[[Balancer V2 Stable](https://app.balancer.fi/#/ethereum/pool/0x596192bb6e41802428ac943d2f1476c1af25cc0e000000000000000000000659)] \* \[**ETH/USD Spot** ]

### WBTC oracle: <a href="#wbtc-new-oracle" id="wbtc-new-oracle"></a>

1. \[[Chainlink WBTC/BTC Twap](https://data.chain.link/feeds/ethereum/mainnet/wbtc-btc)] \* \[[Chainlink BTC/USD Twap](https://data.chain.link/feeds/ethereum/mainnet/btc-usd)]
2. \[WBTC/USDC spot price of [Curve TriCryptoUSDC](https://curve.fi/#/ethereum/pools/factory-tricrypto-0)]
3. \[[Uniswap V3 WBTC/USDC 0.3% Spot](https://info.uniswap.org/#/pools/0x99ac8ca7087fa4a2a1fb6357269965a2014abc35) ]
4. \[[Uniswap V3 WBTC/ETH 0.3% Spot](https://info.uniswap.org/#/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed)] \* \[[Uniswap V3 USDC/ETH 0.05% Spot](https://info.uniswap.org/#/pools/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640)]

### CVX oracle: <a href="#cvx-oracle" id="cvx-oracle"></a>

1. \[[Chainlink CVX/USD Twap](https://data.chain.link/ethereum/mainnet/crypto-usd/cvx-usd)]
2. \[[Chainlink CVX/USD Spot](https://data.chain.link/ethereum/mainnet/crypto-usd/cvx-usd)]
3. \[[Curve CVX/ETH](https://curve.fi/#/ethereum/pools/cvxeth/deposit)] \* \[**ETH/USD Spot** ]

Code: <https://github.com/AladdinDAO/aladdin-v3-contracts/pull/198>

## **Oracle of F(x) 2.0**

The F(x) 2.0 price oracle mechanism for stETH/USD combines multiple data sources, including Chainlink, Uniswap, Curve, and Balancer, to calculate spot prices and anchor prices. It defines **Max** and **Min** **Price** for **stETH/USD** based on these sources and uses a governance-adjustable **threshold** (default 2%) to decide whether to rely on the **Anchor Price** or the **Max/Min Price** for operations like rebalancing, minting, or redeeming. This ensures accurate and stable pricing while accommodating market fluctuations. Below is the detailed breakdown of the **stETH Spot Price** **Oracle Mechanism**:

### \[ETH/USD Spot] Oracle:

* <https://data.chain.link/feeds/ethereum/mainnet/eth-usd>
* <https://info.uniswap.org/#/pools/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640>
* <https://info.uniswap.org/#/pools/0x8ad599c3a0ff1de082011efddc58f1908eb6e6d8>
* <https://v2.info.uniswap.org/pair/0xb4e16d0168e52d35cacd2c6185b44281ec28c9dc>

### \[stETH/ETH Spot] Oracle:

* \[[stETH/ETH Curve Spot](https://curve.fi/#/ethereum/pools/factory-v2-303/deposit)]&#x20;
* \[[stETH/ETH Univ3 Spot](https://info.uniswap.org/#/pools/0x109830a1aaad605bbf02a9dfa7b0b92ec2fb7daa)]&#x20;
* \[[stETH/ETH Balancer Spot](https://app.balancer.fi/#/ethereum/pool/0x93d199263632a4ef4bb438f1feb99e57b4b5f0bd0000000000000000000005c2)]&#x20;
* \[[stETH/ETH Curve2 Spot\]](https://curve.fi/#/ethereum/pools/steth/deposit)&#x20;

### \[stETH/USD] Anchor Price Oracle(A backup Oracle for the price-checking Mechanism):

* \[[stETH/ETH Curve EMA](https://curve.fi/#/ethereum/pools/factory-v2-303/deposit) ]\*\[[ETH/USD Chainlink Spot](https://data.chain.link/feeds/ethereum/mainnet/eth-usd)]

### The Algorithm of stETH/USD Max and Min Price:

* Max stETH/USD Price = Max(Anchor Price, \[stETH/ETH Spot Max Price ]\* \[ETH/USD Spot Max Price ])
* Min stETH/USD Price = Min(Anchor Price, \[stETH/ETH Spot Min Price ]\* \[ETH/USD Spot Min Price ])

### Here is how the price-checking mechanism works:

* Anchor Price is used, while the price difference between Anchor Price and Max/Min Price exceeded **threshold**
* **threshold** is an exchangeable parameter in future governance proposals, 2% in default

### Conclusion:

* **Min** stETH/USD **Price** is used while Rebalancing, Minting/Redeeming of xPOSITION, and the price difference between Anchor Price and Min Price **didn't** exceed **threshold**
* **Anchor Price** is used while Rebalancing, Minting/Redeeming of xPOSITION, and the price difference between Anchor Price and Min Price exceeded **threshold**
* **Max** stETH/USD **Price** is used while Redeeming fxUSD, and the price difference between Anchor Price and Max Price **didn't** exceed **threshold**
* **Anchor Price** is used while Redeeming fxUSD, and the price difference between Anchor Price and Max Price exceeded **threshold**

<br>


# Token Economy

f(x) Token Distribution

Token Name: f(x) Protocol Token

Token Symbol: FXN

Token Supply: 2,000,000 $FXN

### FXN Distribution <a href="#fxn-distribution" id="fxn-distribution"></a>

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2F3062542767-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-M_YfO-qiTw04svyvm5V%252Fuploads%252F3WnEfvAQEh5ZAWT6YdBF%252Fimage.png%3Falt%3Dmedia%26token%3D8109f527-4576-4b44-b213-98a6dad8d68f&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=e8f44a46&#x26;sv=1" alt=""><figcaption></figcaption></figure>

| Category               | Percentage | Vesting Schedule                                                                                                |
| ---------------------- | ---------- | --------------------------------------------------------------------------------------------------------------- |
| Liquidity Incentives   | 49%        | 5% vested linearly in the first year, decreasing by 10% each year thereafter. Full emission will take 50 years. |
| Community Contributors | 3%         | Vested linearly over 12 months & lasting 3 years:1.5% for Year 1, 1% for Year 2, 0.5% for Year 3                |
| Treasury Reserve       | 10%        | Vested linearly over 24 months                                                                                  |
| IDO                    | 5%         |                                                                                                                 |
| Testnet/Beta/IDO Users | 0.5%       | Vested linearly over 12 months                                                                                  |
| veCLEV Holders         | 0.25%      | Vested linearly over 12 months                                                                                  |
| veCTR Holders          | 0.25%      | Vested linearly over 12 months                                                                                  |
| Aladdin DAO            | 30%        | Vested linearly over 24 months, ve-locked after vested                                                          |
| Initial Liquidity      | 1%         |                                                                                                                 |
| Strategic Partnerships | 1%         | Vested linearly over 12 months                                                                                  |

### FXN Release Schedule <a href="#fxn-release-schedule" id="fxn-release-schedule"></a>

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2F3062542767-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-M_YfO-qiTw04svyvm5V%252Fuploads%252FGobzXZ9pf1a7mYqDErmb%252Fimage.png%3Falt%3Dmedia%26token%3De5908886-98ea-44a0-8e88-f92bae29e25a&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=52b5365d&#x26;sv=1" alt=""><figcaption></figcaption></figure>


# FXN Farming and veFXN Boost

The [FXN overall token allocation](https://medium.com/@protocol_fx_667/f-x-protocols-tokenomics-offer-a-calculated-journey-towards-success-b97487df41b9) specifies 980,000 FXN tokens (49% of max supply) to be emitted as liquidity incentives over a 50-year period, with the emission rate starting at 98,000 FXN for the first year and declining by 10% (relative) each year thereafter. Each year is divided into weekly epochs, with a veFXN governance vote determining how that epoch’s FXN will be allocated among the available gauges, the same as in the Curve’s pioneering model. In the details, however, there are several differences to Curve, driven by technical considerations in the f(x) system.

**Gauge Types**

f(x) Protocol supports two types of gauges: Stability Pool gauges, and liquidity pool gauges. For LP gauges, farmers can earn FXN by providing liquidity to certain Curve liquidity pools. These gauges are based on a double-gauge structure: farmers stake their Convex farming positions, allowing them to earn **both** Curve/Convex rewards as well as FXN. Of course, zaps hide this complexity for users who wish to simply deposit underlying tokens. LP gauge yields are boosted by owned, shared or delegated veFXN boost.

On the other side, Stability Pools are even more different to Curve gauges. First, they are not strictly gauges in the Curve sense, due to the fact that they are not tokenized. This has implications for how tokens are distributed, how boost is allocated, and more. Additionally, Stability Pool gauges can be boosted by owned or shared veFXN boost, but not delegated.

**Boost Calculation**

In Curve’s gauge model, all gauge emissions are distributed immediately and users with boost power take rewards from users without. The veFXN model allows each user to earn their own maximum FXN, and if they do not, the difference is rolled over and used to increase yields for the pool across the board.

FXN distributions to the Stability Pool are shared among farmers according to each farmer’s share of TVL in that pool and their share of total veboost power. Each farmer’s share of TVL in the pool determines the maximum share of incoming FXN they can earn, while their boost determines how much of that they can actually claim. Farmers with veboost power earn up to 2.5X more than farmers with none.

Farmers who have zero veboost have a boost of 1X, which allows them to claim 40% of their maximum earnable share of FXN for this epoch. Farmers who have the maximum veboost of 2.5X may claim 100% of their maximum share.

Each farmer’s boost level is calculated like this:

Maximum FXN = Total Distributable FXN x Individual TVL / Total TVL

Claimable FXN = 0.4 x Maximum FXN x Boost Level

Boost Level = min (Individual TVL x 0.4 + (Total TVL x Individual veFXN for the epoch) x 0.6 / Total veFXN for the epoch, Individual TVL) / (Individual TVL x 0.4)

An alternative way to think about boost level is in terms of two variables: A farmer’s fractional share of the total veboost (fv), and a farmer’s fractional share of the total TVL (fd). Using these terms, each farmer’s boost is calculated like this:

![](https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh7-us.googleusercontent.com%2FzigI0vGIQ3AI-ZKpjgp-3-i_rDOvfqAuKwCIURg-HqYGXKRHCqntLQ6sQNkvhaIOyggsaVs5eYwSQmuEMszVn3YeZfnF0IH4rq3Nmf-IfD8J5BPfVu1hNyBkAdb-yOaFyQ8iAR-M8kYeXsRa2f2Hgak\&width=300\&dpr=4\&quality=100\&sign=6f71ad32\&sv=1)

For an individual farmer, the optimal approach is to hold precisely the same share of the total vepower and TVL. A higher share of total vepower than their share of the TVL doesn’t help that farmer, however, the FXN system allows sharing boost power for whitelisted addresses (see below).

**Rollover FXN**

It is likely that not every farmer will earn their maximum share, which means each time a farmer in the pool makes a settlement transaction (see “Settlement”) there may be leftover FXN. This leftover FXN is rolled forward and treated as a new distribution to the Stability Pool, similar to FXN coming from the gauge.

When any new FXN comes to the Stability ool it is combined with FXN already vesting (if any), and the sum is vested over a new 7 day period starting at the moment of the distribution. Since distributions can come from settlement transactions at any time and in any amount, it would be possible for a small distribution to come in at an inopportune time and artificially (briefly) deflate the pool APR.

To prevent this, FXN rollover distributions which would cause the overall pool APR to drop more than 10% are held in reserve, and added to the next settlement-triggered distribution.

**Sharing and Delegating Boost Power**

A whitelisted address can choose to share its veFXN boosting power with one or more other addresses. This mechanism is useful for boosting services built on top of f(x), allowing many individual farmers to benefit from a single central pool veFXN. In the case of shared boosting, the total veboost is calculated using the amount of veFXN shared (i.e. that held by the sharing address) and the collective TVL of the all recipients. The calculated boost level is applied to all recipients.

Users may also choose to delegate their veFXN boost power to another single address. Delegated boost can be used to boost LP farming yields, but not stability pool yields.

**Emissions Require Harvesting**

A Stability Pool is not strictly a gauge in the Curve sense because it is not tokenized. This has some technical implications, but practically it means the following:

1. FXN is released by the gauge linearly over a period of 7 days, but requires harvesting before it can be distributed
2. FXN is minted when the harvest function is called (it is a permissionless keeper function). Minted FXN is vested linearly to Stability Pool farmers over 7 days.

Between harvest delays and vesting, token emissions have smoothed and slightly delayed changes from pool APRs. Things will smooth out after a week.

**Settlement**

Upon any deposit/withdraw/claim/veFXN top up transaction (including receiving shared boost power,) the system will immediately calculate and settle claimable FXN rewards for the period between two transactions. Even though a user may not choose to make any transaction which triggers settlement for a period of many epochs, the amount of FXN they may claim from each past epoch is locked in and does not change after the end of that epoch. In other words, when the settlement happens, total claimable FXN for each epoch since the previous settlement is calculated using TVL and veboost values from that epoch.

Settlement happens prior to the execution of the transaction which triggers it, so any changes to veboost which result from the transaction will apply only to subsequent epochs.

**Examples**

Here are two simple numerical examples. Assume we only have Alice and Bob in the Stability Pool, and that there are 10 distributable FXN for this epoch:

Example 1 (nobody has any veboost)

| Stability Pool Farmer              | Alice       | Bob         |
| ---------------------------------- | ----------- | ----------- |
| TVL $                              | 100         | 100         |
| Maximum Earnable FXN for the epoch | 5           | 5           |
| veFXN                              | 0           | 0           |
| Claimable FXN                      | 5 x 0.4 = 2 | 5 x 0.4 = 2 |

In Example 1, only 4 out of 10 FXN have been distributed, so the remaining 6 FXN are placed in the rollover reserve which will be used to increase distributable FXN in later epochs.

Example 2 (everybody has equal veboost)

| Stability Pool Farmer              | Alice             | Bob               |
| ---------------------------------- | ----------------- | ----------------- |
| TVL $                              | 100               | 100               |
| Maximum Earnable FXN for the epoch | 5                 | 5                 |
| veFXN                              | 100               | 100               |
| Claimable FXN                      | 5 x 0.4 x 2.5 = 5 | 5 x 0.4 x 2.5 = 5 |

All of the 10 FXN have been distributed when everybody has the equal veboost.


# veFXN and Revenue Distribution

f(x) will adopt ve tokenomics. Locking FXN will receive veFXN. The longer the lock time, the more veFXN received. 75% of treasury revenue will be distributed to veFXN holders. 25% of the revenue will go into reserve pool to incentivize fToken redemption and xToken minting after Stability Pool capital is exhausted

1 FXN locked for 4 years = 1 veFXN

1 FXN locked for 3 years = 0.75 veFXN

1 FXN locked for 2 years = 0.5 veFXN

1 FXN locked for 1 year = 0.25 veFXN


# Security

**Stability Pools(Earn Pools)**

The Stability Pool is a core component of the f(x) protocol, designed to manage risk and reward for each stable-leverage pair while providing participants with opportunities to earn real yields.  By providing a mechanism for rebalancing during times of stress, it ensures the long-term sustainability of stable-leverage pairs. Simultaneously, it rewards participants for their role in maintaining the protocol’s ecosystem.\
\
**Purpose and Functionality**

For every stable-leverage pair in the f(x) protocol, there is a dedicated Stability Pool. This pool serves two primary purposes:

1. To reward stablecoin holders with yields.
2. To act as a buffer against instability when the protocol faces an imbalance.

Stablecoin holders who deposit into the Stability Pool earn rewards generated from the reserve’s staking yields and additional FXN token emissions, offering competitive returns. By doing so, users not only benefit from the protocol’s activity but also contribute to its overall stability.

**Protocol Stability Mechanism**

The Stability Pool becomes critical during periods of potential instability. Instability arises when there is an excessive amount of stablecoins minted compared to the corresponding x-tokens, threatening the balance of the stable-leverage pair. If this situation occurs, the Stability Pool comes into action:

* Stablecoins deposited in the pool are redeemed for reserve assets at their Net Asset Value (NAV).

This redemption process restores balance to the system by decreasing the surplus of stablecoins and reinforcing the reserve assets.

For users, this mechanism operates automatically and effortlessly. It works like buying reserve assets at their exact market value, without any slippage. This guarantees users receive fair value for their stablecoins while helping to stabilize the protocol.

**Yield Farming with Stablecoins**

In normal conditions, when the stable-leverage pair is well-balanced, the Stability Pool operates as a yield-generating vault for stablecoins. Users can deposit their stablecoins to "farm" yields. These rewards are derived from:

1. Staking yields earned by the reserve (stETH).
2. FXN token emissions, which incentivize participation and enhance returns.

This dual-reward structure makes the Stability Pool an attractive option for stablecoin holders seeking higher returns compared to traditional DeFi yield sources.

**Stability Mode**

Stability Mode activates when the system’s reserves, represented by fETH, are worth less than 130% of the stablecoins in circulation (fETH/xETH ratio drops below 1.3) and the Stability Pool runs out of fETH to fix the imbalance.

To handle this, the protocol uses two automated mechanisms funded by treasury revenue. These mechanisms, controlled by on-chain rules, encourage user actions to restore the Collateral Ratio.

**Stabilization Mechanisms**

* xETH Minting Incentives\
  To encourage users to mint more xETH, the protocol temporarily provides a minting bonus, funded by treasury revenue.
* Purpose: Increase the supply of xETH to restore the balance between minted stablecoins and xETH backing.
* fETH Redeeming Incentives\
  To reduce the excess stablecoins in circulation, the protocol offers a redemption bonus for converting fETH back into reserve assets. This bonus is also funded by treasury revenue.
* Purpose: Reduce stablecoin supply and increase reserve assets to improve the CR.

Stability Mode ensures that even in extreme scenarios, the protocol remains robust and self-correcting. These mechanisms act as a final line of defense, maintaining system integrity and protecting users' assets.

**What if bad things happen?**

1. What happens if there’s a huge flash crash in ETH price?

In the unlikely (<0.1%; see whitepaper) event of a price crash in ETH that’s so big that the Stability Pool and minting incentives fail to restabilize the system, the price of xETH can fall to zero \[this is the closest thing to a liquidation on f(x)] and in that case fETH will have sole claim on the reserve. If that happens, the fETH NAV will start following the full price swings of ETH, rather than just 10%. As always, it would be redeemable.

If this ever were to happen there are provisions for recapitalizing the protocol described in the whitepaper.

2. What happens if stETH depegs from ETH?

f(x) has an automatic emergency brake built-in which protects fETH and xETH holders if there is a stETH depeg. Using multiple oracle feeds f(x) can determine if the price of stETH has diverged more than 1% from the price of ETH, and if so minting is (temporarily) disabled. Redemptions remain enabled (as always), however fETH redemptions use the higher of the two prices (stETH, ETH) and xETH redemptions use the lower. When the stETH pegnormalizes, minting resumes. This mechanism ensures fETH and xETH holders are protected, and ensures that no urgent action is ever needed in the event of a stETH depeg.

[Audits](https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/audit-reports)

\ <br>

\ <br>


# Tutorial

1. Connect your wallet.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh6.googleusercontent.com%2FSbnv-u07CUWdKBS4A-edBOcvpv8rQQ-gZDmuw46iOVKeUbdZcVeBGmEUiZ6dUF6H0yub19G3yhMDlH-ncQINaRAJ575I8FWYTysApCNv7P8P6Vvi79m94M-at4l_mwHjc6N1w-sK2siT4FfelBwUv_XTSpCv9L1F&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=7f43139d&#x26;sv=1" alt=""><figcaption></figcaption></figure>

2. In the upper right corner, you can choose whether or not to display System Statistics, which include more detailed statistics and graphs: TVL, Total Supply, fETH Collateral Ratio, ETH Cumulative Return, etc.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh5.googleusercontent.com%2FdNblG9nzJdtYF2eJS_xC4pUoO1Hme4JoOwL1jkU6CZg7rBGxgwqVJDB4sQTzI-sS11WnNkrF0nBR6noggMAoDYQ1zVrrSKNEutvIcwmBF3c1_wDfa5EjqxrgHKNrDPQYs2VrP6JKEJm0atqCfcc3ASTnPZUOV4Lr&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=863efd60&#x26;sv=1" alt=""><figcaption></figcaption></figure>

3. Here, you can mint fETH/xETH token with ETH or stETH. Please note that the minting fee for fETH token is 0.25%, and for xETH it’s 1.5%.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh3.googleusercontent.com%2Fxu7n0qihtqudQdSds7XroGH8umNI7SD7jtiC5emFSKuM9zn0mYaZ9O1SSk88w9xUr_B-z5VGoPgKual4EpF1IxVcaFTDHLGKWUVQNtBWjnuqPKW3YiTku2a-eOKq306IDUcZRdR3asPpWqrblCbseLW4ULt4mtW2&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=8e7950df&#x26;sv=1" alt=""><figcaption></figcaption></figure>

4. Click on Redeem, where you can redeem your fETH/xETH for stETH. Please note that the redemption fee for the fETH token is 0.25%, and for xETH it’s 1.5%.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh5.googleusercontent.com%2FX0AkoXqR4AFhDHdsLBOcIn6JHgMLIxEtaofe7Myp8b2bOKjoMHQN_hZ9C1_7Fi0nmnd4CVsk528dQymVXQxAq6bq9Z3FVW8l1-xP2yyxSTsDZul2PiAQ5BTXQc_2dBkgS41N6W1GaF3absq6zy3xJLlzYxbCP_q_&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=c0a8de19&#x26;sv=1" alt=""><figcaption></figcaption></figure>

5. You can set the maximum slippage here, with the default value of 0.3.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh6.googleusercontent.com%2F6pwhQcTesiMRMm4yjVhbrGD-Rdk_VWDAl0LbBwBrpXGR101Pz2EXVbD3tcr33QaT33fXN5125jNnCyt38JIFr4EaOwlkm2IDKAiA79aHPqZlw2ykbRexUS8aQlR9CLpcowENNSlORV896XFg0TIEwhFJH4LvxJX5&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=9f5d517a&#x26;sv=1" alt=""><figcaption></figcaption></figure>

6. Here is our Stability Pool. The deposited, unlocking, and unclaimed fETH will be used for rebalance. Unlocking takes 14 days from the last unlocking transaction. For detailed info please refer to [“Rebalance Pool”](https://docs.aladdin.club/f-x-protocol/stability-pool-deprecated)

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh4.googleusercontent.com%2FcBbD9PL5Kpd2HccKa0czDpqhJU6mDamLZFC6seRfomtHYuGNb-U2rmxrGoQUVB_4RnhkfVNIqLBkQVH57ZMdkk1ILPtGPc5dMDPJ5tp8umnEmItfpSkJe9bg1OR1S_XdxlHZzwP3RlIlhBrS4KL-R5o5S415lQRG&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=c937eb37&#x26;sv=1" alt=""><figcaption></figcaption></figure>

7. Click Deposit to deposit your fETH tokens and start earning stETH!

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh3.googleusercontent.com%2FOqr4oK0KzKQYGLzkw52t176dfMDGAXVjO6HpPDQzCWxFu7WWHhO40GhJu0pgR3AesDylISd_MLnp_IWfBkTj29VlTknej4WRpN-aDex2ZEgVvrG7E7OXhI0-P41RtQtRf2Z97jW8VxA5hJoFIsztrCN7-ySY2mHL&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=8a3579fb&#x26;sv=1" alt=""><figcaption></figcaption></figure>

8. Enter the amount of fETH you would like to deposit, then approve and confirm the transaction in your wallet.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh3.googleusercontent.com%2F7JdukDQKqS8roY_pAJzQi6037DGUZyNXIH7YEvWSyHHaYzcdNajNcOFGcTOqLrpQMOOBXt-JT17QjgfTPXo-cSRhCgUVY1CIuBtz_-Whir_x0s8fpSejX74nO2aslvezURrj2NTUEHa1-5aolpnla9LEh02uC-K3&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=57be47f4&#x26;sv=1" alt=""><figcaption></figcaption></figure>

9. You may see your earnings here. You can withdraw your stETH rewards freely, but it will take 2 weeks for the deposited fETH withdrawal.

<figure><img src="https://docs.aladdin.club/~gitbook/image?url=https%3A%2F%2Flh4.googleusercontent.com%2F48UamTXaU1yOmcjZIw7a1cgijAWnX3btmuYfla9MSoZ6AmSMjV3POYUCRlXlw6qrTDo8HPr3FcF2lFIkq-Ke5Kv-scIoxTH-1vhhFBsbhH4uLQfky1DnN0fBEZnGWVwHqD1EVAYa8UbJfjWV0d_FN66r4yNQl0hc&#x26;width=768&#x26;dpr=4&#x26;quality=100&#x26;sign=1d1282cf&#x26;sv=1" alt=""><figcaption></figcaption></figure>


# Resources

## Useful Links

Website : [https://fx.aladdin.club/](https://fx.aladdin.club/earn/)

Whitepaper\_V2 : [V2 Whitepapers](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/whitepapers/f\(x\)_2.0_whitepaper.pdf)\
\
X : <https://x.com/protocol_fx>\
\
Medium : <https://medium.com/@protocol_fx_667>

Discord : <https://discord.com/invite/D8znPnRqZ6>

Dune: <https://dune.com/ivan123/protocol-fx> / <https://dune.com/degenerate_defi/fx-protocol-a-closer-look>

Github: <https://github.com/AladdinDAO>

### [Audit Reports](https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/audit-reports) <a href="#audit-reports" id="audit-reports"></a>

[**f(x) Protocol Report**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_Report_v1.0_20230614.pdf)

[**Stability Pool**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_RebalancePool_Report_v1.2_20230725.pdf)

[**f(x) Protocol Update**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_Update_Report_v1.1_20230917.pdf)

[**New\_Features**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_New_Features_Report_v1.1_20231129.pdf)

[**Boost Stability Pool**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Rebalance_Pool_Boost_Report_v1.0_20231213.pdf)

[**Shareable Stability Pool**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Shareable_RebalancePool_Report_20240118.pdf)

[**fxUSD Report**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_FxUSD_Report_v1.0_20240223.pdf)

[**f(x) Protocol New Oracle Report**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_New_Oracle_Report_v1.0_20240514.pdf)

[**arUSD Report**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_Concentrator_arUSD_Report_v1.0_20240618.pdf)

[**Trail of Bits Audit Report**](https://github.com/trailofbits/publications/blob/master/reviews/2024-03-aladdinfxprotocol-securityreview.pdf)

[**aFXN Report**](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_Concentrator_aFXN_Report_v1.0_20240726.pdf)


# f(x) Protocol

## Abstract

f(x) Protocol creates two new ETH derivative assets, one with stablecoin-like low volatility and the second a leveraged long ETH perpetual token. These tokens are created by separating ETH collateral into a lower-volatility component (β < 1) called fractional ETH (fETH) and a higher-volatility (β > 1) one called leveraged ETH (xETH). By constraining βf = 0.1 the fractional ETH token captures some growth of the cryptocurrency market while limiting volatility enough to retain the characteristics of a stablecoin. The leveraged ETH component is essentially a long perpetual future contract with zero funding costs and variable leverage. The system is backed exclusively by a mixture of pure ETH and selected highly liquid staked ETH derivative collateral tokens, which means it is not exposed to centralized risk from real-world assets. Maximum liquidity of fETH can scale quickly compared with CDP-issued stablecoins because it is based on the high demand for leveraged long ETH positions (xETH) rather than the relatively lower demand for CDPs, with their attendant maintenance and capital inefficiency.

## Introduction

&#x20;Stablecoins are an essential enabling technology for decentralized finance (DeFi). They enable fully on-chain swaps in and out of fiat denomination as well as the creation of a wide array of powerful decentralized financial instruments. Additionally, due to the volatility of all cryptocurrencies, even the most crypto-native of organizations and individuals must plan for expenses in fiat terms, and must therefore hold at least some fiat-denominated reserve. Despite the critical importance of these tokens, they have also introduced new risks and been responsible for some of the DeFi’s most damaging failures. Pure algorithmic stablecoins have failed so spectacularly that little needs to be said about their risk, but current stablecoin implementations suffer from critical weaknesses which will ultimately hinder their long-term success. The majority of use cases for stablecoins do not require a hard peg to a specific fiat currency so much as they require low volatility against fiat generally. In this document we will introduce a protocol that uses a unique mechanism to create two new ETH derivative tokens: fETH, a low β near-stablecoin, and xETH, a high β leveraged long ETH perpetual contract. The leveraged long token offers a powerful new decentralized tool for on-chain trading while the low volatility token provides an alternative to current stablecoin offerings that eliminates centralized risk while also being able to scale efficiently enough to meet the needs of the DeFi industry.&#x20;

## Stablecoin Risks and Scaling&#x20;

The most obvious type of risk seen in recent years in stablecoins is in pure algorithmic (underor un-collateralized) implementations, of which UST by Terra is the most obvious example. Making this type of stablecoin safe and reliable may very well be impossible, but for the purposes of this discussion we consider this class of stablecoin so risky as to immediately disqualify it from being a good choice for long-term reliability. 1 Among remaining designs, there are currently three broad categories of stablecoins in the market:

1. Fiat-backed stablecoins (USDC, USDT)
2. Algorithmic, but fully or partly collateralized by fiat-backed stablecoins (DAI, FRAX)
3. Fully decentralized CDP algorithmic stablecoins (LUSD) Categories (1) and (2) both suffer from centralization risk, while category (3) has, as yet, struggled with scalability and capital efficiency compared to those in (1) and (2). These centralization risk and scaling challenges leave the door open for other solutions.

{% embed url="<https://fx.aladdin.club/home/>" %}


# Introduction of FxUSD

***fxUSD is unlike anything else in DeFi.*** It is the first truly decentralized stablecoin with the scalability to compete toe-to-toe with centralized offerings. Its combination of strong peg, built in yield and zero slippage swapping makes it extremely user friendly, while the ingenious economic design grows the available liquidity automatically as a byproduct of providing serious value to constituent LSDs.


# The background of FxUSD (Why do we need it?)

f(x) Protocol introduced fETH and xETH as well as the overall concept used to create them: the stable-leverage pair. To understand fxUSD, that is where we begin.

To create a stable-leverage pair, f(x) holds a reserve of some base token. To start, let’s consider stETH. Minted against that stETH reserve are two types of derivative tokens; one stable, and one volatile. At all times, the total market cap of the two derivative tokens is held equal to the value of the reserve, and any derivative token can be redeemed at any time for its share of the reserve base token.

As the price of the reserve token varies, so too does the amount of base token a user may redeem for each of the stable and volatile tokens. The stable token is held fixed at a USD value of $1, so as the price of stETH in the reserve rises, the volatile token price rises at a multiple rate of stETH. Based on the performance of xETH, this multiple generally varies between 1.5x — 4x though though it can rise as high as 4.3X before the protocol responds to limit it.

<figure><img src="https://lh7-us.googleusercontent.com/EhqZnMikxz2_Xv_TsbJ3tXqMhjgAp7VHIC1K9jf5VOTLgtxTV_StAqd9YlhiCY_kMYJa3qrfKQhjlgUopgt94pyLOMFmLn6KLS5tUocKjLZBsUDCy3eZaPthiovF8jfCXyiL8u4Eq9LQwbmjJ5kSIY4" alt=""><figcaption></figcaption></figure>

To maintain the stability of the overall system, a “Stability Pool” is provided. By depositing the stable derivative tokens in the rebalance pool, users can earn a share of the yield from the reserve, i.e. the stETH staking yield. In exchange for this yield the users take a risk: if there is ever too much of the stable token and not enough of the volatile one to absorb volatility, stables from the Stability Pool are redeemed for stETH from the reserve, thus relieving pressure on the volatile token and maintaining the stability of the system. From a user’s perspective, this is equivalent to buying stETH at market price with the stables in the stability pool.

\ <br>


# Introduction

Hence, the innovative, dynamic stable-leverage pair technology provides three crucial features to fxUSD:

1. Powerful, real-world-proven peg that protects from both upwards and downwards depegs
2. Built-in real yield, denominated in the reserve’s yield (staked ETH, in this case)
3. Instant mint-and-redeemability with zero slippage and no swap pool liquidity required (especially once integrated to aggregators, note fees still apply)

An important difference from fETH/xETH to fxUSD, and indeed for all new stable-leverage pairs except for fETH going forward, is that the stable derivative tokens of a single reserve will not be liquid. Instead, they can only exist in the Stability Pool or (if the pair is included in fxUSD backing) in the fxUSD reserve. Stability Pool stable deposits can be redeemed for their share of the reserve at any time without limit, but not withdrawn to a wallet on their own. Stables from pairs which back fxUSD can be withdrawn from the Stability Pool, or even minted directly… but only as fxUSD.

Using only the mechanism described above, every stable-leverage pair creates two derivative tokens plus its own Stability Pool. For the purposes of scaling, however, f(x) should have only one USD-pegged stablecoin. To achieve this, individual reserve stablecoins will not be liquid, but instead will be limited to either farming in its Stability Pool or being used to mint the single liquid king-token: fxUSD. Stability Pools and leveraged tokens will still be separate for each reserve LSD, allowing varying yields between stability pools, as well as varying leverage between each leveraged “x” token. This separation is sensible since those pools and tokens are backed by different reserve LSDs with different risks, base yields, etc.

fxUSD consolidates stablecoins from constituent pairs as follows:

1. fxUSD is backed 1:1 by a basket of stables from accepted LSD stable/leverage pairs, and can be minted by supplying an accepted LSD or by withdrawing from a rebalance pool
2. When minting fxUSD from an LSD, the LSD is used to mint the stable derivative of that LSD, which is then placed in the fxUSD reserve
3. When minting fxUSD by withdrawing stables from a rebalance pool, the withdrawn stables are moved to the fxUSD reserve

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# Summary of FxUSD

<figure><img src="https://lh7-us.googleusercontent.com/0j2Dakkp9NVplNPtKUmz4od6ssdil_zk_PtPt9MX7iuiKXEzm_gHz_P82R-z1wdaHf5j9dnpn-zm9O4Wo-DNhR5h7Lsh0PQ3ri2jXRId2n3BQ-INKX_JLWZBimU_WWKVQEJJxHotAXRaeNSdQvUVOug" alt=""><figcaption></figcaption></figure>


# fxUSD Reserve and Risk Management

#### The fxUSD Reserve

fxUSD is backed 1:1 by a reserve of $1-pegged stables from whitelisted ETH LSD stable-leverage pairs, beginning at launch with stETH and frxETH.  Since the fxUSD reserve is separate from the constituent stable-leverage pairs, stable tokens from whitelisted pairs can exist in its Stability Pool or the fxUSD reserve, but not both.

<figure><img src="https://lh7-us.googleusercontent.com/XevGO1klvlS_jL9ifJrMgLnIb2pyyXDmfmKB5tntgwyrch_MITr1IfwCjMq77V5eaygo55joiWIJm60q5q6NyszpckjbZ9S0UqFwIQFpFTnGbqMSIvZAOqgvvdBfTeSKzrH3i26fU3CaU90yaeAWilk" alt=""><figcaption></figcaption></figure>

Once minted, fxUSD can be held in a wallet, transferred, used outside f(x), etc.  fxUSD can also be deposited back into one of the source stability pools or redeemed for reserve ETH LSD tokens.  The availability of Stability Pool and reserve token redemption paths depends on the token makeup of the fxUSD reserve, which can vary. Since fxUSD is minted 1:1 against tokens in its reserve there is always a way to redeem every fxUSD for $1 worth of an ETH LSD, though which specific LSDs are available for redemption depend on which stables are present in the fxUSD reserve.  Likewise, fxUSD can only be directly “deposited” (i.e. redeemed for LSD-stables and moved) to a Stability Pool if there are appropriate tokens available in the fxUSD reserve.

<figure><img src="https://lh7-us.googleusercontent.com/iGOtUfOhCqoHynrNfpoTZB09iyNAvLy7DnrcPcvV1I6lnwL6mGt0p957tFOukg-8EEasbVOwXxO99YuVgdwNnUGqD-p72TQ3vFI6YhrAYu1m-Ojh6FXv7gRZTlnMqQIZuheZvCuS9-C0vLCLQaCp15U" alt=""><figcaption></figcaption></figure>

Consider an example. Starting from an empty fxUSD reserve, imagine Alice mints 100 fxUSD using stETH-Stable, and Bob mints 10 fxUSD using frxETH-Stable.  Alice can then deposit up to 10 fxUSD into the frxETH-Stable pool (and perhaps redeem those for frxETH).  If she does so, then all the remaining fxUSD, including Bob’s 10 fxUSD, can only be deposited into the stETH Stability Pool, to be redeemable for stETH.

#### Risk Management

fxUSD risk management begins with the already very robust risk management of the f(x) stable-leverage pair (see the [whitepaper](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/whitepapers/f\(x\)_whitepaper_v2.pdf)).  Beyond this, the main risk management strategy at the fxUSD level is the careful controlling of which tokens to accept in the reserve.  New LSDs may be onboarded to expand the fxUSD reserve at some point, but each new backing LSD will be subject to risk management review, parameter setting and community governance approvals prior to being allowed into the fxUSD reserve. &#x20;

Additionally, the system can temporarily disable fxUSD minting to keep all depositors safe in the case of a serious problem with a constituent stable-leverage pair.  The two cases where this happens are if the underlying LSD reserve token depegs from ETH, or if the collateralization ratio falls below 100% (which can only happen after rebalance pool redemptions and all other risk mitigations fail).  Since Stability Pools hold stables from the underlying SLP and not fxUSD, disabled minting also disables Stability Pool withdrawals to fxUSD.  Redeeming fxUSD or Stability Pool deposits for reserve tokens is, as always, still possible.

\ <br>

\ <br>


# Zaps Simplify UX

Much of the complexity of the mechanism discussed in this article will be entirely hidden, and the process will be optimized to feel seamless and straightforward. Zapping will make entering and exiting directly from ETH, LSDs or stables simple and painless, automatically routing where appropriate to account for availability, risk limits, and liquidity. When providing ETH or a constituent LSD these swaps are also slippage free, since they use f(x) minting and redeeming (of course, these transactions still incur gas costs). Deposit function supports both zap in and zap out. Supported assets include crvUSD, Frax, USDC, USDT, ETH, frxETH, stETH, ETH.

<br>

<figure><img src="https://lh7-us.googleusercontent.com/NLLSSWDmlZ34jj-8kQXxkEPvOaB-T7rghxY02cevRQuuT94I4Hp0tancMDDhCwWu-JgRYD5-CVSmvLRmzlE90FI9UFsKdIFDGFSNfbx0gBEW1PwvkOpffQrrZoBgxYyRo1WQJUvNj0rO-2U7GzEesXQ" alt=""><figcaption></figcaption></figure>

\ <br>


# Introduction of rUSD

rUSD is a **stablecoin** that uses the same mechanism as fxUSD, but with its reserve comprised of only ETH Liquid Restaking Tokens (LRT), starting with Ether.fi’s eETH and Renzo Protocol's ezETH.&#x20;

Even though the risk profile of LRTs are different enough to LSTs that they should not be included in fxUSD, restaked ETH is an excellent use-case for the powerful f(x) mechanism. Stability Pool depositors can earn very high restaking rewards, including points, all without taking ETH price exposure.&#x20;

In fact, since 100% of reserve points flow to the rUSD Stability Pool, along with 50% of LST yields, points accrual in the rUSD Stability Pool is much higher, dollar for dollar, than holding the LST itself!


# Introduction of arUSD

In an era where DeFi is rapidly evolving, the concept of saving has transcended traditional bank accounts. Enter arUSD, an innovative autocompounding token designed to revolutionise how DAOs and individual users manage and grow their savings. Much like a high-yield savings account, arUSD offers users the opportunity to earn interest on their holdings. However, it goes a step further by automatically reinvesting earnings to maximise returns.

**arUSD** is the tokenized version of rUSD EtherFi Stability Pool vaults from Convex Finance. Why eETH? We believe EtherFi’s eETH is the most liquid and reliable LRT! Why Convex vaults? Boosted yield! Since Convex it’s a big veFXN holder, it provides the highest yield on f(x)’s Stability Pools.

**What Can You Do with arUSD?**

*Simple Savings*

You can simply hold arUSD in your wallet and treat it like a savings account, enjoying the benefits of automatic compounding interest.

*Advanced DeFi Strategies*

For more savvy DeFi users, arUSD offers a range of advanced options:

*Yield Splitting:*

arUSD is ideal for use with Yield platform ie Pendle/Spectra, where it can be split into Principal Tokens (PT) and Yield Tokens (YT).

PT holders earn fixed yields to maturity plus LP incentives, while YT holders can earn all the yields along with restaking points.

*Collateral on Lending Protocols:*

arUSD is an ideal collateral for lending protocols.

As it already earns leveraged points, users can loop borrow against other stablecoins, leveraging up to earn more yields and points without liquidation risks under most circumstances.

*Layer 2 Utility:*

On Layer 2s, users can earn restaking yields and leveraged points with low transaction costs.

**What is the risk?**

\
As part of f(x)’s risk management mechanisms, liquidations may occur when rUSD goes into stability mode, redeeming rUSD in the stability pool for weETH at the prevailing liquidation price. The liquidated weETH is held in the vault, and converted back to rUSD only when the value of weETH in the vault is 100% of the redeemed rUSD.

However, it goes a step further by automatically reinvesting earnings to maximise returns and by letting holders accrue up to 6x ether.fi and 2x Eigenlayer points.

Below is the Summary of arUSD:&#x20;

<figure><img src="/files/c84evUfvgnDn8mNP8xi6" alt=""><figcaption></figcaption></figure>


# Introduction of aFXN

**aFXN** is an **autocompounding cvxFXN** from ConvexFinance, which reinvests all rewards into more cvxFXN.&#x20;

With **aFXN**, you can now turbocharge your f(x) Protocol yield into even more FXN. It is a must-have, with its native yield often soaring above [35% APR](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/concentrator/asdpendle/audit-reports/SECBIT_Concentrator_aFXN_Report_v1.0_20240726.pdf).


# Introduction of cvxUSD/xCVX

**What are cvxUSD and xCVX?**

cvxUSD is a **stablecoin** based on CVX that allows users to earn the native staking yield from Convex Finance. Users can stake **cvxUSD** to stability pools to earn CVX staking yield while remaining pegged to the dollar.

On the volatility side, like what f(x) did, **xCVX** offers up to 3x leverage on CVX with no funding costs or liquidation risk.


# Introduction of btcUSD/xWBTC

btcUSD offers the perfectly pegged, zero-beta USD stablecoin-with-awesome-yields experience that f(x) users love, while xWBTC brings the expected leverage long BTC excitement. With the added bonus that since btcUSD kicks in at a 120% collateral ratio, xWBTC’s effective leverage ratio can get up to 5.6x leverage!&#x20;

The key difference with WBTC is that, since it has no built-in yield, xWBTC holders pay a competitive funding rate for the leveraged price exposure. As with all other f tokens, holding btcUSD is free, and farming with it in the stability pool is lucrative.

The funding rate of xWBTC will simply track the borrowing rate of crvUSD against WBTC. Revenue is treated in the same way as any other reserve yield in f(x); it is divided evenly between the stability pool and the protocol (as revenue). WBTC flowing to the protocol is further subdivided, with 75% being paid to veFXN holders and 25% to the protocol treasury.

<figure><img src="/files/uqKi3WL60RI49FBOuSDq" alt=""><figcaption></figcaption></figure>


# What is f(x)?

f(x) splits ETH into a mix of low-volatility “floating stablecoins” called fETH and high-volatility “leveraged ETH” tokens called xETH. Users can supply ETH or stETH to mint either one (pure ETH is zapped into stETH before deposit).

The most fundamental equation in this protocol:&#x20;

$$
n\_{eth}p\_{eth}=n\_fp\_f+n\_xp\_x,
$$

where $$n\_{eth}$$is the number of ETH collateral,  $$p\_{eth}$$is ETH’s price in USD,  $$n\_f$$is the total supply of fETH,  $$p\_f$$is NAV of fETH,  $$n\_x$$is the total supply of xETH, $$p\_x$$is NAV of xETH.

\
Now, f(x) continues to grow and support few more features. f(x) splits yield-bearing tokens into two derivative coins: a stable one, and a more volatile one. On the stable side, the headliners are fETH and fxUSD: both stable (one USD-pegged, one that increases or decreases a little with the price of ETH. Holding the high volatility tokens like xETH, xstETH, and others are like holding leverage on the reserve, i.e. leveraged ETH, but with zero funding costs and no individual liquidations.

\
\ <br>


# Why f(x)?

f(x) Protocol is built to create a symbiotic system that decomposes ETH into two useful tokens.&#x20;

For fETH, the goal is to produce a low volatility token which:

1. Is fully decentralized and Ethereum-native;
2. Minimizes volatility while retaining a small exposure to the market;
3. Can be minted and redeemed instantly in direct response to stablecoin demand;
4. Has maximum liquidity depth based on a multiple of demand for xETH, rather than a fraction of demand for CDPs.

Specifically for xETH, we create a leveraged long ETH token which:

1. Is fully decentralized and Ethereum-native;
2. Is composable, with liquidity on-chain;
3. Has an extremely low risk of liquidation.

\ <br>


# What is Fractional ETH (fETH), and why would I need it?

The fETH token, or Fractional ETH, is a decentralized, low-volatility, Ethereum-native, and “floating stablecoin”. It’s decentralized, so it avoids exposure to the shenanigans of central banks or other IRL entities.&#x20;

However, fETH isn’t exactly a stablecoin because it gains and loses a small amount of value as ETH rises and falls. Those price movements are fixed at 10% of the size of ETH’s. In this way, it’s anchored to the Ethereum economy rather than the US one. If you think USD will devalue over time compared to ETH, you might like to hold it instead of USD stablecoins.&#x20;

Its current NAV is showing clearly on the dashboard.&#x20;

<figure><img src="/files/uTIPu81pOVG2fGdVXwJ3" alt=""><figcaption></figcaption></figure>


# What is Leveraged ETH (xETH), and why would I need it?

The xETH token, also called leveraged ETH, is a decentralized, composable leveraged long ETH futures contract with a low risk of liquidations and 0 funding fee (and in extreme cases, xETH minters can earn fees).&#x20;

It’s a token to amplify your gains on a long-term bet on ETH price growth.&#x20;

Its current NAV is showing on the dashboard.

<figure><img src="/files/WW8w0k3cULnTzEnCWmXz" alt=""><figcaption></figcaption></figure>


# Fees

<table><thead><tr><th width="278">Fees Collected </th><th width="239">Mint</th><th>Redeem</th></tr></thead><tbody><tr><td>fETH(Normal, CR >= 130%)</td><td>0.25%</td><td>0.25%</td></tr><tr><td>xETH(Normal, CR >=130%)</td><td>1.50%</td><td>1.50%</td></tr><tr><td>fxUSD(Normal, CR >=130%)</td><td>0.00%</td><td>0.25%</td></tr><tr><td>rUSD(Normal, CR >=130%)</td><td>0.00%</td><td>0.25%</td></tr><tr><td>xstETH(Normal, CR >=130%)</td><td>1.50%</td><td>1.50%</td></tr><tr><td>xfrxETH(Normal, CR >=130%)</td><td>1.50%</td><td>1.50%</td></tr><tr><td>xeETH(Normal, CR >=130%)</td><td>1.50%</td><td>1.50%</td></tr><tr><td>xezETH(Normal, CR >=130%)</td><td>1.50%</td><td>1.50%</td></tr><tr><td>btcUSD(Normal, CR >=120%)</td><td>0.00%</td><td>0.25%</td></tr><tr><td>xWBTC(Normal, CR >=120%)</td><td>0.00%</td><td>2.00%</td></tr><tr><td>cvxUSD(Normal, CR>=150%)</td><td>0.00%</td><td>0.25%</td></tr><tr><td>xCVX(Normal, CR>=150%)</td><td>2.50%</td><td>2.50%</td></tr><tr><td>fETH(Stability, CR&#x3C;130%)</td><td>N/A(Disabled in this case)</td><td>0.00%</td></tr><tr><td>xETH(Stability, CR&#x3C;130%)</td><td>0.00%</td><td>8.50%</td></tr><tr><td>fxUSD(Stability, CR&#x3C;130%)</td><td>N/A(Disabled in this case)</td><td>0.00%</td></tr><tr><td>rUSD(Stability, CR&#x3C;130%)</td><td>N/A(Disabled in this case)</td><td>0.00%</td></tr><tr><td>xstETH(Stability, CR&#x3C;130%)</td><td>0.00%</td><td>8.50%</td></tr><tr><td>xfrxETH(Stability, CR&#x3C;130%)</td><td>0.00%</td><td>8.50%</td></tr><tr><td>xeETH(Stability, CR&#x3C;130%)</td><td>0.00%</td><td>9.00%</td></tr><tr><td>xezETH(Stability, CR&#x3C;130%)</td><td>0.00%</td><td>9.00%</td></tr><tr><td>btcUSD(Stability, CR&#x3C;120%)</td><td>N/A(Disabled in this case)</td><td>0.00%</td></tr><tr><td>xWBTC(Stability, CR&#x3C;120%)</td><td>0.00%</td><td>9.00%</td></tr><tr><td>cvxUSD(Stability, CR&#x3C;150%)</td><td>N/A(Disabled in this case)</td><td>0.00%</td></tr><tr><td>xCVX(Stability, CR&#x3C;150%)</td><td>0.00%</td><td>8.00%</td></tr></tbody></table>

Concentrator takes a 10% treasury fee and a 1% harvest fee on **arUSD** and **aFXN**'s yield. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.

All fees are adjustable by the governance process.&#x20;


# Stability Pool（Deprecated）

The stability pool serves as a yield-generating vault for fETH, deriving attractive returns (in wstETH!) from the staking rewards of the reserve. Should the quantity of minted fETH ever exceed xETH by a significant margin (when CR<130%, please see the whitepaper for details), fETH held in this vault can be automatically converted into stETH. When necessary, the protocol redeems only the required amount of fETH to restore stability, with fETH sourced proportionally from all depositors.&#x20;

TL;DR: Deposit fETH to stability Pool to farm high stETH yields and may periodically DCA into stETH

\ <br>


# Stability Pool

There is one stability pool for every stable-leverage pair on f(x). When stable holders deposit there, they earn part of the yields generated by the reserve plus FXN emissions.

If the stable-leverage pair is ever at risk of becoming unstable because of too much minted stable and not enough minted x token, stables in the stability pool are redeemed for reserve assets at their NAV. If the protocol enters stability mode, for stability pool users it is like automatically buying ETH (or whatever the reserve token is) at market price, with no slippage. Otherwise it’s farming unstable, real yields using stable coins.


# Stability Mode

In the majority of circumstances where the CR falls below 130, the continuous and smooth upward pressure of the User Stability Pool will easily restore it, thereby maintaining system stability. **The mechanism only runs into problems if the downward pressure on the CR is persistent or extreme enough to exhaust the Stability Pool’s supply of fETH.** In this edge case, the protocol has two stabilization mechanisms executed automatically using accrued revenue from the protocol treasury. Each of these mechanisms is governed by on-chain parameters. Neither mechanism is engaged unless the Stability Pool supply of fETH has been completely exhausted. Those mechanisms are:

1\. xETH Minting Incentives: For xETH minting incentives, earned revenue from the treasury is used to fund a temporary xETH minting bonus. The relevant parameters for this mechanism are the bonus size and maximum CR limit.

2\. fETH Redeeming Incentives: For fETH redeeming incentives, earned revenue from the treasury is used to fund a temporary fETH redeeming bonus. The relevant parameters for this mechanism are the bonus size and maximum CR limit.

\ <br>


# FXN Farming and veFXN Boost

The [FXN overall token allocation](https://medium.com/@protocol_fx_667/f-x-protocols-tokenomics-offer-a-calculated-journey-towards-success-b97487df41b9) specifies 980,000 FXN tokens (49% of max supply) to be emitted as liquidity incentives over a 50-year period, with the emission rate starting at 98,000 FXN for the first year and declining by 10% (relative) each year thereafter.  Each year is divided into weekly epochs, with a veFXN governance vote determining how that epoch’s FXN will be allocated among the available gauges, the same as in the Curve’s pioneering model.  In the details, however, there are several differences to Curve, driven by technical considerations in the f(x) system.

**Gauge Types**

f(x) Protocol supports two types of gauges: Stability Pool gauges, and liquidity pool gauges.  For LP gauges, farmers can earn FXN by providing liquidity to certain Curve liquidity pools.  These gauges are based on a double-gauge structure: farmers stake their Convex farming positions, allowing them to earn **both** Curve/Convex rewards as well as FXN.  Of course, zaps hide this complexity for users who wish to simply deposit underlying tokens.  LP gauge yields are boosted by owned, shared or delegated veFXN boost.

On the other side, Stability Pools are even more different to Curve gauges. First, they are not strictly gauges in the Curve sense, due to the fact that they are not tokenized.  This has implications for how tokens are distributed, how boost is allocated, and more. Additionally, Stability Pool gauges can be boosted by owned or shared veFXN boost, but not delegated.

**Boost Calculation**

In Curve’s gauge model, all gauge emissions are distributed immediately and users with boost power take rewards from users without. The veFXN model allows each user to earn their own maximum FXN, and if they do not, the difference is rolled over and used to increase yields for the pool across the board.

FXN distributions to the Stability Pool are shared among farmers according to each farmer’s share of TVL in that pool and their share of total veboost power. Each farmer’s share of TVL in the pool determines the maximum share of incoming FXN they can earn, while their boost determines how much of that they can actually claim.  Farmers with veboost power earn up to 2.5X more than farmers with none.

Farmers who have zero veboost have a boost of 1X, which allows them to claim 40% of their maximum earnable share of FXN for this epoch.  Farmers who have the maximum veboost of 2.5X may claim 100% of their maximum share.

Each farmer’s boost level is calculated like this:

Maximum FXN = Total Distributable FXN x Individual TVL / Total TVL

Claimable FXN = 0.4 x Maximum FXN x Boost Level

Boost Level = min (Individual TVL x 0.4 + (Total TVL x Individual veFXN for the epoch) x 0.6 / Total veFXN for the epoch, Individual TVL) / (Individual TVL x 0.4)

An alternative way to think about boost level is in terms of two variables:  A farmer’s fractional share of the total veboost (fv), and a farmer’s fractional share of the total TVL (fd).  Using these terms, each farmer’s boost is calculated like this:&#x20;

![](https://lh7-us.googleusercontent.com/zigI0vGIQ3AI-ZKpjgp-3-i_rDOvfqAuKwCIURg-HqYGXKRHCqntLQ6sQNkvhaIOyggsaVs5eYwSQmuEMszVn3YeZfnF0IH4rq3Nmf-IfD8J5BPfVu1hNyBkAdb-yOaFyQ8iAR-M8kYeXsRa2f2Hgak)

For an individual farmer, the optimal approach is to hold precisely the same share of the total vepower and TVL.  A higher share of total vepower than their share of the TVL doesn’t help that farmer, however, the FXN system allows sharing boost power for whitelisted addresses (see below).

**Rollover FXN**

It is likely that not every farmer will earn their maximum share, which means each time a farmer in the pool makes a settlement transaction (see “Settlement”) there may be leftover FXN. This leftover FXN is rolled forward and treated as a new distribution to the Stability Pool, similar to FXN coming from the gauge.

When any new FXN comes to the Stability ool it is combined with FXN already vesting (if any), and the sum is vested over a new 7 day period starting at the moment of the distribution.  Since distributions can come from settlement transactions at any time and in any amount, it would be possible for a small distribution to come in at an inopportune time and artificially (briefly) deflate the pool APR.&#x20;

To prevent this, FXN rollover distributions which would cause the overall pool APR to drop more than 10% are held in reserve, and added to the next settlement-triggered distribution.&#x20;

**Sharing and Delegating Boost Power**

A whitelisted address can choose to share its veFXN boosting power with one or more other addresses.  This mechanism is useful for boosting services built on top of f(x), allowing many individual farmers to benefit from a single central pool veFXN.  In the case of shared boosting, the total veboost is calculated using the amount of veFXN shared (i.e. that held by the sharing address) and the collective TVL of the all recipients.  The calculated boost level is applied to all recipients.

Users may also choose to delegate their veFXN boost power to another single address.  Delegated boost can be used to boost LP farming yields, but not stability pool yields.

\
\
**Emissions Require Harvesting**

A Stability Pool is not strictly a gauge in the Curve sense because it is not tokenized. This has some technical implications, but practically it means the following:

1. FXN is released by the gauge linearly over a period of 7 days, but requires harvesting before it can be distributed
2. FXN is minted when the harvest function is called (it is a permissionless keeper function). Minted FXN is vested linearly to Stability Pool farmers over 7 days.

Between harvest delays and vesting, token emissions have smoothed and slightly delayed changes from pool APRs. Things will smooth out after a week.&#x20;

**Settlement**

Upon any deposit/withdraw/claim/veFXN top up transaction (including receiving shared boost power,) the system will immediately calculate and settle claimable FXN rewards for the period between two transactions.  Even though a user may not choose to make any transaction which triggers settlement for a period of many epochs, the amount of FXN they may claim from each past epoch is locked in and does not change after the end of that epoch. In other words, when the settlement happens, total claimable FXN for each epoch since the previous settlement is calculated using TVL and veboost values from that epoch.

Settlement happens prior to the execution of the transaction which triggers it, so any changes to veboost which result from the transaction will apply only to subsequent epochs.

**Examples**

Here are two simple numerical examples. Assume we only have Alice and Bob in the Stability Pool, and that there are 10 distributable FXN for this epoch:

Example 1 (nobody has any veboost)

| Stability Pool Farmer              | Alice       | Bob         |
| ---------------------------------- | ----------- | ----------- |
| TVL $                              | 100         | 100         |
| Maximum Earnable FXN for the epoch | 5           | 5           |
| veFXN                              | 0           | 0           |
| Claimable FXN                      | 5 x 0.4 = 2 | 5 x 0.4 = 2 |

In Example 1, only 4 out of 10 FXN have been distributed, so the remaining 6 FXN are placed in the rollover reserve which will be used to increase distributable FXN in later epochs.

Example 2 (everybody has equal veboost)

| Stability Pool Farmer              | Alice             | Bob               |
| ---------------------------------- | ----------------- | ----------------- |
| TVL $                              | 100               | 100               |
| Maximum Earnable FXN for the epoch | 5                 | 5                 |
| veFXN                              | 100               | 100               |
| Claimable FXN                      | 5 x 0.4 x 2.5 = 5 | 5 x 0.4 x 2.5 = 5 |

All of the 10 FXN have been distributed when everybody has the equal veboost.\
\
\
\ <br>


# Tokenomics

f(x) Token Distribution

Token Name: f(x) Protocol Token

Token Symbol: FXN

Token Supply: 2,000,000 $FXN<br>

## &#x20;                                           FXN Distribution

<figure><img src="/files/4O75QhYhREmisrr8la0P" alt=""><figcaption></figcaption></figure>

<table><thead><tr><th width="182">Category</th><th width="103">Percentage</th><th>Vesting Schedule</th></tr></thead><tbody><tr><td>Liquidity Incentives</td><td>49%</td><td>5% vested linearly in the first year, decreasing by 10% each year thereafter.  Full emission will take 50 years.</td></tr><tr><td>Community Contributors</td><td>3%</td><td>Vested linearly over 12 months &#x26; lasting 3 years:1.5% for Year 1, 1% for Year 2, 0.5% for Year 3</td></tr><tr><td>Treasury Reserve</td><td>10%</td><td>Vested linearly over 24 months</td></tr><tr><td>IDO</td><td>5%</td><td><br></td></tr><tr><td>Testnet/Beta/IDO Users</td><td>0.5%</td><td>Vested linearly over 12 months</td></tr><tr><td>veCLEV Holders</td><td>0.25%</td><td>Vested linearly over 12 months</td></tr><tr><td>veCTR Holders</td><td>0.25%</td><td>Vested linearly over 12 months</td></tr><tr><td>Aladdin DAO</td><td>30%</td><td>Vested linearly over 24 months, ve-locked after vested</td></tr><tr><td>Initial Liquidity</td><td>1%</td><td><br></td></tr><tr><td>Strategic Partnerships</td><td>1%</td><td>Vested linearly over 12 months</td></tr></tbody></table>

## &#x20;                                     FXN Release Schedule

<figure><img src="/files/mF0WwWFoMH42RPT2RxJI" alt=""><figcaption></figcaption></figure>


# veFXN and Revenue Distribution

f(x) will adopt ve tokenomics. Locking FXN will receive veFXN. The longer the lock time, the more veFXN received. 75% of treasury revenue will be distributed to veFXN holders. 25% of the revenue will go into reserve pool to incentivize fToken redemption and xToken minting after Stability Pool capital is exhausted

1 FXN locked for 4 years = 1 veFXN

1 FXN locked for 3 years = 0.75 veFXN

1 FXN locked for 2 years = 0.5 veFXN

1 FXN locked for 1 year = 0.25 veFXN


# Summary

<figure><img src="https://lh5.googleusercontent.com/A0CsQpvED25gQwbdNltemi3Ks0CWoXOqE_XXsD0tSgowVjy7N4bphYL7EnwhDEVb1DIkcYY45vpdT3fs07X60UBycS4Jkz-pLgE6-M1cbn1AFV8uxUm6uA0K_lumoTrpOh87fmjex_dcR9UUwLDSypY" alt=""><figcaption></figcaption></figure>


# Glossary

$$\beta$$: It’s a measure of an asset’s volatility compared with the overall market’s volatility, in f(x) protocol, it would be the volatility of fETH/xETH compared with ETH’s price volatility.

CDP: Collateralized Debt Positions (CDPs) are smart contracts that enable users to utilize their collateral assets, like Ethereum's ether, as security to create a different token, frequently a stablecoin like DAI.\
\
NAV: NAV is net asset value. It’s the current value, as determined by the protocol, of fETH or xETH. You can mint or redeem xETH or fETH for their respective NAVs.

CR: Collateralization Ratio(A.K.A Health factor). It’s calculated with the equation: CR=Backed Asset Value / fETH Supply. As the notation above in [“What is f(x)?”](/f-x-protocol/what-is-f-x), $$n\_{eth}p\_{eth}/n\_fp\_f \times 100%$$

xETH Leverage: For detailed algorithms of xETH Leverage level, please refer to [“Whitepaper Chapter 7.3.1 xETH Leverage”](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/dev/fx/whitepapers/whitepaper_v2.pdf)

Stability Mode Price: The ETH price that triggers the stability mode.

\ <br>


# Tutorial

1. Connect your wallet.

<figure><img src="https://lh6.googleusercontent.com/Sbnv-u07CUWdKBS4A-edBOcvpv8rQQ-gZDmuw46iOVKeUbdZcVeBGmEUiZ6dUF6H0yub19G3yhMDlH-ncQINaRAJ575I8FWYTysApCNv7P8P6Vvi79m94M-at4l_mwHjc6N1w-sK2siT4FfelBwUv_XTSpCv9L1F" alt=""><figcaption></figcaption></figure>

2. In the upper right corner, you can choose whether or not to display System Statistics, which include more detailed statistics and graphs: TVL, Total Supply, fETH Collateral Ratio, ETH Cumulative Return, etc.

<figure><img src="https://lh5.googleusercontent.com/dNblG9nzJdtYF2eJS_xC4pUoO1Hme4JoOwL1jkU6CZg7rBGxgwqVJDB4sQTzI-sS11WnNkrF0nBR6noggMAoDYQ1zVrrSKNEutvIcwmBF3c1_wDfa5EjqxrgHKNrDPQYs2VrP6JKEJm0atqCfcc3ASTnPZUOV4Lr" alt=""><figcaption></figcaption></figure>

3. Here, you can mint fETH/xETH token with ETH or stETH. Please note that the minting fee for fETH token is 0.25%, and for xETH it’s 1%.

<figure><img src="https://lh3.googleusercontent.com/xu7n0qihtqudQdSds7XroGH8umNI7SD7jtiC5emFSKuM9zn0mYaZ9O1SSk88w9xUr_B-z5VGoPgKual4EpF1IxVcaFTDHLGKWUVQNtBWjnuqPKW3YiTku2a-eOKq306IDUcZRdR3asPpWqrblCbseLW4ULt4mtW2" alt=""><figcaption></figcaption></figure>

4. Click on Redeem, where you can redeem your fETH/xETH for stETH. Please note that the redemption fee for the fETH token is 0.25%, and for xETH it’s 1%.

<figure><img src="https://lh5.googleusercontent.com/X0AkoXqR4AFhDHdsLBOcIn6JHgMLIxEtaofe7Myp8b2bOKjoMHQN_hZ9C1_7Fi0nmnd4CVsk528dQymVXQxAq6bq9Z3FVW8l1-xP2yyxSTsDZul2PiAQ5BTXQc_2dBkgS41N6W1GaF3absq6zy3xJLlzYxbCP_q_" alt=""><figcaption></figcaption></figure>

5. You can set the maximum slippage here, with the default value of 0.3.

<figure><img src="https://lh6.googleusercontent.com/6pwhQcTesiMRMm4yjVhbrGD-Rdk_VWDAl0LbBwBrpXGR101Pz2EXVbD3tcr33QaT33fXN5125jNnCyt38JIFr4EaOwlkm2IDKAiA79aHPqZlw2ykbRexUS8aQlR9CLpcowENNSlORV896XFg0TIEwhFJH4LvxJX5" alt=""><figcaption></figcaption></figure>

6. Here is our Stability Pool. The deposited, unlocking, and unclaimed fETH will be used for rebalance. Unlocking takes 14 days from the last unlocking transaction. For detailed info please refer to [“Rebalance Pool”](/f-x-protocol/stability-pool-deprecated)

<figure><img src="https://lh4.googleusercontent.com/cBbD9PL5Kpd2HccKa0czDpqhJU6mDamLZFC6seRfomtHYuGNb-U2rmxrGoQUVB_4RnhkfVNIqLBkQVH57ZMdkk1ILPtGPc5dMDPJ5tp8umnEmItfpSkJe9bg1OR1S_XdxlHZzwP3RlIlhBrS4KL-R5o5S415lQRG" alt=""><figcaption></figcaption></figure>

7. Click Deposit to deposit your fETH tokens and start earning stETH!

<figure><img src="https://lh3.googleusercontent.com/Oqr4oK0KzKQYGLzkw52t176dfMDGAXVjO6HpPDQzCWxFu7WWHhO40GhJu0pgR3AesDylISd_MLnp_IWfBkTj29VlTknej4WRpN-aDex2ZEgVvrG7E7OXhI0-P41RtQtRf2Z97jW8VxA5hJoFIsztrCN7-ySY2mHL" alt=""><figcaption></figcaption></figure>

8. Enter the amount of fETH you would like to deposit, then approve and confirm the transaction in your wallet.

<figure><img src="https://lh3.googleusercontent.com/7JdukDQKqS8roY_pAJzQi6037DGUZyNXIH7YEvWSyHHaYzcdNajNcOFGcTOqLrpQMOOBXt-JT17QjgfTPXo-cSRhCgUVY1CIuBtz_-Whir_x0s8fpSejX74nO2aslvezURrj2NTUEHa1-5aolpnla9LEh02uC-K3" alt=""><figcaption></figcaption></figure>

9. You may see your earnings here. You can withdraw your stETH rewards freely, but it will take 2 weeks for the deposited fETH withdrawal.

<figure><img src="https://lh4.googleusercontent.com/48UamTXaU1yOmcjZIw7a1cgijAWnX3btmuYfla9MSoZ6AmSMjV3POYUCRlXlw6qrTDo8HPr3FcF2lFIkq-Ke5Kv-scIoxTH-1vhhFBsbhH4uLQfky1DnN0fBEZnGWVwHqD1EVAYa8UbJfjWV0d_FN66r4yNQl0hc" alt=""><figcaption></figcaption></figure>


# Useful Links

## [Whitepaper\_V2](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/whitepapers/f\(x\)_whitepaper_v2.pdf)

## [Github ](https://github.com/AladdinDAO)

## [Audit Reports](https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/audit-reports)

#### [f(x) Protocol Report](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_Report_v1.0_20230614.pdf)

#### [Stability Pool](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_RebalancePool_Report_v1.2_20230725.pdf)

#### [f(x) Protocol Update](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_Update_Report_v1.1_20230917.pdf)

#### [New\_Features](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Protocol_New_Features_Report_v1.1_20231129.pdf)

#### [Boost Stability Pool](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Rebalance_Pool_Boost_Report_v1.0_20231213.pdf)

#### [Shareable Stability Pool](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_Shareable_RebalancePool_Report_20240118.pdf)

#### [fxUSD Report](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_FxUSD_Report_v1.0_20240223.pdf)

#### [f(x) Protocol New Oracle Report](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_f\(x\)_New_Oracle_Report_v1.0_20240514.pdf)

#### [arUSD Report](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_Concentrator_arUSD_Report_v1.0_20240618.pdf)

#### [Trail of Bits Audit Report](https://github.com/trailofbits/publications/blob/master/reviews/2024-03-aladdinfxprotocol-securityreview.pdf)

#### [aFXN Report](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_Concentrator_aFXN_Report_v1.0_20240726.pdf)


# What if bad things happen?

1. What happens if there’s a huge flash crash in ETH price? &#x20;

In the unlikely (<0.1%; see whitepaper) event of a price crash in ETH that’s so big that the Stability Pool and minting incentives fail to restabilize the system, the price of xETH can fall to zero \[this is the closest thing to a liquidation on f(x)] and in that case fETH will have sole claim on the reserve. If that happens, the fETH NAV will start following the full price swings of ETH, rather than just 10%.  As always, it would be redeemable.

If this ever were to happen there are provisions for recapitalizing the protocol described in the whitepaper.\ <br>

2. What happens if stETH depegs from ETH?

f(x) has an automatic emergency brake built-in which protects fETH and xETH holders if there is a stETH depeg.  Using multiple oracle feeds f(x) can determine if the price of stETH has diverged more than 1% from the price of ETH, and if so minting is (temporarily) disabled.  Redemptions remain enabled (as always), however fETH redemptions use the higher of the two prices (stETH, ETH) and xETH redemptions use the lower.  When the stETH pegnormalizes, minting resumes.  This mechanism ensures fETH and xETH holders are protected, and ensures that no urgent action is ever needed in the event of a stETH depeg.

\ <br>


# Cross Chain Contracts

**fETH**

* Ethereum ProxyOFT: 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763

| Chain      | Token Address                              |
| ---------- | ------------------------------------------ |
| Ethereum   | 0x53805A76E1f5ebbFE7115F16f9c87C2f7e633726 |
| Arbitrum   | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |
| BSC        | 0xF9E10DAA647E540BF3d1334377a88361aB980e94 |
| Optimistic | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |
| Polygon    | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |

**xETH**

* Ethereum ProxyOFT: 0x535f7Ca9637A5099DB568b79a3624CFd6B5fc833

| Chain      | Token Address                              |
| ---------- | ------------------------------------------ |
| Ethereum   | 0xe063F04f280c60aECa68b38341C2eEcBeC703ae2 |
| Arbitrum   | 0x55380fe7A1910dFf29A47B622057ab4139DA42C5 |
| BSC        | 0x62C6867e4f2e63302B15cbf9b8540214a13beeac |
| Optimistic | 0xa7580d4AdC6D302D2D4C7C3dB93E9aE3F82C4617 |
| Polygon    | 0xa7580d4AdC6D302D2D4C7C3dB93E9aE3F82C4617 |

**FXN**

* Ethereum ProxyOFT: 0x808130d89fC067a7a8D9dDF4ca2abf6EB5Ed3B32

| Chain      | Token Address                              |
| ---------- | ------------------------------------------ |
| Ethereum   | 0x365AccFCa291e7D3914637ABf1F7635dB165Bb09 |
| Arbitrum   | 0x179F38f78346F5942E95C5C59CB1da7F55Cf7CAd |
| BSC        | 0xa64f68c089B3E69d48F6047d3Be513349E74b3De |
| Optimistic | 0xC752C6DaA143e1a0ba3E7Df06f3117182432b991 |
| Polygon    | 0xC752C6DaA143e1a0ba3E7Df06f3117182432b991 |

**arUSD (4626)**

* Ethereum ProxyOFT: 0xeC4840cD835A1f31E7f77def10Aa7f6bE802E539

| Chain    | Token Address                              |
| -------- | ------------------------------------------ |
| Ethereum | 0x07D1718fF05a8C53C8F05aDAEd57C0d672945f9a |
| Blast    | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |
| Linea    | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |


# Old Oracle Mechanisms

**stETH Oracle**

f(x) uses Chainlink 30 min TWAP stETH/USD for mint/redeem transactions under normal circumstances where ABS((Chainlink ETH/USD-stETH/USD)/stETH/USD) < 1% OR 99% < (Curve ETH/stETH) < 101%.

Otherwise, the system will do the followings to protect f(x) Protocol from stETH depegging risk:

1. f(x) mint transactions are disabled;
2. fETH redeem transactions will be done based on max (Chainlink ETH/USD, Chainlink stETH/USD, Curve stETH/USD);
3. xETH redeem transactions will be done based on min (Chainlink ETH/USD, Chainlink stETH/USD, Curve stETH/USD);
4. Curve stETH/USD is calculated as Curve stETH/ETH x Chainlink ETH/USD TWAP. Curve stETH/ETH is EMA price from stETH/ETH NG pool;
5. All Chainlink price feeds above are quoted as 30 min TWAP.<br>

**frxETH Oracle**

The price of frxETH is determined by Curve frxETH/ETH EMA Price\* Chainlink TWAP ETH/USD. If Curve frxETH/ETH EMA Price > 101% OR Curve frxETH/ETH EMA Price < 99%, it triggers a depegging process, and minting with it is (temporarily) disabled. However, redemptions remain enabled (as always), stable-side (fxUSD) redemptions use the higher of the two divergent prices (ETH or LSD), and leverage-side (xfrxETH) redemptions use the lower. When the peg normalizes, minting resumes. This mechanism ensures rUSD and xfrxETH token holders are protected, and no urgent action is ever needed in the event of a temperory depegging event.

**eETH Oracle**

For eETH, the price is based on Chainlink TWAP ETH/USD. If Curve weETH/ETH EMA Price >  101% OR Curve weETH/ETH EMA Price < 99%, it initiates a depegging process, and minting with it is (temporarily) disabled. However, redemptions remain enabled (as always), stable-side (rUSD) redemptions use the higher of the two divergent prices (ETH or LSD), and leverage-side (xeETH) redemptions use the lower. When the peg normalizes, minting resumes. This mechanism ensures rUSD and xeETH token holders are protected, and no urgent action is ever needed in the event of a temperory depegging event.

**ezETH Oracle**

For ezETH, the price is based on Chainlink TWAP ETH/USD. If Curve ezETH/ETH EMA Price >  101% OR Curve ezETH/ETH EMA Price < 99%, it initiates a depegging process, and minting with it is (temporarily) disabled. However, redemptions remain enabled (as always), stable-side (rUSD) redemptions use the higher of the two divergent prices (ETH or LSD), and leverage-side (xezETH) redemptions use the lower. When the peg normalizes, minting resumes. This mechanism ensures rUSD and xezETH token holders are protected, and no urgent action is ever needed in the event of a temperory depegging event.

WBTC Oracle

For WBTC, the price is based on Chainlink TWAP BTC/USD. If Curve WBTC/BTC EMA Price >  101% OR Curve WBTC/BTC EMA Price < 99%, it initiates a depegging process, and minting with it is (temporarily) disabled. However, redemptions remain enabled (as always), stable-side (btcUSD) redemptions use the higher of the two divergent prices (BTC or WBTC), and leverage-side (xWBTC) redemptions use the lower. When the peg normalizes, minting resumes. This mechanism ensures btcUSD and xWBTC token holders are protected, and no urgent action is ever needed in the event of a temperory depegging event.


# New Oracle Mechanisms

Here is a breakdown of the key features and mechanisms of the new oracle solution.

**Enhanced collateral price feeds:** In addition to the original TWAP, spot prices are incorporated, with additional price feeds from Curve, Uniswap V3, and Balancer.

**Arbitrage prevention:** Minting and redeeming transactions are conducted at different prices to eliminate arbitrage trades. This helps to protect the collateral held by the protocol.&#x20;

fToken mint at the minimum price

fToken redeem at the maximum price

xToken mint at the maximum price

xToken redeem at the minimum price

**Risk management:** Collateralized ratio is calculated at maximum price as well as stability pool liquidations. This ensures that risk is managed effectively, and liquidations occur at appropriate levels to maintain system stability.

**Net Asset Value:** NAV is calculated based on TWAP during non-transacting period. This NAV calculation can serve as an oracle price feed for various DeFi applications integrating f(x) assets.

**Additional protection measures for xTokens:** To prevent arbitrage trades, xTokens cannot be both minted and redeemed within the same block. Additionally, a transfer of xTokens cannot occur within a specified timeframe of thirty minutes after minting. These measures help in mitigating potential exploits and maintaining price integrity.

## **\[ETH/USD Spot]** have 4 price sources, which are:&#x20;

* <https://data.chain.link/feeds/ethereum/mainnet/eth-usd>
* <https://info.uniswap.org/#/pools/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640>
* <https://info.uniswap.org/#/pools/0x8ad599c3a0ff1de082011efddc58f1908eb6e6d8>
* <https://v2.info.uniswap.org/pair/0xb4e16d0168e52d35cacd2c6185b44281ec28c9dc>

## stETH New oracle:&#x20;

1. \[[stETH/ETH Curve EMA](https://curve.fi/#/ethereum/pools/factory-v2-303/deposit) ]\*\[[ETH/USD Chainlink TWAP](https://data.chain.link/feeds/ethereum/mainnet/eth-usd)]
2. \[[stETH/ETH Curve Spot](https://curve.fi/#/ethereum/pools/factory-v2-303/deposit)] \* \[**ETH/USD Spot** ]
3. \[[stETH/ETH Univ3 Spot](https://info.uniswap.org/#/pools/0x109830a1aaad605bbf02a9dfa7b0b92ec2fb7daa)] \*\[ **ETH/USD Spot** ]
4. \[[stETH/ETH Balancer Spot](https://app.balancer.fi/#/ethereum/pool/0x93d199263632a4ef4bb438f1feb99e57b4b5f0bd0000000000000000000005c2)] \* \[**ETH/USD Spot** ]
5. \[[stETH/ETH Curve2 Spot\] ](https://curve.fi/#/ethereum/pools/steth/deposit)\* \[**ETH/USD Spot ]**

## frxETH New oracle:&#x20;

1. \[[Curve frxETH/WETH EMA](https://curve.fi/#/ethereum/pools/factory-crvusd-15)] \* \[[Chainlink ETH/USD TWAP](https://etherscan.io/address/0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419)]
2. \[[Curve frxETH/WETH Spot](https://curve.fi/#/ethereum/pools/factory-crvusd-15)] \* \[**ETH/USD Spot** ]
3. \[[Curve frxeth Spot](https://curve.fi/#/ethereum/pools/frxeth)] \* \[**ETH/USD Spot** ]
4. \[[Curve stETH/frxETH Spot](https://curve.fi/#/ethereum/pools/factory-v2-274)] \* \[[Curve steth Spot](https://curve.fi/#/ethereum/pools/steth/deposit)] \* \[**ETH/USD Spot** ]

## weETH New oracle:&#x20;

1. \[[RedStone weETH/ETH Twap](https://etherscan.io/address/0x8751F736E94F6CD167e8C5B97E245680FbD9CC36)] \* \[[Chainlink ETH/USD TWAP](https://etherscan.io/address/0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419)]
2. \[[Uniswap V3 ETH/weETH 0.05%](https://info.uniswap.org/#/pools/0x7a415b19932c0105c82fdb6b720bb01b0cc2cae3)] \* \[**ETH/USD Spot** ]/weETH.getRate()
3. \[[Uniswap V3 wstETH/weETH 0.05%](https://info.uniswap.org/#/pools/0xf47f04a8605be181e525d6391233cba1f7474182)] \*\[wstETH/stETH rate] \* \[ [Curve steth-ng](https://curve.fi/#/ethereum/pools/factory-v2-303)]\* \[**ETH/USD Spot** ]
4. \[[Curve weETH/ETH](https://curve.fi/#/ethereum/pools/factory-stable-ng-22)] \* \[**ETH/USD Spot** ]

## ezETH New oracle:&#x20;

1. \[[RedStone ezETH/ETH Twap](https://etherscan.io/address/0xF4a3e183F59D2599ee3DF213ff78b1B3b1923696)] \* \[[Chainlink ETH/USD TWAP](https://etherscan.io/address/0x5f4eC3Df9cbd43714FE2740f5E3616155c5b8419)]
2. \[[Curve ezETH/ETH](https://curve.fi/#/ethereum/pools/factory-stable-ng-79/deposit)] \* \[**ETH/USD Spot** ]
3. \[[Balancer V2 Stable](https://app.balancer.fi/#/ethereum/pool/0x596192bb6e41802428ac943d2f1476c1af25cc0e000000000000000000000659)] \* \[**ETH/USD Spot** ]

## WBTC New oracle:&#x20;

1. \[[Chainlink WBTC/BTC Twap](https://data.chain.link/feeds/ethereum/mainnet/wbtc-btc)] \* \[[Chainlink BTC/USD Twap](https://data.chain.link/feeds/ethereum/mainnet/btc-usd)]
2. \[WBTC/USDC spot price of [Curve TriCryptoUSDC](https://curve.fi/#/ethereum/pools/factory-tricrypto-0)]
3. \[[Uniswap V3 WBTC/USDC 0.3% Spot](https://info.uniswap.org/#/pools/0x99ac8ca7087fa4a2a1fb6357269965a2014abc35) ]
4. \[[Uniswap V3 WBTC/ETH 0.3% Spot](https://info.uniswap.org/#/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed)] \* \[[Uniswap V3 USDC/ETH 0.05% Spot](https://info.uniswap.org/#/pools/0x88e6a0c2ddd26feeb64f039a2c41296fcb3f5640)]

## CVX  oracle:&#x20;

1. \[[Chainlink CVX/USD Twap](https://data.chain.link/ethereum/mainnet/crypto-usd/cvx-usd)]&#x20;
2. \[[Chainlink CVX/USD Spot](https://data.chain.link/ethereum/mainnet/crypto-usd/cvx-usd)]&#x20;
3. \[[Curve CVX/ETH](https://curve.fi/#/ethereum/pools/cvxeth/deposit)] \* \[**ETH/USD Spot** ]

Code: <https://github.com/AladdinDAO/aladdin-v3-contracts/pull/198>

\ <br>


# Contracts

#### f(x) protocol

* [Fx.Governance](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/deployments/mainnet/Fx.Governance.json)
* [Fx.stETH](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/deployments/mainnet/Fx.stETH.json)

**Governance**

| Name                  |                   Address                  | Notes |
| --------------------- | :----------------------------------------: | ----- |
| TokenSale Round1      | 0x3eB6Da2d3f39BA184AEA23876026E0747Fb0E17f |       |
| TokenSale Round2      | 0x674A745ADb09c3333D655cC63e2d77ACbE6De935 |       |
| FXN                   | 0x365AccFCa291e7D3914637ABf1F7635dB165Bb09 |       |
| veFXN                 | 0xEC6B8A3F3605B083F7044C0F31f2cac0caf1d469 |       |
| VotingEscrowHelper    | 0xd766f2b87DE4b08c2239580366e49710180aba02 |       |
| VotingEscrowBoost     | 0x8Cc02c0D9592976635E98e6446ef4976567E7A81 |       |
| VotingEscrowProxy     | 0x1145f304d74f3295Fa38b82e7BB8704B0E187FA1 |       |
| TokenMinter           | 0xC8b194925D55d5dE9555AD1db74c149329F71DeF |       |
| GaugeController       | 0xe60eB8098B34eD775ac44B1ddE864e098C6d7f37 |       |
| GaugeControllerOwner  | 0x1Ca7b82c4265835C7841cf29407217D820a7DADb |       |
| SmartWalletWhitelist  | 0xD71B8B76015F296E53D41e8288a8a13eAfFff2ea |       |
| Vesting FXN           | 0x2290eeFEa24A6E43b26C27187742bD1FEDC10BDB |       |
| ManageableVesting FXN | 0x0E4f31a2f48418c90F5e9fa84Bf761D832C54ceD |       |
| CvxFxnVestingManager  | 0x43fCFe9F128b5e4271c7E25C47eFe91bA8896220 |       |
| SdFxnVestingManager   | 0xA2FaffE31153e5E60F2352e3ed28ff973309C156 |       |
| MultipleVestHelper    | 0x267b7A1d56d624293Ba1819f30B5bf0F12A524E4 |       |
| ReservePoolV2         | 0xb592E01dd77084b36430ffCB9c9D2F76fDE32631 |       |

**Price Oracle**

| Name                            |                   Address                  | Notes      |
| ------------------------------- | :----------------------------------------: | ---------- |
| ChainlinkTwapOracleV3 ETH/USD   | 0x460B3CdE57DfbA90DBed02fd83d3990a92DA1230 | 30min twap |
| ChainlinkTwapOracleV3 stETH/USD | 0xD24AC180e6769Fd5F624e7605B93084171074A77 | 30min twap |
| FxChainlinkTwapOracle ETH/USD   | 0x2EB56aA6A6E48b142287f723E547c687281580bD | 30min twap |
| FxChainlinkTwapOracle weETH/ETH | 0x56bC0Ec4049f25E7dd455B64d1c6318c1D9Ce789 | 30min twap |
| FxChainlinkTwapOracle ezETH/ETH | 0x376669aFa692A2c6961813C854c78542A3488f55 | 30min twap |
| FxChainlinkTwapOracle BTC/USD   | 0x82012139b29BC5Ac2ff4066832c836122bC6c690 | 30min twap |
| FxChainlinkTwapOracle WBTC/BTC  | 0xe3202d6029320b6592B439bD67b7E2C154441413 | 30min twap |
| FxChainlinkTwapOracle CVX/USD   | 0x1964Dc4ee572631c6947096736238716b15Ce0EE | 30min twap |
| FxStETHTwapOracle               | 0xa84360896cE9152d1780c546305BB54125F962d9 | 30min twap |
| FxFrxETHTwapOracle              | 0x939c38921c961DecB3cc16f601C32d07C41cd25C | deprecated |
| FxEETHTwapOracle                | 0x834E87262A00b0aC38eD49Cb1110838866bE4a20 | deprecated |
| FxEzETHTwapOracle               | 0x51Ef9FD457b9607911fB6cB72B9E47ffd5f053a6 | deprecated |
| FxWBTCTwapOracle                | 0x7e94c07C6C3b2C931E9517529F56553770a7C0D2 | deprecated |
| SpotPriceOracle                 | 0xc2312CaF0De62eC9b4ADC785C79851Cb989C9abc |            |
| FxStETHOracleV2                 | 0x83bDc459Ac3887B2A61aA47DCA3Acac26a333D20 | 30min twap |
| FxFrxETHOracleV2                | 0xffe563c168C01e05DA4f3d81938AF158466ad793 | 30min twap |
| FxEETHOracleV2                  | 0xE1B11bb0B6d1b321EEb7e0298A3f9EB92171693B | 30min twap |
| FxEzETHOracleV2                 | 0x564a464c9C357de593Fa48EfD784048a9e366523 | 30min twap |
| FxWBTCOracleV2                  | 0x4f8330946669d71014efdce30ef19a256643fba8 | 30min twap |
| FxCVXOracle                     | 0x7267277682FFC281B00B0Ec56D8de22e8Ae88E13 | 30min twap |

**Liquidity Gauge**

| Name         |                 LP Address                 |                Gauge Address               |   Notes   |
| ------------ | :----------------------------------------: | :----------------------------------------: | :-------: |
| ETH+FXN      | 0xE06A65e09Ae18096B99770A809BA175FA05960e2 | 0xA5250C540914E012E22e623275E290c4dC993D11 | dual farm |
| FXN+cvxFXN   | 0x1062FD8eD633c1f080754c19317cb3912810B5e5 | 0xfEFafB9446d84A9e58a3A2f2DDDd7219E8c94FbB | dual farm |
| FXN+sdFXN    | 0x28Ca243dc0aC075dD012fCf9375C25D18A844d96 | 0x5b1D12365BEc01b8b672eE45912d1bbc86305dba | dual farm |
| crvUSD+fxUSD | 0x8ffc7b89412efd0d17edea2018f6634ea4c2fcb2 | 0xF4Bd6D66bAFEA1E0500536d52236f64c3e8a2a84 | dual farm |
| PYUSD+fxUSD  | 0xd6982da59F1D26476E259559508f4135135cf9b8 | 0xeD113B925AC3f972161Be012cdFEE33470040E6a | dual farm |
| DOLA+fxUSD   | 0x189B4e49B5cAf33565095097b4B960F14032C7D0 | 0x61F32964C39Cca4353144A6DB2F8Efdb3216b35B | dual farm |
| GRAI+fxUSD   | 0x69Cf42F15F9325986154b61A013da6E8feC82CCF | 0xfa4761512aaf899b010438a10C60D01EBdc0eFcA | dual farm |
| FRAX+fxUSD   | 0x1EE81c56e42EC34039D993d12410d437DdeA341E | 0x31b630B21065664dDd2dBa0eD3a60D8ff59501F0 | dual farm |
| GHO+fxUSD    | 0x74345504Eaea3D9408fC69Ae7EB2d14095643c5b | 0xf0A3ECed42Dbd8353569639c0eaa833857aA0A75 | dual farm |
| mkUSD+fxUSD  | 0xca554e2e2948a211d4650fe0f4e271f01f9cb5f1 | 0xDbA9a415bae1983a945ba078150CAe8b690c9229 | dual farm |
| ULTRA+fxUSD  | 0xf33ab11e5c4e55dacb13644f0c0a9d1e199a796f | 0x0d3e9A29E856CF00d670368a7ab0512cb0c29FAC | dual farm |
| fxUSD+rUSD   | 0x2116bfad62b383043230501f6a124c6ea60ccfa5 | 0x697DDb8e742047561C8e4bB69d2DDB1b8Bb42b60 | dual farm |
| alUSD+fxUSD  | 0x27cb9629ae3ee05cb266b99ca4124ec999303c9d | 0x9c7003bC16F2A1AA47451C858FEe6480B755363e | dual farm |
| eUSD+fxUSD   | 0x16b54e3aC8e3ba088333985035b869847e36E770 | 0x5801Bb8f568979C722176Df36b1a74654A9C52b5 | dual farm |
| rgUSD+fxUSD  | 0x6fC7eA6CA8Cd2759803eb78159C931a8FF5E0557 | 0x4CA79F4FE25BCD329445CDBE7E065427ACa98380 | dual farm |
| MIM+fxUSD    | 0xD7Bf9bb6Bd088317Effd116E2B70ea3A054cBceb | 0xDF7fbDBAE50C7931a11765FAEd9fe1A002605B55 |           |
| zunUSD+fxUSD | 0x13eA95Ce68185e334d3747539845A3b7643a8cab | 0x9516c367952430371A733E5eBb587E01eE082F99 | dual farm |
| USDC+fxUSD   | 0x5018BE882DccE5E3F2f3B0913AE2096B9b3fB61f | 0xf1E141C804BA39b4a031fDF46e8c08dBa7a0df60 |           |
| USD0+fxUSD   | 0x74c204520c9e88aA3EB9d61788ABA11Be1e0193F | 0x0B700C60de435D522081cC5eB12B63875FE7e65a |           |

**Rebalance Pool Gauge**

| Name    |                Gauge Address               |               Claimer Address              | Notes |
| ------- | :----------------------------------------: | :----------------------------------------: | ----- |
| fETH    | 0x9710ca7f3edd4893f399c89ea184d92cc7172e28 | 0x81243a88Dd9Fb963c643bD3f2194c2cA9CCFc428 |       |
| fstETH  | 0xf422446F7730e50B9CAb4618343425d9927b35ED | 0xCa0563ab14a87ee64d6b097B0dfC46E9B56820aD |       |
| ffrxETH | 0xB3886b8c94C8635B786b1CA88942337669BB1e1E | 0x4ae3BE52c411CC08434d28645FD391497C69c815 |       |
| feETH   | 0xf594bDfafE4197144C6459FcA611d7B868d36bEa | 0x835191186745e63f9e325E741B273ff925174d7e |       |
| fezETH  | 0xb2E43ECecA7c110c74Cf13Ba35105B0633B74E91 | 0xb259515748c75A7216a4849e67cEB166b0DAa98b |       |
| fWBTC   | 0x4E6A1dC233f264dd07b63E206Fc451d986bA9908 | 0x93670efe073e0d75BE16445779a8399E6b418004 |       |
| fCVX    | 0xb5152D159fce50a7576eBa7FAb61C2B98F0Ed692 | 0x05c630E9FC8A064f0e8E6fBB9e2B5D2215Da5653 |       |

**fxUSD, beta = 0**

* FxUSD: 0x085780639CC2cACd35E474e71f4d000e2405d8f6
* FxUSDRebalancer: 0x78c3aF23A4DeA2F630C130d2E42717587584BF05

**fstETH & xstETH**

| Name                  |                   Address                  | Notes |
| --------------------- | :----------------------------------------: | ----- |
| Treasury              | 0xED803540037B0ae069c93420F89Cd653B6e3Df1f |       |
| Market                | 0xAD9A0E7C08bc9F747dF97a3E7E7f620632CB6155 |       |
| fstETH                | 0xD6B8162e2fb9F3EFf09bb8598ca0C8958E33A23D |       |
| xstETH                | 0x5a097b014C547718e79030a077A91Ae37679EfF5 |       |
| WstETHRateProvider    | 0x81A777c4aB65229d1Bf64DaE4c831bDf628Ccc7f |       |
| FxInitialFund         | 0xe6b953BB4c4B8eEd78b40B81e457ee4BDA461D55 |       |
| RebalancePoolRegistry | 0x86e987a89Fd7345457d97b9e82906f346D61Df39 |       |
| RebalancePoolSplitter | 0x78Ef19714c8b3c71997970C156f59605A99C3ff3 |       |
| RebalancePool.wstETH  | 0x9aD382b028e03977D446635Ba6b8492040F829b7 |       |
| RebalancePool.xstETH  | 0x0417CE2934899d7130229CDa39Db456Ff2332685 |       |
| LeveragedTokenWrapper | 0x6AF422087aBF42819F764FF8DE95269036b9A8F9 |       |

**ffrxETH & xfrxETH**

| Name                        |                   Address                  | Notes |
| --------------------------- | :----------------------------------------: | ----- |
| Treasury                    | 0xcfEEfF214b256063110d3236ea12Db49d2dF2359 |       |
| Market                      | 0x714B853b3bA73E439c652CfE79660F329E6ebB42 |       |
| ffrxETH                     | 0xa87F04c9743Fd1933F82bdDec9692e9D97673769 |       |
| xfrxETH                     | 0x2bb0C32101456F5960d4e994Bac183Fe0dc6C82c |       |
| ERC4626RateProvider sfrxETH | 0x7ceD6167b5A08111dC8d0D2f9F7E482c4Da62506 |       |
| FxInitialFund               | 0xFC3862c33b54E0BBA61d966Ff51973C20be4fC62 |       |
| RebalancePoolRegistry       | 0x345a345DAd48c3504113539ce83c0cB765627B54 |       |
| RebalancePoolSplitter       | 0xb26cA48fe4Ee94a4Fe8815F7E54E99124f997540 |       |
| RebalancePool.sfrxETH       | 0xb925F8CAA6BE0BFCd1A7383168D1c932D185A748 |       |
| RebalancePool.xfrxETH       | 0x4a2ab45D27428901E826db4a52Dae00594b68022 |       |
| LeveragedTokenWrapper       | 0x823BaF74524b707d649A2a78E66DF106f5A131aB |       |

**rUSD, beta = 0**

* rUSD: 0x65D72AA8DA931F047169112fcf34f52DbaAE7D18
* FxUSDRebalancer: 0x78c3aF23A4DeA2F630C130d2E42717587584BF05

**feETH & xeETH**

| Name                  |                   Address                  | Notes |
| --------------------- | :----------------------------------------: | ----- |
| Treasury              | 0x781BA968d5cc0b40EB592D5c8a9a3A4000063885 |       |
| Market                | 0x267C6A96Db7422faA60Aa7198FfEeeC4169CD65f |       |
| feETH                 | 0x9216272158F563488FfC36AFB877acA2F265C560 |       |
| xeETH                 | 0xACB3604AaDF26e6C0bb8c720420380629A328d2C |       |
| FxInitialFund         | 0x6dc7a100d09DDbF344FC4Dd0398f79500D0c2716 |       |
| RebalancePoolRegistry | 0xb1dD23468a69DFDDb7211298e609C0DB1522B2D6 |       |
| RebalancePoolSplitter | 0x015729C84A1C5E541DFbF6f0dDc59AE66527B5eD |       |
| RebalancePool.weETH   | 0xc2DeF1E39FF35367F2F2a312a793477C576fD4c3 |       |
| RebalancePool.xeETH   | 0x7EB0ed173480299e1310d55E04Ece401c2B06626 |       |
| LeveragedTokenWrapper | 0xA9414Ee8b2b2563E70174972FAa2E8B5197Feb5D |       |

**fezETH & xezETH**

| Name                               |                   Address                  | Notes |
| ---------------------------------- | :----------------------------------------: | ----- |
| Treasury                           | 0x38965311507D4E54973F81475a149c09376e241e |       |
| Market                             | 0x69518D1D70AD537C41401303BDf96032338E40dE |       |
| fezETH                             | 0x50B4DC15b34E31671c9cA40F9eb05D7eBd6b13f9 |       |
| xezETH                             | 0x2e5A5AF7eE900D34BCFB70C47023bf1d6bE35CF5 |       |
| BalancerV2CachedRateProvider ezETH | 0xE3fF08070aB3aD7eeE7a1cab35105F27DF8EfF10 |       |
| FxInitialFund                      | 0x7612bCAbd3D66c71fF740472e063be6a74f126D1 |       |
| RebalancePoolRegistry              | 0x5e3ca2A5736fb093328e4CA19A9A1966025f3905 |       |
| RebalancePoolSplitter              | 0x2755EEbf220BFD31B83Fd9244B6D061bCa225311 |       |
| RebalancePool.ezETH                | 0xf58c499417e36714e99803Cb135f507a95ae7169 |       |
| RebalancePool.xezETH               | 0xBa947cba270D30967369Bf1f73884Be2533d7bDB |       |
| LeveragedTokenWrapper              | 0xBeb4289491EBFE8452CfAc8830a6285E42A4742b |       |

**btcUSD, beta = 0**

* btcUSD: 0x9D11ab23d33aD026C466CE3c124928fDb69Ba20E
* FxUSDRebalancer: 0x78c3aF23A4DeA2F630C130d2E42717587584BF05

**fWBTC & xWBTC**

| Name                  |                   Address                  | Notes |
| --------------------- | :----------------------------------------: | ----- |
| Treasury              | 0x63Fe55B3fe3f74B42840788cFbe6229869590f83 |       |
| Market                | 0x56B85438F1E16a91eAc5Fe2DAAb2C3Dd57690175 |       |
| fWBTC                 | 0x576b4779727F5998577bb4e25bf726abE742b9F7 |       |
| xWBTC                 | 0x9f23562ec47249761222EF7Ac02b327a8C45Ba7D |       |
| FxInitialFund         | 0x29eE4B752fE14B0BC1F279DCA98415f2Fa6F3A8d |       |
| RebalancePoolRegistry | 0x163283D59FE2A579f2920A7F8eA19F7799B32fA0 |       |
| RebalancePoolSplitter | 0x054fAC7aA44F85A59FD41c33006336EC8b03E916 |       |
| RebalancePool.WBTC    | 0xf291EC9C2F87A41386fd94eC4BCdC3270eD04482 |       |
| RebalancePool.xWBTC   | 0xBB549046497364A1E26F94f7e93685Dc29FAd8c0 |       |
| LeveragedTokenWrapper | 0x1A17Ccf198E03858227c27205f15a4b388235DB7 |       |

**funiBTC & xuniBTC**

| Name          |                   Address                  | Notes |
| ------------- | :----------------------------------------: | ----- |
| FxInitialFund | 0x1D20671A21112E85b03B00F94Fd760DE0Bef37Ba |       |

**cvxUSD, beta = 0**

* cvxUSD: 0x9f0D5E33617A1Db6f1CBd5580834422684f09269
* FxUSDRebalancer: 0x78c3aF23A4DeA2F630C130d2E42717587584BF05

**fCVX & xCVX**

| Name                     |                   Address                  | Notes |
| ------------------------ | :----------------------------------------: | ----- |
| Treasury                 | 0xdFac83173A96b06C5D6176638124d028269cfCd2 |       |
| Market                   | 0x8e3815Ef103B8d8528778969cD53baa2E94bE25e |       |
| fCVX                     | 0x9Fcb2c47DaB11e38fec4b8c886F63741bfED4c41 |       |
| xCVX                     | 0xB90D347e10a085B591955Cbd0603aC7866fCADC8 |       |
| ERC4626RateProvider aCVX | 0x6Eb03222179F83126735D7E9FdE94571D716D399 |       |
| FxInitialFund            | 0x05abFAD11c275F91Cc79f6ec507CB273e9f59dE7 |       |
| RebalancePoolRegistry    | 0x63B038A7298FbDCf0945068637Ec59B8A5E9C6Bd |       |
| RebalancePoolSplitter    | 0xce5A14C662f00C614aA467b82c654548540F2fcA |       |
| RebalancePool.aCVX       | 0x0AB9Dc99a33Cd02A776a9117f211803Fb69Fd7C4 |       |
| RebalancePool.xCVX       | 0xA04d761adad1029e4f2F60ac973a76c5307EfceA |       |
| LeveragedTokenWrapper    | 0x08A602616593b79591cFC88A130c8825a0fcbd94 |       |

**f(x) on stETH, beta = 0.1**

| Name                |                   Address                  | Notes      |
| ------------------- | :----------------------------------------: | ---------- |
| fETH                | 0x53805A76E1f5ebbFE7115F16f9c87C2f7e633726 |            |
| xETH                | 0xe063F04f280c60aECa68b38341C2eEcBeC703ae2 |            |
| stETHTreasury       | 0x0e5CAA5c889Bdf053c9A76395f62267E653AFbb0 |            |
| Market              | 0xe7b9c7c9cA85340b8c06fb805f7775e3015108dB |            |
| ReservePool         | 0x5d0Aacf75116d1645Db2B3d1Ca4b303ef0CA3752 | deprecated |
| FxGateway           | 0x5c28b966aB37cFB9397bBc04595f91F0fBf06d9b | deprecated |
| stETHGateway        | 0x9bF5fFABbF97De0a47843A7Ba0A9DDB40f2e2ed5 | deprecated |
| wstETHWrapper       | 0xb09e34dD25d5E88a1E9Ff6F6418109927675B658 |            |
| StETHAndxETHWrapper | 0xC2BdBF323304eaBd9260b42E4d0d429Ca3481d6E |            |

**Rebalance Pool**

* RebalancePoolRegistry: 0x4eEfea49e4D876599765d5375cF7314cD14C9d38
* RebalancePoolSplitter: 0x79c5f5b0753acE25ecdBdA4c2Bc86Ab074B6c2Bb
* Gauge: 0x9710ca7f3edd4893f399c89ea184d92cc7172e28
* RebalancePoolGaugeClaimer: 0x81243a88Dd9Fb963c643bD3f2194c2cA9CCFc428

| Name                          |                   Address                  |                 liquidator                 | Notes      |
| ----------------------------- | :----------------------------------------: | :----------------------------------------: | ---------- |
| RebalancePool.wstETH          | 0xa677d95B91530d56791FbA72C01a862f1B01A49e | 0x17f21f468d77E6e35702a9Ae7a9da50Db7F6a4f4 | deprecated |
| BoostableRebalancePool.wstETH | 0xc6dEe5913e010895F3702bc43a40d661B13a40BD | 0x74E9234A6e03c382A01Bb942B1aF05B639371309 |            |
| BoostableRebalancePool.xETH   | 0xB87A8332dFb1C76Bb22477dCfEdDeB69865cA9f9 | 0x5a161B94c737326cA115eC46f4Eaf4eEC5037dBE |            |

**Revenue Sharing**

| Name                  |                   Address                  | Notes      |
| --------------------- | :----------------------------------------: | ---------- |
| PlatformFeeSplitter   | 0x0084C2e1B1823564e597Ff4848a88D61ac63D703 |            |
| FeeDistributor stETH  | 0x851AAEA3A2757D457E1Ce88C3808C1690213e432 | deprecated |
| FeeDistributor wstETH | 0xd116513EEa4Efe3908212AfBAeFC76cb29245681 |            |

| Token Burner      |                   Address                  |  Note  |
| ----------------- | :----------------------------------------: | :----: |
| PlatformFeeBurner | 0x6440e21A3634C319c69CEf8d17601DBC4E97C3dB | wstETH |

**Bridging**

**fETH**

* Ethereum ProxyOFT: 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763

| Chain      | Token Address                              |
| ---------- | ------------------------------------------ |
| Ethereum   | 0x53805A76E1f5ebbFE7115F16f9c87C2f7e633726 |
| Arbitrum   | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |
| BSC        | 0xF9E10DAA647E540BF3d1334377a88361aB980e94 |
| Optimistic | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |
| Polygon    | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |

**xETH**

* Ethereum ProxyOFT: 0x535f7Ca9637A5099DB568b79a3624CFd6B5fc833

| Chain      | Token Address                              |
| ---------- | ------------------------------------------ |
| Ethereum   | 0xe063F04f280c60aECa68b38341C2eEcBeC703ae2 |
| Arbitrum   | 0x55380fe7A1910dFf29A47B622057ab4139DA42C5 |
| BSC        | 0x62C6867e4f2e63302B15cbf9b8540214a13beeac |
| Optimistic | 0xa7580d4AdC6D302D2D4C7C3dB93E9aE3F82C4617 |
| Polygon    | 0xa7580d4AdC6D302D2D4C7C3dB93E9aE3F82C4617 |

**FXN**

* Ethereum ProxyOFT: 0x808130d89fC067a7a8D9dDF4ca2abf6EB5Ed3B32

| Chain      | Token Address                              |
| ---------- | ------------------------------------------ |
| Ethereum   | 0x365AccFCa291e7D3914637ABf1F7635dB165Bb09 |
| Arbitrum   | 0x179F38f78346F5942E95C5C59CB1da7F55Cf7CAd |
| BSC        | 0xa64f68c089B3E69d48F6047d3Be513349E74b3De |
| Optimistic | 0xC752C6DaA143e1a0ba3E7Df06f3117182432b991 |
| Polygon    | 0xC752C6DaA143e1a0ba3E7Df06f3117182432b991 |

**arUSD (4626)**

* Ethereum ProxyOFT: 0xeC4840cD835A1f31E7f77def10Aa7f6bE802E539

| Chain    | Token Address                              |
| -------- | ------------------------------------------ |
| Ethereum | 0x07D1718fF05a8C53C8F05aDAEd57C0d672945f9a |
| Blast    | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |
| Linea    | 0xc608Dfb90A430Df79a8a1eDBC8be7f1A0Eb4E763 |


# Concentrator

Concentrator by Aladdin DAO maximizes Convex APYs and earns yield in the best DeFi tokens

![](/files/KlXblYbQokrCyLQDOLtY)

**What is Concentrator?**

Concentrator is a yield enhancer that boosts yields on Convex vaults by concentrating all rewards into auto-compounding top-tier tokens like aCRV (cvxCRV) and aFXS (cvxFXS).<br>

{% embed url="<https://concentrator.aladdin.club/#/vault>" %}

**Why use Concentrator?**

i. Set & forget to increase Convex yields by 20%+&#x20;

ii. Yields are concentrated into top-tier wrapped auto-compounding tokens (aCRV = cvxCRV, aFXS = cvxFXS), thus earning the most rewards denominated in the best tokens (farm & hold)&#x20;

iii. Claim your rewards at a time of your choosing

**How does it work?**

Users deposit Curve LP tokens or zap into their selected strategy. Funds are automatically staked in Convex vaults and rewards are periodically harvested. Harvested rewards are swapped to aCRV or aFXS, which are auto-compounding wrappers for cvxCRV and cvxFXS/FXS respectively.

Users may unwrap their aCRV or aFXS at any time, or zap out to blue chip assets.

<figure><img src="https://lh4.googleusercontent.com/LPyGBPor6N_y_6l6ARUb0HT3ysesNLZgtEvU36Byx3-359b-1pXm07IGfSBDZOTBrVSjoIlDXQheAOkPX-uvLRis0tH3gg5fEWMPb1kgfaatnPxqHxLyfWV8PznNL73sMVGiiSdGZ4fBXWFnkx_-o5DNnq7blX_HOpWkPGflaoPKaY5Qf3TYKwyY-Q" alt=""><figcaption></figcaption></figure>

**What is aCRV/aFXS?**

aCRV and aFXS are each wrappers representing a share of an auto-compounding Concentrator vault. Each one is backed by a different farming strategy. All farming yields for each strategy are compounded back into more of the underlying token.

| **Auto-compounding Token** | **Underlying (Wrapped) Token** | **Farming Strategy**  |
| -------------------------- | ------------------------------ | --------------------- |
| aCRV                       | cvxCRV                         | Convex cvxCRV staking |
| aFXS                       | cvxFXS                         | cvxFXS Staking        |

The total amount of underlying token contained in the auto-compounding Concentrator vault is equal to the total Auto-compounding token balance multiplied by the current index:

cvxCRV\_Balance = aCRV\_Balance \* Current\_aCRV\_Index&#x20;

cvxFXS\_Balance = aFXS\_Balance \* Current\_aFXS\_Index

Using aCRV/aFXS to represent a share of the underlying compounding cvxCRV vault simplifies the smart contracts and is more gas efficient, and it creates a simple, single, bridgeable token representing an increasing amount of the underlying.

**How much does it cost?**

Concentrator takes a 10% treasury fee and a 2% harvest fee on yields. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.

**What is aCRV/aFXS contract address?**

<table><thead><tr><th>Chains</th><th>CRV Address</th><th>aCRV Address</th><th data-hidden></th></tr></thead><tbody><tr><td>Ethereum</td><td>0xD533a949740bb3306d119CC777fa900bA034cd52</td><td>0x2b95A1Dcc3D405535f9ed33c219ab38E8d7e0884</td><td></td></tr><tr><td>Arbitrum</td><td>0x11cdb42b0eb46d95f990bedd4695a6e3fa034978</td><td>0xebf1f92d4384118bfb91b4496660a95931c92861</td><td></td></tr><tr><td>Polygon</td><td>0x172370d5cd63279efa6d502dab29171933a610af</td><td>0x89c90e480a39fbe3886bb5bd53ba5b1acc69d4fb</td><td></td></tr><tr><td>Fantom</td><td>0x1e4f97b9f9f913c46f1632781732927b9019c68b</td><td>0x666a3776b3e82f171cb1dff7428b6808d2cd7d02</td><td></td></tr></tbody></table>

| Chains   | FXS Address                                | aFXS Address                               |
| -------- | ------------------------------------------ | ------------------------------------------ |
| Ethereum | 0x3432B6A60D23Ca0dFCa7761B7ab56459D9C964D0 | 0xDAF03D70Fe637b91bA6E521A32E1Fb39256d3EC9 |


# asdPENDLE Vaults

**What is asdPENDLE**

asdPENDLE represents the compounding sdPENDLE in the StakeDAO PENDLE Locker. The total amount of asdPENDLE contained in the compounder is equal to the total sdPENDLE balance multiplied by the current index:

sdPENDLE\_Balance =asdPENDLE\_Balance \* Current\_asdPENDLE\_Index

Using asdPENDLE to represent a share of the underlying compounding sdPENDLE vault simplifies the smart contracts and is more gas efficient.

The asdPENDLE compounder has been upgraded and is now fully liquid, allowing instant withdrawals and further integrations with money market protocols.

**What is veSDT delegate**

By delegating veSDT to asdPENDLE vault, users’ sdPENDLE reward will be boosted up to 2.5X. Besides, veSDT delegators can share 10% of sdPENDLE’s bribe rewards.

**Is it safe?**&#x20;

The concentrator is built by the experienced and security-obsessed AladdinDAO team, and it is audited by SECBIT Labs. Check out the audit here.

[SECBIT](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_Concentrator_asdPENDLE_v1.0_20240813.pdf)

**How much does it cost?**

Concentrator takes a 10% treasury fee and a 2% harvest fee on yields. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.


# aCRV(IFO) Vaults

**IFO?**\
Initial Farm Offering. A new and fair way to democratize ownership of Concentrator and raise some aCRV funds for Concentrator treasury. Deposit your Curve LPs to Concentrator’s IFO vaults just like a regular Concentrator vault, except your yields are automatically exchanged for CTR tokens. 1 aCRV yield harvested = 1 CTR reward.

{% embed url="<https://concentrator.aladdin.club/>" %}

\
**How long does it run?**

We are raising 2.5m aCRV for 50% of the FDV token allocation. The IFO vaults will continue distributing CTR tokens until we reach 2.5m aCRV harvested. Afterwards vaults automatically revert to earning regular aCRV returns!

**So I give up my aCRV yields and receive CTR instead.  Why would I do that?**

CTR is Concentrator’s token, and it is designed to be a cash(flow) cow. CTR uses the Curve ve-lock mechanism, and veCTR holders will vote to allocate/receive up to 50% of the platform’s revenue denominated in aCRV (auto-compounding cvxCRV). veCTR holders also, of course, receive governance rights. CTR has a very [favourable emission schedule](https://medium.com/@0xconcentrator_29486/find-your-future-in-a-farm-9e571934c32c). There will be no CTR emissions after the end of the IFO (no liquidity mining, no new minting), so no inflation.

\
**Can I participate in the IFO using my aCRV?**\
The IFO vaults only accept Curve LP tokens, not aCRV directly.  However, aCRV can be used to farm CTR by providing liquidity in the [Balancer IFO Liquidity Pool for aCRV-CTR](https://app.balancer.fi/#/pool/0x80a8ea2f9ebfc2db9a093bd46e01471267914e490002000000000000000002a2).  Alternatively, withdraw your cvxCRV and zap it into the cvxCRV/CRV Concentrator vault.  Both of those options allow you to stay mostly exposed to aCRV.\
\
**Where can I swap CTR?**

There is a [liquidity pool on Balancer](https://app.balancer.fi/#/pool/0x80a8ea2f9ebfc2db9a093bd46e01471267914e490002000000000000000002a2) where CTR can be exchanged for aCRV.  This pool is a weighted pool skewed heavily to aCRV, so watch out for slippage on CTR swaps!

**Why the unusual weighted Balancer liquidity pool?  Why not just Curve v2/Uni?**

Neither Curve nor Uni offer fixed weight pools.  The [weighted Balancer pool](https://docs.balancer.fi/products/balancer-pools/weighted-pools) skewed heavily to aCRV will allow LPs to provide CTR liquidity while taking on very little impermanent loss compared to just holding aCRV, making LPing in this pool a much less risky option for farming CTR. An interesting side-effect is that bigger buys and sells of the token with the small weight will suffer more slippage in the weighted liquidity pool, and so large scale mercenary farm-and-dump outfits may be less inclined to exploit this launch and dump token price.\
\
After the IFO is over and all the CTR has been emitted, CTR farming rewards in the Balancer pool will be **discontinued**.

\
**What makes the Concentrator IFO more fair than other token launches?**\
Two things:

1. The price. Everybody farming gets 1 CTR for 1 aCRV, no matter how big your deposit is. No tokens have ever been sold to anyone for less.
2. The distribution schedule. No pre-sold tokens and no vesting allotments means no unlock bomb in the future.<br>

**Why are you raising funds for Concentrator?**

Glad you asked, anon!  The aCRV that Concentrator raises are going to be used to improve aCRV liquidity, especially on non-mainnet chains.  Curve is emitting CRV on many chains now but most of the yield opportunities for CRV still live on mainnet.  aCRV will provide a simple option to help CRV holders on other chains like Arbitrum, Avalanche, Optimism, etc to earn yields. <br>

**Is there any way to earn CTR other than farming the IFO?**

Yes!  There is a token allocation that will be distributed to the community by veCTR vote called the Community Booster allocation.  People in the community who help to spread Concentrator’s message or otherwise help out during the IFO can be nominated to be on the ballot.  See more details [here](https://medium.com/@0xconcentrator_29486/lets-concentrate-together-19e575520640).\
\
Additionally a small airdrop of CTR will be issued to the earliest users of Concentrator.

&#x20;

**I’m a member of the AladdinDAO community and hold (x)ALD.  Do I receive CTR?**

AladdinDAO will receive 30% of the CTR tokens.  Aladdin will instantly lock that entire allocation for the maximum duration (4 years) and continually re-lock those tokens.  xALD holders will vote to direct the veCTR governance power held by Aladdin, and any revenue earned by the Aladdin veCTR tokens will be directly claimable by ALD stakers. (We may revamp Aladdin tokenomics at some point).

**Fees**

<table><thead><tr><th width="82">PID</th><th>Name</th><th>Harvest Fee</th><th>Treasury Fee</th><th data-hidden align="center">Underlying</th><th data-hidden>Notes</th></tr></thead><tbody><tr><td></td><td>aCRV Compounder</td><td>2.00%</td><td>10.00%</td><td align="center"></td><td></td></tr><tr><td>0</td><td>ETH+stETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x06325440D014e39736583c165C2963BA99fAf14E</td><td></td></tr><tr><td>1</td><td>FRAX+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xd632f22692FaC7611d2AA1C0D552930D43CAEd3B</td><td></td></tr><tr><td>2</td><td>USDT+WBTC+WETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xc4AD29ba4B3c580e6D59105FFf484999997675Ff</td><td></td></tr><tr><td>3</td><td>CRV+cvxCRV</td><td>2.00%</td><td>10.00%</td><td align="center">0x9D0464996170c6B9e75eED71c68B99dDEDf279e8</td><td>deprecated</td></tr><tr><td>4</td><td>ETH+CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xEd4064f376cB8d68F770FB1Ff088a3d0F3FF5c4d</td><td></td></tr><tr><td>5</td><td>ETH+CVX</td><td>2.00%</td><td>10.00%</td><td align="center">0x3A283D9c08E8b55966afb64C515f5143cf907611</td><td></td></tr><tr><td>6</td><td>FXS+cvxFXS</td><td>2.00%</td><td>10.00%</td><td align="center">0xF3A43307DcAFa93275993862Aae628fCB50dC768</td><td></td></tr><tr><td>7</td><td>DAI+USDC+USDT</td><td>2.00%</td><td>10.00%</td><td align="center">0x6c3F90f043a72FA612cbac8115EE7e52BDe6E490</td><td></td></tr><tr><td>8</td><td>iDAI+iUSDC+iUSDT</td><td>2.00%</td><td>10.00%</td><td align="center">0x5282a4eF67D9C33135340fB3289cc1711c13638C</td><td>deprecated</td></tr><tr><td>9</td><td>MIM+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0x5a6A4D54456819380173272A5E8E9B9904BdF41B</td><td></td></tr><tr><td>10</td><td>renBTC+WBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0x49849C98ae39Fff122806C06791Fa73784FB3675</td><td>deprecated</td></tr><tr><td>11</td><td>PUSd+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0x8EE017541375F6Bcd802ba119bdDC94dad6911A1</td><td></td></tr><tr><td>12</td><td>DAI+USDC+USDT+sUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0xC25a3A3b969415c80451098fa907EC722572917F</td><td></td></tr><tr><td>13</td><td>renBTC+WBTC+sBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0x075b1bb99792c9E1041bA13afEf80C91a1e70fB3</td><td>deprecated</td></tr><tr><td>14</td><td>ETH+sETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xA3D87FffcE63B53E0d54fAa1cc983B7eB0b74A9c</td><td></td></tr><tr><td>15</td><td>FRAX+USDC</td><td>2.00%</td><td>10.00%</td><td align="center">0x3175Df0976dFA876431C2E9eE6Bc45b65d3473CC</td><td></td></tr><tr><td>16</td><td>FRAX+FPI</td><td>2.00%</td><td>10.00%</td><td align="center">0x4704aB1fb693ce163F7c9D3A31b3FF4eaF797714</td><td></td></tr><tr><td>17</td><td>alUSD+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0x43b4FdFD4Ff969587185cDB6f0BD875c5Fc83f8c</td><td></td></tr><tr><td>18</td><td>cDAI+cUSDC</td><td>2.00%</td><td>10.00%</td><td align="center">0x845838DF265Dcd2c412A1Dc9e959c7d08537f8a2</td><td>deprecated</td></tr><tr><td>19</td><td>dola+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xAA5A67c256e27A5d80712c51971408db3370927D</td><td>deprecated</td></tr><tr><td>20</td><td>BUSD+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0x4807862AA8b2bF68830e4C8dc86D0e9A998e085a</td><td>deprecated</td></tr><tr><td>21</td><td>ETH+alETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xC4C319E2D4d66CcA4464C0c2B32c9Bd23ebe784e</td><td></td></tr><tr><td>22</td><td>agEUR+EURT+EURS</td><td>2.00%</td><td>10.00%</td><td align="center">0xb9446c4Ef5EBE66268dA6700D26f96273DE3d571</td><td></td></tr><tr><td>23</td><td>LUSD+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xEd279fDD11cA84bEef15AF5D39BB4d4bEE23F0cA</td><td></td></tr><tr><td>24</td><td>Silo+FRAX</td><td>2.00%</td><td>10.00%</td><td align="center">0x2302aaBe69e6E7A1b0Aa23aAC68fcCB8A4D2B460</td><td></td></tr><tr><td>25</td><td>TUSD+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xEcd5e75AFb02eFa118AF914515D6521aaBd189F1</td><td></td></tr><tr><td>26</td><td>sUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0xe3c190c57b5959Ae62EfE3B6797058B76bA2f5eF</td><td></td></tr><tr><td>27</td><td>BUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x8fdb0bB9365a46B145Db80D0B1C5C5e979C84190</td><td></td></tr><tr><td>28</td><td>alUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0xB30dA2376F63De30b42dC055C93fa474F31330A5</td><td></td></tr><tr><td>29</td><td>TUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x33baeDa08b8afACc4d3d07cf31d49FC1F1f3E893</td><td></td></tr><tr><td>30</td><td>LUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x497CE58F34605B9944E6b15EcafE6b001206fd25</td><td></td></tr><tr><td>31</td><td>ETH+pETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x9848482da3Ee3076165ce6497eDA906E66bB85C5</td><td></td></tr><tr><td>32</td><td>ETH+cbETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x5b6C539b224014A09B3388e51CaAA8e354c959C8</td><td></td></tr><tr><td>33</td><td>ETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xf43211935C781D5ca1a41d2041F397B8A7366C7A</td><td></td></tr><tr><td>34</td><td>bLUSD+LUSD3CRV-f</td><td>2.00%</td><td>10.00%</td><td align="center">0x5ca0313d44551e32e0d7a298ec024321c4bc59b4</td><td></td></tr><tr><td>35</td><td>WBTC+sBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0x051d7e5609917Bd9b73f04BAc0DED8Dd46a74301</td><td></td></tr><tr><td>36</td><td>multiBTC+crvWSBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0x2863a328A0B7fC6040f11614FA0728587DB8e353</td><td></td></tr><tr><td>37</td><td>clevCVX+CVX</td><td>2.00%</td><td>10.00%</td><td align="center">0xf9078fb962a7d13f55d40d49c8aa6472abd1a5a6</td><td></td></tr><tr><td>38</td><td>clevUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x84c333e94aea4a51a21f6cf0c7f528c50dc7592c</td><td></td></tr><tr><td>39</td><td>ETH+CLEV</td><td>2.00%</td><td>10.00%</td><td align="center">0x6c280db098db673d30d5b34ec04b6387185d3620</td><td></td></tr><tr><td>40</td><td>ETH+rETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x6c38ce8984a890f5e46e6df6117c26b3f1ecfc9c</td><td></td></tr><tr><td>41</td><td>GEAR+ETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x5be6c45e2d074faa20700c49ada3e88a1cc0025d</td><td></td></tr><tr><td>42</td><td>WETH+stETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x828b154032950c8ff7cf8085d841723db2696056</td><td></td></tr><tr><td>43</td><td>STG+USDC</td><td>2.00%</td><td>10.00%</td><td align="center">0xdf55670e27be5cde7228dd0a6849181891c9eba1</td><td></td></tr><tr><td>44</td><td>ETH+LDO</td><td>2.00%</td><td>10.00%</td><td align="center">0xb79565c01b7ae53618d9b847b9443aaf4f9011e7</td><td></td></tr><tr><td>45</td><td>ETH+MATIC</td><td>2.00%</td><td>10.00%</td><td align="center">0xd8eb58d76af99547333cfeeb6a0f9bd1a63b6492</td><td></td></tr><tr><td>46</td><td>ETH+CNC</td><td>2.00%</td><td>10.00%</td><td align="center">0xf9835375f6b268743ea0a54d742aa156947f8c06</td><td></td></tr><tr><td>47</td><td>tBTC+crvWSBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0xf95aaa7ebb1620e46221b73588502960ef63dba0</td><td></td></tr><tr><td>48</td><td>ETH+CTR</td><td>2.00%</td><td>10.00%</td><td align="center">0x3f0e7916681452d23cd36b1281457da721f2e5df</td><td></td></tr><tr><td>49</td><td>USDP+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xc270b3B858c335B6BA5D5b10e2Da8a09976005ad</td><td></td></tr><tr><td>50</td><td>CRV+cvxCRV</td><td>2.00%</td><td>10.00%</td><td align="center">0x971add32Ea87f10bD192671630be3BE8A11b8623</td><td></td></tr><tr><td>51</td><td>eCFX+ETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x8C88538688aca3b733aD08b12BEe4574c0C00907</td><td></td></tr><tr><td>52</td><td>rETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xbA6c373992AD8ec1f7520E5878E5540Eb36DeBf1</td><td></td></tr><tr><td>53</td><td>stETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x4d9f9D15101EEC665F77210cB999639f760F831E</td><td></td></tr><tr><td>54</td><td>cbETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x548E063CE6F3BaC31457E4f5b4e2345286274257</td><td></td></tr><tr><td>55</td><td>sETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x663aC72a1c3E1C4186CD3dCb184f216291F4878C</td><td></td></tr><tr><td>56</td><td>FRAX+USDP</td><td>2.00%</td><td>10.00%</td><td align="center">0xFC2838a17D8e8B1D5456E0a351B0708a09211147</td><td></td></tr><tr><td>57</td><td>UZD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x68934F60758243eafAf4D2cFeD27BF8010bede3a</td><td></td></tr><tr><td>58</td><td>ETH+wBETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xBfAb6FA95E0091ed66058ad493189D2cB29385E6</td><td></td></tr><tr><td>59</td><td>USDT+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0x390f3595bCa2Df7d23783dFd126427CCeb997BF4</td><td></td></tr><tr><td>60</td><td>USDP+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0xCa978A0528116DDA3cbA9ACD3e68bc6191CA53D0</td><td></td></tr><tr><td>61</td><td>TUSD+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0x34D655069F4cAc1547E4C8cA284FfFF5ad4A8db0</td><td></td></tr><tr><td>62</td><td>USDC+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0x4DEcE678ceceb27446b35C672dC7d61F30bAD69E</td><td></td></tr><tr><td>63</td><td>USDC/WBTC/ETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x7f86bf177dd4f3494b841a37e810a34dd56c829b</td><td></td></tr><tr><td>64</td><td>USDT/WBTC/ETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xf5f5b97624542d72a9e06f04804bf81baa15e2b4</td><td></td></tr><tr><td>65</td><td>ETH/stETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x21e27a5e5513d6e65c4f830167390997aa84843a</td><td></td></tr></tbody></table>

**Where can I get more details?**\
\
Check out the launch article [here](https://medium.com/@0xconcentrator_29486/find-your-future-in-a-farm-9e571934c32c).

**Is it safe?**

\
The concentrator is built by the experienced and security-obsessed AladdinDAO team, and it is audited by SECBIT Labs. Check out the audit here.

[PeckShield](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/PeckShield-Audit-Report-AladdinDAO-Concentrator-v1.0-20220704.pdf)

[SECBIT](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_Concentrator_IFO_Report_v1.2_20220701.pdf)

**Concentrator Github?**

[**https://github.com/AladdinDAO/deployments/blob/main/deployments.mainnet.md#concentrator**](https://github.com/AladdinDAO/deployments/blob/main/deployments.mainnet.md#concentrator)

**Concentrator** Governance Multisig

Concentrator Treasury: [0xA0FB1b11ccA5871fb0225B64308e249B97804E99](https://etherscan.io/address/0xA0FB1b11ccA5871fb0225B64308e249B97804E99)


# aFXS Vaults

**What is aFXS**

aFXS simply represents the compounding cvxFXS in the Concentrator vault. The total amount of cvxFXS contained in the Concentrator vault is equal to the total aFXS balance multiplied by the current index:

cvxFXS\_Balance = aFXS\_Balance \* Current\_aFXS\_Index

Using aFXS to represent a share of the underlying compounding cvxFXS vault simplifies the smart contracts and is more gas efficient.

**Is it safe?**\
The concentrator is built by the experienced and security-obsessed AladdinDAO team, and it is audited by SECBIT Labs. Check out the audit here.

[SECBIT](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_AladdinDAO_aFXS_Report.pdf)

**How much does it cost?**

Concentrator takes a 10% treasury fee and a 2% harvest fee on yields. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.

<table><thead><tr><th width="85">PID</th><th>Name</th><th>Harvest Fee</th><th>Treasury Fee</th><th data-hidden align="center">Underlying</th><th data-hidden>Notes</th></tr></thead><tbody><tr><td></td><td>aFXS Compounder</td><td>2.00%</td><td>10.00%</td><td align="center"></td><td></td></tr><tr><td>0</td><td>FRAX+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xd632f22692FaC7611d2AA1C0D552930D43CAEd3B</td><td></td></tr><tr><td>1</td><td>FXS+cvxFXS</td><td>2.00%</td><td>10.00%</td><td align="center">0xF3A43307DcAFa93275993862Aae628fCB50dC768</td><td>deprecated</td></tr><tr><td>2</td><td>FRAX+USDC</td><td>2.00%</td><td>10.00%</td><td align="center">0x3175Df0976dFA876431C2E9eE6Bc45b65d3473CC</td><td></td></tr><tr><td>3</td><td>sUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0xe3c190c57b5959Ae62EfE3B6797058B76bA2f5eF</td><td></td></tr><tr><td>4</td><td>TUSD+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xEcd5e75AFb02eFa118AF914515D6521aaBd189F1</td><td></td></tr><tr><td>5</td><td>BUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x8fdb0bB9365a46B145Db80D0B1C5C5e979C84190</td><td></td></tr><tr><td>6</td><td>alUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0xB30dA2376F63De30b42dC055C93fa474F31330A5</td><td></td></tr><tr><td>7</td><td>Silo+FRAX</td><td>2.00%</td><td>10.00%</td><td align="center">0x2302aaBe69e6E7A1b0Aa23aAC68fcCB8A4D2B460</td><td></td></tr><tr><td>8</td><td>TUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x33baeDa08b8afACc4d3d07cf31d49FC1F1f3E893</td><td></td></tr><tr><td>9</td><td>ETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xf43211935C781D5ca1a41d2041F397B8A7366C7A</td><td></td></tr><tr><td>10</td><td>clevUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x84c333e94aea4a51a21f6cf0c7f528c50dc7592c</td><td></td></tr><tr><td>11</td><td>ETH+CLEV</td><td>2.00%</td><td>10.00%</td><td align="center">0x6c280db098db673d30d5b34ec04b6387185d3620</td><td></td></tr><tr><td>12</td><td>FPIS+cvxFPIS</td><td>2.00%</td><td>10.00%</td><td align="center">0xfBB481A443382416357fA81F16dB5A725DC6ceC8</td><td></td></tr><tr><td>13</td><td>rETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xbA6c373992AD8ec1f7520E5878E5540Eb36DeBf1</td><td></td></tr><tr><td>14</td><td>stETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x4d9f9D15101EEC665F77210cB999639f760F831E</td><td></td></tr><tr><td>15</td><td>cbETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x548E063CE6F3BaC31457E4f5b4e2345286274257</td><td></td></tr><tr><td>16</td><td>sETH+frxETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x663aC72a1c3E1C4186CD3dCb184f216291F4878C</td><td></td></tr><tr><td>17</td><td>FRAX+USDP</td><td>2.00%</td><td>10.00%</td><td align="center">0xFC2838a17D8e8B1D5456E0a351B0708a09211147</td><td></td></tr></tbody></table>

\ <br>


# afrxETH Vaults

**What is afrxETH**

afrxETH simply represents the compounding frxETH-ETH LP in the Concentrator vault. The total amount of frxETH-ETH LP contained in the Concentrator vault is equal to the total frxETH-ETH balance multiplied by the current index:

frxETH-ETH\_Balance = afrxETH\_Balance \* Current\_afrxETH\_Index

Using afrxETH to represent a share of the underlying compounding frxETH-ETH LP vault simplifies the smart contracts and is more gas efficient.

**Is it safe?**\
The concentrator is built by the experienced and security-obsessed AladdinDAO team, and it is audited by SECBIT Labs. Check out the audit here.

[SECBIT](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/AladdinETH_Report_v1.0_2022_12_22.pdf)

**How much does it cost?**

Concentrator takes a 10% treasury fee and a 2% harvest fee on yields. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.

<table><thead><tr><th width="81">PID</th><th>Name</th><th>Harvest Fee</th><th>Treasury Fee</th><th data-hidden align="center">Underlying</th><th data-hidden align="center">Strategy</th><th data-hidden>Notes</th></tr></thead><tbody><tr><td></td><td>afrxETH Compounder</td><td>2.00%</td><td>10.00%</td><td align="center"></td><td align="center"></td><td></td></tr><tr><td>0</td><td>FRAX+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xd632f22692FaC7611d2AA1C0D552930D43CAEd3B</td><td align="center">0x62C2259936212CF27f75eBb9A35b35Dc0E526FF3</td><td></td></tr><tr><td>1</td><td>USDT+WBTC+WETH</td><td>2.00%</td><td>10.00%</td><td align="center">0xc4AD29ba4B3c580e6D59105FFf484999997675Ff</td><td align="center">0x3647e0cd809c6AAe7C7e857b26fE21B5D5b0e571</td><td></td></tr><tr><td>2</td><td>FRAX+USDC</td><td>2.00%</td><td>10.00%</td><td align="center">0x3175Df0976dFA876431C2E9eE6Bc45b65d3473CC</td><td align="center">0x2b48a3c3d9cB5E27BB58Eb55412409DcdfD4a9Aa</td><td></td></tr><tr><td>3</td><td>MIM+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0x5a6A4D54456819380173272A5E8E9B9904BdF41B</td><td align="center">0x993185b35b33F7cC77111f9E76dfed403ceFa34a</td><td></td></tr><tr><td>4</td><td>FRAX+FPI</td><td>2.00%</td><td>10.00%</td><td align="center">0x4704aB1fb693ce163F7c9D3A31b3FF4eaF797714</td><td align="center">0x0e223dBE17f30221B613434099a878f15D5297f8</td><td></td></tr><tr><td>5</td><td>agEUR+EURT+EURS</td><td>2.00%</td><td>10.00%</td><td align="center">0xb9446c4Ef5EBE66268dA6700D26f96273DE3d571</td><td align="center">0xCfa3B1a4aE8d221224310984F86Cc21e9134Bd33</td><td></td></tr><tr><td>6</td><td>LUSD+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xEd279fDD11cA84bEef15AF5D39BB4d4bEE23F0cA</td><td align="center">0x97111359C7eFc6f2A9a7a79b8c78433D2d48b847</td><td></td></tr><tr><td>7</td><td>TUSD+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xEcd5e75AFb02eFa118AF914515D6521aaBd189F1</td><td align="center">0xFf8B543fbf70C4fA188F34b11aA210720f30C412</td><td></td></tr><tr><td>8</td><td>BUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x8fdb0bB9365a46B145Db80D0B1C5C5e979C84190</td><td align="center">0x96C9507c5026ad2b2727ce7cbe3429Aa8e179A11</td><td></td></tr><tr><td>9</td><td>alUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0xB30dA2376F63De30b42dC055C93fa474F31330A5</td><td align="center">0xB97bDf5C5C7541f179730CF39C48f92EF3484C6C</td><td></td></tr><tr><td>10</td><td>TUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x33baeDa08b8afACc4d3d07cf31d49FC1F1f3E893</td><td align="center">0x3C53ef2c526613E9B5585EE7776d6B8d00fF8778</td><td></td></tr><tr><td>11</td><td>LUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td align="center">0x497CE58F34605B9944E6b15EcafE6b001206fd25</td><td align="center">0x96AC20E686aDf70e527Ff55aDEF6A726D00dc2AD</td><td></td></tr><tr><td>12</td><td>bLUSD+LUSD3CRV-f</td><td>2.00%</td><td>10.00%</td><td align="center">0x5ca0313d44551e32e0d7a298ec024321c4bc59b4</td><td align="center">0xf23C0b5770B6fb117De879b93eDA35D71ff28506</td><td></td></tr><tr><td>13</td><td>WBTC+sBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0x051d7e5609917Bd9b73f04BAc0DED8Dd46a74301</td><td align="center">0x3BBa4DE25AE1Cba2f0571f447880D039aF0D4D26</td><td></td></tr><tr><td>14</td><td>multiBTC+crvWSBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0x2863a328A0B7fC6040f11614FA0728587DB8e353</td><td align="center">0x6ACc16567D59Ad11eCda0d04653afc3b189d11dC</td><td></td></tr><tr><td>15</td><td>ETH+CLEV</td><td>2.00%</td><td>10.00%</td><td align="center">0x6c280db098db673d30d5b34ec04b6387185d3620</td><td align="center">0x0D9acC496f6A946B7811237A96611A4A6f07815e</td><td></td></tr><tr><td>16</td><td>GEAR+ETH</td><td>2.00%</td><td>10.00%</td><td align="center">0x5be6c45e2d074faa20700c49ada3e88a1cc0025d</td><td align="center">0x00A3d360F0dE559AB7C0cd79AE031d52f626D99f</td><td></td></tr><tr><td>17</td><td>STG+USDC</td><td>2.00%</td><td>10.00%</td><td align="center">0xdf55670e27be5cde7228dd0a6849181891c9eba1</td><td align="center">0xc1329472443b64eA4d9C0C5a883A8D6E0237Dd38</td><td></td></tr><tr><td>18</td><td>ETH+LDO</td><td>2.00%</td><td>10.00%</td><td align="center">0xb79565c01b7ae53618d9b847b9443aaf4f9011e7</td><td align="center">0xD756E64366daA2dFA1bC74B9fa9521f42C14382D</td><td></td></tr><tr><td>19</td><td>ETH+MATIC</td><td>2.00%</td><td>10.00%</td><td align="center">0xd8eb58d76af99547333cfeeb6a0f9bd1a63b6492</td><td align="center">0x6fd3960454136687841C08afcc271Cbeea39a15E</td><td></td></tr><tr><td>20</td><td>ETH+CNC</td><td>2.00%</td><td>10.00%</td><td align="center">0xf9835375f6b268743ea0a54d742aa156947f8c06</td><td align="center">0xaA2E30a32992c8921954C3b609d3c9A853bd3602</td><td></td></tr><tr><td>21</td><td>tBTC+crvWSBTC</td><td>2.00%</td><td>10.00%</td><td align="center">0xf95aaa7ebb1620e46221b73588502960ef63dba0</td><td align="center">0x4a60eCa2C2Afc5c92cE521b07E5aBEf7e9483877</td><td></td></tr><tr><td>22</td><td>CRV+sdCRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xf7b55c3732ad8b2c2da7c24f30a69f55c54fb717</td><td align="center">0x1AF52e7D8C0fCb4c72287c7c207C305f5183dDc8</td><td></td></tr><tr><td>23</td><td>USDP+3CRV</td><td>2.00%</td><td>10.00%</td><td align="center">0xc270b3B858c335B6BA5D5b10e2Da8a09976005ad</td><td align="center">0xF7520d4F1e94A6DacE0269973f58045ccF951501</td><td></td></tr><tr><td>24</td><td>USDT+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0x390f3595bCa2Df7d23783dFd126427CCeb997BF4</td><td align="center">0x9acdffE08487D2aDF6312bB88E98A68b4E11cd34</td><td></td></tr><tr><td>25</td><td>USDP+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0xCa978A0528116DDA3cbA9ACD3e68bc6191CA53D0</td><td align="center">0x8FfC5e47D69509Fa2FfEfCDD3A8E13b0Ec154b32</td><td></td></tr><tr><td>26</td><td>TUSD+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0x34D655069F4cAc1547E4C8cA284FfFF5ad4A8db0</td><td align="center">0x713A90B20e76c22483272Ea0d95f3eD594a16A5A</td><td></td></tr><tr><td>27</td><td>USDC+crvUSD</td><td>2.00%</td><td>10.00%</td><td align="center">0x4DEcE678ceceb27446b35C672dC7d61F30bAD69E</td><td align="center">0x388f90091fE67B923f743256533Dd8AaaA368b19</td><td></td></tr></tbody></table>


# asdCRV Vaults

**What is asdCRV**

asdCRV simply represents the compounding sdCRV in the StakeDAO CRV Locker. The total amount of asdCRV contained in the compounder is equal to the total sdCRV balance multiplied by the current index:

sdCRV\_Balance =asdCRV\_Balance \* Current\_asdCRV\_Index

Using asdCRV to represent a share of the underlying compounding sdCRV vault simplifies the smart contracts and is more gas efficient.

\
The asdCRV compounder has been upgraded and is now fully liquid, which allows for instant withdrawals and further integrations with money market protocols.

**What is veSDT delegate**

By delegating veSDT to asdCRV vault, users’ asdCRV reward will be boosted up to 2.5X. Besides, veSDT delegators are entitled to share 10% of sdCRV’s bribe rewards.

**Is it safe?**\
The concentrator is built by the experienced and security-obsessed AladdinDAO team, and it is audited by SECBIT Labs. Check out the audit here.

[SECBIT](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_sdCRV_Report_v1.0_20230202.pdf)

**How much does it cost?**

Concentrator takes a 10% treasury fee and a 2% harvest fee on yields. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.

<table><thead><tr><th width="84">PID</th><th>Name</th><th>Harvest Fee</th><th>Treasury Fee</th><th>Boost Fee</th><th data-hidden align="center">Underlying</th><th data-hidden align="center">Strategy</th><th data-hidden>Notes</th></tr></thead><tbody><tr><td></td><td>asdCRV Compounder</td><td>0.50%</td><td>10.00%</td><td>15% (10% for veSDT holders, 5% for the platform)</td><td align="center"></td><td align="center"></td><td></td></tr><tr><td>0</td><td>MIM+3CRV</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x5a6A4D54456819380173272A5E8E9B9904BdF41B</td><td align="center">0x3125FC8b81593B39baC2590C58c48CB417e5D859</td><td></td></tr><tr><td>1</td><td>ETH+pETH</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x9848482da3Ee3076165ce6497eDA906E66bB85C5</td><td align="center">0xB634b550BE88c968e21DCBC68BCb96D39F75B06C</td><td></td></tr><tr><td>2</td><td>clevUSD+FRAXBP</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x84c333e94aea4a51a21f6cf0c7f528c50dc7592c</td><td align="center">0x6deaF124A8bFb8616B994B4fD55544A68062C274</td><td></td></tr><tr><td>3</td><td>CRV+cvxCRV</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x971add32Ea87f10bD192671630be3BE8A11b8623</td><td align="center">0x4cDB0e8CEC25d134948F5c26395B529D0F17042D</td><td></td></tr><tr><td>4</td><td>eCFX+ETH</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x8C88538688aca3b733aD08b12BEe4574c0C00907</td><td align="center">0xEb6Bcc57dF50F007Da79c12CC1790153CC3352ec</td><td></td></tr><tr><td>5</td><td>USDT+crvUSD</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x390f3595bCa2Df7d23783dFd126427CCeb997BF4</td><td align="center">0x44d5c2Ad61cfa4d01D79ef11b4feE6C9d6616Ba6</td><td></td></tr><tr><td>6</td><td>USDC+crvUSD</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x4DEcE678ceceb27446b35C672dC7d61F30bAD69E</td><td align="center">0xE1c863E0Bb81717dEa24a477eC23AD8602340198</td><td></td></tr><tr><td>7</td><td>USDC/WBTC/ETH</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0x7f86bf177dd4f3494b841a37e810a34dd56c829b</td><td align="center">0x297DB2492E7B26CC800C6e4a5ebf4FA84ff53aA3</td><td></td></tr><tr><td>8</td><td>USDT/WBTC/ETH</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0xf5f5b97624542d72a9e06f04804bf81baa15e2b4</td><td align="center">0xF01Bd63cAB35e9D7EfC0e3684bDda33D49EdA51f</td><td></td></tr><tr><td>9</td><td>CRV+sdCRV</td><td>2.00%</td><td>10.00%</td><td></td><td align="center">0xCA0253A98D16e9C1e3614caFDA19318EE69772D0</td><td align="center">0x4e5854A9fB8CBE4f9196D30dE5014FCe9699295c</td><td></td></tr></tbody></table>


# abcCVX Vaults

**What is abcCVX**

The underlying asset of abcCVX is a combination of [CVX/clevCVX LP](https://curve.fi/#/ethereum/pools/factory-v2-209/deposit) and clevCVX Furnace deposits. The income source is Convex staking yields from the LP and clevCVX arbitrage between LP and Furnace.

Depositing is a two-step process: New deposits are locked for one day before abcCVX can be claimed. abcCVX starts to earn after claiming and may also then be [Staked on CLever](https://clever.aladdin.club/#/farming) to earn extra [CLEV](https://curve.fi/#/ethereum/pools/factory-crypto-140/deposit) rewards

**How much does it cost?**

Concentrator takes a 10% treasury fee and a 2% harvest fee on yields. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.

<table><thead><tr><th width="223">Vaults</th><th>Treasury Fee</th><th>Harvest Fee</th></tr></thead><tbody><tr><td>abcCVX Compounder</td><td>10.00%</td><td>2.00%</td></tr></tbody></table>


# aCVX Vaults

**What is aCVX**

aCVX simply represents the compounding CVX in the Concentrator vault. The total amount of CVX contained in the Concentrator vault is equal to the total aCVX balance multiplied by the current index:

CVX\_Balance = aCVX\_Balance \* Current\_aCVX\_Index

Using aCVX to represent a share of the underlying compounding CVX vault simplifies the smart contracts and is more gas efficient.

**Is it safe?**\
The concentrator is built by the experienced and security-obsessed AladdinDAO team, and it is audited by SECBIT Labs. Check out the audit here.

[SECBIT](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_Aladdin_aCVX_Report_v1.0_20231018.pdf)

**How much does it cost?**

Concentrator takes a 10% treasury fee and a 2% harvest fee on yields. The fees were collected during the harvest process and distributed to the Treasury and Keeper respectively.

<table><thead><tr><th width="223">Vaults</th><th>Treasury Fee</th><th>Harvest Fee</th></tr></thead><tbody><tr><td>aCVX Compounder</td><td>10.00%</td><td>2.00%</td></tr></tbody></table>


# Legacy Vaults

**Is it safe?**

\
The concentrator is built by the experienced and security-obsessed AladdinDAO team, and it is audited by SECBIT Labs. Check out the audit here.

[PeckShield](https://aladdin.club/audits/PeckShield-Audit-Report-AladdinV3Concentrator-v1.0.pdf)

[SECBIT](https://aladdin.club/audits/AladdinDao_V3_Report_Secbit.pdf)

**How much does it cost?**

Concentrator takes Harvest Fee and Treasury Fee on asset‘s return respectively which are shown clearly in the table below, while Harvest Fee is funding the autocompounding function and Treasury Fee is used to fund Aladdin DAO Treasury.

For example, Alice deposited stETH in Concentrator for a year gained 2.50% of “Alpha Return”, she will be charged 2.00% of Harvest Fee and 10.00% of Treasury Fee based on her gain each time that Concentrator autocompounding.&#x20;

<table><thead><tr><th>Vaults</th><th width="150">Harvest Fee(%)</th><th width="150">Treasury Fee(%)</th><th>PID</th></tr></thead><tbody><tr><td>cvxCRV</td><td>2.00</td><td>10.00</td><td>3</td></tr><tr><td>stETH</td><td>2.00</td><td>10.00</td><td>0</td></tr><tr><td>FRAX</td><td>2.00</td><td>10.00</td><td>1</td></tr><tr><td>tricrypto2</td><td>2.00</td><td>10.00</td><td>2</td></tr><tr><td>crvETH</td><td>2.00</td><td>10.00</td><td>4</td></tr><tr><td>cvxETH</td><td>2.00</td><td>10.00</td><td>5</td></tr><tr><td>cvxFXS</td><td>2.00</td><td>10.00</td><td>6</td></tr><tr><td>3pool</td><td>2.00</td><td>10.00</td><td>7</td></tr><tr><td>RocketPoolETH</td><td>2.00</td><td>10.00</td><td>9</td></tr><tr><td>ren</td><td>2.00</td><td>10.00</td><td>10</td></tr><tr><td>pusd</td><td>2.00</td><td>10.00</td><td>11</td></tr><tr><td>sUSD</td><td>2.00</td><td>10.00</td><td>12</td></tr><tr><td>sbtc</td><td>2.00</td><td>10.00</td><td>13</td></tr><tr><td>seth</td><td>2.00</td><td>10.00</td><td>14</td></tr><tr><td>fraxusdc</td><td>2.00</td><td>10.00</td><td>15</td></tr><tr><td>aCRV</td><td>2.00</td><td>10.00</td><td></td></tr></tbody></table>


# Harvester

Harvester

## Change the vault harvesting mechanism and remove withdrawal fees

Only addresses that meet the following two criteria are allowed to harvest:

* The addresses must hold at least 2500 veCTR
* The *ve* holding period is at least 1 year from the harvest block

{% embed url="<https://snapshot.org/#/concentratordao.eth/proposal/0xa263531cd6f948612d9596a16e7ef477058de9a8b8f4fc895b8325733adafc68>" %}

## Concentrator Upgraded Contract

Harvster address= 0xfa86aa141e45da5183B42792d99Dede3D26Ec515

### Compounder Contract

aCRV = 0x2b95A1Dcc3D405535f9ed33c219ab38E8d7e0884

aFXS = 0xDAF03D70Fe637b91bA6E521A32E1Fb39256d3EC9

afrxETH = 0xb15Ad6113264094Fd9BF2238729410A07EBE5ABa

abcCVX = 0xDEC800C2b17c9673570FDF54450dc1bd79c8E359

asdCRV = 0x43E54C2E7b3e294De3A155785F52AB49d87B9922

### Harvester Contract

aCRVVault = 0xc8fF37F7d057dF1BB9Ad681b53Fa4726f268E0e8

aFXSVault = 0xD6E3BB7b1D6Fa75A71d48CFB10096d59ABbf99E1

afrxETHVault = 0x50B47c4A642231dbe0B411a0B2FBC1EBD129346D

\
Harvester ABI
-------------

{% embed url="<https://louper.dev/diamond/0xfa86aa141e45da5183B42792d99Dede3D26Ec515?network=mainnet>" %}

### Compounder harvest

1\. const amount =aToken.methods.harvest('0xfa86aa141e45da5183B42792d99Dede3D26Ec515', 0).call({from:'0xfa86aa141e45da5183B42792d99Dede3D26Ec515'})

&#x20;const \_minAmount = amount\*(1-0.003)

2.0xfa86aa141e45da5183B42792d99Dede3D26Ec515.methods.harvestConcentratorCompounder('aToken address'', \_minAmount)

### Harvester harvest

1\. const amount =vaultContract.methods.harvest(pid, '0xfa86aa141e45da5183B42792d99Dede3D26Ec515',0).call({from:'0xfa86aa141e45da5183B42792d99Dede3D26Ec515'})

&#x20;const \_minAmount = amount\*(1-0.003)

2.0xfa86aa141e45da5183B42792d99Dede3D26Ec515.methods.harvestConcentratorVault('vaultContractAddress address'', pid, \_minAmount)


# Concentrator Tutorial

**Deposit**&#x20;

1. First, connect your wallet.

![](https://lh3.googleusercontent.com/MBtJRGt7GaWnXxqpbJ8yLuU9QWHChMDkXdTpg-jAVyI2JXibzS5zaVYR1bxJB-FPFS6sdeWc0mhgSa4jeqIhiAHH9slwFHLKgjBp_oT8Y6o1i_D86HhAkV6A8AWPdQNGpZGQks-rfSd8Of8NNvU)

2.Choose the asset which you want to boost, taking cvxcrv as an example here, related parameters like total APY, Base Curve APR, and CTR APR will be shown along.

![](https://lh5.googleusercontent.com/5NU4xyUWlwB16f_egF8Vlxy9GjrSDOZfX5BdFR0KQA_bvKpM0rvy49xJF68MiRoeHgiiHhzsbgoqSaWzkpd8Qoxbe7uL8HwCe-zxCuPu7ZtEBHxrLXhLjVM6wlOddII5GyiprZtb-DvcZsiYWMo)

3\. Click on Deposit, stake your cvxCRV, and you will get aCRV as staking proof

&#x20;

![](https://lh3.googleusercontent.com/JMvn8He1FvmXxi0KLhpIeIXCBbe02hz1zQXlM5Hvf1HR06A5sghB5aPTHERzvsuF4QfhGZO2syhM91drOyHoPoSSSo14eNC5V2wjsPqC9l0fGUh9K84h1p7kTctkuTJHd8p1K3p9wzTz-wsz00A)

4\. Input the amount you want to deposit, approve the token spending in your wallet, then your token will be deposited into the protocol.

![](https://lh5.googleusercontent.com/wesCOfZKtctzAusWJp_8ezru__H_jb8xz1Dl0C3929EUKST8rnhSna8u-cYZ7ACvGLRchEISpznfisWmotT-DhE_2H1gt0lIaqHAS-nH7wh944odMpVCpfxaZp9PvHMzezs1L6c2Q3IrdAG03SQ)

5\. After deposit, you can see your deposited asset in the pool and the CTR claimable here

![](https://lh5.googleusercontent.com/0JLBDC00xyPfLc2jOoR2cxT4_vStp80VwtGL4XC48roFrrkr01H1OYDRZS1AuTTtXdNYgm3deH02Ip4cKlXegk31US0Gtk9VAS8GM4WYZ1brdBkmHc8adGQHLEPb3wba3oxcDux8-2-UN_nxmQw)

6\. Also, you can deposit cvxCRV or CRV directly into Concentrator by using deposit button on the right.

![](https://lh4.googleusercontent.com/faUmSWN7IUDXEMBIIFg2aRz7ouR8ww8rd3zMGz4zeELSr77C5Wa0845SJ6nSwnuiAWKdN1YboZM1_Cpp4qwYWcbJmaTEl_kD7SbcK8AT70qvpBynZqFvO5Zbmf-_NksdeWjY1O_I)

7\. Click on Deposit, you can choose which token that you want to deposit.

![](https://lh4.googleusercontent.com/OmXSge1VVjpUKrqEEH95I4vLeOoMOcqYPB52R-IZZTJkSnWJAeYPZOnZ3l6OFCeM2LFDtZPcmcI0VOAgKZI1zeeiUModGbXb79NTyjh1D5KbaYtl1yEwtl8dzdMMhlbTXezxcWpJ)

8\. Enter the balance and click on Deposit. After confirming the transaction in your wallet, the deposit is completed.

![](https://lh6.googleusercontent.com/PofxdBl1eol_nW8_qof9MjBK3sGS4lLFkCUluJa31WfEDSPjmaQxEmvG8IdrPmn81bMPvxMyWW7tJXHtYnRy9hiRLqT-Dj-sTvPaf3Zg3LekMi-ZPdqG9NjhWgvN68kOjLvEQ2_j)

9\. You may check your claimable assets from vault profit displayed here.

![](https://lh4.googleusercontent.com/WzvfDzn4sR6bxmoWDg67gQg-Z_6kyYI_8QIOFtGpxS8IwRBkQSCIPy9ghNFpPZvXL-cdQ6dP73CJr64J-IgC_y1sBQZCfxwkChMd_fp3NTAV2lZmdBwSBaxGV5OehEiODtYpDBRP)

**Withdraw**

1. Click on Withdraw button to withdraw your assets.

![](https://lh4.googleusercontent.com/dwS_XGzp4zkm6riMgRp39MTIjJQYA2QBChpoRwjrmcvkbSRv1riZ59gHZq9n55kqA-tfzxumWBE7fm1c9TXvWVOyQ4uB3rNYr94X0BaE1HvMvqTsNcrmOvgxLEcrsNp8hMpc4epa_ElJHYZJ5n4)

2\. You may redeem your CTR by clicking on withdraw button here.&#x20;

![](https://lh5.googleusercontent.com/ME4VvUC9bW086N1QyDGXK7ZGjHi9Xk8dphFz24tn8zI_RHHPoXh-W_dv_DxYjlAxy8KMnN4QxDX-HklCWs3qobGIgELF3WUMdzWmxag7QzuCddmCeDBTAGWgNoVq_z0o0HFYHk85RDMWtFsiWwA)

**Migrate**

1. For those who had asset deposited before the IFO, may migrate their asset to join our IFO, and get CTR by just one button away! Firstly click on the Original Vaults button just beside IFO Vaults.

![](https://lh4.googleusercontent.com/f05caJKH8js8MKkFhMalGfd_iSKXgum5B-0Enkn_kY0yXXpz7H-0ygxjj2oSzEvOxqLzqsKWJ7LpeJY0wG34l8CGfgtJtHROC7IOAft-xYesnuj4pnh8s4RsTOjZfiao4L795bE034FYFaCe5w4)

2\. Deposited assets will be shown here, click on the Migrate to IFO button with 0 fees! Welcome to the very first IFO!

![](https://lh3.googleusercontent.com/fovtZwf9H86S8cXjlLDMmXFL4q_90hxaoL4sZzkOJd5pCJZjgJEtF-EiQ7_e8j6aBs7SU58QYmZP-DsTiFqhw8ppyks3aWWjBl2AAEk8M-cRrAqQgYunzjtzKBkHmQEQMCA3GMw7CdtEP5GKw88)


# Deposit & Withdraw

Here is Concentrator's deposit & withdraw tutorials

**Deposit**&#x20;

1. First, connect your wallet.

![](https://lh3.googleusercontent.com/MBtJRGt7GaWnXxqpbJ8yLuU9QWHChMDkXdTpg-jAVyI2JXibzS5zaVYR1bxJB-FPFS6sdeWc0mhgSa4jeqIhiAHH9slwFHLKgjBp_oT8Y6o1i_D86HhAkV6A8AWPdQNGpZGQks-rfSd8Of8NNvU)

2.Choose the asset which you want to boost, taking cvxcrv as an example here, related parameters like total APY, Base Curve APR, and CTR APR will be shown along.

![](https://lh5.googleusercontent.com/5NU4xyUWlwB16f_egF8Vlxy9GjrSDOZfX5BdFR0KQA_bvKpM0rvy49xJF68MiRoeHgiiHhzsbgoqSaWzkpd8Qoxbe7uL8HwCe-zxCuPu7ZtEBHxrLXhLjVM6wlOddII5GyiprZtb-DvcZsiYWMo)

3\. Click on Deposit, stake your cvxCRV

&#x20;

![](https://lh3.googleusercontent.com/JMvn8He1FvmXxi0KLhpIeIXCBbe02hz1zQXlM5Hvf1HR06A5sghB5aPTHERzvsuF4QfhGZO2syhM91drOyHoPoSSSo14eNC5V2wjsPqC9l0fGUh9K84h1p7kTctkuTJHd8p1K3p9wzTz-wsz00A)

4\. Input the amount you want to deposit, approve the token spending in your wallet, then your token will be deposited into the protocol. You may deposit assets like stETH, ETH, WETH, USDC, stethCRV, etc into Concentrator, your asset will be used to earn profit from Curve's Pools and Profits will be auto compounded.&#x20;

![](https://lh5.googleusercontent.com/wesCOfZKtctzAusWJp_8ezru__H_jb8xz1Dl0C3929EUKST8rnhSna8u-cYZ7ACvGLRchEISpznfisWmotT-DhE_2H1gt0lIaqHAS-nH7wh944odMpVCpfxaZp9PvHMzezs1L6c2Q3IrdAG03SQ)

5\. After deposit, you can see your deposited asset in the pool and the CTR claimable here

![](https://lh5.googleusercontent.com/0JLBDC00xyPfLc2jOoR2cxT4_vStp80VwtGL4XC48roFrrkr01H1OYDRZS1AuTTtXdNYgm3deH02Ip4cKlXegk31US0Gtk9VAS8GM4WYZ1brdBkmHc8adGQHLEPb3wba3oxcDux8-2-UN_nxmQw)

6\. Also, you can deposit cvxCRV or CRV directly into Concentrator by using deposit button on the right and getting aCRV.

![](https://lh4.googleusercontent.com/faUmSWN7IUDXEMBIIFg2aRz7ouR8ww8rd3zMGz4zeELSr77C5Wa0845SJ6nSwnuiAWKdN1YboZM1_Cpp4qwYWcbJmaTEl_kD7SbcK8AT70qvpBynZqFvO5Zbmf-_NksdeWjY1O_I)

7\. Click on Deposit, you can choose which token you want to deposit, and the amount of aCRV you will take after deposit.

![](https://lh4.googleusercontent.com/OmXSge1VVjpUKrqEEH95I4vLeOoMOcqYPB52R-IZZTJkSnWJAeYPZOnZ3l6OFCeM2LFDtZPcmcI0VOAgKZI1zeeiUModGbXb79NTyjh1D5KbaYtl1yEwtl8dzdMMhlbTXezxcWpJ)

8\. Enter the balance and click on Deposit. After confirming the transaction in your wallet, the deposit is completed.

![](https://lh6.googleusercontent.com/PofxdBl1eol_nW8_qof9MjBK3sGS4lLFkCUluJa31WfEDSPjmaQxEmvG8IdrPmn81bMPvxMyWW7tJXHtYnRy9hiRLqT-Dj-sTvPaf3Zg3LekMi-ZPdqG9NjhWgvN68kOjLvEQ2_j)

9\. You may check your claimable assets from vault profit displayed here.

![](https://lh4.googleusercontent.com/WzvfDzn4sR6bxmoWDg67gQg-Z_6kyYI_8QIOFtGpxS8IwRBkQSCIPy9ghNFpPZvXL-cdQ6dP73CJr64J-IgC_y1sBQZCfxwkChMd_fp3NTAV2lZmdBwSBaxGV5OehEiODtYpDBRP)

**Withdraw**

1. Click on Withdraw button to withdraw your assets.

![](https://lh4.googleusercontent.com/dwS_XGzp4zkm6riMgRp39MTIjJQYA2QBChpoRwjrmcvkbSRv1riZ59gHZq9n55kqA-tfzxumWBE7fm1c9TXvWVOyQ4uB3rNYr94X0BaE1HvMvqTsNcrmOvgxLEcrsNp8hMpc4epa_ElJHYZJ5n4)

2\. You may redeem your CTR by clicking on withdraw button here.&#x20;

![](https://lh5.googleusercontent.com/ME4VvUC9bW086N1QyDGXK7ZGjHi9Xk8dphFz24tn8zI_RHHPoXh-W_dv_DxYjlAxy8KMnN4QxDX-HklCWs3qobGIgELF3WUMdzWmxag7QzuCddmCeDBTAGWgNoVq_z0o0HFYHk85RDMWtFsiWwA)

**Migrate**

1. For those who had asset deposited before the IFO, may migrate their asset to join our IFO, and get CTR by just one button away! Firstly click on the Original Vaults button just beside IFO Vaults.

![](https://lh4.googleusercontent.com/f05caJKH8js8MKkFhMalGfd_iSKXgum5B-0Enkn_kY0yXXpz7H-0ygxjj2oSzEvOxqLzqsKWJ7LpeJY0wG34l8CGfgtJtHROC7IOAft-xYesnuj4pnh8s4RsTOjZfiao4L795bE034FYFaCe5w4)

2\. Deposited assets will be shown here, click on the Migrate to IFO button with 0 fees! Welcome to the very first IFO!

![](https://lh3.googleusercontent.com/fovtZwf9H86S8cXjlLDMmXFL4q_90hxaoL4sZzkOJd5pCJZjgJEtF-EiQ7_e8j6aBs7SU58QYmZP-DsTiFqhw8ppyks3aWWjBl2AAEk8M-cRrAqQgYunzjtzKBkHmQEQMCA3GMw7CdtEP5GKw88)


# How to get CTR/aCRV LP

This tutorial will teach you how to get CTR/aCRV LP in Balancer

1. First, click on the Withdraw button here.

![](/files/Ks9f7Xy1sONKpPHEcXO6)

2\. Click on the Harvest button over here in the pop-up window.

![](/files/jTUY7EmQrTTZ3gEGZBhM)

3\. Click on the Claim button here to get your CTR.

![](/files/jP0hBmlIk4s3PxwXmXSU)

4\. Now you had your CTR in your wallet. To increase your profit, you may also provide liquidity into Balancer CTR/aCRV LP. Find the row on the top of the Concentrator website.

![](/files/f4HgaTuSg3jyUrsBu1VJ)

5\. You may deposit assets like aCRV, CTR, or both of it into Balancer CTR/aCRV LP to mine CTR during the IFO by clicking on the Deposit button here.

![](/files/islE9MZQ11MhGeQFgTjk)

6\. First, approve related asset spending in your wallet by clicking on Approve button in the pop-up window. **PS: The asset you deposit here will be converted as CTR/aCRV LP in Balancer.**

![](/files/wjTdflOwJRerdLPdoI8n)

7\. Select the assets which you want to deposit as CTR/aCRV LP, taking aCRV as an example here. You&#x20;

<img src="/files/1ZY3fg6bDXFFFpAsyHtV" alt="" data-size="original">

8\. Click on the Deposit button.

![](/files/z3sxFcKW3dcbNbcZ6O0a)

9\. The value of assets you deposited will be shown here after a successful deposit.

![](/files/ojyVnhU0B7eu9Vd3d90a)

10\. When you want to withdraw, click on the Withdraw button, and select the amount of LP that you want to withdraw in the pop-up window.

![](/files/5JSm4JeUuVFMp0LtJInu)

11\. Remember to check your claimable CTR and click on the withdraw & claim button if you don’t want to lose your CTR reward.

![](/files/2vHe1XluNZwRTyaDEKfp)

12\. To view the details of Balancer Liquidity Pool, kindly click on the link here. You may check CTR price here too.

![](/files/8DydNBybuRJryyCG4Ycj)


# How to get aCRV

1. You may get aCRV here by depositing CRV or cvxCRV. It's located at the bottom right of Concentrator website.

![](/files/2DwpiGydje8wvy8hEZAI)


# How to get CRV or cvxCRV

1. You may buy CRV from [Uniswap](https://app.uniswap.org/#/swap?chain=mainnet), [Sushiswap](https://app.sushi.com/swap?inputCurrency=ETH\&outputCurrency=0x6B3595068778DD592e39A122f4f5a5cF09C90fE2\&chainId=1), [Curve](https://curve.fi), and many other DEX of CEX.

![](/files/yXHBtMI64trOliANGjd2)

2\. You may get cvxCRV on [Convex](https://www.convexfinance.com/stake) by Stake or Convert your CRV.

![](/files/LJqeVHO8nqpRItfzfr9v)


# Contracts

#### Concentrator

| Name                   |                   Address                  |
| ---------------------- | :----------------------------------------: |
| ProxyAdmin             | 0x12b1326459d72F2Ab081116bf27ca46cD97762A0 |
| CTR                    | 0xb3Ad645dB386D7F6D753B2b9C3F4B853DA6890B8 |
| veCTR                  | 0xe4C09928d834cd58D233CD77B5af3545484B4968 |
| SmartWalletWhitelist   | 0x3557bD058D674DD0981a3FF10515432159F63318 |
| PlatformFeeDistributor | 0xd2791781C367B2F512396105c8aB26479876e973 |
| GaugeRewardDistributor | 0xF57b53df7326e2c6bCFA81b4A128A92E69Cb87B0 |
| CTR Vesting            | 0x8341889905bdef85b87cb7644a93f7a482f28742 |
| Concentrator Harvester | 0xfa86aa141e45da5183B42792d99Dede3D26Ec515 |

**Concentrator for cvxCRV**

| Name                         |                   Address                  | Notes      |
| ---------------------------- | :----------------------------------------: | ---------- |
| AladdinCRV                   | 0x2b95A1Dcc3D405535f9ed33c219ab38E8d7e0884 |            |
| CvxCrvStakingWrapperStrategy | 0x94cC627Db80253056B2130aAC39abB252A75F345 |            |
| AladdinConvexVault           | 0xc8fF37F7d057dF1BB9Ad681b53Fa4726f268E0e8 | deprecated |
| ConcentratorIFOVault         | 0x3Cf54F3A1969be9916DAD548f3C084331C4450b5 |            |

[List of aCRV vaults](https://github.com/AladdinDAO/deployments/blob/main/pools.concentrator.aCRV.md)

**Concentrator for Curve-FXS/cvxFXS-LP**

| Name                  |                   Address                  | Notes |
| --------------------- | :----------------------------------------: | ----- |
| AladdinFXS            | 0xDAF03D70Fe637b91bA6E521A32E1Fb39256d3EC9 |       |
| AladdinFXSConvexVault | 0xD6E3BB7b1D6Fa75A71d48CFB10096d59ABbf99E1 |       |

[List of aFXS vaults](https://github.com/AladdinDAO/deployments/blob/main/pools.concentrator.aFXS.md)

**Concentrator for Curve-ETH/frxETH-LP**

| Name                              |                   Address                  | Notes |
| --------------------------------- | :----------------------------------------: | ----- |
| Curve ETH/frxETH LP               | 0xf43211935C781D5ca1a41d2041F397B8A7366C7A |       |
| AutoCompoundingConvexFraxStrategy | 0xc9cfD6205914AB1E209FfE70326d8dd15fc58187 |       |
| AladdinETH: afrxETH               | 0xb15Ad6113264094Fd9BF2238729410A07EBE5ABa |       |
| ConcentratorAladdinETHVault       | 0x50B47c4A642231dbe0B411a0B2FBC1EBD129346D |       |

[List of afrxETH vaults](https://github.com/AladdinDAO/deployments/blob/main/pools.concentrator.afrxETH.md)

**Concentrator for Curve-ETH/stETH-LP**

TBD

**Concentrator for sdCRV**

| Name                          |                   Address                  | Notes      |
| ----------------------------- | :----------------------------------------: | ---------- |
| StakeDAOLockerProxy           | 0x1c0D72a330F2768dAF718DEf8A19BAb019EEAd09 |            |
| VeSDTDelegation               | 0x6037Bb1BBa598bf88D816cAD90A28cC00fE3ff64 |            |
| AladdinSdCRV                  | 0x43E54C2E7b3e294De3A155785F52AB49d87B9922 |            |
| ConcentratorVaultForAsdCRV    | 0x59866EC5650e9BA00c51f6D681762b48b0AdA3de |            |
| StakeDAOCRVVault              | 0x2b3e72f568F96d7209E20C8B8f4F2A363ee1E3F6 | deprecated |
| SdCRVBribeBurner              | 0x9D6Dc3dbC7Cc5e1d7241601473FD63d2bD1573f9 | deprecated |
| ConcentratorSdCrvGaugeWrapper | 0x09B0E3A114135F528F762DB8363b4f5eae3F3bF1 |            |
| SdCRVBribeBurnerV2            | 0x680f26dbc8Fa2B463607ebb49A68A69c33476665 |            |

[List of asdCRV vaults](https://github.com/AladdinDAO/deployments/blob/main/pools.concentrator.asdCRV.md)

**Concentrator for CLever CVX**

| Name                   |                   Address                  | Notes |
| ---------------------- | :----------------------------------------: | ----- |
| Curve clevCVX/CVX LP   | 0xf9078fb962a7d13f55d40d49c8aa6472abd1a5a6 |       |
| abcCVX                 | 0xDEC800C2b17c9673570FDF54450dc1bd79c8E359 |       |
| AMOConvexCurveStrategy | 0x29E56d5E68b4819FC4a997b91fc9F4f8818ef1B4 |       |

**Concentrator for CVX**

| Name               |                   Address                  | Notes |
| ------------------ | :----------------------------------------: | ----- |
| CvxCompounder      | 0xb0903Ab70a7467eE5756074b31ac88aEBb8fB777 |       |
| CvxStakingStrategy | 0x837592b44EE5447074b80Cb21bF37a8c5E4c08f8 |       |

**Concentrator for f(x) protocol**

| Name          |                   Address                  | Notes |
| ------------- | :----------------------------------------: | ----- |
| arUSD ERC5115 | 0x549716F858aefF9CB845d4C78c67A7599B0Df240 |       |
| arUSD ERC4626 | 0x07D1718fF05a8C53C8F05aDAEd57C0d672945f9a |       |

**Concentrator for cvxFXN**

| Name                  |                   Address                  | Notes |
| --------------------- | :----------------------------------------: | ----- |
| CvxFxnCompounder      | 0x00Bac667a4cCf9089aB1Db978238C555C4349545 |       |
| CvxFxnStakingStrategy | 0x2d8B895773B093055919e16d537e3A2295D5eF6c |       |

**Revenue Sharing**

| Name                |                   Address                  |
| ------------------- | :----------------------------------------: |
| PlatformFeeSplitter | 0x32366846354db5c08e92b4ab0d2a510b2a2380c8 |
| aCRV FeeDistributor | 0xA5D9358c60fC9Bd2b508eDa17c78C67A43A4458C |

| Token Burner               |                   Address                  |    Note   |
| -------------------------- | :----------------------------------------: | :-------: |
| PlatformFeeBurner          | 0x695eb50a92ad2aebb89c6dd1f3c7546a28411403 | CVX, aFXS |
| ConvexFraxCompounderBurner | 0x789e729713ddc80cf2db4e59ca064d3770f1a034 |  afrxETH  |
| StakeDAOCompounderBurner   | 0xf954200fd969443b8f853b4083b71cd073c05d5b |   asdCRV  |

**Liquidity Gauges**

| Name              |                  LP Token                  |                    Gauge                   | Note       |
| ----------------- | :----------------------------------------: | :----------------------------------------: | ---------- |
| Curve CTR/ETH     | 0x3f0e7916681452D23Cd36B1281457DA721F2E5dF | 0x5BC3dD6E6b4E5DD811d558843DA6A1bfBB9c9dCa |            |
| Balancer aCRV/CTR | 0x80A8eA2f9EBFC2Db9a093BD46E01471267914E49 | 0x33e411ebE366D72d058F3eF22F1D0Cf8077fDaB0 | deprecated |

**Concentrator Github**

<https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/contracts/concentrator>

**Deployed Contracts?**

<https://github.com/AladdinDAO/deployments/blob/main/deployments.mainnet.md#concentrator>


# CTR Tokenomics

CTR tokenomics work the same way as Curve’s ve tokenomics. CTR holders will be able to lock their tokens for up to 4 years to get veCTR, and the ve power will be determined by the amount locked and the remaining lock time. veCTR bestows governance rights including the allocation of 50% of all Concentrator’s revenues, and depending on the outcome of the community vote, will likely earn most of that revenue. Concentrator’s revenue is denominated in aCRV, our auto-compounding cvxCRV token: representing real yield from fair fees paid by real users. After the IFO, Concentrator’s fee structure will be rebalanced to ensure that the protocol will sustain itself, that veCTR token allocations are attractive, and that users continue earning much more by using Concentrator (see Fees and Sustainability).

The maximum total CTR will be only 5,000,000 and all of those will be emitted by the end of the IFO (with 50% distributed to IFO farmers). CTR has no team or investor allotment, nor does it have any involuntary lockups or vesting. Locking CTR to get veCTR will be available within a few weeks of the IFO period for users to lock their CTR and begin directing and/or receiving platform revenue.

![](/files/PPCn53JOxnkCT2XngJmK)


# CLever

<img src="/files/RRDQvg6WwaIZn51PfZep" alt="" data-size="original">

### <mark style="color:blue;">What is CLever</mark>

Deposit top quality tokens to CLever in high-yielding collateral strategies, then claim your future yields today. Your future yields can be farmed, re-deposited to create leverage, or used wherever you need them.

CLever works with CVX and FRAX, with support for CRV coming soon!

{% embed url="<https://clever.aladdin.club/>" %}

### <mark style="color:blue;">**CLever Github?**</mark>

{% embed url="<https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/contracts/clever>" %}

### <mark style="color:blue;">**Deployed Contracts?**</mark>

{% embed url="<https://github.com/AladdinDAO/deployments/blob/main/deployments.mainnet.md#clever>" %}

**CLever** Governance Multisig

CLever Treasury:  [0xFC08757c505eA28709dF66E54870fB6dE09f0C5E](https://etherscan.io/address/0xFC08757c505eA28709dF66E54870fB6dE09f0C5E)


# The CLever

### <mark style="color:blue;">Why use CLever?</mark>

1. Your future yield “loan” is non liquidating, low risk, has certainty in funding costs, and is automatically paid down as yields are harvested from your collateral.
2. For CVX, yield harvesting is fully automated and gas prices are shared between all users. Locking, voting, collecting bribes, even re-locking in Convex as needed is all automatic.

### <mark style="color:blue;">How does it work?</mark>

Users lock their collateral Token in a yield strategy, then can immediately claim some of their future yields as clevToken for zero cost (except gas). clevTokens can be farmed or swapped for equivalent Tokens using either the Curve liquidity pool or the Furnace. To create leverage, users may re-deposit their Token to earn even more.

Behind the scenes, yields from the collateral strategy are swapped back to the collateral token and used to pay down the user’s debt to the system.

### <mark style="color:blue;">What is clevCVX, clevUSD, etc?</mark>

clevTokens are synthetic versions of their associated real token, representing the future yield of CLever strategies. Each clevToken is backed by one or more equivalent real Tokens in the system. These tokens can be farmed in CLever liquidity pools or swapped for more of the original token.

### <mark style="color:blue;">How are yields harvested?</mark>

Each collateral strategy has its own yield harvesting mechanism. In the case of the CVX strategy, CVX locked with CLever will itself be vote-locked in Convex and used to vote for **maximum bribe income**.

<figure><img src="/files/V5Q1lDWFA0NKeSkyHaJZ" alt=""><figcaption></figcaption></figure>

### <mark style="color:blue;">Can I withdraw my collateral?</mark>

Each collateral strategy has a maximum debt ratio which must be maintained, so you may withdraw only as much collateral as keeps you under the maximum debt ratio. For a fee you can repay your loan early to withdraw your collateral sooner.

For collateral strategies which require an underlying lock, such as CVX -> vlCVX in Convex, users must request an unlock and wait for the underlying unlock before withdrawing. Collateral does not earn yield after unlock has been requested.

### <mark style="color:blue;">Is this a loan?</mark>

Yes, you can think of it that way. Your locked CVX is the collateral, and the yields from it automatically pay down your debt… but CLever loans are special and offer what we think is the best risk/reward profile for borrowing in all DeFi. Our technique of using a synthetic token paired with a real one (i.e. clevCVX with CVX) offers several advantages:

1. No liquidations, ever&#x20;
2. No oracle price feeds needed to monitor loan health&#x20;
3. Borrowers only take risk of their chosen collateral (as opposed to all assets accepted by protocol, like with stablecoin borrowing or CDPs)&#x20;
4. Funding cost is fixed and doesn’t fluctuate with liquidity adding/removal/utilization

### <mark style="color:blue;">Can I repay my claimed future yields early?</mark>

Yes, claimed future yields may be repaid any time directly in clevCVX or CVX (1:1). Note that any early repayment is subject to a fee (see fees below).

### <mark style="color:blue;">Are you trying to trick me into giving you my CVX/other collateral? Or using my CVX to vote for your thing?</mark>

No. Users retain ownership of their locked collateral, and can withdraw if they choose (see Can I Withdraw…). For CVX, votes are cast to maximize bribe value (initially by delegating to Votium).

### <mark style="color:blue;">Is it safe?</mark>

CLever is built by the experienced and security-obsessed AladdinDAO team and is audited by SECBIT Labs. The audit is [here](https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/audit-reports/SECBIT_CLever_Report_v1.1.pdf). This is the Aladdin way.

### <mark style="color:blue;">How much does it cost?</mark>

CLever charges a fixed fee on collateral yields when they are harvested. This fee will vary by strategy, but for CVX it is 20% of the harvested amount. 75% of harvest fees are paid to veCLEV holders, providing major support to the value of CLEV which is used to incentivize crucial liquidity providers. **CLever charges no fee on principal, no borrowing fee and no interest on borrowed tokens.**

CLever's CVX harvest fee is 20% of yields harvested.

CLever's Frax harvest fee is 10% of yields harvested.

CLever's CVX early repayment of claimed future yields are subject to a 1% repayment fee.

CLever's Frax early repayment of claimed future yields are subject to a 0% repayment fee.

### <mark style="color:blue;">What can i do with my CLEV?</mark>

There are a number of ways you can use CLEV to earn and govern:

Provide liquidity in CLEV-ETH pool on Curve and stake the LP token on CLever to earn liquidity mining rewards, more CLEV!

Vote lock CLEV to earn a boost of up to 2.5x liquidity mining rewards and earn system revenue! CLever will distribute 75% of its revenue to veCLEV holders. This will be turned on very soon.

Vote lock CLEV to acquire voting power and participate in community governance.


# The Furnace

### <mark style="color:blue;">What’s the deal with the Furnace?</mark>

When real tokens enter the system from a yield/bribe harvest, synthetic clevTokens are minted against them 1:1. Those clevTokens are distributed to the depositors (if they have debt, it is paid down), while the real harvested tokens are deposited in the furnace over a short vesting period (1-2 weeks) where they are available for swapping. Once in the Furnace, these tokens are swapped for their clevToken equivalent at par (1:1), then the clevTokens are burned.

### <mark style="color:blue;">How can I use the Furnace to earn CVX, FRAX, etc.?</mark>

Harvested Tokens like CVX (or FRAX, CRV, etc. eventually) enter the Furnace linearly over a 1-2 week period after each harvest. If there are clevTokens deposited in the furnace waiting to be swapped, each depositor is allocated a share of the real Tokens proportional to their share of the total clevTokens deposited.

You can buy clevTokens at a discount on Curve, then exchange them over time for their real equivalents in the Furnace.

### <mark style="color:blue;">What is rebonding?</mark>

Rebonding is when you claim your available Tokens from the furnace, then swap them for even more clevTokens (the discount shows how much extra you will get on Curve) and then deposit those clevTokens back in the furnace, so that you receive a bigger share of the ongoing harvest.

### <mark style="color:blue;">What is the daily burn rate?</mark>&#x20;

As real Tokens are emitted to the Furnace, they are swapped for their clevToken equivalent which are burned. If you deposit clevTokens to the Furnace, the burn rate % shows approximately the fraction of those that will be converted to real Tokens each day after.

### <mark style="color:blue;">What are “CVX/Tokens to be allocated”?</mark>

Each time a harvest occurs, new Tokens are emitted into the Furnace over a period of 1-2 weeks, where they are swapped for clevTokens. The “Tokens to be allocated” stat indicates how many real Tokens from the previous harvest remain to be allocated in the Furnace over the rest of the current epoch. Each harvest replenishes the tokens to be allocated.


# Contracts

#### CLever <a href="#user-content-clever" id="user-content-clever"></a>

| Name                   |                   Address                  |
| ---------------------- | :----------------------------------------: |
| CLever Treasury        | 0xFC08757c505eA28709dF66E54870fB6dE09f0C5E |
| TokenSale              | 0x07867298d99B95772008583bd603cfA68B8C75E7 |
| CLEV                   | 0x72953a5C32413614d24C29c84a66AE4B59581Bbf |
| CLEV Vesting           | 0x84C82d43f1Cc64730849f3E389fE3f6d776F7A4E |
| veCLEV                 | 0x94be07d45d57c7973A535C1c517Bd79E602E051e |
| PlatformFeeDistributor | 0xD6eFa5B63531e9ae61e225b02CbACD59092a35bE |
| VeFeeGateway           | 0x8Fc7906Fc6047679DaD53c0c3B40E135486421e9 |
| RewardClaimHelper      | 0xAf59d144357DCc8a852AD601f27BF6310b657a7f |
| SmartWalletWhitelist   | 0xFC7ea943F62aee5D40c0346DC45C464F74C35267 |
| GaugeController        | 0xB992E8E1943f40f89301aB89A5C254F567aF5b63 |
| CLEV Minter            | 0x4aa2afd5616bEEC2321a9EfD7349400d4F18566A |

**CLever for CVX**

| Name      |                   Address                  |
| --------- | :----------------------------------------: |
| clevCVX   | 0xf05e58fCeA29ab4dA01A495140B349F8410Ba904 |
| CVXLocker | 0x96C68D861aDa016Ed98c30C810879F9df7c64154 |
| Furnace   | 0xCe4dCc5028588377E279255c0335Effe2d7aB72a |

**CLever for CRV**

TBD

**CLever for USD**

| Name                  |                   Address                  |
| --------------------- | :----------------------------------------: |
| clevUSD               | 0x3C20Ac688410bE8F391bE1fb00AFc5C212972F86 |
| FRAX Furnace          | 0x7f160EFC2436F1aF4E9E8a57d0a5beB8345761a9 |
| FRAX/USDC CLever      | 0xEB0ea9D24235aB37196111eeDd656D56Ce4F53b1 |
| LUSD/FRAXBP CLever    | 0xb2Fcee71b25B62baFE442c58AF58c42143673cC1 |
| TUSD/FRAXBP CLever    | 0xad4caC207A0BFEd10dF8A4FC6A28D377caC730E0 |
| clevUSD/FRAXBP CLever | 0x2C37F1DcEd208530A05B061A183d8937F686157e |

**Strategies**

| Name                             |                   Address                  |
| -------------------------------- | :----------------------------------------: |
| FRAX/USDC Concentrator 100%      | 0xAdC6A89d6Df7374629eA3cFd0737843709d29F66 |
| LUSD/FRAXBP Concentrator 100%    | 0xC65D58A33D9917Df3e1a4033eD73506D9b6aCE6c |
| TUSD/FRAXBP Concentrator 100%    | 0xa7625Dd9F2D8a95a0D1Ac7E8671547197e9fcAf0 |
| clevUSD/FRAXBP Concentrator 100% | 0x5432526e75d45369970b8616F54b25c831d1e2b2 |

**Curve Pool Checker**

| Name              | Address |
| ----------------- | :-----: |
| Base Pool Checker |   TBD   |
| Meta Pool Checker |   TBD   |

**Revenue Sharing**

| Reward Token |               FeeDistributor               |
| ------------ | :----------------------------------------: |
| CVX          | 0x261E3aEB4cd1ebfD0Fa532d6AcDd4B21EbdCd2De |
| FRAX         | 0xb5e7F9cb9d3897808658F1991AD32912959b42E2 |
| CRV          |                     TBD                    |

**Liquidity Gauges**

| Name                     |                  LP Token                  |                    Gauge                   |
| ------------------------ | :----------------------------------------: | :----------------------------------------: |
| Curve CLEV/ETH           | 0x6C280dB098dB673d30d5B34eC04B6387185D3620 | 0x86e917ad6Cb44F9E6C8D9fA012acF0d0CfcF114f |
| ~~Balancer clevCVX/CVX~~ | 0x69671c808c8f1c1490a4c9e0145884dfb5631378 | 0x9b02548De409D7aAeE228BfA3ff2bCa70e7a2fe8 |
| ~~Curve clevCVX/CVX~~    | 0xF9078Fb962A7D13F55d40d49C8AA6472aBD1A5a6 | 0xF758BE28E93672d1a8482BE15EAf21aa5450F979 |
| abcCVX                   | 0xDEC800C2b17c9673570FDF54450dc1bd79c8E359 | 0xc5022291cA8281745d173bB855DCd34dda67F2f0 |

**Fundraising Gauge**

* FundraisingGaugeFactoryV1: 0x3abf0BE21E5020007B6e2e201E292a7119bC2b0d
* FundraisingGaugeV1: 0xB9CD9979718e7E4C341D8D99dA3F1290c908FBdd
* FundraisingGauge: 0x8A5eF9095795e9740Afc91C5Bd23B0e48d6bB7aE

#### Token Converter

| Name                  |                   Address                  |     Version    |
| --------------------- | :----------------------------------------: | :------------: |
| ConverterRegistry     | 0xa617206663343b6353acF27566586eE9b53DFb2b | v1, deprecated |
| GeneralTokenConverter | 0xa3F4fB87e19B60622bEA119C4469c0Df2c7c4739 | v1, deprecated |
| LidoConverter         | 0x6F862115282037d60C7C185933664178cB3108C7 | v1, deprecated |
| ConverterRegistry     | 0x997B6F43c1c1e8630d03B8E3C11B60E98A1beA90 |       v2       |
| GeneralTokenConverter | 0x11C907b3aeDbD863e551c37f21DD3F36b28A6784 |       v2       |
| UniswapV3Converter    | 0xfeEcE010d3a5dC93e395adD89d13c9aDcA872F13 |       v2       |
| LidoConverter         | 0xFFD43edCcec1c27091cB2Aef57b313037E135987 |       v2       |
| CurveNGConverter      | 0xDe3eaf9794B9556004bb57239355ED409EFbc477 |       v2       |
| ETHLSDConverter       | 0x150F62ec3A9d9aE30b7da4d413aF73d8adC15C9f |       v2       |
| MultiPathConverter    | 0xCa1D3F8f770Fd50b8cF76551ec54012C26036c2A |       v2       |

#### Gateways

| Name                   |                   Address                  | Notes      |
| ---------------------- | :----------------------------------------: | ---------- |
| CompounderGateway      | 0x883Fd355deBF417F82Aa9a3E2936971487F7Df1F |            |
| ConcentratorGateway    | 0xD069866AceD882582b88E327E9E79Da4c88292B1 |            |
| Balancer Gauge Gateway | 0xb44f8Ba6CD9FfeE97F8482D064E62Ba55edD4D72 | deprecated |
| AllInOneGateway        | 0x6e513d492Ded19AD8211a57Cc6B4493C9E6C857B |            |
| GatewayRouter          | 0xA5e2Ec4682a32605b9098Ddd7204fe84Ab932fE4 |            |

#### Zap Contracts

| Name                  |                   Address                  | Notes      |
| --------------------- | :----------------------------------------: | ---------- |
| AladdinCRVZap         | 0x5EB30ce188B0abb89A942cED6Cbe114F4d852082 | deprecated |
| AladdinConvexVaultZap | 0x71Fb0cc62139766383C0F09F1E31375023592841 | deprecated |
| AladdinZap            | 0x1104b4DF568fa7Af90B1Bed1D78A2F71e748dc8a |            |

**CLever Github**

<https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/contracts/clever>

**Deployed Contracts?**

<https://github.com/AladdinDAO/deployments/blob/main/deployments.mainnet.md#clever>


# Aladdin DAO V2 Overview

## What is Aladdin DAO V2

{% embed url="<https://app.aladdin.club/#/home>" %}

### Our Vision

1. AladdinDAO becomes an asset management protocol that holds assets handpicked by the Boule Council.&#x20;
2. $ALD becomes a crypto native asset representing Aladdin’s full portfolio of superior assets.
3. $ALD token emission moves away from the old block allocation to on-demand supply.

### Upgrade Details&#x20;

**Primary Strategy**: [Bond](/aladdin-dao-v2-overview/bonding) to get $ALD at discounts.&#x20;

**Secondary Strategy**: [Stake](/aladdin-dao-v2-overview/staking) to earn additional $ALD.&#x20;

**Liquidity Strategy**: Provide permanent liquidity through [Protocol Owned Liquidity](/aladdin-dao-v2-overview/pol) (POL) to facilitate exit.&#x20;

**Floor Price Strategy**: Ensure that the market value of the ALD does not fall below the reserve. When the total market value of ALD is lower than the value of Treasury Asset, a public buyback of Treasury will be initiated until the market value of ALD is greater than the value of Treasury Asset.


# AladdinDAO Roles

## Boule Members&#x20;

Boule Members are top tier experts in DeFi. They identify the most promising DeFi projects that enable AladdinDAO community members to enjoy returns on their liquidity mining programs.&#x20;

## Boule Plus Members

Boule Plus members are reservists of Boule. Boule Plus members can earn rewards through a voting mechanism similar to Boule.&#x20;

## DAO Members

Anyone can be a AladdinDAO member. We welcome all DeFi lovers to join AladdinDAO.


# Vaults

The daily farming yields in vaults automatically get bonded. Farmers earn more yields in ALD through the bonding process and can have this income auto compounded in the Staking Pool as well. This will significantly improve farmers’ APY and capital efficiency. The vaults are all quality strategies selected by the Boule Council.

The number of ALD bond obtained by farmers every day is calculated as follows:

Harvest once per epoch (6400 blocks), and automatically bond the farming yields minerProfit into ALD according to the ratio to be bonded expressed as $$BondPercent\_{vault}$$. The ratio is 100% for now, the number of ALD that farmer i can get in each epoch is:

$$minerBondald\_i= aldSupply((1+\cfrac{minerProfit\_i\*BondPercent\_{vault}}{Reserve\_{bond}})^{LR}-1)\*Discount\_{asset}$$

$$minerProfit\_i$$ is farmer i’s total farming yield in the epoch. For example, farmer i gets 100 CRV and 50 LDO (CRV = $4 & LDO = $5) from staking stETH in the Convex vault for the epoch, then total farming yield is = $4*100 + $5*50= $650.

At the end of the epoch, the amount of ALD that farmer will receive is $$minerBondald\_i$$, and is auto staked into the staking pool for compounding interests. When $$BondPercent\_{vault}$$<100%, $$minerProfit\_i\*(1-BondPercent\_{vault})$$ is no longer entering the Bond Pool, but pays back to farmers.

![](/files/rCDb8O98Of8mzTgOJ67n)

Bonding profit will be transferred to the Treasury and POL Pool in proportion. For example, $$profitPOLPercent\_{cry}=50%$$, which means 50% of bonding profit will be stored in POL, which can be used to purchase ALD from the secondary market.


# Bonding

Bonding is the core strategy of AladdinDAO’s New Tokenomics. Bonding is the optimal strategy to obtain ALD, because it is allocated on demand instead of the traditional DeFi block mining tokenomics. This model makes ALD an “on-demand supply” token, and also provides an alternative way to get ALD with a discount price compared to the secondary market.

There are 3 ways to bond:

1. Bond can be purchased directly with bluechip assets like ETH, WBTC, Dai, USDC, etc;
2. Bond with the LP tokens of ALD/ETH and ALD/USDC pools from Uniswap.
3. Vaults’ farming yields are automatically bonded;

The price of a bond does not depend on the secondary market but is automatically priced by an algorithm. The calculation formula is as follows:

&#x20;                                             $$aldBondPrice = \cfrac{Reserve\_{bond}}{aldSupply\*LR}$$

$$Reserve\_{bond}$$ represents the value of Bond Treasury, including  $$Reserve\_{Vaultbond}$$, $$Reserve\_{UnderlyingBond}$$ **,** $$Reserve\_{LP Bond}$$(ALD value excluded). $$aldSupply$$ represents the total supply of ALD. LR represents the asset-liability ratio, with an equation $$LR = \cfrac{Reserve\_{bond}}{aldSupplyValue}$$where the denominator stands for the total value of ALD supply.

With the given LR value, the quantity of ALD Bond obtained from the bonding transaction is:

&#x20;                       $$Bondald=aldSupply((1+\cfrac{BondValue\_{asset}}{Reserve\_{bond}})^{LR}-1)\*Discount\_{asset}$$

$$Discount\_{asset}$$ is the discount rate of bonding assets. It is used to adjust the proportion of various reserve assets in the reserve fund.

Once bonding is finished:

1. $$BondValue\_{asset}$$ will be stored in treasury
2. $$Bondald$$ will enter Staking Pool automatically, release linearly in 32k blocks.

   The graph below shows the complete process of bonding

![](/files/J9UV5mxIdyjQiZMw579N)

Bonding is automatically priced with the above algorithm. It can be predicted that when bonding happens, $$Reserve\_{bond}$$ increases and $$aldBondPrice$$ will gradually increase too. The bond will have no price advantage when its price exceeds the secondary market price. Due to the increase of Reserve, the value of ALD will theoretically also increase. As a result of ALD price increases, the demand for bonds should grow as well, which will encourage more users to buy ALD through the bonding process. Hence, as the Reserve increases, ALD enters a benign mode of gradual appreciation.

When the secondary market does not correctly reflect the value of ALD and even drops below the bond price, users have no incentives to bond and Reserve will stop growing. At this time, the staking strategy will play a role, with continued expansion of ALD supply through the rebase process, $$aldBondPrice$$ will drop. As ALD supply gets larger, this may put pressure on ALD secondary market price as well, however this can be offset as value creation and demand continue to build up for ALD. In addition the POL pool will help to absorb selling pressure and reduce supply of ALD when secondary market price underperforms. Bonding will become attractive again at some point where $$aldBondPrice$$ is lower than ALD secondary market price.

The unique bond pricing algorithm makes ALD the first token based on a basket of reserve assets. The value of ALD increases as the community continues to build up the Reserve, which in turn maximizes the value of all ALD token holders and the entire Aladdin community.

The equivalent amount of tokens as bond sales are minted for reserve. 5% is allocated to ALDDAO holders (early backers and contributors) and 95% is reserved for boule/boule plus/talent hunter incentives. For this 95%, if the tokens are not used for the epoch, they can be burnt.


# Staking

Staking provides ALD holders with a dominant strategy that allows ALD holders to keep their share of total supply constant when no incremental bond comes into the system.&#x20;

When ALD holders stake ALD, they will receive 1:1 XALD, and get rebase rewards once per epoch.

Rebase rewards is calculated as:

&#x20;                                         $$emission\_{epoch}= SupplyALD\*RewardRate$$

The initial $$RewardRate=0.3%$$

Staking yield is calculated as:

&#x20;                                        $$RewardYield=emission\_{epoch}/stakedALD$$

$$stakedALD$$ is the number of ALD staked

As each epoch is 6400 blocks (1 day), staking APY is calculated as:

&#x20;                                           $$APY=(1+RewardYield)^{365}-1$$

Staking income is awarded to those who contribute to the system, with different lock-up periods. xALD enjoys compounding interest.

1. Bonded ALD goes directly into the Staking Pool and will receive xALD with a 5 day linear vesting period.
2. Staked ALD receives xALD after entering Staking Pool with a linear vesting period of 9 days.
3. Airdrop recipients automatically get xALD and enter Staking Pool with a 9 days linear vesting period. xALD can be claimed when it expires and vested xALD can be unstaked to ALD at any time.


# POL

Protocol Owned Liquidity (POL) is the core of Aladdin's liquidity strategy. Through POL, it provides users with permanent liquidity which facilitates exits.

Aladdin will gradually transition from the existing ALD/ETH liquidity incentives to POL.

POL rewards liquidity providers through LP bonding process, which means LPs holding ALD/ETH, ALD/USDC can bond to get discounted ALD.

At the same time, part of the bonding profits from each epoch will be distributed to POL. The initial default rate is 50%.  &#x20;

In conclusion, there will be no fixed cap on the number of ALD issuance. Instead, the issuance speed depends on demand for bonding and rewardRate. RewardRate is determined by community governance.


# Token Distribution

The equivalent amount of tokens as bond sales are minted for reserve. 5% is allocated to ALDDAO holders (early backers and contributors) and 95% is reserved for boule/boule plus/talent hunter incentives. For this 95%, if the tokens are not used for the epoch, they can be burnt.


# Contract Addresses

A list of contract addresses can be found at: <https://github.com/AladdinDAO/aladdin-v2-contracts>


# Aladdin DAO Tutorials

Tutorials for various V2 update

To start, you need to have Metamask or another wallet installed and be on the Ethereum mainnet.

![](/files/Eh77AtFFPmfIHQT9QyQx)

Click the “Connect Wallet” Icon here

![](/files/UJx7QTxeq9rDBDIPPeFE)

Choose MetaMask(generally)&#x20;

![](/files/FCbbKEuRx77AcYtCgiYd)

If your address appears in the top right corner, well done - you're connected! Let’s start your journey!


# Bonding

Bond Function Tutorial

**Overview**\
Bonding is the process of trading another asset or a LP share to the protocol for $ALD. The protocol quotes an amount of $ALD and a vesting period for the trade. It is important to know: **when you create your bond, you are giving up your asset or LP share.** The protocol compensates you with more $ALD than you’d get on the market for this.<br>

![Home Page](/files/1PfCTYA4qVyTcANiYt77)

By clicking “Bond” icon here, you will be navigated to our Bond function main page.

![Bonding Page](/files/6izR9EVJ2QLK4vBJLC1v)

In the first column you have the binding asset (what you give up for $ALD); in the second column the bond price (the price you pay for 1 $ALD); in the third column you have the discount received from the market price (**DO NOT bond** if discount is negative); in the fourth column you can see the amount of assets bonded so far.

Continue by clicking “Bond” button for the asset which you want to bond. Lets take wETH as an example here.

![wETH Bonding Menu](/files/Manr7gFgZR7LrIoGUp9S)

Once you are here, you can see the bond details.

Input the wETH amount you want to bond and then click on the "Approve" button.

![](/files/siEihlyPQvCoO4JgbKVT)

Once you clicked the "Approve" button, you will be prompted by MetaMask to approve wETH spending. Click ''Confirm" (please make sure you have enough ETH to pay the transaction fees!)

![](/files/xzWjBorE9j3oavTz0eDU)

Once approved, the “Approve” button will be replaced with “Bond” - click on it

&#x20;![](/files/JI7OOOR8arfOpH3D9Fgk)

Once you clicked the "Bond" button, you will be prompted by MetaMask again to confirm you transaction. Click ''Confirm" (again, please make sure you have enough ETH to pay the transaction fees!)

After the transaction is confirmed on Ethereum mainnet - that's it! you've bonded and the vesting term has started.&#x20;


# Vaulting

Vault Function Tutorial

Vaulting is the newest innovation from Aladdin DAO. It allows you to **deposit and bond at a discount the rewards** of different DeFi assets and LPs!

![Home page](/files/2zkSii6JhoFHOpesnKWC)

By clicking “Vaults” icon here, you will navigate to the Vaults page.

![Vaults page](/files/dBMhMZh40bL0Lze4QAYR)

On the first column you have the asset that you can deposit; on the second column you can see the APY received for that asset (the rewards will be in $xALD); on the third column is the Total Value Locked; on the fourth column you will see your deposit; on the fifth column is the amount of $xALD earned.

Click the “Action” button on DeFi asset which you want to deposit into the vault. Taking renWBTC from Convex as example here.

![Vault menu](/files/jUNmBy618IPqWRovtSeM)

Input the amount which you want to deposit, then click the “Approve” button

&#x20;![](/files/b0jUI77JBMjbXyfNNJ0G)

Click the “Confirm” button to approve crvrenWBTC spending - this is required just once (please make sure you have enough ETH to pay the transaction fees).

![Vault deposit](/files/Xd2NhlMVewQzfZpxRc7f)

Once the spending approval is confirmed, the "Deposit" button will replace the "Approve" one. Click on it to deposit the desired amount (again, please make sure you have enough ETH to pay the transaction fees).

![](/files/ZbDDhyHuL5EOhWSzYMA4)

Once the deposit transaction is confirmed the deposited amount will be shown on the fourth column and you will start earning $xALD!


# Staking

Stake Function Tutorial

On the Stake page you can deposit $ALD to earn yield on it.&#x20;

![Main page](/files/dSYolhxGrPhJSKNNzZU8)

By clicking “Stake” icon here, you will navigate to Stake page.

&#x20;

![Info sections](/files/BYF4WUPsu0Myi1ya8U7M)

Core data about staked $ALD and $xALD rebase will be shown on the Stake main page. For details about Stake Protocol and the data definition, please refer to our staking section - h[ttps://docs.aladdin.club/staking](https://docs.aladdin.club/staking)

&#x20;

![](/files/myCsvSQsJgaur0FaOUBt)

To undergo the staking process, input the amount of ALD (or click MAX for the maximum amount) that you want to stake, then click the “Approve” button to approve $ALD spending.

&#x20;![](/files/PTMrB2i6Wz3qYAZtxGwr)

Approve ALD spending in MetaMask

&#x20;

![](/files/xMsSmJ8flczrzLuSy9KQ)

Once approved, click on the “Stake ALD” button. As a reminder, your xALD will be vested for a period of 9 days. There's no cliff, so you will start earning rewards on the vested amount. Please note that you won't be able to withdraw the whole amount until after the vesting period!

&#x20;![](/files/8jP2FUeoggPRXsSAcSf6)

Confirm the transaction in MetaMask.

&#x20;

![](/files/Az7BVnxYpCvscYnB0uAn)

Once the transaction is completed, your ALD balance will be deducted and be shown in xALD Balance. That's all, you've staked your $ALD and started earning rewards!


# Security Bounty💰

Aladdin DAO has implemented a bug bounty program and invites bug bounty hunters to participate.‌

### Scope <a href="#scope" id="scope"></a>

The scope of the bug bounty program is all contracts in the AladdinDAO [V2Contracts](https://github.com/AladdinDAO/aladdin-v2-contracts) / [Concentrator](https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/contracts/concentrator) / [CLever](https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/contracts/clever) / [f(x)](https://github.com/AladdinDAO/aladdin-v3-contracts/tree/main/contracts/f\(x\))

### Rewards <a href="#rewards" id="rewards"></a>

The severity of bugs will be triaged and assessed under the [CVSS Risk Rating](https://www.first.org/cvss/calculator/3.0) scale. The rewards corresponding to the severities are as follows:‌

* Critical (9.0-10.0): Up to $500,000
* High (7.0-8.9): Up to $20,000
* Medium (4.0-6.9): Up to $10,000
* Low (0.1-3.9): Up to $2,000

In addition to bug severity, rewards will be paid out based on the impact of the discovered vulnerabilities, as well as the level of difficulty in discovering these vulnerabilities.‌

### Disclosure <a href="#disclosure" id="disclosure"></a>

Any vulnerability or bug discovered must be reported *only* to the Aladdin DAO at <security@aladdin.club> Bounty hunters must not disclose the vulnerability or bug publicly or to another person or entity prior to contacting the Aladdin DAO team. In addition, disclosure to the Aladdin DAO team must be made promptly following the discovery of the vulnerability. Please include as much information about the vulnerability as possible in your email, including:‌

* The conditions on which reproducing the bug is contingent
* The steps needed to reproduce the bug or, preferably, a proof of concept
* The potential implications of the vulnerability being abused

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A detailed vulnerability report increases the likelihood of receiving a reward and may increase the monetary amount of the reward.‌

Anyone who reports a unique, previously unreported vulnerability that results in a change to the code or a configuration change and who keeps such vulnerability confidential until it has been resolved by our engineers will be recognized publicly for their contribution if agreed.