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The core of the Element protocol is to allow assets such as Ethereum to be divided into principal tokens and income tokens to control risks and obtain returns. The Goerli test network has been launched.
Original Title: ” New DeFi Gameplay | 3 Minutes Fun Fixed Income Protocol Element Testnet “
Written by: Charles St.Louis
Compilation: Porridge Overnight
Element Protocol is a DeFi primitive running on the Ethereum blockchain. The core of the protocol is to allow tokens (ETH, BTC, USDC, etc.) to be divided into two separate tokens, namely (1 ) Principal token (principal token) and (2) income token. Among them, the principal token can be used to redeem the deposited principal, and the income token can be used to redeem the income earned during the redemption period. This split mechanism allows users to sell their principal in a fixed interest income position and further leverage Or increase interest exposure without any liquidation risk.
It is reported that the agreement also received $4.4 million in seed round financing from a16z, Placeholder and other institutions, and it has now launched the Goerli test network (testnet.element.fi).
The main goals of this version are:
- Allow anyone to test all the functions of the Element platform;
- Find loopholes in the UI or smart contract;
- Get feedback from the community
The following are some details of the test platform:
In short, the platform has a total of 6 tabs, and users can access them on the side navigation panel. Each page has a specific purpose, as summarized below:
The “Earn” page allows you to purchase assets at discounted prices to obtain fixed income. You can withdraw at any time. Once the expiry date is reached, the Principal Token can redeem the underlying assets 1:1. In order to further increase your annualized rate of return APY, you can pledge your tokens on the portfolio page .
Maintain the liquidity of principal tokens and income tokens, and improve the capital efficiency of your existing positions.
Mint principal tokens and income tokens, increase your APY by staking in the available pool, and view the current APY for all available periods.
Track all your principal tokens, income tokens, and pledge positions.
Principal Token Pool
The “Principal Token Pool” page allows you to buy and sell principal tokens, or provide liquidity by staking them in the Element principal pool. Explore all available principal trading pairs and exchange them for basic assets.
Revenue token pool
Much like the principal pool page, the revenue token pool page allows you to buy and sell revenue tokens, or provide liquidity by staking them in the Element revenue pool. You can explore all available income trading pairs and exchange them for basic assets.
The last tab is the resources of the Element protocol, including twitter, Discord, etc.
Protocol source code
It is reported that the code of the Element protocol has been open sourced, and the protocol includes a collection of smart contracts with the following functions.
The core code base of the Element protocol has four main components:
- A tokenized wrapper for yield-bearing positions;
- Create and redeem tiered contracts for fixed-income tokens;
- Deployment system based on create2;
- A user agent that encapsulates a set of common user operations;
Goerli testnet deployment
The following is a list of classified addresses corresponding to the deployment of the Element protocol Goerli testnet. Each contract has been deployed and can be verified on Etherscan.
Goerli testnet faucet
Both ETH and USDC on the Goerli testnet can be collected through the faucet, and then you can test the Element protocol on the testnet.
You can receive ETH from the Goerli faucet in the following ways: 14 ETH/day, 35 ETH/3 days, or 87.5 ETH/9 days. The claim requirements are tied to common third-party social network accounts (anyone with a Twitter or Facebook account can claim test ETH within the allowed range). Alternatively, you can also leave your address in the #testnet Discord channel, and the official will manually send some Goerli test ETH.
Goerli USDC (USDC): This faucet is deployed at
0x08034634bBD210485C9c8f798Afdc5432782fD18 . You can use Etherscan to obtain 10,000 USDC. Note that each wallet address can only be obtained once.
Goerli USDC detailed information:
Core agreement contract
WrappedPosition: A tokenized wrapper for yield-bearing positions, which converts between the internal balance representation and the base token.
Tranche: Create and redeem fixed income tokens. The outstanding amount of underlying assets can be redeemed from the Principal Token contract.
WETH (90 days): eP:eyWETH:06-AUG-21-GMT
WETH (7 days): eP:eyWETH:14-MAY-21-GMT
USDC (90-day period): fyUSDC:06-AUG-21-GMT
Element revenue token eyWETH: 14-MAY-21-GMT
Element revenue token eyWETH:06-AUG-21-GMT
Element revenue token eyUSDC:06-AUG-21-GMT
Custom Balancer curve contract
ConvergentCurvePool: An implementation of an automatic market making (AMM) algorithm that allows two price-converging tokens to make market more efficiently than standard selection.
WETH (7-day period): 0x9eB7F54C0eCc4d0D2dfF28a1276e36d598F2B0D1
WETH (90-day period): 0x5941DB4d6C500C4FFa57c359eE0C55c6b41D0b61
USDC (90-day period): 0x40bf8A2eCB62c6B880302b55a5552A4e315b5827
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