Project Overview
Sirius- A cross-chain stablecoin decentralized exchange
Stablecoins have over the past few years become a solid ground on which most investors hedge their assets against the highly volatile nature of cryptocurrency markets. The number of stablecoin specific AMMs which enable stableswaps can be counted on one hand and none can be found in the Polkadot ecosystem as at the time of posting this. Curve, the first stablecoin DEX currently holds top spot when using Total Value Locked as the main metric for rating DeFi applications and this has been the case for a very long time. This shows investor’s demand for something less volatile for their assets and following the footsteps of Curve, Sirius Finance is launching the first cross-chain liquidity pool exchange for stablecoins on Astar network.
Related project: Curve
TVL: $18.58 billion
https://defillama.com/protocol/curve
The total market capitalization of all stablecoins according to data from CoinGecko as at 7th March, 2022 is a little over $186.5 billion of which about 10% has been locked solely in Curve. Curve dominates in terms of TVL just with stablecoins. There’s still a lot to tap into should this opportunity be made available on Astar network since the growth curve for stablecoins continues to rise by the day.
Vision
Sirius Finance is a cross-chain stablecoin AMM, attracting and locking tremendous value with low-slippage trading costs & high APY for LPs on Astar Network, allowing more financial innovations & yield enhancements for Astar users
Ultimately, it serves as a low-slippage swap protocol connecting Polkadot, EVM-compatible chains and other major layer1 chains, expanding use case from stable coins to other similar-value tokens
Product Features
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Low slippage decentralized exchange for stablecoins
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Basically no impermanent loss with no opportunity costs
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Cross-chain: a Dex to connect Polkadot parachains via XCMP and Astar Network, all EVM ecosystems via c-bridge, allowing stablecoin swaps between EVM compatible chains and Polkadot ecosystem with one click
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Low fee swaps between stablecoins
APY Components
$SRS Tokenomics
Distribution
Launch Strategy
$SRS Utility:
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Staking: SRS can be staked to receive trading fees from the Sirius Protocol.
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Governance: once SRS holders vote-lock their veSRS, they can start voting on various DAO proposals and pool parameters.
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Boosting: boost your rewards on provided liquidity. When vote locking SRS, you will also earn a boost on your provided liquidity of up to 3x.
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Yield profits: 50% of trading fees are collected and used to buy 3SRS, the LP token for the TriPool, which are then distributed to veSRS holders.
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Transaction fee: each swap transaction takes a fee.
Growth Planning
Kickoff Rewards Program:
Allocating 1% SRS in liquidity mining incentives to qualified LPers.
Extend for 3 months to also include newer liquidity pairs as they become live.
Early Adopter Program:
Allocating 1% SRS to users who provide liquidity from other chains or swaps.
Criteria:
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Record of stablecoin transactions from other chains to Sirius Finance via the bridge
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Record of providing liquidity
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Record of swaps
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Record of at least 3 months of lock-up
Liquidity Provider Incentive
A 3-year lock-up SRS = 1 veSRS
The longer the lock-up time and the more SRS locked-up, the higher the boost factor and also an increase in the voting weight which can be used to:
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Vote for high APY
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New pools establishment
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Preferred rights for airdropped tokens
Roadmap
Milestone 1 (2022 Q1)
- Product concept
- Technical Research & Validation
- Brand design & VI
- Litepaper/Pitch deck
- Astar incubation project application
- Implement Stablecoin swap protocol
- Add basepool for cUSDT, cUSDC, cDAI, cBUSD – mid of March
- Stablecoin swap desktop UI launch
- Seed round fundraising
- DApp production launch
- Website v1 launch
- $SRS token launch (Non-transferrable)
Milestone 2 (2022 Q2)
- Smart contracts Audit
- Liquidity rewards program
- Time-lock (vesting) contract
- Whitepaper publish
- Add metapools for anyUSDC, anyUSDT, MTR and more stablecoins newly released - mid of April
- Add governance using snapshot for SIPs (Sirius Improvement Proposals)
- DApp mobile version launch
- Private A & B fundraising
- Build the Sirius ecosystem with partners on the Astar chain
- Starlay finance integration
- Partnership rewarding program
- Multisig for smart contracts
- Rewarding dashboard launch (one place to see all rewards)
- Documentation publish
- Public fundraise
- Statistics / Analytics with subgraph
- Defipulse / DefiLlama integration
- Bug bounty program launch
Milestone 3 (2022 Q3)
- Launch additional pools
- Protocols optimization
- LP Pools creation
- Website V2 launch
- DApp V2 launch to provide a smoother user experience
- DAO launch
- Permissionless pool creation
- Sirius API & SDK publish
- Unlock Transfer of $SRS
- Launch pools for anyWBTC/cWBTC and/or anyETH/cETH
Milestone 4 (2022 Q4)
- Multichain/crosschain investigation
- Native bridge on polkadot parachain research
- Smoothly move governance from committee to DAO
- Crypto pools creation with non-pegged pairs
