WasabiX (WASABI)

WasabiX

Total supply	338,933
Website	https://wasabix.finance/

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:
• Cross chain yield-backed synthetic asset and AMM DEX platform

History

• A fork of Alchemix.

Token

Launch

• Had no premine and no private sale (3-2021).

Token Allocation

• From their docs (4-2021):

1. "The Wasabix DAO will receive 7.5% of the token emission. Usage of these tokens is completely up to the community's discretion.
2. The Wasabix Ventures will receive 7.5% of the token emission. Usage of these tokens is for future collaboration, marketing, bug bounties and project investment.
3. All the revenue and those 15% of the token emission above is in a multi-sig wallet secured by the core team.
   • Multi-sig address - 0xAE12469bf1ddB16082C010DFaBD293010bB8D5f5
4. The core team will receive 30% of the token emission. The 30% will split into 7 core members -
   • 0xAdammathieu
   • 0xKaizen
   • 0xAntarex
   • 0xJefferyWasabi
   • 0xegregium
5. The remaining 55% of the tokens can be obtained by staking certain tokens and liquidity pool tokens in the Y.U.M's Staking Pools and WasabiSwap's Yield Farming. Token Stakers and liquidity providers are eligible to obtain those WASABI block reward."

Utility

• From their docs (4-2021):

"WASABI is a token that grants governance rights in Wasabix DAO. Staked WASABI will have the voting power in Wasabix DAO."

• From their docs (3-2021):

"The revenue are awarded to holders of the Staked WASABI."

Technology

• Whitepaper can be found [insert here].
• Code can be viewed here.

Implementations

• Built on: Ethereum and BSC

How it works

• From their docs (4-2021):

"We consider Y.U.M. Vaults as the core of Y.U.M.. The vault currently supports not only $DAI but $wBTC and $ETH. Y.U.M. Vaults act as the hub to generating yield advances, and share many similarities to lending platforms such as MakerDAO and AAVE.

The contract powers the The vaults to generate yield and payback debt. How it works:

1. Choose what farming strategy works best for you.
2. Deposit $DAI/$wBTC/$ETH into The vault.
3. Borrow $waAsset($DAI->$waUSD, $wBTC->$waBTC, $ETH->$waETH) up to 50% in amount of deposited collateral. Loans will have a absolute minimum 200% collateralization ratio.
4. Once deposited, the deposited assets are deposited into the Yearn/IDLE/Pickle finance/Vesper Vault as you chose.
5. Yield is harvested from the strategies.
6. Harvested yield pays down the global debt in the system, reducing all depositor's debt. If you have deposited assets but not borrowed $waAsset, the yield will credit your account with $waAsset.
7. Once the harvested yield has reduced the global debt, it is transferred to the Collector Contract.
8. Users can withdraw deposits in amount up to reaching the 200% collateralisation ratio. So as the protocol pays down your debt, you can withdraw more Asset($DAI/$wBTC/$ETH).
9. At any time you can repay a portion or all of your debt in order to unlock your collateral. - Asset($DAI/$wBTC/$ETH) and $waAsset(waUSD/waBTC/waETH) are treated 1:1 for repayment and liquidation. As such, you can repay your waAsset debt with waAsset and/or Asset. Repaying debt with waAsset is also a pegging mechanism because if waAsset were to be under the peg, users could buy it from AMMs and pay off their debt at a discount.
10. At any time, you can liquidate a portion or all of your collateral. The contract will repay your waAsset debt using the Asset from your collateral.

Essentially, the vaults give users a flexible line of credit for their future yield. Users can enter and exit anytime without committing to long lockups.(But the gas fee needs to be considered.) There will never be a liquidation of a user's collateral unless they do it themselves because your debt will only ever go down. Shortly after launch, more stablecoins will be added as collateral in order to borrow waAsset."

Staking

• From their docs (4-2021):

"Staked WASABI will have the voting power in Wasabix DAO."

Oracle Method

• From their docs (4-2021):

"Wasabix will use Chainlink oracle price feeds"

Their Projects

• From their docs (5-2021):

"The platform's structure can be described in four products:

1. Y.U.M. ETH - Yield-backed Ultimate Machine on Ethereum Network
2. Y.U.M. BSC - Yield-backed Ultimate Machine on Binance Smart Chain
3. SoySauce - To be announced soon.
4. The bridge - Yield-backed ETH-FTM-BSC bridge
5. WasabiSwap - The first AMM DEX on Fantom Network"

Governance

DAO

• From their docs (3-2021): says it is coming soon.

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].
• WasabiSwap has been audited by Certik.

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

(:

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