Bybit USDC/USDT0 Yield Layer
USDe Recursive Staking Strategy in Bybit USDC/USDT0 Yield Layer
Bybit USDC/USDT0 Yield Layer Workflows
User deposits on Bybit Earn
Bybit consolidates deposits hourly and send all funds to vault address
Bridge USDT/USDC to Ethereum
Mint or swap USDT/USDC to USDe
Supply USDe to AAVE Core Market and borrow USDT
Mint or swap USDT to USDe and stake USDe to sUSDe
Supply sUSDe to AAVE Core Market and borrow USDT and then looping until reaching 2x leverage
Risks Disclosure
Partner: AAVE/Bybit/Mantle/Ethena
CIAN has an exclusive partnership agreement with AAVE and Ethena
Collateral Asset Situation: USDC/USDT0
USDC/USDT0 can be borrowed by multiple coins, and there are currently no risky coins
Corresponding risk: No risk
Borrowed Asset Situation: USDC
Lending and borrowing equilibrium
Corresponding risk: No risk
Liquidity and Deleveraging
Immediate Exit Liquidity: USDe - 50M, sUSDe - 35M
Exclusive Exit Channel: N/A
Corresponding risk: No risk
USCC Yield Layer Actual LTV: N/A
USDe Liquidation LTV is 72% and sUSDe Liquidation LTV is 75%
Corresponding risk: No risk
USCC & Superstate Transparency:
Asset proof is traceable: https://app.ethena.fi/dashboards/transparency
Corresponding risk: No risk
Safety
Multi-Signature for Fund Allocation and Parameter Adjustments: Changes of fund distribution and parameters requires multiple approvals, safeguarding the decision-making process and smart contract’s security.
Complete Contract Implementation for Strategies: Employs full contract implementations for strategies instead of signature filters, enhancing both security and transparency.
Exchange Rate Limitations: Enforces strict internal limits on exchange rates to protect funds during transactions.
Rebalance Mechanism: The Rebalance Mechanism will be triggered when the LTV reaches 66.66%. This additional safeguard is implemented as a proactive measure to mitigate the risk of potential liquidation events, ensuring greater stability and protection for users in volatile market conditions\
Transparent and Secure Governance
CIAN uses a transparent and secure governance model to manage the yield layer:
Transparency: All strategies are implemented & executed through smart contracts, meaning every action is fully visible and verifiable by the community.
Flexibility: Our system is designed to quickly incorporate new strategies and adjust existing ones. Changes can be made swiftly and transparently, with a governance process that allows for community control through veto voting.
Security: The open nature of our strategies ensures they can be reviewed and audited by the community, minimizing risks and building trust.
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