[SIRIUS FINANCE] : THE FIRST CROSS-CHAIN STABLECOIN AMM IN ASTAR NETWORK

[ushikaneko]

Why SIRIUS FINANCE ?

- Sirius Finance is a cross-chain stablecoin AMM, attracting and locking tremendous value with low-slippage trading costs, attractive APY for LPs on Astar Network, allowing for 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 cases from stablecoins to other similar valuable tokens.

What is stablecoin AMM ?

- In the Cryptocurrency ecosystem, most AMMs such as Uniswap, Pancakeswap, etc. use this protocol and allow almost all types of assets to be added to their liquidity pools and traded. A Stablecoin AMM which Sirius Finance is building focuses solely on stablecoins, that is to say, only stablecoins like USDC, USDT, etc. can be added to liquidity pools and also traded on this type of AMM.

Why on Astar Network ?

- Astar is the best fit due to its cross-chain nature and ambition of being the central dapp hub on Polkadot. This allows Sirius Finance to have access to a great variety of stablecoins, not only on Astar, but also on polkadot, or even other chains, to increase liquidity, improve TVL and increase trading options. This great variety further encourages decentralization of our protocol since we can have a number of pools competing for a higher APY.
- Secondly, Astar is building massive native defi protocols, like algorithm-based stablecoins, lending and yield aggregators. This is in sharp contrast with other parachains. These native protocols would work closely with Sirius Finance to enhance yield for liquidity providers.

Sirius Finance pools and algorithm

*Sirius stable pool :
- The Sirius Finance stable pool consists of 4 tokens — DAI, USDC, USDT and BUSD. The distribution of tokens within the pool is not always equal, as traders trade against the pool, it adds and removes tokens in the pool, changing the amount of pool tokens and their weights.
- To incentivize traders to balance the stable pool’s composition, Sirius Finance applies deposit bonus and withdrawal penalty as the pool tries to balance itself back into equal weights.
*Sirius meta pool :
- Meta pools include pools which earn additional interest from decentralised lending protocols and pools list less liquid assets. Both enable LPers to earn extra rewards while preventing diluting existing pools.

How to gain SRS&veSRS?

- Except buying SRS in the second market, joining IDO or gaining from the incentive program, there are three main ways for liquidity providers gain from 43% SRS of the total supply in Sirius Finance pool mechanism by staking LP tokens: Providing USDC, USDT, DAI or BUSD in the stable pool; Depositing LP tokens or other stablecoins in the metapools; Joining pools integrated with lending protocols.
- And by vote locking SRS, users gain veSRS. veSRS stands for vote escrowed SRS, it's a locker where users can lock their SRS for different lengths of time to gain voting power.

How does voting right work?

- To vote on the Sirius Finance, users need to vote lock their SRS and gain veSRS. By doing so, participants can earn a boost(up to x3) on their provided liquidity rewards and vote on pools related proposals including: Pool parameters: pool weight, amplification coefficient, etc. Adding or removing metapools; Total trading fee percentage; Preferred right for airdrop tokens; …
- And users who reach a certain voting power can also create new proposals. There is no minimum voting power required to vote. Users can lock their CRV for a minimum of a week and a maximum of three years.

Sirius Finance useful links :
Official website : Sirius.Finance
Twitter : Sirius_Finance
Telegram : Siriusfinanceofficial
Medium: @Siriusfinance