swellchain enhancements #14401
swellchain enhancements #14401
Conversation
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The adapter at projects/relend exports TVL: |
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apologies @g1nt0ki |
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The adapter at projects/relend exports TVL: |
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@g1nt0ki |
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@g1nt0ki |
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Can we count the underlying USDC instead please |
@waynebruce0x rUSDC stablecoins are backed by a $60m+ USDC vault on morpho. But at the moment only $6m is reserved to swell. So the rUSDC-swell total supply represent the commitment for this backing. |
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How is the size of the swell reserve distinguished from the total morpho vault balance? |
@waynebruce0x rUSDC-swell is a new stablecoin that relend network are issuing. Unlike MakerDAO it has few price stability modules, one is similar to MakerDAO (direct usdc backing), and one is the Morpho vault. Relend Network curates the risk for both the Morpho vault and the rUSDC stable. The supply on swell reflects the decisions our risk curators decided to take. If they choose to lower the exposure to swell, the total supply on swell will go down. |
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You must count the collateral rather than the token supply. Is there not a way to calculate how much of the morpho vault is backing rUSDC using on chain methods? |
Right now it is $60m (and more). But I don't understand the difference from, eg, DAI. Where you don't count the usdc in the psm as the tvl, and do not ask for a separate on chain data for the DAI backing in arbitrum and the one on base. Anw, the best on chain data for the reserved Morpho backing is the total supply of rUSDC. But it is enforced via a monatry policy, rather than by a smart contract. |
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It should be noted that the Morpho liquidity aims to support the price stability and allow users to borrow 1 usdc vs 1 rUSDC. So it is not a collateral per se. It is a way to ensure the monetary backing. In a way very similar to how rwa backed stablecoins have one rwa backing to their stable, and are not required to provide on chain data to the backing of every separate chain. |
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@waynebruce0x I forgot to mention that there is an on chain data which is the cap on the amount of usdc that the vault can use to back the rUSDC swell. It is coded in the Morpho vault contract. If this is what you want, then I can instruct you how to read it, or do a PR |
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we dont count supply for maker https://github.com/DefiLlama/DefiLlama-Adapters/blob/main/projects/maker/index.js |
yes this would be useful, we need to know total value locked opposed to market cap |
Ah ok, I think I understand it better now, and there is a mistake from our side. The tvl of relend network as a protocol is indeed more philosophical question. and an adapter for relend network itself is something we should prepare in a separate PR. Probably as capital allocator. But for swell, we just want DeFi llama to be able to price rUSDC and count it towards tvl in Euler and velodrome dex. Similar to how DAI is counted Talking with Euler, they claim you set the price of rUSDC-swell to 0. But it might be because coingecko had a bug that was only fixed today. |
NOTE
Please enable "Allow edits by maintainers" while putting up the PR.
package-lock.jsonfile as part of your changes, we use lockfileVersion 2, and most use v1 and using that messes up our CIName (to be shown on DefiLlama): Relend Network
Twitter Link: https://x.com/relend_network
List of audit links if any:
Website Link: https://relend.network/
Logo (High resolution, will be shown with rounded borders): https://relend.network/relend.svg
Current TVL: 6 Million
Treasury Addresses (if the protocol has treasury)
Chain: Swellchain
Coingecko ID (so your TVL can appear on Coingecko, leave empty if not listed): (https://api.coingecko.com/api/v3/coins/list)
Coinmarketcap ID (so your TVL can appear on Coinmarketcap, leave empty if not listed): (https://api.coinmarketcap.com/data-api/v3/map/all?listing_status=active,inactive,untracked&start=1&limit=10000)
Short Description (to be shown on DefiLlama): rUSDC is a collection of USDC wrappers that enables lending market risk curators to relend Ethereum mainnet TVL to other chains. Users can mint rUSDC on Ethereum by supplying USDC, bridge it to partner chains, and access ecosystem incentives.
Token address and ticker if any:
Category (full list at https://defillama.com/categories) *Please choose only one: Yield
Oracle Provider(s): Specify the oracle(s) used (e.g., Chainlink, Band, API3, TWAP, etc.):
Implementation Details: Briefly describe how the oracle is integrated into your project:
Documentation/Proof: Provide links to documentation or any other resources that verify the oracle's usage:
forkedFrom (Does your project originate from another project):
methodology (what is being counted as tvl, how is tvl being calculated):
rUSDC supply on the chain is counted as TVL.
Depositing USDC on Swellchain specific vault mints rUSDC on Swellchain via LayerZero, while the underlying USDC is deployed across yield-generating strategies on Morpho and Euler. rUSDC on Swellchain can be burnt to unlock USDC on mainnet. Docs
Github org/user (Optional, if your code is open source, we can track activity): https://github.com/backstop-protocol/ERC-7770/tree/main