Author: Sperax Core Team Reference: current docs Created: July 26, 2023 Labels: #Product-Features, #USDs-parameters
Sperax is upgrading its Smart contract architecture to further decentralize the protocol. The key idea behind the decentralization of the protocol is to make it completely transparent and open to all users to run the protocol. We are still deliberating on features that will be upgradeable via protocol governance and features that will be governance-free. Making some features governance-free will allow for more transparency and faith amongst developers building on top of the Sperax USD protocol. Even the protocol functionalities that need a governance proposal to undergo change will be implemented via a timelock so that the participants of the protocol will have sufficient time to change their behavior or interaction with the protocol if they are unhappy with the proposed changes.
The Smart contract architecture is been upgraded to decentralize certain functionalities which were earlier available to the admin only. Some of the functionalities which will be decentralized are:
Apart from the above upgrades, we will also be upgrading the redemption functionality to allow redeemers to redeem from a certain yield strategy to provide more flexibility to redeemers.
In a future upgrade, we will introduce a view function to help redeemers view the slippage at the yield strategy level.
The dripper contract controls the rate of release of USDs for rebase. All USDs bought back from the market will be deposited in a new “Dripper” contract. This contract will gradually release USDs which can be distributed as auto-yield to USDs holders if certain conditions are met. The initial release rate is set to (Dripper USDs balance / 7 days), i.e. every USD deposited in Dripper will be released gradually at a constant rate per second over the next 7 days.
Conditions when someone can call the function to distribute auto-yield:
Upgrade USDs smart contract to Version 2 (USDs V2)
Don’t upgrade the smart contract