Enjoyoors
  • WHITEPAPER
    • Introduction
    • User-abstracted rehypothecation
      • Giga CDP of Enjoyoors
      • Giga CDP design
      • Deep secondary liquidity for gigaAssets
    • Protocol stability
      • Efficient portfolio management
      • Supply regulation for gigaAssets
      • System-wide insurance
    • Risk management framework
      • Market risks
      • Technical risks
      • gigaAsset allocation rules
    • Decentralized system architecture
      • Public chain infrastructure
      • Orchestrator appchain
      • Oracles
      • Interchain communications
    • Key protocol features
      • Epochs
      • Reward auctions
      • Intelligent peg adapters
    • Further considerations
      • Making RWAs work harder
      • Own DeFi ecosystem
      • Our priorities
  • SYSTEM ARCHITECTURE
    • Overview
    • Public Blockchain Infrastructure
      • Vaults
      • gigaAsset Manager
      • Target Protocols
      • Target Protocol Adapters
      • Intelligent Peg Adapters
      • AMM Pools
      • Rewards Treasury
    • AVS Relayer
      • Relayers
    • Enjoyoors Orchestrator AppChain (L3)
      • Enjoyoors Management System
      • Orchestrator AppChain Layers
      • Security Mechanisms
      • Price Oracle
      • Governance
      • gigaCDP
      • Portfolio Management System
      • Auctions
      • Insurance Pool
    • gigaAsset Bridge
    • gigaAssets
    • Epochs
  • PROTOCOL FLOWS
    • Deposit
    • Withdraw
    • Auction
  • RISKS
    • Protocol risks
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  1. WHITEPAPER
  2. User-abstracted rehypothecation

Deep secondary liquidity for gigaAssets

PreviousGiga CDP designNextProtocol stability

Last updated 1 month ago

Another essential factor for successful gigaAssets adoption is the establishment of secondary markets with deep liquidity for gigaAsset swaps. As the first step, new stableswap pools will pair each gigaAsset with a respective underlying cryptocurrency. To simplify liquidity bootstrapping, we opted to use the final asset in the restaking chain, which is not exposed to additional yield opportunities, as the quote asset. For example, gigaETH will be paired with one of the popular Liquid Restaking Tokens (LRT) instead of native ETH, which is extremely hard and expensive to bootstrap.

In the second step, the protocol will incentivize liquidity providers who bring quote assets to the special module called Intelligent Peg Adapter (IPA). This module adds gigaAssets equivalent to the quote asset contributions from LPs and deploys the resulting liquidity to stableswap pools. All revenue generated in the pools through swaps and staking their LP tokens (e.g., in Convex), alongside additional rewards allocated in the Enjoyoors tokenomics, will be funneled to LPs of quote assets.

Figure 3: Intelligent Peg Adapter to Curve

In addition to the Curve adapter described, the protocol will operate multiple other IPAs to connect Enjoyoors with external DeFi protocols seamlessly. The IPA design was inspired by Frax’s AMO, which has successfully proven its efficiency. Details of its implementation will be explored in the system architecture section below.