Nazare Stablecoin Pool
Pool Description/Risks
Nazare Stablecoin Pool contains the new Nazare LPs (nLPs) of USDC/USDT, UXD/USDC, and USH/USDC. This pool also contains stablecoins such as USH, UXD, USDC, and USDT, allowing users to leverage up on the Nazare LPs.
The LTVs of different stablecoins are set to 0; users will have to deposit LP tokens as collateral to borrow stablecoins and enjoy the incentives for doing so. This pool drives liquidity/TVL growth for Nazare, a new vault for the liquidity provision platform.
Nazare, as a new platform, is audited but represents a risk to the pool. Infinite minting bug or pricing errors for Nazare LPs is the main risk for the pool.
Oracles:
These LP tokens rely on a custom Switchboard feed to be priced based on Uniswap's V3 math. These oracles compute the price of the LP token by calculating the amount of each token in the LP, multiplied by the price of each stablecoin, divided by the number of LP Tokens in circulation.
As Switchboard prices are computed off-chain and published on-chain, these oracles are not susceptible to flash loan exploits.
Last modified 4mo ago