Minting & Redemption
Aspan Finance does not operate on a single algorithm but is a sophisticated system driven by a set of interlocking automated mechanisms. This chapter explains the four core gears of this system: trading routing, dynamic fees, yield compounding, and system rebalancing.
Minting & Redemption is the most basic layer of user interaction with the protocol. Unlike AMMs (Automated Market Makers), Aspan uses an Oracle-based Pricing Model.
Zero Slippage Mechanism
On DEXs like PancakeSwap, large trades incur slippage (price erosion) due to insufficient liquidity. But on Aspan:
Pricing Logic: Whether the trade size is $10 or $10,000,000, the system always settles at the current NAV (Net Asset Value).
Execution Flow: The contract reads prices from the Pyth oracle → calculates NAV → mints/burns tokens.
Advantage: This is extremely user-friendly for large capital, making Aspan the optimal channel for whale users to enter and exit leveraged positions.
Zap Smart Router
To enhance user experience, the Aspan protocol has a built-in Zap function that allows users to deposit multiple assets in one click without manually swapping for LSTs on DEXs. Supported Assets: USDT, USDC, BNB (Native), slisBNB. Workflow:
User Input: Pays 1,000 USDT.
Auto-Swap: The Router contract calls a DEX (e.g., PancakeSwap V3) in the background to swap USDT for slisBNB. (Note: DEX slippage from this step is borne by the user.)
Vault Deposit: The acquired slisBNB is deposited into the Aspan Core Vault.
Token Distribution: xBNB or apUSD is minted and sent to the user based on the deposit value.
💡 Core Rule: Regardless of the token the user pays with, the final asset entering the Aspan Vault must be LSTs. This is the mathematical prerequisite for maintaining the system’s leverage effect.
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