System Rebalancing
This is Aspan’s "last line of defense," designed to protect apUSD’s redeemability during extreme market conditions. 3.4.1 Trigger Condition When the system’s Collateral Ratio (CR) falls below 130%, it indicates a sharp drop in BNB’s price, and the value support for xBNB is weakening.
Execution Logic (The Flow)
Any external Keeper can trigger the rebalance() function. This is an atomic on-chain operation:
Burn: The protocol withdraws a portion of apUSD from the Stability Pool and burns it.
Purpose: Reduce system debt (the denominator) and instantly boost CR.
Internal Mint: The protocol mints an equivalent amount of xBNB out of thin air based on the current NAV.
Distribute: The newly minted xBNB is deposited back into the Stability Pool, owned by s-apUSD holders.
What Does It Mean for Users?
If you are a Stability Pool depositor:
Normal Times: You enjoy ultra-high LST yields.
Extreme Market Crash: Your asset allocation may change. Your portfolio, which was originally 100% stablecoins, may become "90% stablecoins + 10% xBNB".
Automatic Bottom Fishing: Essentially, the system forces you to "buy the dip" of BNB with stablecoins when the price is low (during a crash). In the long run, if BNB’s price recovers, this forced conversion to xBNB often brings substantial returns.
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