Collateral & Fair Pricing
Aspan does not hold BNB directly; instead, it holds BNB LSTs (Liquid Staking Tokens). Why LSTs?
Tokens like slisBNB (Lista DAO) allow the protocol to capture BNB staking rewards from the underlying assets. These rewards are the source of the protocol’s real yield, which is fully distributed to Stability Pool participants.
Fair Pricing MechanismTo prevent flash loan attacks, Aspan strictly prohibits using spot prices from DEXs (e.g., PancakeSwap) to calculate asset values. We adopt a Dual Pricing Model:
BNB Price: Feeds from oracles like Pyth Network or Chainlink.
LST Exchange Rate: Directly read from the internal exchange rate of the LST’s smart contract.
Example:
slisBNB Price=Oracle_BNB_Price×(slisBNB_TotalPooledBNB/slisBNB_TotalShares)
✅ Security Advantage: Even if hackers manipulate the slisBNB price by 99% on PancakeSwap in an instant, the internal pricing of slisBNB in Aspan remains stable at its underlying BNB value, making arbitrage impossible.
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