Glossary

Before diving deeper into the protocol, familiarize yourself with these core terms:

• xBNB (Aspan Long BNB): The protocol’s leverage token. It does not have a fixed leverage ratio but fluctuates based on net asset value (typically between 2.5x and 3.5x). It represents the residual value of the vault after deducting stablecoin liabilities.

• apUSD (Aspan USD): The protocol’s stablecoin, softly pegged to $1.00. It is a decentralized liability over-collateralized by BNB LSTs.

• s-apUSD (Staked apUSD): The receipt token for deposits in the Stability Pool. Holding s-apUSD means you are capturing BNB staking rewards generated by all underlying assets of the protocol (including those supporting xBNB). This is what we call Supercharged Yield.

• LST (Liquid Staking Token): Liquid Staking Tokens. Aspan only accepts high-quality BNB LSTs (e.g., Lista DAO’s slisBNB or Stader’s BNBx) as collateral to ensure the protocol has a steady cash flow.

• NAV (Net Asset Value): The true intrinsic value of the tokens, calculated in real-time by the protocol based on the accounting invariant. Minting and redemption on Aspan are always executed at NAV, ensuring zero slippage.

• CR (Collateral Ratio): The system’s collateral ratio. Formula: CR=TVL/SupplyapUSD. It is the core metric for measuring system health:

  • 150%: Healthy

  • < 130%: Rebalancing triggered

• Rebalance: The protocol’s self-defense mechanism. When CR falls below 130%, the protocol automatically burns apUSD from the Stability Pool and mints an equivalent amount of xBNB to reduce the system’s debt ratio and restore health.