RFQ Overview
The sUSD pool is designed to simplify how users earn yields from T-Bills by providing an on-chain, non-custodial request-for-quote (RFQ) system.
Instead of juggling multiple platforms and providers, users can access a variety of real-world asset providers through a single, streamlined interface.
This approach not only distributes risk but also maximizes yield opportunities by leveraging the strengths of different providers. We will also continue to add new RWA partners with time.
Subscription Process:
User Locks USDC:
The user locks USDC to initiate a transaction. This action creates a quote that specifies the amount of USDC, the expiry time, and the commission rate for the trade.
Fulfillment by Qualified Liquidity Provider (Buy Order):
The qualified liquidity provider fulfills the buy order by transferring the USDC out and sending back a wrapped T-Bill (tokenized representation of a T-Bill) as proof.
Forwarding Wrapped T-Bill:
The decentralized T-Bill RFQ (Request for Quote) protocol forwards it to the sUSD minting program, locking it there in the process.
Minting sUSD:
The Solayer sUSD Program mints sUSD based on the value of the wrapped T-Bill, maintaining a 1:1 price peg with USDC.
Delegate sUSD to Secure Exogenous AVS (Coming Soon):
The user can delegate sUSD to secure our exogenous AVSs (exoAVSs) when it goes live.
Redemption Process:
User Sends Back sUSD to Kickoff Withdrawal:
The user sends back sUSD to the Solayer sUSD Program to initiate the withdrawal process. This action signals the start of the withdrawal procedure.
Protocol Calculates and Sends Wrapped T-Bill:
The Solayer sUSD Program calculates the corresponding amount of wrapped T-Bill that needs to be redeemed based on the user’s withdrawal request. The wrapped T-Bill is then forwarded to the Decentralized T-Bill RFQ Protocol.
Qualified Liquidity Provider Fulfills the Withdrawal Order:
The Qualified Liquidity Provider receives the wrapped T-Bill and fulfills the withdrawal order. This involves transferring out the wrapped T-Bill and sending the equivalent amount of USDC back to the protocol.
USDC Returned to the User:
After the liquidity provider fulfills the withdrawal order, the decentralized protocol returns the corresponding amount of USDC to the user, completing the withdrawal process.