Protocol overview
Last updated
Last updated
eklipse is the first stable swap in the Klaytn ecosystem. It was created to solve the problems of slippage and excessive fees arising from swaps between the same–value assets, such as USDT, USDC, and DAI. eklipse uses the governance token EKL for decentralized decision making. eklipse aims to be the first decentralized exchange that provides liquidity when a Central Bank Digital Currency (CBDC) is issued in the future. DeFi has already proven institutional demand through services such as Compound Treasury and Aave Arc, and Coinbase has launched DeFi-products with high-interest rate in 70 countries (link). Uniswap's 24-hour liquidity is attracting institutional attention. With the spread of blockchain, the era of Finance 2.0 has begun, in which services can be provided anywhere in the world without a separate middleman. Thus, eklipse aims to become the most convenient decentralized platform for the public to easily use financial services in which future-tokenized fiat currencies are most actively traded, the public can find the widest choice of tokenized assets, and 24-hour trading and exchange is available with a mobile wallet.
It provides a trading function between assets of the same value. Like Curve, a decentralized exchange with 30 trillion TVL (Total Value Locked) liquidity. It supports not only stablecoins such as USDC, USDT, and DAI, but also assets of the same value such as sETH, stETH, ankrETH, wBTC and renBTC.
eklipse provides the lowest transaction fees in the Klaytn ecosystem. It mathematically derive and apply the optimal fee for maximizing profits for both traders and liquidity providers. Transaction fees at the time of service opening (2021.12.20) are as follows. Transaction fee between the same assets: 0.06%, e.g.) USDC - DAI, USDC - USDT Transaction fee between different assets: 0.15%, ex) KLAY - EKL, KLAY – USDC
When users deposit their holdings to provide liquidity, they will receive transaction fees and LP tokens from that liquidity pool. Depositors can be rewarded with additional EKL tokens by staking these LP tokens, and they can choose to distribute more EKL reward to the pool they provide liquidity. This is expressed as filling the gauge.
When users locks up the EKL received as a reward, they can receive vEKL. vEKL holders will receive 35% of the total transaction fee as a reward. In addition, vEKL has a reward voting function. Depending on the vote, the pool's reward can be increased by 2.5 times. vEKL is required to participate in Eclipse's governance.
In EKL, 30% of the transaction fee is allocated to Treasury for buyback, airdrop, and reinvestment, etc.
Newly issued EKL can only be obtained through LP staking reward.
35% of the transaction fee is distributed to LP staking users.
When staking EKL, vEKL is minted and the right to participate in governance is given.
vEKL holders receive 35% of the transaction fee
A time-weighted average reward system is applied to encourage vEKL long-term staking.
