Synthereum

Synthereum is the first protocol of the Jarvis Network.
It is a collection of smart contracts to issue and exchange synthetic fiat currencies (jFIATs).

Liquidity Pools

Liquidity Pools are contracts to exchange jFIATs with their collateral at the oracle price (Chainlink), and without price impact.

The pool buys jFIATs from users, or sells them to users, using its own liquidity. The pool mints jFIATs to sell them, and burns jFIAT to buy them. The pool makes sure that jFIATs are properly collateralized and redeemable for their collateral at their face value. This enforces a strong peg.

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Credit Line

Credit Line are contracts to borrow jFIATs by depositing a collateral in warranty.

The user self-mint the jFIATs at their desired collateral ratio and can face liquidation if their credit line becomes under-collateralized. Combined with the liquidity pools, it provides a 0 price impact shorting mechanism to its user.

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Fixed Rate

Fixed Rate are contracts to exchange jFIATs which are pegged to each other at a fixed exchange rate.

Users deposit a jFIAT as collateral into the contract and mint another jFIAT at a fixed rate. There is no liquidation mechanisms but the minting can be paused in the case of the peg changes. Combined with the credit line and the liquidity pools, it allows users to borrow these jFIATs or exchange them for the underlying collateral.

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Liquidity Router

OCLR (On-Chain Liquidity Router) are contracts to exchange a jFIAT for any other token with a little price impact.

It combines the minting or burning of jFIATs with a swap on an AMM, using the collateral as a connector (jFIATs are swapped for their collateral without price impact, and the latter is exchanged on an AMM). This allows jFIATs to be highly liquid as they leverage the liquidity of their collateral to be seamlessly exchanged for any other token.

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Collateral Management

The collateral provided into the Credit Line and Liquidity pools contracts is deposited into low-risk strategies to generate yield. It is collected by the protocol's treasury and redistributed to its stakeholders to reward the risk and the participation.

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Jarvis Reward Token

The JRT is designed to align the interest of all the stakeholders and reward them. JRT and JRT-ETH LP tokens (together “JRTs”) can be staked, locked or delegated in order to benefit from rewards and key features.

Eventually, a NFT-based gamification system rewarding users engagement with the protocol is in place to further increase these benefits.

JRT

As of today, the JRT tokenomics have not been implemented yet. The information on this page can change in the future.

Governance

Governors must stake JRTs to earn voting power to govern the protocol and its treasury.

Liquidity

Liquidity providers must stake JRTs to earn escrowed liquidity rewards paid from the yield generated by the collaterals. Liquidity rewards are vested over a 3-month period that can be exited with a penalty.

Rebate

Traders must stake JRTs to claim their monthly rebate on the trading fees they have paid.

Collateral

Eventually, JRTs and staked JRTs can be used as collateral to borrow jFIATs. This enables to unlock JRTs potential liquidity.

Staking

Staked JRTs earn escrowed staking rewards paid from inflation and buys back. Staking rewards are vested over a 3-month period that can be exited with a penalty.

Delegation

Passive holders can delegate their stake to governors, liquidity providers or traders so the latter can increase their voting power, yield and rebate, in exchange of a reward.

Locking

Active holders can lock their stake for a certain period of time to increase their voting power, to earn the escrowed rewards and the exit penalties, and to increase the monthly rebate.

Gamification

Users locking their JRTs can mint NFTs that can gain experience by participating in the protocol. Experience further increases the benefits of locking JRT.

Built with

Ethereum
Ethereum
Polygon
Polygon
USDC
USDC
Chainlink
Chainlink
UMA
UMA

Use Cases

The protocols stablecoins keep their peg and are very liquid thanks to their redeemability for their collateral, at the oracle price. These features can be leveraged to build and develop new use cases facilitating the adoption and inclusion of decentralized finance.
Fiat on and off-ramps

Because jFIATs are mainly backed by USDC, and can be redeemed for USDC, they carry little market and regulatory risks for fiat on and off-ramps service providers. They could also provide the access to more assets without the need of working with additional liquidity providers, by abstracting the exchange between jFIATs and another token; doing so, they could leverage jFIATs liquidity to allow their users to purchase any token on Uniswap, with fiat.

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On-chain savings account

Integrating jFIATs into arbitrages and liquidation bots, money market, Forex or similar-asset pools enable the generation of yield. Wrapped into a token, this allows the creationg of yield-bearing stablecoins, a powerful tool to onboard more users into DeFi. 

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Derivatives Fx

The protocol allows the creation of futures contract using its underlying on-chain Forex market to deliver a currency at the expiration of the contract and to perform arbitrages. Derivatives allow to open long and short position to speculate with leverage or to cover a currency risk. The latter could be very helpful for generalizing yield farming to every jFIAT: one could sell their jFIATs for USDC and farm with it while taking a Long position on the jFIAT/USDC contract to keep an exposure to the jFIAT.

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CRYPTO/FIAT trading pairs

The OCLR contracts allows for exchaning any jFIAT for any token, leveraging the liquidity of collateral backing the jFIATs. Non-custodial trading platform and wallets can provide their users  with a trading pair using their local currencies. Combined with a fiat gateway and yield, it allows them to access liquidity and yield with their local currency.

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Liquidity and Peg As a Service

Other stablecoins can be paired with jFIATs into similar-asset liquidity pools to leverage the peg and liquidity of jFIATs to respectively harden and deepen theirs, similarly to what the 3pool of Curve enables for USD-stablecoins.

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Payment and remittance

The protocol allows to settle payment in any currency. Therefore, sending money or accepting payment worldwide in a currency, and receive another one is possible.

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More ideas?

If you have another idea or are interested in building one of these use case, contact us, we can help!

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Integrations

Non-exhaustive list of projects where jFIATs or where the protocols' contracts have been integrated.

Jarvis Exchange

Jarvis Exchange leverages the protocol on Ethereum and Polygon to allow their users to exchange any jFIATs for any assets with little to no price impact.

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Bridge wallet

Mt Pelerin has integrated the jFIATs in their non-custodial and multi-chain Bridge wallet, and in their fiat on and off-ramp. It allows their users to buy jFIATs with fiat, and sell jFIATs for fiat, on Ethereum and Polygon.

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Audits

The protocol has been audited, and is continuously being audited. It is also undergoing a private security bug bounty. Contact us if you are interested.
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