nNecc <> xTri
As mentioned before, Necc protocol cannot exist without core infrastructure provided by project partners.
Trisolaris is the AMM with a fee switch on for single-sided staking ($xTRI) that Necc uses for its liquidity pools and protocol fee rebalancing.
How is this a project partnership?
In return for providing xTRI project tokens, nNECC tokens will be returned at a fixed rate via the treasury; essentially a token swap.
(nNECC are staked tokens which auto compound in APY)
- Project tokens are locked into the Necc protocol collateral pools by minting the Necc Dollar stablecoin (NDOL) and seeding the Treasury
- By seeding the Treasury, each of the project tokens can get isolated collateral pools to:
Mint NDOL from their project tokens
Burn NDOL for their project tokens inside the collateral pool
Open an inverse perpetual position with 30X leverage (1 xTRI collateral, borrow up to 30 xTRI to long or short with PnL paid out in xTRI)
Purchase NECC bonds at a discount with xTRI/nNECC LP
NOTE that every user can do the same actions after!
Trisolaris are essentially seeding their collateral pool on Necc Protocol with xTRI tokens.
- Protocol fees from each of these actions are continually locked into the Treasury by minting and buying more bonds to sustain APY for current staked Necc holders
- Overtime the Treasury controlled by the Necc DAO can accumulate more of its project partners liquidity and governance which should also help create a price floor
- Project tokens can also be gained back swapping: nNECC -> NDOL -> PROJECT
- Additional features could get prioritised for project partners such as NFTs that can be used for fee discounts as an example.
A little alpha is that as Necc Protocol grows with even more partners, the rebalancing volume goes through the Trisolaris AMM which should help the xTRI stake ratio due to the fee switch.
Built in Treasury sharing and Protocol Owned Dumping.
Necc is a decentralised inverse perpetual swap exchange with 30x leverage backed by an interest bearing stablecoin and bonds. Also built on NEAR’s Aurora EVM with zero gas fees!