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niAssets
NEPRIM will unite stablecoins and other tokenised assets into non-custodial and higher yielding instruments. Our first niAsset is a fiat currency (nYUSD).
Overview
NEPRIM will support numerous niAssets. Each niAsset will be pegged to a unique asset, such as fiat currency (US Dollar) or a cryptocurrency like Bitcoin. niAssets will be backed by a basket of existing whitelisted tokenised assets of that same peg, and held by the user (ie they are non-custodial).
niAssets will be minted/redeemed permissionlessly and on-chain via the NEPRIM smart contracts.
    To mint an nYUSD, for example, a user sends 1 USDT and receives 1 nYUSD in return.
    To redeem, the user sends an nYUSD to the contract and can choose which sbAsset to receive in return for the swap fee. In that implementation, if maximum weights are reached, the user will receive a mix of sbAssets that are reflective of the current basket composition at no fee. The niAsset will then be burned (i.e. taken out of circulation).
Each sbAsset will have a max weight that determines its highest possible weighting in that basket.
A maximum weight is important because:
    It creates an upper-bound to the amount of niAssets a user may mint for an undervalued sbAsset.
    It creates an upper-bound to the amount of sbAssets a user may swap in pursuit of arbitrage profits.
The maximum weight can be adjusted through NEPRIM’s governance system in response to new information or changing market conditions.
New sbAssets can be added should they be deemed secure and stable by the governors. Conversely, a sbAsset can be removed should the governance system consider it too risky for inclusion in a basket.
niAssets:
    nBTC
    nETH
    nXRP
    nEOS
    nLTC
    nBTH
    nLINK
    nADA
    nDOT
    nBNB
    nGLD
    nEUR
    nGBP
    nCAD
    nAUD
    nHKD
Last modified 8mo ago
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