This is your source of info for all things Resupply.

Vist the website:

www.resupply.fi

Resupply uses a redemption model for maintaining the stability of the reUSD stablecoin. The redemption model only maintains a price floor of $1 minus a small redemption fee, that is configurable by the DAO. If the reUSD depeg were to move upwards, this would be beneficial as it would encourage more borrowing. A 1% fee will be used for redemptions, allocating 0.8% to the borrower and the remaining 0.2% to the protocol. Note: If crvUSD depegs upward and is worth $1.05 instead of $1.00, the redemption fee increases by 5%. The same applies to frxUSD—if it continues to depeg upward, the redemption fee rises by the same percentage as the depeg amount.

Unlike other redemption models Resupply redemption model is communal, affecting not just a single user but the entire lending pool. Redeemer may choose which pools will be redeemed against, but a weighted discount will be used to encourage which pools to redeem against. The longer a pool goes without being redeemed against the greater the discount on said pool.

Redemption Example

Let's assume in this example that 100 reUSD are required to restore the peg and the redemption fee is 1%.

1. Redeemer acquires 100 reUSD from the market and triggers a redemption.

2. Borrowers have $99 worth of collateral removed.

3. The redeemer receives $99 worth of collateral.

4. The borrower's debt has been reduced by 99.8 reUSD. Effectively reducing it by an extra 0.8 reUSD.

• The Resupply stablecoin is backed by other stablecoins that are earning interest on other lending markets.

• Designed to maximize yield returns by having the borrow rate always be half the lending rate being earned, half the risk-free rate, or two percent, whichever is greater.

• Emissions are designed for long-term sustainability by directing at three groups: the insurance pool, voting incentives, and directly at borrowers.

The Repay reUSD functionality allows users to reduce their borrowed amount, thereby improving their collateral ratio and lowering their overall debt exposure. This is particularly useful for maintaining a safe leverage position and avoiding potential liquidation.

Repay reUSD Tab

• Repayment Flexibility:

  • Users can repay a partial amount of their borrowed reUSD or choose to fully repay their debt to close their loan.

  • The interface includes a "Close (repay entirely)" toggle for full repayment.

• User Actions:

  • The "Max" button enables users to repay using all reUSD currently held in wallet.

  • The "Repay" button initiates the repayment transaction.

Collateralized Debt Positions (CDP) are created by depositing crvUSD or frxUSD into a vault paired against a Curve Lend or Frax Lend lending position.

Collateral Types

All collateral backing for reUSD are stablecoins deposited on Curve Lend or Frax Lend lending positions. All collateral will earn lending fees and any extra rewards, such as CRV. The system will assume that the underlying assests, frxUSD and crvUSD, have a price of one dollar.

The Insurance Pool is a user depositable vault that earns reUSD from a share of the borrow fees as well as RSUP governance tokens. All reUSD deposited will be used to insure the protocol from any potential bad debt, as well as used during CDP liquidation events to buy the collateral.

Unstaking Cooldown

Unstaking from the Insurance Pool triggers a 7-day cooldown period. During this time, users won’t receive RSUP tokens or be able to withdraw, but they will continue earning reUSD rewards. Once the cooldown period ends, users can fully withdraw their reUSD.

CDP Liquidations

When a CDP is liquidated, any collateral deposited will be bought by the insurance pool directly using the deposited reUSD and distributed to the insurance pool holders. The reUSD used to purchase the liquidation will be burned. The crvUSD or frxUSD from the liquidation will be distributed to the insurance pool. Since liquidations tap into insurance pool for liquidations there is no need for flash loans or swaps to complete the liquidation. The liquidated collateral is moved to liquidation handler contract which attempts to withdraw all the underlying collateral from the lending pool. If there is not enough liquidity to withdraw all underlying collateral it can be continually attempted until able to be completed.

Bad Debt

In the event bad debt is detected in the system, reUSD deposited in the insurance pool will assume the risk and purchase all bad debt collateral. The reUSD used to purchase the bad debt will be burned. In the event the collateral is forcefully ejected as bad debt, insurance pool holders will need to withdraw the collateral from the lending positions themselves.

In the event the bad debt is larger than what is available in the insurance pool, the protocol will assume the extra bad debt, and the rest of the collateral will be held by the protocol.

The RSUP Vesting system allows users to claim RSUP token allocations from different airdrop distributions. These airdrops are subject to vesting schedules, meaning users can gradually unlock and claim their RSUP tokens over time. This can be found here below the Stake RSUP section. In order to see this section you must have a wallet with Prisma, cvxPrisma, or yPrisma connected.

Key Features of the Vesting System

• Airdrop Vesting Periods:

  • Each airdrop has a fixed vesting end date, which is the same for all recipients, regardless of when they claim.

  • Once the vesting period is complete, the full RSUP token amount becomes claimable.

  Custom Recipient Option: Users have the ability to redirect their airdrop claims to a different recipient by toggling the "Use custom recipient" option.

Available Airdrops for Claiming

Team Airdrop

• Distributed to team members as part of the protocol’s incentive structure.

Airdrop to Prisma Hack Victims

• Compensation for users affected by the Prisma hack.

Airdrop to Compensate vePrisma Unlock Penalty

• Issued to users who incurred penalties when unlocking vePrisma.

How to Claim RSUP

Users can click the "Claim" button to receive their allocated RSUP tokens.

Resupply governance will be all on chain governance. All contracts on Resupply will be owned by a main core contract with a separate voter contract that is able to execute any transactions as though it is core.

The staking of RSUP tokens is required to participate in governance voting. Unstaking of RSUP tokens is subject to a cooldown period in which no rewards will be given. The staking contract will work on a one week epoch system. New stakers must wait 1 epoch before they are granted voting power.

Resupply provides users with a decentralized stablecoin protocol designed to leverage liquidity and stability in lending markets. This platform enables users to supply assets, borrow reUSD, participate in governance, stake RSUP, and claim rewards.

Main Navigation Menu

The top navigation bar provides access to the app’s core functionalities:

• Supply – Deposit crvUSD or frxUSD into lending markets like Curve Lend or Fraxlend and borrow reUSD.

• Claim – Collect earned RSUP and reUSD rewards from various activities within the protocol.

• Governance (Dropdown Menu)

  • RSUP – Stake, unstake, and manage governance tokens.

  • Proposals – View, vote on, and track governance proposals.

• More – Additional platform documents and links to social platforms.

Key Sections of the Resupply

1.

• Users can supply crvUSD or frxUSD into supported lending markets.

• Borrow reUSD against deposited assets.

• View key metrics like interest rates, collateral ratio, and TVL.

2.

• Displays total RSUP and reUSD rewards earned from different activities.

• Users can claim rewards individually or all at once.

• Rewards can come from crvUSD & frxUSD markets or RSUP staking.

3.

• Stake RSUP to earn protocol revenue and gain governance voting power.

• Unstaking requires a 14-day cooldown period.

• Users can track their vote power and total staked RSUP.

4.

• Users stake reUSD to help secure the protocol.

• In return, they earn protocol revenue and RSUP rewards.

• Unstaking requires a 7-day cooldown period.

5.

• Users can view active, passed, failed, and executable proposals.

• Each proposal shows its quorum percentage and voting results.

• Stakers can vote on proposals to influence protocol decisions.

6.

• Users can claim vested RSUP from airdrops.

• Each airdrop has a specific vesting period before fully claimable.

• Includes compensation distributions (e.g., Prisma hack victims).

7.

• Convert Prisma, cvxPRISMA and yPRISMA into vesting RSUP.

• Redemptions follow a 5-year vesting schedule.

You can deposit collateral and borrow reUSD on the “Supply” page of Resupply, you can deposit frxUSD or crvUSD and borrow reUSD while earning the underlying lending market yield. The interface details parameters such as collateral ratio, borrowed amount, and net vAPR.

Key Market Information

• Max Loan-to-Value (LTV)

  • Maximum loan size to users collateral expressed as a percentage.

• Liquidation Fee

  • A liquidation fee is applied if the position falls below the required collateral ratio.

• Maximum Borrow Amount

  • Current borrowing capacity available in the market.

Functionality & User Actions

1. Deposit Collateral / Borrow reUSD

• Deposit additional frxUSD or crvUSD to increase your collateral.

• Borrow more reUSD, with a minimum borrowing limit of 1,000 reUSD.

• The interface includes a "Max" button for quick maximum allocation.

2. Repay reUSD

• Users can repay their borrowed reUSD to reduce outstanding debt and improve their collateral ratio.

3. Withdraw Collateral

• If the user maintains a safe collateral ratio, they can withdraw their collateral deposits.

• The protocol will generate revenue in the form of redemption fees and borrow rate fees. All protocol fees will be distributed to RSUP stakers, the insurance pool, and the Resupply Treasury.

• Unstaking RSUP tokens will be subject to a cool down period in which no rewards are granted.

• Fee split will be adjustable by governance vote.

Current Revenue Splits

The Resupply treasury will be given 10.5% of the 5 years worth of RSUP supply and will be controlled by the team via multisig. Treasury will also seek to recapture any assets it can from the Prisma Treasury and fee receivers.

How will the treasury be used?

RSUP will be used for awarding or incentivizing actions/tokens/people/platforms that are deemed to have a positive influence on the well being of the Resupply platform.

The RSUP Staking feature allows users to stake their RSUP tokens to earn protocol revenue and gain governance voting power in the Resupply protocol.

RSUP Staking

• Governance Participation:

  • Staked RSUP grants voting power, allowing users to participate in Resupply governance decisions.

• Protocol Revenue Sharing:

  • Staked RSUP will receive a share of protocol generated revenue paid in reUSD.

• vAPR Display:

  • Shows the current staking rewards rate (vAPR).

How to Stake RSUP tokens

• Users can enter a custom amount of RSUP tokens to stake.

• The "Max" button allows staking of the full available balance.

• Once approved, the “Staking” button initiates the staking process.

Unstaking RSUP

• Two-Step Process for Unstaking:

  • Request a cooldown: This initiates a 14-day waiting period before a withdrawal is possible.

  • Withdraw after cooldown: Once the waiting period is over, the user can finalize the unstaking process and retrieve their RSUP tokens.

How to Unstake

• Users input the RSUP token amount they want to move into “cooldown”.

• The "Max" button allows for full cooldown allocation.

• Clicking "Request Cooldown" initiates the 14-day unstaking process.

Multisig Address

• Ethereum: GnosisSafe

• Fraxtal: GnosisSafe

Multisig Members (3 of 4)

• C2tP - Convex Finance

• Winthorpe - Convex Finance

• Wavey - Yearn

• Dudesahn - Yearn

Multisig Permissions

The following roles are occupied by the Resupply main multisig. All roles are subject to change by Resupply governance.

• Treasury Manager:

  • Controls the Resupply treasury

  • Collect and distribute voting incentives on incentive markets like Votium, Vote Market, and yBribe

• Guardian:

How Permissions in Resupply Work

• All Resupply contracts are owned by Core, which can authorize specific accounts (generically referred to as "operators") to call specified functions on protocol or non-protocol assets from the context of Core. Example: Voter.cancelProposal() is guarded with onlyOwner, but a trusted account may be granted authorization to call it via Core.execute().

• Roles (e.g., Guardian) are contracts with a fixed set of authorizations granted to it by governance. They serve as method to group related permissions that have been granted and add transparency.

Converting PRISMA, cvxPRISMA, and yPRISMA tokens

The Redeem PRISMA feature allows users to convert their Prisma-based tokens (PRISMA, cvxPRISMA, and yPRISMA) into a vesting allocation of RSUP tokens. This process allows Prisma token holders to convert to RSUP tokens. This can be found below the Stake RSUP section. In order to see this section you must have a wallet with Prisma, cvxPrisma, or yPrisma connected.

The allows users to vote on, and track governance proposals within the Resupply protocol. Through this interface, users can actively engage in decision-making processes that shape the protocol’s future.

Governance Page

• Proposal Status & Quorum:

The provides users with a centralized interface to view and collect rewards accumulated across multiple markets and staked positions. Users can claim RSUP and reUSD rewards from various sources with the option to claim them individually or all at once.

Key Features of the

• Total Claimable Rewards:

The “” page provides users with an interface to explore and interact with different lending markets on Fraxlend or Curve Lend. Users can supply collateral to a variety of markets and borrow reUSD against their deposited collateral. Each market will display unique borrowing rates and total value locked (TVL), allowing users to choose their preferred market to supply collateral to.

Market List & Search Functionality:

Core: 0xc07e000044F95655c11fda4cD37F70A94d7e0a7d Governance Token: 0x419905009e4656fdC02418C7Df35B1E61Ed5F726 Stablecoin: 0x57aB1E0003F623289CD798B1824Be09a793e4Bec Treasury: 0x4444444455bF42de586A88426E5412971eA48324 Vest Manager: 0x6666666677B06CB55EbF802BB12f8876360f919c Registry: 0x10101010E0C3171D894B71B3400668aF311e7D94 Governance Staker: 0x22222222E9fE38F6f1FC8C61b25228adB4D8B953 Voter: 0x11111111084a560ea5755Ed904a57e5411888C28 Emissions Controller: 0x33333333df05b0D52edD13D230461E5A0f5a4706

For a complete list of additional contract addresses please see link to the Resupply Github

yAudit, 11 January 2025

ChainSecurity, 28 Febraury 2025

Resupply has been built with safety and security in mind. However, there are inherent risks when interacting with any decentralized-finance smart contracts. Our team has vigorously reviewed it's smart contracts, and also pursued external auditors to identify potential vulnerabilities in the platform prior to launch.

Even so, the possibility of losing some or all of your funds is non-zero. Please exercise caution and work within your own risk framework when it comes to interacting with the platform. Please see the Audits page for information on our external security audits. As well as Resupply specific risks, users are also beholden to any risks that pertain to Convex Finance, Curve Finance and Frax Finance, as Resupply integrates directly with them. Please also review their documentation and risk explanations before interfacing with either platform.

Savings reUSD (sreUSD) is a growth-oriented vault that allows long-term holders of reUSD to earn sustainable yield directly from the protocol’s weekly revenue. It is implemented as a standard ERC-4626 vault with auto-compounding mechanics, which means that depositors continuously accrue yield without the need for lockups, cooldown periods, penalty fees, or separate reward tokens. Yield is sourced from total protocol revenue and is distributed directly to stakers.

The introduction of sreUSD is designed to strengthen the stability of reUSD’s peg while creating new opportunities for integrations within the broader DeFi ecosystem. A dynamic interest-rate mechanism adjusts borrowing costs based on how closely reUSD tracks its peg. When the peg is stable, borrowing rates are lower, reducing fees to the base level. When reUSD trades below peg, borrowing rates increase up to a defined threshold. This additional revenue collected during periods of peg stress is funneled directly into sreUSD.

Key Features

• Standard ERC-4626 vault with auto-compounding reUSD yield

• Yield is sourced from total weekly protocol revenue and streamed to vault depositors

• No cooldowns, lockups, or penalties

• No emissions or extra reward tokens

Peg-Based Dynamic Interest Rates

A new interest rate calculator has been deployed across all reUSD pairs. It includes priceWeight multiplier that adjusts borrowing rates based on how closely reUSD tracks its peg:

• Interest will continue to be calculated based on underlying lending interest, sfrxUSD interest, and a constant 2%

• priceWeight is used to determine how much of the underlying interest or sfrxusd interest should be used as fees. Previously, this was a flat 50%. Going forward it will be a range between 50% (on-peg) and 60% (off-peg).

• As the reUSD peg approaches 1, interest rates decrease back to the base 50% of underlying/sfrxusd interest rates.

This mechanism increases fees during periods of peg instability. The additional revenue it creates is distributed as yield to sreUSD.

Example:

At the conclusion of epoch X:

• the time-weighted price of reUSD was $0.992

• sfrxUSD yield was 10% and was higher than all underlying lending rates

• 80k reUSD was collected via interest

• 20k reUSD collected via redemptions

This means the effective interest rate during this period was 58% of sfrxUSD, or 5.8% (5% base + 0.8% off-peg). This allows us to compute the following two components:

1. base interest fees (5%): ~68.96k

2. off-peg fees (0.8%): ~11.03k

Therefore 11.03k reUSD is immediately allocated to sreUSD and the remaining 68.96k interest fees + 20k redemption fees are pooled and split according to the ratios above.

In this example, the final distributions would be as follows

Resupply allows users to automatically leverage their position with one click. On the “Supply” page, under the deposit tab, users can toggle the leverage option on or off. Leverage allows users to loop the borrow & deposit process, amplifying the borrowed amount of reUSD.

Leverage Slider:

• Users can select a leverage level ranging from 2x to 19.1x.

• Higher leverage increases both the borrowed amount and deposited collateral.

Leverage Mechanics:

• When leverage is applied, the system borrows reUSD, swaps it for crvUSD/frxUSD, and deposits it as collateral.

Leverage Breakdown:

• Initial Deposit: The base amount of crvUSD/frxUSD deposited.

• Total Borrowed: The total amount of reUSD borrowed through leverage.

• Total Collateral: The final crvUSD/frxUSD collateral after applying leverage.

• Collateral Ratio: The percentage of collateral relative to borrowed funds.

Slippage Warning:

• Users will be informed about the estimated slippage (e.g., 0.24%) due to reUSD → crvUSD/frxUSD swaps.

• This means that the final collateral amount will be slightly lower due to the conversion rate and trade size.

Approval & Execution Buttons

• Approve: Grants permission for the smart contract to handle crvUSD or frxUSD.

• Deposit & Leverage: Executes the operation, depositing crvUSD or frxUSD and applying the chosen leverage amount.

Scope: Issues which can lead to substantial loss of money, critical bugs like a broken live-ness condition or irreversible loss of funds.

Disclosure policy:

• Let us know as soon as possible upon discovery of a potential security issue.

• Provide us a reasonable amount of time to resolve the issue before any disclosure to the public or a third-party.

Exclusions:

RSUP emissions will be directed at three categories: voting incentives, insurance pool, and CDPs. The percentage each category will receive will be adjustable by governance vote. Initially the category allocations will be 50% voting incentives, 25% insurance pool, and 25% CDPs.

Voting Incentives

Voting incentives emissions will be used to direct at various voting platforms to incentivize reUSD and RSUP on-chain liquidity. Voting incentives will be directed at the teams discretion at which liquidity pools will most benefit Resupply.

Resupply Token (RSUP)

• Stake to receive platform fees as reUSD and voting power in Resupply governance

• A withdrawal of RSUP from staking can be initiated at anytime and will have a 14 day delay timer before RSUP can be withdrawn.

• When a withdrawal is initiated RSUP will no longer receive platform fees or retain voting power.

• RSUP will be emitted for voting incentives, insurance pool, and CDPs.

• RSUP will not have a max supply and will instead have a set inflation schedule.

Token Distribution

• No Maximum supply

• Token distribution percentages listed below are a 5 year projection

• 60% of the 5 year emissions will be minted at token generation event.

• Emission inflation will be 2% per year after 5 years

The allows users to deposit reUSD and contribute to the protocol’s safety by accepting a share of protocol risk. In return, users receive a share of protocol revenue and RSUP rewards as compensation for their participation.

Key Features of the Insurance Pool

Risk & Reward Mechanism:

• Users stake reUSD to help secure the protocol.