INTEGRATIONS
Daibase Protocol is designed chiefly for Chefs.
Smart Contracts are its target audience.
What PALM* merely promises in it's red&white-papers, Daibase delivers firsthand.
(*name changed to avoid association.)
Use-cases
- DAIX are suited for debt-denoted forward\future contracts.
- Daibase can be used as a stable unit of account, much like a simple currency such as Bitcoin or Digital CHF, directly inside Smart Contracts.
- Can be used as an automated hedge in smart contracts that are based on "Price-Denoted" "call writing" (Options).
- Daibase Protocol can be used to replace the role of dollar-backed tokenizations to remove dependence on Tra-Fi (Traditional Finance).
- Employed as a demand gauge for other "target-based" Elastic assets.
- And as a spice in many, many more secret recipes of innovative Chefs.
Use the parti() function to participate in self-issuing DAIX tokens. The default function receive() can be used to send native coins to the DAIX smart contract and self-issue DAIX to the sender as well.
NOTES:
- No tax is levied on such transactions by the Daibase Protocol from the sender.
- Such transactions do however charge the tax from the Main-Pair's Liquidity Pool and send it to the King-Maker contract.
- These transactions would thus increase the price of DAIX tokens by a small amount, equal to square root of twice the issued amount's share in Liquidity Pool.
- Each such call to parti shall return and emit a few important things back in the calldata.
About LibDAIX and IXD
Daibase Protocol has created its own interface and also a library. Anyone can introduce these in their own contracts today itself.
The Llibrary consists of many helper functions, and is known as
"LibDAIX".
The interface is named
"IXD". (DAIX was actually called XD prior to version v0.1)
Prototype
(Last update as of v0.1.44)
Function Declaration
function parti()
public override payable
returns (uint256 A)
Old
function parti()
public override payable
returns (uint256 part)
"part" / "A" signifies the amount of DAIX tokens issued to the sender of transaction message.
Application Interface
parti
{
"inputs": [],
"name": "parti",
"outputs": [
{
"internalType": "uint256",
"name": "part",
"type": "uint256"
}
],
"stateMutability": "payable",
"type": "function"
}
receive
{
"stateMutability": "payable",
"type": "receive"
}
"parti" signifies the participate function of Daibase. DAIX tokens issued to the sender of transaction message.
Event Declarations
Events
event Based(uint G, uint E, uint256 T);
Partied
event Partied(uint M, string R, uint N, string S, uint L);
Event Reference
- E
Epoch
- G
Internal
- L
Main-Pair's Liquidity equivalence
- M
Amount sent, denoted in Wei (1e-18)
- N
Issued DAIX, denoted in Wei (1e-18)
- R
Reference String
- S
Reference String
- T
Total inclusive DAIX supply
Detailed guides coming soon. Last Update: v0.1.44 (April, Week 1)
SNAPSHOT : 0001
During the ongoing development of
v0.1.76, we identified a potential attack vector against Daibase Protocol.
The exploit could trick the system and potentially be employed to mint an infinite amount of DAIX. If the attacker posesses an amount of DAI greater than twice the market cap of DAIX, they could launch a slow but potent "sandwhich" attack on future minters.
Current Status
Daibase v0.1.61(m) has been retired and shall be replaced with Daibase v0.1.80+ or later versions that combat any possibilities of such an attack vector. Daibase Core has entered the irreversible
"Zero-Gravity"State, which is analogous to the "No-Gons" state, as described by Fragments.org literature.
Reproducing the Attack
We will be outlining this in a separate article. All records are available on the blockchain for examination.
The supply of DAIX at this point was 4,517.458, worth $4,517.458.
Protocol Reserve was 1,555.601, worth $1,555.601.
Protocol Controlled Value was 694.161, worth $694.161.
VLF Recovery
Owing to the bug, we ourlselves replicated this operation and were able to mint more DAIX than one would expect by tricking the Protocol using the
DXSwap Oracle. We used this excess to recover the locked value.
All of these funds will be delegated as is in our coming v0.1.80+ deployment of Daibase Protocol into liquidity and locked using a timelock smart contract. More details will be outlined in an upcoming PM article.
(Jump to Incident Overview)
Snapshot of DAIX holders
| Holder's Address |
DAIX held |
Details |
Incident Overview
Total Supply of DAIX at the snapshot was:
4516.239205676274DAIX
The Snapshot was taken after sending a small amount of DAIX to holders to refresh their balances on Explorers. Time of Snapshot was block height 16,616,266 of xDAI Chain.
The biggest holder was the DAIX Reserve address, which consists of 2021 DAIX from DAOX genesis fund. Due to elasticity, it got reduced over time and was at
1555.6009992811075 DAIX at the time of recording.
Second address was the Swapr (DEX) DAIX/WXDAI pool. It is generated by Daibase Core instantaneously from all XDAI spent by users upon minting. At the time of PCV activation after genesis on May 8th, (Announced on all our channels), $3300 worth of Liquidity tokens were burnt by the PCVC to establish a price floor and serve as permanently locked liquidity: our VLF. This address contained
1391.9766529153385 DAIX at the time of snapshot.
The Fourth address belongs to HoneySwap Pair DAIX/WXDAI. It held
346.9744077258168DAIX at the recording.
Remaining all addresses belong to DAIX holders who have either minted DAIX or purchased it.
Liquidity from our other trading pairs had been removed well in advance to pave way for tDAIX (Tokenized DAIX), and it is in this very feature's development that we discovered this critical issue with minting when DAIX was under the Peg. (More details in the upcoming article).
Inclusion
All balances can be segregated into 3 categories:
1. DEX Pairs
2. Protocol Reserves
3. User Accounts
1. Top 6 Pairs at various DEXes:
# DEX Pair Contract Address DAIX held
-------------------------------------------------------------------
1 0x9ACBbFb21d854092B0325e7F27F2ad536f64C219 1391.9766529153385
3 0x634a571b537a466f15A8c8F660d685340543878f 346.9744077258168
40 0xbBA341EfC430C641C16DE4940B8eAb1cFDc4aBfe 0.03078027196887756
46 0xe9cd05E4DB6fa0F0C594A1a6CD7ed85e35522508 0.005783958201001435
48 0xa3dF3D794F1955Fc98d001aC66E7570Dd6bB7499 0.002842149678611834
49 0xf7F65A2fA87630e6DF0C9b2707cF188ee7b2fAc0 0.002468834608840362
-------------------------------------------------------------------
Total in top 6 DEX Pair addresses (>=0.0001): 1738.9929358556126
-------------------------------------------------------------------
The Protocol Reserve consists of 3 addresses:
DAOX Fund
KingMaker
PCV-Controller
However, all three were the same for Daibase xDAI v0.1.61 (DAIX):
The address
0xE0C50aC605b255EC2b02963f8DB2B9fbC3274402, with
1555.6009992811075 DAIX.
Accounting
Total "Outstanding DAIX" represents all DAIX held by users at the time of Snapshot. This value can be calculated as:
= TotalSupply - ( ReserveAddress + poolAdresses )
= 4517.458 - ( 1555.6009992811075 + 1738.9929358556126 )
= 1222.8640648632795 DAIX
The current DAI (XDAI) reserves on xDAI Chain held by the Deployer (PCVC) address stand at 1739.201 XDAI.
All holders of previous version (v0.1.61) are entitled to 1222.864 worth of DAIX from this Reserve of 1222.864 DAI (XDAI), equivalent to their old balances as outlined by the Sanpshot above, on the new upcoming v0.1.80+ of Daibase Protocol on any one of the 5 supported Chains.
This amount (1739.201 DAI) is also 41% greater than the Outstanding liabilities (1222.864 DAIX) of the Daibase Bank, which can be thought of as the
"interest earned"facet, as introduced in the v0.2 of the Protocol (Described via Telegram, two weeks before the Snapshot. Under the previous version, this was stated as the "Cash/Credit Reserve Ratio (CRR)", and was at 1.412 at the time of the Snapshot.
This surplus of 516 DAI will be shared by the DAIX holders in the upcoming new deployments. Users will have an option to "hop" their DAIX onto other blockchains supported by Daibase Protocol. (Ethereum, Fantom, , MATIC, BSC or AVAX, likely.)
Discord Announcement (Disclosure)
**[[[ IMMPORTANT NOTICE ]]]**
For @everyone,
**We've successfully removed almost all liquidity from all `v0.1.61` DAIX pools. This involved overcoming a security issue as well. A snapshot of DAIX holders was taken at xDAI block height `16,616,266`.**
**An airdrop for DAIX holders will follow shortly hereafter, distributing `Daibase v0.1.80+` DAIX tokensto previous version's holders.**
ENTIRE PCV & VLF HAS BEEN CONVERTED INTO XDAI FOR THE INTERIM PERIOD.
Funds are held by the Daibase Deployer address, which is also the PCV-Controller, Treasury Reserve and the Tax Collector: `0xE0C50aC605b255EC2b02963f8DB2B9fbC3274402`.
A DaixDAO proposal shall be made in #discussions to calibrate the process of allocation to xDAI, Ethereum, BSC, Polygon & Fantom deployments of `v0.1.80+` (or `v0.2.0`) Daibase Protocol contracts in the coming days.
_As always, we encourage you to ask questions regarding tonight's events in the #chat. We thank you for cooperating in making Daibase a better Protocol._
Road Ahead
The above announcement was duly made at the time of the incident to keep the community informed about the happenings, without inflicting panic or relation with the news from Iron Finance.
v0.1.80+ (and beyond!)
We will be deploying the new contract which prohibits minting DAIX when it is trading under the peg at the Cardinal Pair. All previous holders as defined in the above snapshot will be airdropped DAIX, as defined in our Goldpaper for traditional migrations.
New Liquidity
The entierity of of the 1739.201 DAI will be paired against the new 1739.201 DAIX, for a total liquidity worth $3,478.402. It will be governed by the PCVC and feature a new timelocked smart contract for prohibiting any liquidity movements.
v0.2
Our latest development, tokenized Daix that enables true cross-chain arbitrage of the same Elastic Asset, will be undergoing public testing in the coming days. Once deployed, it will be in direct competition with the only other multi-chain Elastic Asset in the space. We are also testing a modified version of the CHAI token, that could be said to be an interest-bearing DAIX, usable by lending protocols such as AAVE or AGAVE.
Call for Volunteers
We are looking to expand our reach and request volunteer support. One of our active community member has suggested to regularly convert a portion of DAIX collected as transaction tax into native DAI and use it for promotional purposes. All those interested in marketing are requested to reach out to us via any of our public social platforms and openly discuss the possibilities.
Please report any inconsistencies found in this document at any of our Social mediums mentioned below. No volunteer from Daibase would ever privately provide assistance first or ask for your personal information.
We sincerely thank You for sticking around and helping us pave the foundation of the first Purely Elastic Stablecoin pegged to the DAI.
Uniswap (Ropsten)
Sushi.com (Ropsten)
Swapr (xDAI)
BaoSwap (xDAI)
Levinswap (xDAI)
HoneySwap (xDAI)