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Bank
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- All asset types existing in the Unit Network have a bank.
- A bank is identified by the token id of the asset it represents.
- The bank pallet exposes four extrinsic functions for transferring assets.
- Users can transfer assets to a bank.
- The creator of an asset can transfer from its originating bank to users.
- A bank can transfer to other banks and treasuries.
- Whenever a transfer is executed an event is emitted in the Unit blockchain signaling the details of a successful transfer, or an error if the transfer failed; maybe the user did not have permission to transfer or had an insufficient balance.
- The creator of a token can transfer between users, banks and treasuries.
- Banks have an id, which is the same as the id of the token they represent.
- When a user creates a token, a default supply (fixed, but can be changed) is minted to the token's bank.
- When tokens are transferred out from their bank, their total circulating supply increases.
- A token creator can increase the total supply, but all tokens must be present in the bank.
- The default supply for newly created tokens can be modified via the assets pallet.
- There is a storage type called BankTokens, for tracking the amount of tokens in a specified bank; token id and bank id are the keys to access the balance of a token in a bank.
- Storage type NextTransactionId, stores the id for the next transaction to come. The first transaction of a bank is id 0, and increments by one with each transaction; bank id is the key to access the next transaction id.
- Storage type BankTransactions stores details of a transaction; bank id and transaction id are the keys to access a transaction details, which include token id, amount, sender and receiver.
- Unlike the banks of tokens created by users, no one can transfer stable tokens from their bank.
- In the case where a user wants to redeem a stable token at its bank, the redeemed value is automatically transferred to the user.
- Stable token banks can hold any asset.
- Stables are minted when they are purchased via the Sales module.
- Stable tokens are purchased from the bank with wrapped blue chip crypto, which are sent to the stable token’s bank in exchange for the stable token.
- Banks are a means to collateralize stable tokens. Over time it is expected stable tokens will be over collateralized.
- Sable tokens maintain price stability by maintaining reserve assets as collateral in the stable token’s bank. Over collateralized reserve assets will only ensure stable token prices and support trade stability in the platform.
- Stable tokens exclusively use their bank for backing collateral, and not their treasury as do other tokens types.
- Though the collateral in the bank may rise in value, the price of a stable token will never increase beyond the market value of its corresponding fiat. Stable coin USDU is pegged to the price of USD (United States Dollar).
- Each stable token is pegged to its respective fiat currency using an off-chain oracle that feeds the market value price.
- A stable token’s bank has a diverse array of assets, such that, if one or a few fall, the bank’s total balance will be hedged by the other assets.
- Users can redeem their stable tokens by sending them to the token’s bank, given the bank is 10X over collateralized.
- The total supply of stable tokens is variable; they are minted when purchased and burned when redeemed.
- Wrapped crypto have their own bank which no one controls and can hold any asset.
- Wrapped crypto is the means by which Blue chip crypto, like Bitcoin, Ethereum, Dot, exist on the Unit Network.
- When a user deposits Blue chip crypto into Unit Network, the crypto is sent to one of the external addresses managed by the Vault, and wrapped tokens are minted representing the deposited crypto.
- When crypto is deposited and wrapped crypto minted, total supply of the wrapped crypto increases.
- Crypto deposits go to the external wallets of users who have initiated a crypto loan request via the Vault, whereby they are required to stake Unit tokens in order to receive the loan.
- When a user withdraws crypto, its corresponding wrapped crypto amount is burned, thus decreasing its total supply.
- The creator of a token controls the bank where the total supply is held upon first being minted.
- The token creator can transfer tokens from its bank to any user, bank or treasury.
- A token’s bank can hold any other token.
- When tokens are purchased from a sale, the token’s bank will automatically transfer the purchased tokens from the bank to the buyer, in addition to distributing any bonuses allocated from a sale to the respective recipients.
- When tokens are transferred out of the bank the total circulating supply increases.
- Total supply can be modified before any tokens are transferred out of the bank.
- To change the total supply, all of the tokens must be present in the bank.
- After the first token transfer, the total supply is fixed, unless all the tokens are returned to the bank.
- The Unit token bank is where all un-transferred Unit reside.
- Unit token’s bank can hold any asset, however, the backing collateral for Unit token is held in the Unit treasury.
- Unit’s bank can transfer Unit, and other assets, to users, banks and treasuries.
- Upon purchase, the Unit bank will automatically transfer Unit to the buyer, in addition to distributing bonuses allocated from a sale to the respective recipients.
- When Unit is transferred from its bank the total supply increases, however the total supply is fixed, meaning there will never exist more Unit beyond the fixed amount.
Last modified 19d ago