Archi finance

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Their Official site text:

Welcome to Archi Finance

Composable leveraged yield farming protocol

What is Archi Finance

Archi Finance is composable leveraged yield farming protocol. It has two sides to it: passive liquidity providers who earns low risk interests by supplying single-asset liquidity; and degen farmers who borrow those assets to achieve a higher APY. GMX will be the platform Archi integrated in v1.

​How it works

Overview of Archi Finance

Archi Finance has two sides to it:

Passive liquidity providers - lenders who seek passive yield and prefer lower risks. This can be seen similar to providing liquidity to Compound. Anyone can be a liquidity provider on Archi Finance.

Degen farmers - borrowers who wish to increase their position by borrowing liquidity from the protocol at multiples of their collateral. The liquidity they borrow can be 10x of what their notional size is. 

The positions taken by degenerate farmers can be liquidated by anyone before the liquidity providers' assets are exposed to the downside. If everything functions correctly and liquidators do their job, the protocol will return the liquidity providers' assets to the pools. 

The liquidations are based on the health factor.

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Passive Liquidity Providers

Supply single-asset liquidity and earn low risk APY

You can start earning APYs by supplying single-assets on Archi which is as simple as lending on Compound and Aave. Besides, all the pools are isolated. 

Single Asset pools available in Archi Finance

The assets you supply to the protocol can be utilized, or borrowed for leverage, by degen farmers who actively rebalance their positions or use other strategies. As borrowers, they will be required to pay interest, which accrues to the underlying pools of those assets, as per the protocol's requirements. 

The positions taken by degen farmers can be liquidated by anyone before the assets of liquidity providers are exposed to the downside. This enables the protocol to return liquidity providers' assets to the pools, allowing Archi to provide composable leverage.

However, earning on Archi involves certain risks, especially regarding liquidators performing their job correctly. These risks are also general across DeFi. Nonetheless, the Archi Finance team has developed a liquidation bot that anyone can run

How to calculate APR?

Capital is required for degen farmers to obtain leverage for their financial operations. To facilitate this, there are Liquidity Pools where anyone can become a liquidity provider by supplying assets to the pool. The profits earned from being a liquidity provider depend on the pool usage rate U and the interest share .

The interest share is the percentage of profits that the supplier obtains from the profits streamed from GMX. For example, a 50% interest share means that 50% of the interests generated from borrowed liquidity that are deposited into GMX will be awarded to suppliers. The interest share can be varied and decided by Archi DAO.

Degen Farmers

Up to 10x Leverage Yield Farming in GMX

Whitelisted investors are able to open a leverage position in Archi Finance. To protect the collateral assets, a delta-hedged strategy will be implemented in Archi v1.

Due to the nature of GLP, investors always face the risk of losing their native tokens when prices fluctuate. Archi Finance allows users to borrow funds in a delta-hedged way, which helps prevent such situations while also earning ETH rewards on GMX.

Leverage in Archi Finance

Delta hedging is a strategy used to reduce or eliminate the risk associated with the price movements of the underlying asset. The basic idea behind delta hedging is to hold an offsetting position in the underlying asset to balance the price movements in the options position.

There are two delta hedged strategies in Archi Finance:

50:50 strategy - The portfolio created by farmers consists of 50% stable coin and 50% unstable coin.

Identical to GMX strategy - The ratio between stable coin and unstable coin within the portfolio is the same as that of GMX.

The two graphs below demonstrate the difference between buying GLPs using Archi and GMX. Investors will no longer have to worry about losing their native tokens when prices fluctuate while earning a high yield in ETH.

ETH as collateral 

USDC as collateral 

Example: Amy wants to take a 10x leverage position in Archi Finance by depositing 5 ETH. She will borrow 20 ETH and 25 ETH worth of USDC from the supplied pool and use the funds to buy GLP. This will allow her to take both long and short positions equally and remain immune to price fluctuations. As a result, she will not suffer any IL from GLP due to price movements while earning a high yield.

All fees required to buy and sell GLP are paid by degen farmers.

The maximum length of each borrow is one year, and if the loan becomes overdue, it will be automatically liquidated.

How to calculate APR

The interests earned by degen farmers consist of two parts: the interest on all collateral assets and a portion of the interest on borrowed assets that is streamed from GMX.

The interest share  is the percentage of profits from GMX that borrowers receive. For instance, if the interest share is 50%, then 50% of the interest generated from borrowed liquidity deposited into GMX will be awarded to borrowers. The interest share can be varied and determined by Archi DAO. If N is ratio of leverage

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The interest share will be varied through Archi DAO to encourage borrowing or repay.

Claim and Withdraw

Degen farmers can claim their earned interests and withdraw their collateral assets at any time. Withdrawing their assets means they repay their borrowings and stop farming. There will be a 48-hour cool down period before you open next position

How to get whitelist

Influencers who help us spread the word will automatically receive a spot on the whitelist.

Archi OGs who participated before the launch will also be awarded with a spot on the whitelist.

Passive liquidity providers will be selected randomly every 12 hours after the launch.

Risk

Traders always bet against GLP investors in GMX, and if traders win by a significant margin, all losses within a particular leverage will be borne by degen farmers, who may face potential liquidation.

​Liquidation

How does Archi ensure over-collaterization while allowing users leveraged operations?

When farming with Archi Finance, the assets that you deposit become the collateral for external protocols/actions. This includes both your initial funds and the borrowed amount that you obtain from the protocol. Archi Finance monitors the tokens in your portfolio and calculates their value at all times, which is always denominated in the underlying borrowed asset that you opened the position in.

To manage risk, Archi Finance uses a risk model to continuously assess the quality and value of the collateralized assets and calculates a health factor for the position. This health factor represents the level of collateralization and determines whether the position is at risk of liquidation.

Anyone can check the health factor of a position and potentially liquidate it if the health factor falls below a certain threshold.

Liquidation Insurance

After a degen farmer activates leverage, 10% of their principal will be deducted. When liquidation occurs, these funds will be used to incentivize the liquidator. The deducted funds will be returned to the degen farmer upon normal repayment.

The percentage of principal deduction can be controlled by the DAO and is in the range of 5% to 20%.

What is a Health Factor?

Health Factor is a numeric representation of your account health from 0 to 100. If your health factor drops below 40 or close to it, you might be liquidated. The higher the number is, the safer you are. 

where  is amount of collateral assets in GLP.  

Total GLP Value 

Represents total balance in the underlying asset. 

where: 

​ - balance of i-th asset in credit account,  

​ - price of i-th asset calculated in underlying asset.

Total GLP Required to Repay  

where: 

 - balance of i-th asset in each borrow, 

 - price of i-th asset calculated in underlying asset in GLP

 - Current GLP price

After Liquidation

After a liquidation event, a portion of the assets will be used to repay the borrowed amount, while the remaining assets will be returned to the borrower.

Anyone can run a liquidator bot to help secure the protocol, and you can discuss setting up your bot and other liquidator-related topics in our group.

Additionally, 10% of the remaining assets will be used to incentivize liquidators.

Archi Finance liquidation bot demo:

​Interest Share Adjustment

For all lending platforms, the adjustment of interest rates is closely related to the usage rate. The higher the usage rate, the higher the borrowing interest. However, relying on traditional interest rate adjustments can lead to a decrease in usage rate and lower supply interest. Moreover, Archi Finance is different from other traditional lending platforms. Degen farmers over-collateralize and deposit funds in Perp DEX through delta hedging. Unlike traditional methods of deducting interest from collateral (affecting the proportion in the position), the interest earned by degen farmers will be shared with passive liquidity providers in proportion. Furthermore, when degen users purchase assets like GLP, they also bear high GLP fees. 

Therefore, to ensure the common interests of degen farmers and liquidity providers, we have introduced the following rules:

When degen users borrow, if the utilization rate of the passive pool exceeds 80%, borrowing is not allowed to maintain the health of the passive pool.

Under normal circumstances, the interest share ratio for Archi Finance is fixed at 50%:50%. However, if liquidity providers withdraw and consistently increase the usage rate to 99%, the interest share will be adjusted. The adjustment works as follows:

The interest share increases by 5% every 3 days, with the adjustment time set at UTC 12:00 on the same day.

The maximum interest share ratio is 20%:80%.

Once the usage rate drops below 90%, the interest share reverts back to 50%:50%.

To encourage new deposits, Archi Finance will extract tokens from the treasury as rewards.

Archi Finance is continuously seeking new high-interest Perp DEXes to attract more liquidity as the higher the interest for degen users, the higher the interest for passive users.

Effective date: 8th June 2023.

Passive Pool LP OTC

When users make deposits, Archi issues vstokens to users as deposit certificates in a 1:1 ratio. When making withdrawals, Archi retrieves the vstokens and destroys them. Exchanging vstokens transfers the assets to other accounts.

Traditional solutions include establishing trading pairs between vstokens and tokens. However, they carry depeg risks and are prone to being unanchored when there is insufficient liquidity. Therefore, Archi's solution is a peer-to-peer (P2P) over-the-counter (OTC) trading.

Users can sell their vstokens to other users on Archi at a certain price, which can be customized. During the selling period, users can still enjoy the interest generated. Once purchased by another user, the pledging rights are transferred, and the selling user no longer receives any interest.

Referral

To ensure the healthy development of Archi Finance and long-term cooperation with the community and KOLs, an referral mechanism has been launched to provide incentives.

Unlike the perp dex referral system, Archi Finance is a yield farming project where the earnings generated by invitees are based on their contribution value and the difference in interest share. The more earnings generated by the invitee, the more rewards the referrer receives. The referral rewards will come from the protocol fee and will not affect platform users. If the invitee is a supplier, the inviter will receive a portion of the supplier's protocol fee. If the invitee is a degen farmer, the inviter will receive a portion of the degen farmer's protocol fee. The value will be 1% of interest generated by invitee.

Referral rules:

The referral system only has one level, and the invitee can also become an referrer.

If the invitee changes the invitation link, it will not affect the previous orders but will affect the next order's earnings attribution.

The bound referrer will remain bound to the previous referrer until a new referral link is used.

Example：If the users invited by user A generate a total interest of $100 in Archi, The reward for user A is $100*1%, which is equal to $1.

How it works

To create a referral code:

Go to ​

Click on the Affiliates tab

Create a referral code using any combination of letters, numbers and underscores

Once you've created your code, click on the copy icon next to the code to get your referral link, it should look something like this:  . Please send a dm to Archi admin and confirm code.

You can share this link on any platform, e.g. Twitter, Telegram. When a user clicks on your link, your referral code would be stored with the user's account and start earning referal rewards.

Rewards distributed every Wednesday.

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Multi-sig Right

Archi Contracts authorization

Multisig Right

AddressProvider

setGmxRewardRouter Set the address of the GMX Staking contract

setGmxRewardRouterV1 Set the address of the GMX Staking contract version 1

setCreditAggregator Set the address of the Archi CreditAggregator contract

AbstractVault

addCreditManager Add a new credit manager

forbidCreditManagerToBorrow Forbid credit managers from borrowing

forbidCreditManagersCanRepay Forbid credit managers from repaying

pause / unpause Pause/unpause adding liquidity to the liquidity pool

VaultRewardDistributor

setSupplyRewardPoolRatio Adjust the ratio of the deposit reward pool

setBorrowedRewardPoolRatio Adjust the ratio of the borrowing reward pool

DepositorRewardDistributor

addExtraReward Add the address of the VaultRewardDistributor contract to the deposit pool

addDistributor / addDistributors / removeDistributor Add/remove the address of the DepositorRewardDistributor * contract for interest distribution governance

CreditCaller

addStrategy Add a new strategy

addVaultManager Add a creditManager corresponding to the collateral asset

setAllowlist Set the address of the whitelist contract

CreditTokenStaker

addOwner / addOwners / removeOwner Add/remove administrators for governance of the CreditToken contract

Team

Allowlist

permit Add a user to the whitelist

forbid Remove a user from the whitelist

togglePassed Give up whitelist validation

GMXDepositor

setPlatform Add the address of the platform's profit recipient

setPlatformFee Adjust the platform's profit ratio

CreditRewardTracker

setPendingOwner Set the admin

acceptOwner Activate the new admin

addGovernor / addGovernors / removeGovernor Add/remove governors

addManager / removeManager Add/remove CreditManagers

addDepositor / removeDepositor Add/remove Depositors

setDuration Set the time of each execution of "execute" function

Open Leverage

To execute open leverage

Approve CreditCaller a big number for the token you would like to collateralise.

call CreditCaller.openLendCredit with parameters

_recipient: borrower's address

_ratios: ratio between collateral asset and borrowed asset

_borrowedTokens : tokens you want to borrow

_amountIn: amount of collateral asset

_token : collateral asset 

_depositor : GMXDepositor address

To execute repay borrow

call CreditUser.getUserCounts with parameters

_recipient : Address of borrowers

function return number of borrower for the borrower

call CreditCaller.repayCredit with parameters

_borrowedIndex: index of each borrow

collateralAmountOut will be returned. It represents the amount of token transferred to borrower after closing the leverage.

To execute claim reward for degen farmers

call CreditCaller.claimFor with parameters

_target: collateral reward address and manager address

_recipient: borrowers address

To execute liquidation

call CreditCaller.liquidate with parameters

_recipient : borrowers address

_borrowedIndex: borrow index

​Supply Liquidity

To execute supply:

Approve the AbstractVault contract a big number for the token you would like to supply.

call AbstractVault.addLiquidity with parameters

 _amountIn : Amount you want to supply

Function return amount of token supplied

To execute withdraw liquidity:

call AbstractVault.removeLiquidity with parameters

_amountOut : Amount you want to withdraw

To execute Claim reward

call CreditCaller.claimFor with parameters

_target : supply base reward pool

_recipient : Address that will receive supply interest

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​Archi Token

Archi token is a ground breaking product of a tokenised company that will avoid "mint&sell" problem.

What is Archi token?

Archi token is a token used to measure or count the number of shares of Archi finance. Just like a company in real world, holding Archi token becomes a share holder of Archi finance. The total amount of Archi token is fixed and it cannot be minted anywhere within the platform. 

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Basic Information

Name: Archi token ($archi)

Max supply: 10,000,000

Blockchain: Arbitrum 

Distribution

percentage

quantity

IDO participant, claim instantly

30%

3,000,000

Team (permanently locked in vlarchi contract)

10%

1,000,000

advisor(2-year linear vesting)

10%

1,000,000

Archi Treasury 

10%

1,000,000

archi-eth pair liquidity provider incentive pool, permanently locked in vlarchi contract

30%

3,000,000

Airdrop,claim instantly after IDO

2%

200,000

permanent liquidity 

8%

800,000

Archi Distribution

Use case of $archi token

By locking $archi into $vlarchi tokens, users receive: 

1. Share of protocol fees

2. Governance rights on Archi DAO

By providing archi-eth liquidity pair,users receive

1. share fees from Liquidity provider incentive pool

2. share trading fees in uni-v3

Archi Airdrop

To reward early liquidity providers for Archi Finance, 2% of the tokens will be airdropped to them and can be claimed immediately after the IDO. The total amount of tokens for the airdrop is 200,000. These tokens will be evenly distributed among all pools over a period of 60 days, with 833 tokens per pool per day.

The tokens will be distributed to users based on their deposit proportion, calculated by block time. The more and longer a deposit is held, the more tokens that can be earned. The amount displayed on the webpage is the final amount of airdropped tokens that can be earned.

Archi Treasury

As the Archi token cannot be mined through deposits or leveraged, the tokens in the treasury are used to reward depositors or leveraged users. The tokens in the treasury are held in the Archi multisig account and controlled by the Archi Dao.

The first proposal is the Archi Finance x GBC partnership. As an important partner of GMX, Archi hopes to reach a cooperation agreement with GBC. 10%of the tokens will be extracted from the treasury as an additional reward for GBC users. Degen farmers holding GBC NFTs and investing in Archi through GBC's referral link will receive 0.8% of the tokens, while liquidity providers will receive an additional 0.2% of the tokens, in addition to their normal deposits. The token distribution calculation will follow the same method as the Archi airdrop.

Archi Buy Back

To ensure the interests and long-term development of Archi token holders, Archi Finance will introduce a buyback policy for the Archi token. The purpose of the buyback is to maintain the token price and allow Archi token holders to purchase at a low price.

The buyback will be triggered when the token price falls to 65% of the IDO price and will stop at 85% of the original price. The funds for the buyback will come from the capital obtained during the IDO period and the team's earnings in vlarchi.

Vote lock archi (vlarchi)

Depositing archi will result in a 1:1 distribution of vlarchi, and all of the platform earnings will be distributed based on the proportion of Archi deposited. There is no time limit for depositing archi token.

Unlocking archi will be released linearly over 16 weeks, during which no earnings will be accrued.

Release time can be changed by Archi Dao.

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