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Covenants

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Covenants


Covenants is the ethOS platform for anything and everything DeFi. It offers a wide-ranging set of factory-standard general-purpose contracts. As people find new ways to use them, they won’t need to reinvent anything.

Equity Token: $UniFi

Current Release

What follows is a significantly abridged version of the Covenants Grimoire. To read the full thing, head to https://covenants.eth.link/#/grimoire. Covenants is a Decentralized Flexible Organization (DFO), $UniFi is its voting token (programmable equity).

The Aggregator

At the heart of every Covenant is the Aggregator. By liberating on-chain AMM aggregation, it allows any wallet, DAPP, DFO, DAO or customized smart contract to farm, conduct token inflation, multi-swap, arbitrage, craft liquidity, collateralize stablecoins and more across multiple AMMs at once.

It is the first ever truly on-chain AMM aggregator.

The Orchestrator is the extendible knowledge base that keeps track of all the supported AMMs. It works as an upgradable plugin system; there can be multiple plugins for one AMM, but every one will have a different version number and the associated upgraded features and bug fixes.

$WUSD ~ Wrapped USD

One stablecoin to pool them all, in all the pools of DeFi.

$WUSD is minted by collateralizing pairs of whitelisted stablecoins in the pools of whitelisted AMMs.

By decentralizing the distribution of its collateral, and capable of rebalancing it for stability, $WUSD is not vulnerable to any single point of failure. Governed by $UniFi holders via the Covenants DFO, it cannot be censored or manipulated by any issuer, state or other off-chain centralized entity. It is as unstoppable as Ethereum itself.

It is also the first ever farmable stablecoin.

Covenants Farming

Ethereans love to farm. They do it all day and night—apes, penguins & wizards alike. But farms in DeFi are not always well-managed, and the hard-earned harvests of farmers are often at risk. Covenant farming contracts allow us to farm safely, on our own terms and across multiple AMMs at once. Anyone can create, host or stake positions in free and locked setups without having to trust anyone.

Covenants Inflation

Covenant inflation contracts allow Ethereans to fund their magical projects in a fair and secure way. Anyone can set one up to circulate any variety of tokens at fixed intervals via minting, swapping and transferring.

With Covenant inflation, you don’t have to worry about needing to solicit any kind of investor anymore.

Covenants Index Tokens

Covenant indexes are Items, which have the synthesized properties of erc20s, 721s and erc1155. They are thus interoperable with the entire Ethereum ecosystem. Using the Bazar dApp on the Covenants frontend, anyone can mint one by collateralizing any fixed set of Ethereum tokens, and anyone can burn one to unlock that collateral.

Next Release

Multi Swaps

Using the Covenants UI or with a standalone smart contract, conduct cross-AMM multi-swaps (i.e, semi- batch swaps) of ERC20s in a single transaction.

Cross-AMM Arbitrage

Using the Covenants UI or with a standalone smart contract, conduct cross-AMM arbitrage.

General Purpose Liquidity Crafting

Covenant wizards have made a breakthrough in the science of liquidity, and Etherereans can now Craft it at the molecular level. A crack team of entrepreneurial penguins have already used this discovery to innovate Craftable Initial Liquidity Offerings (ILOs). Projects can use ILOs to provide initial liquidity for tokens with deep customization and security.

They will be publishing their latest findings soon. In the meantime, you can read their preliminary report in the beta Grimoire at unifihub.com

Smart Indexes

Smart Covenant index tokens feature special permissions that allow hosts to rebalance the weightings of their collateral using condition-triggered oracles and arbitrage choices.

The Magician Instrumentality Project

The M.I.P is a top secret project for the future of Ethereans. The NERV team is working hard behind the scenes to develop an enigma that will catalyze a paradigm shift in Decentralized Finance.

Don’t worry, though. There are no Third Impact risks this time.

The Covenants Decentralized Flexible Organization (DFO)

The Covenants platform is ruled via the Covenants DFO by holders of $UniFi, the programmable equity of the DFO. They have exclusive ownership of the protocol, and govern all of its assets and every line of its code.

The DFO is dedicated to researching, developing and governing a responsible Decentralized Finance protocol on Ethereum. Like all DFOs, it operates 100% on-chain and is completely independent from any centralized entity.

Earnings

The DFO earns from a few fees. After DFOhub upgrades to v0.5, $UniFi holders will be able to govern these fees using the subDAO system.

Active fees

8% of $WUSD Credit Rebalancing

(Presently) inactive fees

0.005% to 0.05% for unstaking farming positions

0.005% to 0.05% for Inflation operation executions

More will be introduced in the future as more functionalities are rolled out.