Introducing Eclipseum — The Antifragile DeFi Asset

Quick Facts

  1. Eclipseum contract address:
    0x08e411220e47e3fc43bfb832186aba95108f2861
  2. Deployed to Ethereum mainnet on 11/11/2020 at 9:45AM EST
  3. Open source smart contract, code available on Github and Etherscan
  4. Audited by Trail of Bits
  5. No VC investors, no pre-launch token sale. Developed and deployed by a solo developer.
  6. Price downside volatility mitigation game theory distributes buyers and sellers more evenly throughout time.
  7. ECL can be bought and sold directly on the ECL liquidity pool in the Eclipseum contract, providing credible neutral token issuance. A user interface for interacting with this liquidity pool is available at eclipseum.org/app
  8. Includes a liquidity pool containing DAI and ETH which transfers half of all transaction fees to the ECL pool. Thereby ETH/DAI price volatility generally increases the ECL price.
  9. Elastic supply system that mints or burns ECL from the ECL liquidity pool in response to every ECL trade, reducing price volatility and increasing liquidity.

Six Core Value Propositions

1) ETH Price Volatility Value Capture

2) High Liquidity and Trustless ECL Trading

3) Elastic Supply System

4) Price Downside Volatility Mitigation

5) Decentralization

6) Immutability

How Eclipseum Works

ECL Token Issuance & Distribution

Transaction Functions

Buy ECL Function

  1. ETH spent by the user is transferred to the ECL pool.
  2. ECL is sent from the ECL pool to the user.
  3. ETH is transferred from the ECL pool to the DAI pool to balance the quantity of ETH in each pool.
  4. ECL is minted into the ECL pool.

Sell ECL Function

  1. ECL sold by the user is transferred to the ECL pool.
  2. ETH is transferred from the ECL pool to the user’s account.
  3. ECL is burned from the ECL pool.

Soft Sell ECL Function

  1. ECL sold by the user is transferred to the ECL pool.
  2. ETH is transferred from the ECL pool to the user.
  3. ETH is transferred from the DAI pool to the user.
  4. DAI is transferred from the DAI pool to the user.
  5. ECL is burned from the ECL pool.

Buy DAI Function

  1. ETH spent is transferred from the user’s account to the DAI pool.
  2. DAI is transferred from the DAI pool to the user’s account.
  3. Half of the 0.3% transaction fee is transferred to the ECL pool in the form of ETH.

Sell DAI Function

  1. DAI sold is transferred from the user’s account to the DAI pool.
  2. ETH is transferred from the DAI pool to the user’s account.
  3. Half of the 0.3% transaction fee is transferred to the ECL pool in the form of ETH.

Eclipseum Game Theory

Elastic Supply System

  1. The elastic supply results in less price volatility. When ECL is bought, ECL is also minted in the ECL pool. When ECL is sold, ECL is burned from the ECL pool. This has a dampening effect on price changes that result from transactions on the ECL pool.
  2. The elastic supply provides more liquidity. Since there is a dampening effect applied on price changes from ECL pool transactions, ECL buyers or sellers can receive better prices if transactions are split into multiple smaller transactions. This both provides more liquidity to ECL users, and also results in smaller price changes due to ECL pool transactions.
  3. The elastic supply system allows ECL to be issued directly from the ECL pool. Since ECL is minted or burned from the ECL pool in response to each trade, the ECL balance of the ECL pool scales relatively proportionally to the ECL circulating supply.

Soft Sell ECL Function

Pool ETH Ratio Equilibrium

  1. When the Pool ETH Ratio is greater than one, there is more total value in the DAI pool than in the ECL pool. This means that transaction fees captured by the DAI pool and transferred to the ECL pool will in general be larger.
  2. When the Buy ECL function is used, the contract attempts to balance the amount of ETH in both liquidity pools. When the Pool ETH Ratio is larger, less ETH is transferred to the DAI pool, and more ETH remains in the ECL pool increasing the ECL price in ETH.
  3. The larger the Pool ETH Ratio is, the larger the ECL Price Ratio is. The closer the ECL Price Ratio is to one, the less the ECL Price in ETH is to decrease, since at that point ECL sellers would likely transition to using the Soft Sell ECL function.

Conclusion

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