# Introduction The Credit Hub for Restaking. Loop is a money market utilizing smart collateral with automated leverage to maximize capital efficiency and returns of Restaking products. So at its core, Loop allows users to lend and borrow assets, but it’s got some ingenious features that truly set it apart: * Smart Collateral: Loop accepts high-value, yield-bearing LP tokens, like Pendle LPs, Spectra LPs, or DEX LPs as collateral. Not only do these LPs generate yield, but they also accumulate points within the project’s ecosystem. * 5x Leverage: With Loop, you can leverage your position up to 5x. For instance, if you were originally able to be exposed with 1 ETH, Loop allows you to borrow up to 4 ETH more, amplifying your position from 1 ETH to a full 5 ETH. * Auto-Leverage: Loop automates the leverage process, continuously applying the strategy for the chosen pools to your entire leveraged position. This means your 5x position generates even more points and yields automatically.
# Why Loop? Because we are pretty and necessary. we are pretty necessary. I'll explain why. ## Background The decentralized finance (DeFi) industry has grown rapidly, but it’s far from perfect. Significant challenges continue to limit its potential, leaving untapped opportunities in staking, liquidity, and lending markets. Loop is here to solve these problems, offering an innovative solution that transforms how liquidity and yield generation work in DeFi. Let’s explore why LoopFi is the answer to these challenges. ### The Problem Despite DeFi’s rapid growth, the current market faces three critical issues: 1. **Declining ETH Staking Yields**\ Ethereum staking yields have been steadily decreasing. As staking becomes less lucrative, the incentives for users to lock up their ETH diminish. 2. **Liquidity Fragmentation**\ Liquidity is scattered across multiple platforms due to the rise of staking and restaking protocols. This fragmentation reduces the efficiency of the entire ecosystem, as capital is stuck in isolated pools. 3. **Uncollateralizable DEX Liquidity**\ There’s an estimated $15 billion worth of liquidity sitting on decentralized exchanges (DEXs) that cannot be collateralized. This is a significant loss of potential value that could otherwise be utilized for lending and yield generation. ### The Solution: Loop Loop introduces a groundbreaking solution that brings coherence to a fragmented DeFi landscape. * **Unlocking DEX Liquidity**\ Loop allows liquidity providers on DEXs to use their positions as collateral. This means that previously idle liquidity can now be leveraged to generate higher returns, unlocking immense potential for users. * **Unifying Liquidity Across Ecosystems**\ By bridging the gap between DEXs, staking, and lending markets, Loop creates a unified ecosystem. This ensures liquidity flows seamlessly, maximizing efficiency and minimizing silos. * **Driving Market Efficiency**\ Loop drives more liquidity into DEXs while simultaneously increasing the utility of assets within staking and lending markets. This integrated approach ensures that assets remain highly liquid, benefiting the entire ecosystem.

Why Loop

### How Loop Works? Loop tackles these challenges with a cutting-edge approach that combines advanced technology and user-centric strategies: * **ETH Lending and Borrowing**\ Users can borrow ETH against their LP tokens, enabling them to create leveraged positions. This allows them to increase potential returns while making better use of their existing assets. * **$lpETH and $LOOP Tokens**\ By lending ETH to Loop, users receive $lpETH, a liquid, yield-generating asset that can be deployed across DeFi. Additionally, locking $LOOP tokens grants $dLP, unlocking benefits such as protocol revenue, lending yield, and discounts on interest rates. (We will explain the dLP in dedatils later) * **Compounding Returns**\ LoopFi facilitates compounding returns by leveraging liquid lending and yield-bearing strategies, empowering users to maximize their earnings while actively participating in the ecosystem. ### Market Opportunity Loop isn’t just solving problems; it’s unlocking a massive market opportunity: * **DeFi Total Value Locked (TVL)**\ With a total market size of $125 billion, Loop is well-positioned to make a significant impact in the DeFi space. * **Stakers and Institutional Investors**\ Roughly $60 billion of assets are held by stakers and institutions eager to boost their yields, providing a prime target market for Loop’s innovative solutions. * **Liquidity Providers (LPers)**\ LoopFi also caters to LPers managing $10 billion in liquidity, helping them unlock new revenue streams and enhance their positions. ## So, Why Loop? Because Loop makes DeFi better, period. Let's review how: 1. **Unlocking Liquidity**\ Idle DEX liquidity can now be used as collateral, turning unproductive assets into income-generating opportunities. 2. **Streamlined Ecosystem**\ Loop bridges the gaps between staking, lending, and DEXs, making liquidity flow smoothly and efficiently. 3. **Maximized Earnings**\ From ETH borrowing to $lpETH lending and compounding returns, Loop is all about helping you squeeze every drop of value from your assets. 4. **Institutional-Grade Solutions**\ Whether you’re a DeFi enthusiast or an institution looking to optimize yields, Loop has the tools you need.
# Target Users All actors in the Loop ecosystem. ### 1. Lenders {% hint style="success" %} Lenders earn passive yield coming through interest charged from leveraged Liquid Restaking strategies. {% endhint %} Lenders provide the *ETH* that is used to perform carry trades. By depositing *ETH*, lenders can mint *lpETH* which can be used across DeFi to earn points and yield. *lpETH* stakers are earning the borrowing interest charged from Loopers. ### 2. Loopers {% hint style="success" %} Loopers earn actively leveraged restaking yield by performing carry trades. {% endhint %} Loopers borrow *ETH* from the protocol for an interest to buy yielding collateral (e.g., Pendle LRT LP tokens) with it. If the yield of the collateral is greater than the interest charged, they have a successful carry trade and their `Net Position Value` increases over time. The higher the `Loop Factor`, the more capital is borrowed in comparison to their provided principal. The interest charged for borrowing *ETH* is distributed among *dLP* lockers and *lpETH* stakers. By locking >5% of their `Total Looped Position Size` in the dLP, Loopers unlock *LOOP* emissions to reduce their borrowing cost. ### 3. dLP Lockers {% hint style="success" %} dLP Lockers govern over the protocol, earn passive yield and unlock *LOOP* emissions to aligned users. {% endhint %} The dLP describes the liquidity provider token of *LOOP*, consisting of 80% *LOOP* and 20% *lpETH*. Protocol revenue generated not only goes to *lpETH* stakers but also to *dLP* Lockers. The lock can be for either one, three, six, nine, or twelve months; the longer the lock, the greater the boost the user will receive to their voting power and real yield. By granting *LOOP* emissions only to *LOOP* liquidity providers, the full potential of the Loop flywheel is gated to the most protocol aligned users while guaranteeing deep liquidity for the native token.

Loop Target Users

# Launching Loop ## Overview The Launch Sequence has following steps: * The Points Program to bootstrap ETH liquidity * The Protocol Launch * The Token Launch and Airdrop ## Launch Sequence ### The Points Program - ETH Bootstrapping The Loop protocol requires borrowable liquidity (i.e., ETH) which will be sourced from the Loop Points Program. The Points Program incentivizes users to lock ETH or Liquid Restaking Tokens (LRT) into the protocol. In exchange for that, users earn points. Points translate to a share of the 7% Airdrop at TGE. There are 3 epochs to the Points Program, two before and one after the protocol launches. ### The Protocol Launch The protocol launches with the conclusion of the second epoch. The go-live of the Loop protocol is enabling users looping Pendle Restaking LP Tokens and generating real yield for the protocol. The revenue flows to the lpETH stakers. The protocol first launches without the LOOP token and consequently without the option to Boost or earn APR in the dLP. ### The Token Launch The token will launch with an Airdrop. Among all participants of the points program, 7% are distributed with a linear conversion rate. With the token launch, the protocol unlocks its final form. If Loopers want to receive LOOP emissions to recoup the interest they are paying, they can lock 5% of their Total Position Size in the dLP (LOOP-lpETH LP token). This results in buy-side pressure and deep liquidity for the LOOP token. # The Points Program ## Overview The Loop protocol's kickstart requires liquidity (i.e., wETH) which will be sourced from the Loop Points Program. The Points Program incentivizes users to lock ETH or Liquid Restaking Tokens (LRT) into the protocol. In exchange, users earn points (Quaaloops). These points are distributed hourly across all depositors to incentivize early locking. In addition, the program incorporates a referral system. If a referral link is used to make deposits (e.g., ETH or LRT), the referral mechanism allows the referee to earn 20% of the points given to the depositor. At TGE, 7% will be Airdropped with a linear conversion among all participants. ## The Epochs The points program is structured in three epochs. Two take place before the protocol launches, one after. #### Epoch 1: Starting June 20th. In the first epoch, users solely get points for depositing ETH & LRTs and participating in the referral program. #### Epoch 2 With the initiation of Epoch 2, participants can claim their lpETH and get Points for holding lpETH. This claiming transaction automatically converts their deposited LRTs to wETH and puts that wETH in the lending pool, later used for looping. Epoch 2 unlocks another way to earn points: providing liquidity for lpETH. Users who provide liquidity for lpETH and lock the respective LP tokens with Loop, earn a points multiplier compared to just depositing ETH/LRTs and holding lpETH. This ensures deep liquidity for lpETH. #### Epoch 3 With the transition from Epoch 2 to Epoch 3, the protocol launches; enabling Borrowers to loop Pendle Restaking LP Tokens and thereby generating yield for Lenders and Points Program participants. Now users can earn points for all the actions on the protocol: looping, lending ETH and holding the receipt token lpETH, staking lpETH to earn interest, providing liquidity for lpETH, locking lpETH to forfeit yield but maximize points. At 100M TVL the third epoch concludes and the LOOP Token launches, marking the final step of the launch sequence. ## Points **Epoch 1:** * 1 point hourly for depositing 1 ETH * 2 points hourly for depositing 1 LRT * 20% referral bonus on all actions * 50% penalty of existing points for every withdrawal **Epoch 2:** * 1 point hourly for holding 1 lpETH * 20% referral bonus on all actions * 5 points hourly for locking LP-tokens of lpETH (valued in ETH) **Epoch 3:** * 2 points hourly for holding 1 lpETH * 1 point hourly for staking 1 lpETH and earning yield * 5 points hourly for locking 1 lpETH and forfeiting yield * 10 points hourly for LP- of lpETH (valued in ETH) * 1 points hourly for looping [accepted collateral](broken://pages/WIaA1ASXgX1M9RELNY4o) * 20% referral bonus on all actions \ \ Frequently Asked Questions --------------------------
Can I withdraw my deposits? In Epoch 1 you can withdraw at any time. Please note that withdrawing results in a 50% slashing of the active points generated by that asset. Once withdrawn, points generated by that asset, become "inactive" and arent affected by further withdrawals. In Epoch 2 withdrawals are disabled in preparation of the protocol launch. However, you can always sell your receipt token lpETH on a DEX.
Why do I need to convert my deposits to wETH and mint lpETH with the transition of Epoch 1 to Epoch 2? The purpose of the Loop Points Program is to bootstrap the lending/borrowing liquidity pool. This liquidity pool only accepts wETH (no LRTs) to be liquidity for Loopers (borrowers). For every wETH deposited, you get lpETH at a 1:1 rate. This lpETH can then be used across DeFi, i.e., provided as liquidity on a DEX, sold back for ETH, staked to receive Loop protocol revenue or maybe even used as collateral on secondary markets.
Do I also get Eigenlayer and LRT Points? This is up to the restaking protocols. We are in talks with all of them to have our smart contracts considered in their Points Programs. Once they do, you also get the respective LRT- and Eigenlayer points. **It is shown on our frontend what points are currently supported.** Please note that once you mint lpETH, your LRTs are converted to wETH and you stop earning the respective points.
How long do the epochs last? To remain flexible in development decisions, there isn't a definitive answer to this. However, a 7-day notice period will be provided before the start of each epoch, allowing participants time to make informed decisions. The transition from Epoch 1 to Epoch 2 will occur shortly before the protocol launch, making Epoch 2 very brief. 6 months after launching the protocol or after reaching $100M in TVL (whichever comes first) Epoch 3 ends.
# Quaaloops Calculation Guide ## Quaaloops Calculation Guide ### Core Principles Quaaloops are LoopFi's points system used during the Pool Points Party. The calculation follows these key principles: * **Base Rate**: 1 Quaaloop per hour per ETH * **Asset-Specific Rates**: Values for non-ETH assets are derived from their ETH-denominated price * **Multipliers**: Applied based on action type to incentivize desired protocol behaviors ### Standard Calculation ``` Quaaloops = Amount × Base Rate × Time Period × Action Multiplier ``` ### Action-Based Multipliers | Action | Multiplier | | ------------------ | ---------------- | | Holding lpAsset | 2x | | Staking lpAsset | 1x | | Locking lpAsset | 5x | | LP-lpAsset | 10x | | Looping Collateral | 1x x Loop Factor | ### Non-ETH Asset Calculation For assets like BNB, weETH, or other collateral: ``` Rate = (Asset Price in ETH) × Base Rate ``` For example, if BNB is worth 0.15 ETH: ``` BNB Hourly Rate = 0.15 × 1 quaaloop = 0.15 quaaloops per hour ``` ### Referral Program Referrers earn 20% of the Quaaloops generated by their referees. ### Additional Bonuses * Turtle Club membership: +51% points on all actions * Lock dLP: 3x points (Post TGE) ### Important Notes * Points conversion to $LOOP tokens occurs at TGE (7% of total LOOP supply allocated) * Points accumulation is calculated hourly and distributed in real-time # Loop Olympics ## Overview So here’s the deal: 7% of our airdrop is reserved for Loop protocol users, and another 1% will go to **Loop Olympics participants** based on the contribution they've made for the community. ## What the heck is Loop Olympics? Well, it’s simple. It’s all about social interactions, epic vibes, and showing some serious Loop love. Or in Web3 terms, think of it as our very own **Loyalty Program**, but way cooler: you earn loyalty points that can be redeemed for LOOP tokens during the TGE, from contributing to Loop in your own unique ways and focusing on what your passion lies in. Okay, some quick examples: 🧙‍♀️ If you're a meme/emojis master, then go ahead and create some hilarious memes or cool emojis for the community. By doing what you're great at, you'll boost your standing and earn future rewards. 📖 If you’re great at writing and love analyzing DeFi projects, or just want to share Loop vibes/updates, you’re definitely a top player. 🥳Not a content creator? No problem! Just follow, join the fun, and dive into our events and campaigns. You'll rack up rewards because we absolutely love party animals! ## How to participate Loop Olympics? Getting pumped yet? Before you jump into the fun, let's lay down some rules so you can enjoy the game to the fullest! * Galxe platform will be our main arena, you will accomplish your tasks and stack up the points there * Consistency is key! This isn’t a one-time thing. The more tasks you complete, the more we’ll track and reward you. Rewards won’t be raffled but will be carefully selected based on contributions. * Be active in our community and get your name on the radar of the team; * You can be banned if you copy other people’s work, submit other’s work as your own, or plagiarise others or your own submissions. * The ratio between Loop Olympics points and LOOP Token will be determined later after the TGE. **Best of luck, champions 🎉** # Earning (Passive Agressive) Within Loop ecosystem, lenders, or creditors, play a crucial role by providing ETH for others to leverage, receiving lpETH as a receipt token. For the Lenders, we are providing three unique strategies for you to earn on Loop: Staking, Locking and LPing. So what are those strategies about? And what's the difference between them? And how to earn on Loop exactly? We will explain with the example of ETH Lenders. ## Universal Step One: Get lpETH No matter which strategies you are going to apply to earn on Loop, you will need to obtain lpETH first. ### So what is lpETH? lpETH is essentially a receipt token. When you lend out 1 ETH, you receive 1 lpETH in return. Those who hold lpETH are our valued Lenders. ### How to obtain lpETH? Easy! You can head to and buy lpETH with ETH or WETH at a 1:1 ratio. Or, if you previously participated in Epoch 1, AKA the Pool Points Party and deposited your LRT assets into the Loop protocol, you can simply Convert your LRTs, such as eETH, ezETH, rswETH, etc., into WETH, and mint lpETH with the WETH at a 1:1 ratio here at ## Step Two: Start to Earn with lpETH Since we've got the lpETH already, head to and here you could see there are three unique strategies for you to earn with your lpETH: Stake, Lock and Balancer liquidity Lock.

Earn with lpETH

### Strategy One: Staking First thing first, staking lpETH will earn you yield with a high APR and Quaaloops at a 1x boost. Lenders can engage in a passive earning strategy by staking *lpETH*, which **collects yields** from different leveraged restaking strategies employed by active participants known as Loopers. Loopers utilize the *ETH* provided by lenders to multiply their exposure to Loop Restaking Tokens (LRT) and pay interest. This interest is accumulated in a pool and continually distributed to both *dLP* lockers and *lpETH* stakers, thus rewarding lenders with a share of the protocol revenue. When staking *lpETH* users receive *slpETH*. * Users do NOT need to do anything but hold *slpETH* to receive yield. * Yield is not paid directly to *slpETH* holders; rather, it accumulates within the staking contract, which results in the "value" of *slpETH* rising over time. Users are able to unstake their slpETH at any time, at which point they receive an amount *lpETH* reflecting the staked amount plus any increase in value of *slpETH* from the time the user staked until unstaking. * The amount of *slpETH* a user will receive when staking *lpETH* will depend on the current value of *slpETH.* At launch the value will be 1 *slpETH* = 1 *lpETH*, but *slpETH* is expected to slowly increase in value as protocol yield is transferred into the Staking smart contract. ### Strategy Two: Locking Lenders can also choose to lock their lpETH on Loop. For that, instead of receiving yield based on a high APR, lenders will receive a **5x** boost for the points, AKA, the Quaaloops, and which will guarantee them a higher $LOOP airdrop. This strategy is more for pure LOOP airdrop farming. ### Strategy Three: LPing The third strategy for lenders to earn is to provide liquidity to the pool of lpETH-WETH on Balancer and lock the LP on Loop. By doing that, lenders can earn 10x boost for Quaaloops and along with the yields from the Balancer pool. Here, you get the combo of points and yields. ## lpETH Action Overview * *lpETH* can be bought with *ETH* * *lpETH* can be traded on DEXes * *lpETH* can be staked (for *slpETH*) to receive borrowing interest * *lpETH* can be locked in the dLP to unlock the Boost or receive borrowing interest * *lpETH* can be provided as liquidity on various DEXes * *lpETH* can be locked * *lpETH* can be redeemed for *ETH* ## Risks An inherent risk within the Loop ecosystem arises when an looped collateral experiences rapid depegging. If the value of an underlying collateral depegs more swiftly than liquidation mechanisms are triggered, this can lead to scenarios where *lpETH* becomes undercollateralized. In such cases, the protocol could accumulate bad debt, jeopardizing the stability and security of the pooled assets. This risk underscores the importance of vigilant monitoring and responsive adjustment of liquidation thresholds to maintain the integrity and safety of the lending system. An additional risk involves the potential depegging of *lpETH*. Should the concentrated liquidity for *lpETH* prove insufficient, selling pressure could affect the lpETH to *ETH* exchange rate. While this scenario would not directly trigger liquidation events on the Loop platform, it could cause such events on other protocols where *lpETH* is accepted as collateral. Additionally, a depeg could impact the realization of rewards from staking *lpETH*. # Staking APR The APR you're seeing is a **virtual** one, calculated using the formula: **Interest rate ×** [**Utilization rate**](/the-protocol/earning-passive-agressive/utilization-rate) **× (lpETH supply / slpETH supply)** However, it's important to note that rewards **only accrue when someone repays their debt.** This means while the displayed APR reflects potential earnings based on market conditions, actual returns depend on borrower activity—no repayments, no rewards.

lpETH Staking APR

# lpAsset The APR you're seeing is a **virtual** one, calculated using the formula: **Interest rate ×** [**Utilization rate**](/the-protocol/earning-passive-agressive/utilization-rate) **× (lpETH supply / slpETH supply)** However, it's important to note that rewards **only accrue when someone repays their debt.** This means while the displayed APR reflects potential earnings based on market conditions, actual returns depend on borrower activity—no repayments, no rewards.

lpETH Staking APR

# Utilization Rate The more the liquidity in the lending/borrowing pool is utilized, the higher the interest rate. ### Two Tick Utilization Curve The profitability of Lenders depends on the Utilization Rate *U* - the higher utilization, the higher the interest rate. All strategies share the same rate. The interest rate is calculated the following: $$ r(t) = \begin{cases}  r\_0+ \frac{U(t)}{U\_1} (r\_1-r\_0), & U(t) \leq U\_1 \  r\_0 + r\_1 + (U(t)-U\_1) \frac{r\_2}{U\_2-U\_1}, & U(t) \in (U\_1,U\_2].\  r\_0 + r\_1 + r\_2 + (U(t) - U\_2) \frac{r\_3}{1-U\_2}, & (U(t) > U\_2   \end{cases} $$ The two-tick model introduces three states essentially: * **0 - 50% Utilization:** cheap to borrow * **50 - 80% Utilization:** high but acceptable rate for borrowing * **80 - 100% Utilization:** very expensive to borrow
r_0r_1r_2r_3U_1U_2
01525605080
### Extra Rates On top of the regular interest rate described above, the DAO can vote to charge an additional rate for every strategy individually. The additional fees are distributed among the [lenders](broken://pages/77FsdM18N8ThnnLw5bNG) (thus making APYs higher) and the [dLP Lockers](/the-protocol/dlp-locking-dynamic-liquidity-and-boost). # Looping (Leveraged Restaking) Loopers earn actively leveraged restaking yield by performing carry trades. ## Intro Loop accepts [an array](broken://pages/WIaA1ASXgX1M9RELNY4o) of liquidity provider tokens from [Pendle](https://www.pendle.finance) Liquid Restaking strategies as collateral. Users can borrow *ETH* (i) to automatically acquire additional collateral, thus establishing a leveraged position. Loopers are required to vigilantly monitor the loan-to-value threshold and interest rate assigned to each collateral asset to maintain the health of their position. {% hint style="info" %} ETH cannot be borrowed manually. Instead it is used in the background to automatically loop/leverage supported collateral. {% endhint %} ## Boost Note: will be live after the TGE. Loopers maintaining a dynamic Liquidity (dLP) value that exceeds 5% of their `Total Position Size` qualify to receive *LOOP* token emissions, which can offset the cost of borrowing interest. For users with multiple looped positions, it is necessary to exceed the 5% threshold across the aggregate of all positions to activate any enhancement. It is not possible to apply a boost to just one position. Further details about the Boost and the *dLP* mechanism are available on the [dLP page](/the-protocol/dlp-locking-dynamic-liquidity-and-boost). {% content-ref url="/pages/XEGaaiEsEcYEupK6ZhVO" %} [dLP Locking (Dynamic Liquidity & Boost)](/the-protocol/dlp-locking-dynamic-liquidity-and-boost) {% endcontent-ref %} ## Rewards and Fees ### **Yield** The Base Yield leveraged from the collateral automatically accumulates within the collateral itself, enhancing the `Total Position Size` and `Net Position Value`. A profitable carry trade is contingent upon the yield from the collateral surpassing the interest rate charged. ### **Boost** LOOP emissions acquired through Boosting need to mature over a 90-day vesting period. The vesting process incorporates a progressively decreasing penalty for early withdrawals, starting with a 90% reduction and diminishing to 25% over this period. This design encourages participants to commit to the full vesting duration, thereby optimizing their potential rewards. If a user opts to Zap their maturing rewards into the dLP, they must contribute 20% in *lpETH* and lock it alongside their *LOOP* rewards for a minimum of three months. This commitment not only yields platform revenue but also secures eligibility for additional *LOOP* emissions from lending and borrowing activities, particularly if the 5% threshold is no longer met. ### **Fees** The sole fee imposed is the interest on borrowed *ETH*. This dynamic interest rate is derived from the [utilization rate](broken://pages/qSsTcYHAD4uCZQyKOoyM), reflecting the proportion of *ETH* available in the Reserve Pool. Users can track the fluctuating interest rate through the position overview, ensuring transparency and informed decision-making. ## Risks The primary risk for Loopers is the potential for liquidation, which can occur due to two main factors: 1. The underlying asset depegs and threatens the Minimum Collateral Ratio (LTV). 2. The interest charged exceeds the base yield of the collateral and the debt increases to a threshold that threatens the Minimum Collateral Ratio. Additionally, it's important to consider the liquidity of the underlying assets involved in the strategy to minimize significant price impacts when initiating or unwinding loops. # UI Guide / Glossary UI and leverage terms explained,
### Left Box
LabelDescription
Loop FactorHow much the position size is leveraged with borrowed capital
Looped APRThe looped Annual Percentage Rate (APR) is a dynamic figure that adjusts with fluctuations in the Base APR or interest rates. It encompasses the leveraged Base APR, the interest paid, and, if applicable, the Boost APR. This calculation does not take into account the effects of compound interest.
Slippage
Total Position SizeThe total value that is invested in the yielding asset comprises both the principal and the borrowed capital. Price impact is not considered with this value.
Market Price
Execution Price
Boost Position (Toggle)
(will only live after the TGE)		Activating the toggle locks 6% of the Total Position Size in the dynamic Liquidity Pool (dLP) for one month. This action activates the boost, enabling the receipt of interest rebates through LOOP emissions (Boost APR) and additional dLP APR. For those wishing to lock more than 6% or extend the duration beyond one month, adjustments can be made on the Homepage or the dLP page.
### Position Info
LabelDescription
ValueThis value is calculated by subtracting the Total Debt from the Total Position Size. It represents the amount that can potentially be withdrawn from the position and is expected to increase over time.
LeverageThe loop factor you've applied to your position
APY
(click to check the breakdown)		Same with Looped APR, is a dynamic figure that adjusts with fluctuations in the Base APR or interest rates. It encompasses the leveraged Base APR, the interest paid, and, if applicable, the Boost APR. This calculation does not take into account the effects of compound interest.
  • Levered Yield
The leveraged Base APR
  • Points APR
Here we crafted our points calculator using Pendle YT market data - it shows what traders are actually willing to pay for future points value. And based on market pricing we calculate your APR for you.
  • Borrow Cost
This represents the annualized interest paid on the borrowed capital or debt associated with the position.
PointsThe points your leveraged position generates hourly.
### Liquidation Info
LabelDescription
Current Market PriceThis is the price of the asset associated with the underlying strategy, expressed in ETH. Should the price of the asset decrease, the Loan-to-Value (LTV) ratio will increase, potentially leading to the liquidation of the position.
Liquidation PriceThe Liquidation Price is the price level at which your position will be liquidated. If the price of the collateralized asset (the one tied to the underlying strategy) drops to this level, the Loan-to-Value (LTV) ratio will exceed the allowed threshold, triggering liquidation. Essentially, it’s the "danger zone" price that you want to avoid.
Liquidation Buffer

The Liquidation Buffer is an extra margin or "safety cushion" above the Liquidation Price. It gives you a bit of breathing room before your position is liquidated. This buffer accounts for market volatility, sudden price swings, and transaction costs, ensuring that the liquidation doesn’t occur prematurely due to minor fluctuations.

Think of it as a protective layer that gives you time to take corrective action (like repaying part of your loan or adding more collateral) to avoid liquidation.

### Rewards The rewards you can claim for providing LP to the pool you are looping.
LabelDescription
RewardsThe claimable rewards for adding liquidity to the pool you are looping
# Credit Accounts A Credit Account is an isolated smart contract which contains both the user funds and the borrowed funds. This is where your leverage is. After you open an account, all the operations go through this account and the assets stay on it as well. You can see a Credit Account as your automated leveraged DeFi wallet. > Every user has their own Credit Account. Funds on a Credit Account are used as collateral for debt, and users can operate these funds by sending orders to their Credit Accounts. ### # Liquidations Liquidation on Loop is extremely rare, even amidst price fluctuations and volatility, thanks to its delta-neutral design. \ When leveraging strategies with Loop, your open position serves as collateral for external protocols/actions: this includes both your initial funds and the borrowed amount obtained from the protocol. Loop continually monitors the composition of your portfolio and can assess its value at all times, with all calculations made in the underlying borrowed asset in which you opened that position. Loop employs a risk model to continuously evaluate the quality-value of an open position. For each position, it calculates a health factor. This health factor is publicly accessible, allowing anyone to check it and liquidate positions with a health factor less than 1. {% hint style="warning" %} As a user managing a looped position, it's crucial to closely monitor your health factor. Maintaining a health factor just above 1 places you at risk of liquidation, as even minor fluctuations in market values can quickly bring it below this critical threshold. {% endhint %} ## Liquidation Fee If an open position is liquidated, a certain percentage of the assets goes to the third-party liquidator who carried out the liquidation, while another portion is allocated to the dLP and lpETH stakers. These liquidation fees can vary between different strategies, depending on the designated safety margin for liquidation errors. * 3-4% going to the liquidator * 1,5% to dLP / lpETH staker ## Definitions ### Health Factor The Health Factor is a numerical indicator of the stability of your account. Should your Health Factor fall below 1, or approach this critical level, you are at risk of facing liquidation. The higher this value, the more secure your position is considered. $$ HF (t)= \frac{TWV(t)} {b(t)+interest accrued(t)} $$ | b(t) | borrowed amount | | ---- | --------------- | ### Total Value Represents the Positions balance in the underlying asset. $$ TV (t)= \sum c\_i (t) \* p\_i (t) $$ | c\_i | balance of the i-th asset in the position | | ---- | ---------------------------------------------------------------- | | p\_i | price if i-th asset calculated in underlying asset (from oracle) | ### Threshold Weighted Value $$ TWV(t)= \sum min(Q\_i(t), c\_i(t)\*p\_i(t), LT\_i) $$ | Q\_i | Quota amount for i-th asset in the position | | ----- | ---------------------------------------------------------------- | | c\_i | balance of the i-th asset in the position | | p\_i | price if i-th asset calculated in underlying asset (from oracle) | | LT\_i | the Loan-To-Value liquidation threshold for the i-th asset | ### Liquidation Threshold Liquidation thresholds represents maximum allowable ratio of Loan-To-Value for the i-th asset (LTV is reciprocal of over-collaterization ratio of i-th asset). LT\_i for underlying asset is constant and equals: $$ LT\_U = 100%-Liquidation  Premium - Liquidation  Fee $$ Loop uses statistics of 5-min, 15-min, 1h change of i-th asset's price (price is in the underlying asset) for the last 180 days. {% hint style="info" %} Anybody can run a liquidator bot and secure the protocol. You can chat about setting up your bot and other liquidator-things in [Discord](https://discord.gg/mVqf2Q5Whg). {% endhint %} # How to Loop ## Opening a position Opening a position works the following. 1. Select the strategy you want to leverage 2. Chose the asset you want to deposit (does not need to be the underlying collateral of the strategy) 3. Select the desired Loop factor (which determines how much you want to leverage the underlying collateral) 4. Enable or disable the Boost (will be live after the TGE) 5. Check the Liquidation Buffer (You might want a safe protective layer that gives you time to take corrective action) 6. Check if the price impact and the `Borrow Cost <> Levered Yield` ratio is reasonable 7. Click Loop and confirm the Transactions in your wallet.
The ETH borrowed from the lenders and the asset you chose to deposit are then converted to the underlying collateral of the strategy, thus looping your yield and points. ## Boosting a Position Note: This feature will be live after the TGE. Users can opt-in to boost their position by depositing >5% of their Total Position Size into the dLP. This not only gives them a reinbursement of the interest charged in LOOP tokens but also unlocks the real yield distributed in the dLP. The default Boost Setting are set to lock 6% of the position for 1 month.

Opening a Position (with Boost)

## Closing a position Closing a position essentially means paying back the debt you have in ETH to the Reserve Pool. The rest is paid out in either the underlying collateral or in ETH. # Points APR How We Calculate Implied APR for Points Although Points don't have an official APR, we can derive an implied APR by examining what users are willing to pay for Points "yield" in the Pendle & Spectra YT markets. The following formula demonstrates our method for calculating the implied APR for Points: $$ APR\_{implied} = \text{Looping Multiplier} \times \left(\frac{YT\_{price}}{\text{Points Multiplier} \times \text{DTE}}\right) \times 100 \times 365 $$ ### Implied APR Formula Terms Defined: $$ \text{Looping Multiplier} = \text{Loop Factor} \times \text{Points Multiplier} $$ $$ YT\_{price} = \text{YT}  Oracle\_{price} $$ $$ \text{DTE} = \text{YT Days Until Expiry} $$ By combining the Levered APR stemming from Native Yield and the Points APR, we can calculate the Total Looped APR as follows: $$ \text{Total Looped APR} = \text{Native Yield APR} + \text{Points APR} $$ {% hint style="info" %} To convert APR to APY, apply the continuous compounding formula: $$APY=e^{APR}−1$$ {% endhint %} ### Example Calculation of APR ynETH with EigenLayer Points and Yieldnest Seeds $$ APR\_{implied} = \text{Looping Multiplier} \times \left(\frac{YT\_{price}}{\text{Points Multiplier} \times \text{DTE}}\right) \times 100 \times 365 $$ ynETH Points Implied Yield is a sum of both EigenLayer Points and Yieldnest Seeds
ynETH VaultLooping MultiplierPoints Multiplier
ynETH 5x153 Yieldnest, 1 EigenLayer
# dLP Locking (Dynamic Liquidity & Boost) dLP Lockers hold governance power over the protocol, earn passive yield, and unlock LOOP emissions. These features will go live only after the token's TGE (Token Generation Event). {% hint style="info" %} The LOOP token (and therefore the dLP) launches after the protocol. {% endhint %} The official governance token of Loop is the dLP, which stands for the dynamic Liquidity Pool token. The dLP token represents ownership in a locked *80LOOP-20lpETH* Balancer Pool Token, a structure inspired by Radiant. This design ensures that LOOP liquidity scales in tandem with the protocols adoption and serves as a demand sink for lpETH. dLP lockers enjoy several benefits, including: * **The Boost:** Enables activation of *LOOP* emissions for leveraged restaking positions. * **dLP Real Yield:** Entitles holders to a portion of the platform's fee revenue in *ETH*. * **Governance:** Provides voting power for making decisions concerning the governance of the Loop protocol. The duration of the lock can vary—1 month, 3 months, 6 months, or 12 months—with longer locks yielding a higher multiplier on real yield earnings. This multiplier remains in effect until the lock expires, after which the user may opt to automatically renew the lock or exit their position. Additionally, any yield accrued by the locked dLP can be claimed at any time without vesting requirements. ## The Boost Loopers maintaining a dLP value exceeding 5% of their `Total Position Size` qualify for *LOOP* token emissions to offset borrowing costs incurred from leveraging. The duration of the lock influences the *dLP* APR significantly, although it's not a requirement for eligibility. Importantly, the 5% threshold must be met across all looped positions collectively; it is not possible to activate the boost for individual positions alone. ### **Rewards** LOOP emissions obtained through boosting undergo a 90-day vesting period. This period features a progressively decreasing penalty for early withdrawals, starting at 90% and tapering to 25%, designed to incentivize participants to commit to the full duration to maximize their potential rewards. Users opting to Zap their maturing rewards into the dLP must add 20% in lpETH and lock it along with their *LOOP* rewards for at least three months. This commitment not only generates the user platform revenue but also ensures continued eligibility for additional *LOOP* emissions. ### Discqualification Bounites Loop introduces a mechanism for users meeting the 5% *dLP* threshold to disqualify non-compliant users for a bounty by operating a liquidation bot. This disqualification system helps prevent accounts with expired dLP from illicitly collecting platform fees and stops underqualified users from receiving *LOOP* emissions. Bounty hunters are compensated for relocking *dLP* for users with the "auto-relock" feature enabled and for executing auto-compounds for users who have opted for this feature. This approach promotes further decentralization within the protocol's operations, allowing users to eliminate non-compliant participants, thus benefiting both the protocol and themselves. To avoid disqualification, users should maintain or exceed the 5% *dLP* threshold. Disqualifications due to expired *dLP* locks can be circumvented by activating the “auto-relock” option on the Manage page, ensuring uninterrupted receipt of platform fees. ## Real Yield As specified, dLP lockers can choose a locking duration ranging from 30 days up to 360 days. It's important to note that the chosen locking duration does not influence the 5% threshold required to activate *LOOP* emissions for Loopers. The locking duration, however, does significantly impact the multiplier applied to the real yield earnings of the *dLP*, which serves to further align incentives within Loop. The multipliers are structured as follows: * **12-month dLP locks** will receive a **25x multiplier** on their real yield earnings, in comparison to 1-month locks. * **6-month dLP locks** will receive a **10x multiplier** on their real yield earnings, relative to 1-month locks. * **3-month dLP locks** will receive a **4x multiplier** on their real yield earnings, compared to 1-month locks. * **1-month dLP locks** will not receive any multiplier on their real yield earnings. This tiered multiplier system incentivizes longer commitment periods, enhancing the potential rewards for those who opt for extended lock durations. ## Governance The Loop DAO will be established shortly after the launch of the protocol. Holders of *dLP* tokens have the right to vote on significant protocol decisions, including the approval of new collateral types and adjustments to existing protocol parameters. This governance function allows dLP lockers to contribute to the strategic evolution of the Loop protocol by participating in decision-making processes that affect its operation and development. # Contract Addresses ## Ethereum Mainnet ### ETH based looping * **lpETH (ETH Lending):** 0xa684eaf215ad323452e2b2bf6f817d4aa5c116ab * **slpETH (lpETH staking):** 0x3976d71e7DdFBaB9bD120Ec281B7d35fa0F28528 * **Locking lpETH:** 0x110f00b890102A7534484db8b3C5695Bd49De27b * **Locking WETH-lpETH:** 0x0FD87690fcd1Ae9245edB7de8c598AEcCFaf427c * **Spectra ynETH Looping:** 0x9bfcd3788f923186705259ae70a1192f601beb47 * **Spectra ynETH Oracle:** 0xeD4E4F000C5fc8cf22F2Bf2EA23E64F38a5Fa216 * **Reward Manager Spectra:**\ 0xCaf5e9cB6F005ed95F0a00edAdd16593467eE852 ### USD based looping * **lpUSD (USDC Lending):** 0x0eecBDbF7331B8a50FCd0Bf2C267Bf47BD876054 * **slpUSD (lpUSD staking):** 0xBFB53910C935E837C74e6C4EF584557352d20fDe * **Locking lpUSD (lpUSD staking):** 0xACA47DE7910FD8f108B147d69ADDBaC6Cc18966E * **Spectra sdeUSD Looping:** 0xbb23b7acde2b3a2e6446b16cd3dd471b0d80342c ## BNB Chain * **lpBNB (BNB Lending):** 0xed166436559fd3d7f44cb00cacda96eb999d789e * **slpBNB (lpBNB staking):** 0x76a173580ac0456fd208a593722998d6b5b7063d * **Locking lpBNB:** 0x7Cdd4fc8715e5A45E0f9424b7D0e630E1aCF5BC4 * **Pendle clisBNB Looping:** 0x03C07e6d561b664246058974dB31dbF1c1C0B416 * **clisBNB Oracle:** 0xC63e9279410d37C0A25D094e26Cddbb73aEd7d95 # Security Understanding the risks associated with Loop {% hint style="danger" %} Please reach out to **** if you have a security disclosure. {% endhint %} ## Bug Bounty There is an ongoing bug bounty for $100.000 on **code4rena**. * **Bug Bounty:** ## Audits ### **Audit 1 - Watchpug (Full protocol)** * **Points Program:** * **Loop Protocol:** Report #01 \ Report #02 [https://notes.watchpug.com/p/1909aa8a565HVvGe ]()\ Report #03 \ Report #04 \ Report #05 ### **Audit 2 - Code4rena (Full protocol)** * **Points Program:** * * * **Loop Protocol:** * ### **Audit 3 - Code4rena (Full protocol)** * **Loop Protocol:** * ### **Audit 4 - Watchpug (USD Looping + Penpie)** * **USD Looping:** * [https://notes.watchpug.com/p/194fd8129c57dF1P]() * **Penpie Integration:** * * * [https://notes.watchpug.com/p/1956031b374KRSUi]() ## Risks The Loop Protocol is designed with an emphasis on safety and security, yet, the inherent risks associated with any DeFi smart contracts are present. Our contributors have conducted extensive reviews of the smart contracts and conducted third-party audits to detect potential platform vulnerabilities before launch. However, the potential of partial or total loss of your funds due to certain risks cannot be disregarded: * **Smart Contract Vulnerabilities** * **Depeg Events / Liquidations** * **3rd Party Protocol Risk (i.e., Pendle)** * **Bad Debt** * **Key Management** * **Reliance on Ethereum** * **LRT Risk (i.e., Slashing)** ### Economic Risk Additionally, some sections of the site display information about reward rates, yield rates or other transaction-related rates. These rates include additional tokens that could be earned through Loop and might be presented as "APYs", "APRs", or other similar terms. These are forward-looking projections, which, despite being based on historical data, are subject to many simplifications, assumptions, risks, and uncertainties. These could lead to a substantial variation in the eventual token-denominated 'Rate.' While these rates are not meant to be exact predictions of the actual future Rate of a Pool, they serve as illustrative projections likely to be eventually inaccurate.
# Brand Assets {% file src="/files/GREE1EMro7MVCo0sw5Sd" %} {% file src="/files/1m3P6CYwFiJxvq2dFm7m" %} **Loop Meme Assets** {% embed url="" %} Loop Meme Assets {% endembed %} # The Ecosystem

The Loop Ecosystem Illustrated

# The Tokenomics ## Distribution The Distribution is split across two main venues. Community and Team + Investors #### Community 61% * **20% Community Incentives:** Protocol emissions will decline from a high water mark at launch and come to an end after six years * Year 1: 35% * Year 2: 25% * Year 3: 15% * Year 4: 10% * Year 5: 8% * Year 6: 7% * **11% Airdrops:** * 7% Quaaloops * 1% Loop Olympics * 3% Additional Community Airdrops * **25% DAO Treasury:** 24m linear vesting, no cliff or TGE release. * **5% Liquidity Bootstrapping:** Used as launch liquidity. #### Team and Investors 39% * **24% Core Contributors:** 24m linear vesting, no cliff or TGE release. * **5% Advisors:** 24m linear vesting, no cliff or TGE release. * **10% Investors:** 16m linear vesting, 1 month cliff, 5% unlock at TGE ## Utility * LOOP can be locked in the dLP to govern over the Loop DAO * LOOP can be locked in the dLP to unlock community incentives * LOOP can be locked in the dLP to earn yield charged through interest payments # 介绍 再质押借贷的信用中心 Loop 是一个专注于以太坊套利交易的借贷市场。用户可以将各种长尾的流动性再质押衍生品（例如 Pendle LP 代币）作为抵押品，以借出 ETH，从而提升收益和积分的敞口 {% hint style="info" %} 套利交易涉及借入低利率货币，然后将其投资于利率更高的货币或资产，旨在从利率差异中获利。本质上，这就像是以低成本借钱，投资于能带来更高回报的资产。 {% endhint %} 借款人支付的利息将分配给 ETH出借者 (lenders) 和dLP锁仓者 (lockers)，从而奖励更高的协议对齐度，帮助Loop 实现规模扩展。 * 出借者 (Lenders) 将收到一个收据代币lpETH，可以在DeFi生态中使用，或质押以赚取ETH的被动收益。 * 循环套利者 (Loopers) 可以将产生收益的LRT衍生品作为抵押品来借出ETH，用于执行基于ETH的套利交易。 * dLP锁仓者 (Lockers)可以将协议的治理代币 $LOOP 锁定在动态流动性(dLP)仓位中，以赚取协议收入 * 循环套利者**(**Loopers）可以通过将总套利仓位的5%锁定在dLP中，来抵消借款成本，从而有效降低支付的利息。 通过为LRT 及其LP 代币提供可负担的信贷，Loop 为所有致力于以太坊再质押市场的协议创造了一个公平的竞争环境。

Loop - The Credit Hub for Restaking.

# 目标用户 Loop 生态系统中的所有参与者。 ### 1. 出借者 (Lenders) {% hint style="success" %} 出借者通过赚取利息来获得被动收益。 {% endhint %} 出借者 (Lenders) 提供ETH 来实现套利者 (Loopers) 的套利交易。通过存入ETH，出借者 (Lenders) 可以铸造lpETH，lpETH 可以在DeFi协议里使用以赚取积分和收益。质押lpETH的用户将获得从套利者 (Loopers) 那里收取的利息作为收益。 ### 2. 循环套利者 (Loopers) {% hint style="success" %} 循环套利者 (Loopers) 通过执行套利交易，主动赚取杠杆化的再质押收益。 {% endhint %} 循环套利者 (Loopers) 从协议中借出ETH，支付利息后用这部分ETH购买产生收益的抵押品（例如Pendle LRT LP代币）。如果抵押品的收益率高于支付的利息，他们的套利交易就是成功的，其净头寸价值也会随着时间的增加而增加。 杠杆系数（Loop Factor）越高，相较于其提供的本金，能借出的资金就越多。 借出ETH 需要支付相应的利息，这些利息收益将分配给dLP 锁仓者 (dLP Lockers) 和lpETH 质押者, 也就是出借者 (Lenders)。循环套利者 (Loopers) 如果将其总套利仓位的5%以上锁定在dLP中，可以解锁 $LOOP代币奖励，从而降低借款成本。 ### 3. dLP 锁仓者 (dLP Lockers) {% hint style="success" %} dLP锁仓者 (dLP Lockers) 负责协议治理，赚取被动的利息收益，并为与协议目标高度一致的用户解锁$LOOP 奖励。 {% endhint %} dLP 是$LOOP 的 LP代币，由80%的 $LOOP和20%的lpETH 组成。协议生成的收入不仅会分配给lpETH质押者，还会分配给dLP锁仓者 (dLP Lockers)。锁仓期限可以为1、3、6、9或12个月；锁仓时间越长，用户获得的投票权和实际收益就越大。 通过仅向$LOOP 流动性提供者发放 $LOOP 代币奖励，Loop将协议的全部潜力赋予与其高度对齐的用户，同时保证原生代币拥有深度流动性。

Loop Target Users

# 为什么选择 Loop? 为什么 DeFi 需要一个专注于再质押的信用中心? ## 产品与市场的契合度 自以太坊采用权益证明（Proof-of-Stake）以来，收益成为了其最显著的特性之一。自2022年底以来，数百亿美元资金流入流动性质押代币（LSTs）。最近，Eigenlayer引入的再质押功能更是吸引了大量资本。支撑这场加密原生收益追逐游戏的，是动态的 DeFi 借贷生态，它允许用户通过抵押质押或再质押资产进行借贷，从而放大其收益敞口。随着再质押功能在未来几个月内上线，以及以太坊凭借ETF实现机构级的广泛接受，信用需求预计将进一步增长。 然而，对当前支持ETH套利交易（即借贷成本低于杠杆化抵押品收益）的借贷平台进行快速分析后可以发现，仍有优化的空间。目前用户通常有两种方式操作： * 使用ETH抵押品来借贷美元 * 使用ETH抵押品来借贷ETH 对于第一种方式，由于DeFi借贷平台需要通过保守的贷款价值比（LTV）来防范坏账风险，同时只接受有限的LST作为抵押品，因此借款人能获得的杠杆有限。结果是，借款人通常只能借到抵押品价值的70%到80%。 而对于第二种方式，使用以ETH计价的流动性质押代币（LST）或流动性再质押代币（LRT）作为抵押来借贷ETH的平台，能够提供更高的贷款价值比，因为资产与负债之间的错配不如前者那么明显（尽管抵押品可能出现价格脱钩的风险）。不过，在基于利用率的利率模型下，这种方式通常会导致较高的资本成本，从而变得不具吸引力。 {% hint style="success" %} **Loop 作为一种混合解决方案应运而生，能够在ETH收益上提供高杠杆，同时为目标一致的借款人提供有利的长期利率。** {% endhint %}

为什么选择 Loop?

## 差异化（独特卖点） ### **独特的抵押品** Loop 协议的抵押品包括 Pendle 的 LRT LP 代币。与其他协议（例如 Silo）使用的 PTs 不同，LP 代币具有独特的优势。它们让参与者无需权衡即可同时获得收益和积分。Pendle 的 LP 代币本身就能产生可观的收益，使用户可以有效地同时累积积分和收益。 ### **通过 lpETH 实现创新借贷** Loop 协议的借贷体验通过收据代币 lpETH 得到了显著提升。受 Ethena 模型启发（使用 USDe 替代直接的 USDT 借贷），lpETH 被设计为一种高收益的 ETH 衍生品。 lpETH 的应用场景不仅限于质押，还被赋予了多样化的二次使用价值。这种设计扩展了 lpETH 的潜在用途，提升了质押 APR，从而吸引更多的借贷资本进入 Loop 协议。 ### **Loop 的代币经济模型** Loop 协议的核心目标之一是提高 lpETH 的 APR，以吸引更多的借贷资本。通过套利操作将收益和积分结合起来，这实际上为用户提供了一种“免费午餐”的机会，同时也让协议能够收取可观的利率，从而维持 lpETH 的高 APR。循环套利者 (Loopers) 可以通过在 dLP（动态流动性）中锁仓资金来抵消其借贷成本。 这种模式借鉴了 Radiant 的成功经验，dLP 是通过将 $LOOP-lpETH 的 Balancer LP 代币锁仓最长达一年获得的。只要参与者将其总套利仓位的 5% 锁仓于 dLP 中，即可获得 $LOOP 奖励，从而抵消所支付的利息。这一机制要求用户购买并锁定 $LOOP，确保协议具有深度流动性，同时使其能够收取更高的利率。这一策略不仅维持了高流动性水平，还支持了协议的快速增长，成功地借鉴了 Radiant 在链上流动性管理中的经验。 # 启动 Loop ## 概览 启动序列包括以下步骤： * 积分计划：用于建立 ETH 流动性; * 协议启动 * 代币发布和空投 ## 启动序列 ### 积分计划 - 建立ETH 流动性 Loop 协议需要可借贷的流动性（如 ETH），该流动性将通过 **Loop 积分计划** 提供支持。积分计划激励用户将 ETH 或 Liquid Restaking Tokens (LRT) 锁定到协议中。作为回报，用户将赚取积分。积分将转化为 TGE 时 7%的 空投份额中的一部分。 积分计划共有 3 个周期，其中**：**前两个周期在协议启动之前进行，最后一个周期在协议启动后进行。 ### 协议启动 协议将在第二个积分周期结束时启动。Loop 协议上线后，用户可以开始循环使用 Pendle Restaking LP 代币，并为协议生成实际的利息收益。这些收益将流向 lpETH 抵押者，即出借者 (Lenders)。 协议最初不会推出 $Loop 代币，因此在初期，用户无法通过 dLP（动态流动性）进行 Boost 或赚取 APR。 ### 代币发布 代币发布将伴随空投进行。在所有积分计划参与者中，7% 的代币将线性兑换。 * 代币发布后的最终效果： * 协议进入最终形态； * 如果用户希望通过 $LOOP 激励来弥补支付的利息成本，他们可以将总套利仓位的 5% 锁定在dLP池子里（LOOP-lpETH LP 代币）； * 这将带来买方压力并为 $LOOP 代币提供深度流动性。 # 积分计划 ## 概述 Loop 协议的启动需要流动性（即 wETH），这将通过 Loop 积分计划来获取。积分计划激励用户将 ETH 或流动性再质押代币（LRT）锁定在协议中。作为回报，用户将获得积分（Quaaloops）。存款者将每小时都收到积分，以此来激励早期锁仓。 此外，此计划还包含一个推荐机制。如果通过推荐链接进行存款（例如，ETH 或 LRT），推荐人将获得存款人获得的积分的 20%。 在 TGE 时，7% 的代币将以线性转换的方式空投给所有参与者。 ## 三个阶段 积分计划分为三个阶段。前两个阶段发生在协议启动前，最后一个阶段在协议启动后。 #### **第一阶段：从 6 月 20 日开始** 在第一阶段，用户仅能通过存入 ETH 或者 LRT 以及参与推荐计划来获得积分。 #### 第二阶段 第二阶段启动后，参与者可以领取他们的 lpETH，并通过持有 lpETH 来获得积分。这一领取交易会自动将他们存入的 LRT 转换为 wETH，并将这些 wETH 放入借贷池中，后续用于套利操作。 第二阶段还解锁了另一种获得积分的方式：为 lpETH 提供流动性。为 lpETH 提供流动性并将相应的 LP 代币锁定在 Loop 中的用户，相比于仅存入 ETH/LRT 或者持有 lpETH 的用户，他们将获得积分倍增奖励。这确保了 lpETH 的深度流动性。 #### 第三阶段 从第二阶段过渡到第三阶段时，协议启动；这将使循环套利方 (Loopers)对 Pendle LP代币的套利行为成为可能，从而为出借者 (Lenders)和积分计划参与者贡献收益。 现在，用户可以通过协议上的所有操作来获得积分：杠杆套利、出借 ETH 并持有收据代币 lpETH，质押 lpETH 获得利息，为 lpETH 提供流动性、锁定 lpETH 虽牺牲收益但可以最大化积分。 当 TVL 达到 1 亿时，第三阶段结束，$LOOP 代币上线，标志着启动序列的最终步骤完成。 ## 积分 **第一阶段** * 每存入 1 ETH，每小时获得 1 积分 * 每存入 1 LRT，每小时获得 2 积分 * 所有操作可获得 20% 推荐奖励 * 每次提款将扣除现有积分的 50% **第二阶段** * 每持有 1 lpETH，每小时获得 1 积分 * 所有操作可获得 20% 推荐奖励 * 每锁定 1 lpETH 的 LP 代币（以 ETH 计算价值），每小时获得 5 积分 **第三阶段** * 每持有 1 lpETH，每小时获得 2 积分 * 每质押 1 lpETH，每小时获得 1 积分， 并获得收益 * 每锁定 1 lpETH ，每小时获得 5 积分，并放弃收益 * 每提供 1 lpETH 流动性（以 ETH 计算价值），每小时获得 10 积分 * 套利操作，每小时获得 1 积分 * 所有操作可获得 20% 推荐奖励 \ \ 常见问题 ----
我能取回我的存款吗? 在第一阶段，您可以随时提款。请注意，提款会导致该资产所产生的有效积分被削减 50%。一旦提款，该资产所产生的积分将变为“非活跃”状态，不再受到后续提款的影响。 在第二阶段，为了准备协议的启动，提款功能将被禁用。然而，您始终可以在去中心化交易所（DEX）上出售您的收据代币 lpETH。
为什么在从第一阶段过渡到第二阶段时，我需要将我的存款转换为wETH并铸造lpETH？ Loop 积分计划的目的是为借贷流动性池子提供启动资金。这个流动性池仅接受wETH（不接受LRTs）作为套利方（Loopers）的流动性。 每存入1个wETH，您将获得1:1 比例的lpETH。然后，您可以在DeFi中使用这些lpETH，例如，在DEX上提供流动性、卖回ETH、质押以获得Loop协议的收入，甚至可能将其用作二级市场上的抵押品。
我也会获得Eigenlayer 和LRT 积分吗？ 这取决于那些再质押协议。我们正在与所有这些协议进行洽谈，希望他们将我们的智能合约纳入他们的积分计划。一旦他们同意，您也将获得相应的LRT和Eigenlayer积分。当前支持的积分将在我们的前端展示。 请注意，一旦您铸造lpETH，您的LRT将被转换为wETH，并且您将停止赚取相应的Eigenlayer 或者LRT 积分。
每个阶段持续多长时间？ 为了保持开发决策的灵活性，目前没有一个确定的答案。不过，我们将在每个阶段开始前提供7天的通知期，让参与者有足够的时间做出明智的决策。 从阶段1 到阶段2 的过渡将在协议启动前不久进行，因此阶段2 会非常简短。 协议启动后6个月或TVL达到1亿美元（以先到者为准），阶段3结束。
# 出借 (赚取被动 ETH 收益) 出借者(Lenders) 获得被动收益，这些被动收益是套利者 (Loopers) 支付杠杆套利的借款利息。 在Loop 生态系统中，出借者 (Lenders) 或债权人是关键角色，他们通过提供以太坊（ETH）以供他人使用杠杆，并获得收据代币 lpETH。lpETH 是基于收益的以太坊衍生品（YED），作为多种再质押策略的高收益指数，将为出借者 (Lenders) 提供多样化的收益来源，同时仍以ETH为单位。 ## 质押 出借者 (Lenders) 通过质押lpETH，参与被动收益策略，即来自循环套利者 (Loopers) 支付的杠杆套利的利息。循环套利者 (Loopers) 利用出借者 (Lenders) 提供的ETH，通过杠杆来增加他们所参加的 LRT的收益与积分的敞口来支付利息。这些利息被积累到一个池子中，并持续分配给dLP锁仓者 (*dLP* lockers) 和lpETH质押者，从而实现通过协议收入奖励出借者 (Lenders)。 当质押lpETH 时，用户会收到slpETH * 用户只需要持有slpETH 即可获得收益； * 收益不会直接支付给slpETH持有者，而是累积在质押合约中，导致slpETH 的“价值”随着时间的推移而不断上升。用户可以随时取消质押他们的slpETH，在取消质押时，他们将收到一个与质押金额及slpETH从质押到取消质押期间的增值相对应的lpETH数量。 * 用户在质押lpETH 时获得的slpETH 数量将取决于当前slpETH的价值。启动时，slpETH的价值为1 slpETH = 1 lpETH，但随着协议收益转入质押智能合约，slpETH的价值预计将逐步上升。 ## **行动概述** * lpETH可以用ETH铸造 * lpETH可以在DEX上交易 * lpETH可以质押（获得slpETH）以收到借款利息 * lpETH可以锁定在dLP中以解锁Boost或接收借款利息 * lpETH可以作为流动性提供给各种DEX * lpETH可以锁定 * lpETH可以赎回兑换成ETH ## 风险 Loop 生态系统中固有的风险存在于当循环套利的抵押物出现快速脱锚时。如果底层抵押物价值的脱锚速度比清算机制触发的速度更快的时候，可能导致lpETH变得抵押不足。在这种情况下，协议可能会积累坏账，从而危及池资产的稳定性和安全性。这个风险强调了对清算门槛的监控和快速响应调整的重要性，以维护借贷系统的完整和安全。 \ 另一个风险是lpETH可能发生脱锚。如果lpETH的集中流动性不足，卖压可能会影响lpETH与ETH的兑换率。虽然这种情况不会直接触发Loop平台上的清算事件，但可能会在lpETH被其他协议接受作为抵押时触发此类事件。此外，脱锚可能会影响质押lpETH的奖励实现。 # 利用率 借贷池中的流动性使用率越高，利率就越高。 ### **两段式利用率曲线** 出借者 (Lenders)的收益取决于利用率 U —— 利用率越高，利率越高。 所有策略共用相同的利率公式: $$ r(t) = \begin{cases}  r\_0+ \frac{U(t)}{U\_1} (r\_1-r\_0), & U(t) \leq U\_1 \  r\_0 + r\_1 + (U(t)-U\_1) \frac{r\_2}{U\_2-U\_1}, & U(t) \in (U\_1,U\_2].\  r\_0 + r\_1 + r\_2 + (U(t) - U\_2) \frac{r\_3}{1-U\_2}, & (U(t) > U\_2   \end{cases} $$ 两段式模型引入了三个利用率阶段： * **0% - 50% 利用率：** * 借贷成本较低，利率较为便宜。 * 适合大多数借款人进入市场，流动性充足。 * **50% - 80% 利用率：** * 借贷成本显著提高，但仍处于可接受范围内。 * 这一阶段的利率设置旨在平衡借贷需求和流动性供应，吸引更多的出借者 (Lenders) 加入。 * **80% - 100% 利用率：** * 借贷成本非常高，利率呈指数级上升。 * 此阶段鼓励还款，同时抑制进一步借贷，确保协议不因流动性过度利用而失衡。
r_0r_1r_2r_3U_1U_2
01525605080
### 附加利率 在常规利率的基础上，DAO 可以单独针对每种策略投票决定收取额外利率。 * **收益分配：** 1. 额外费用的一部分分配给出借者 (Lenders)，从而提升出借者 (Lenders)的年化收益率（APY）。 2. 另一部分分配给 dLP 锁仓者 (dLP Lockers)，进一步激励长期支持协议的用户。 # 循环套利（杠杆式再质押） 通过执行套利交易，循环套利者（Loopers）可获得杠杆再质押的主动收益。 ## 简介 流动性再质押策略的一系列流动性提供者代币（LP Tokens）作为抵押品。用户可以借出 ETH (i)，系统会自动使用这些 ETH 获取额外的抵押品，从而建立杠杆头寸。循环套利者 (Loopers) 需要密切关注每种抵押资产的**贷款价值比（LTV）** 和 **利率**，以确保其头寸的健康状况。 {% hint style="info" %} ETH 不能手动借出，而是在后台被自动用于支持抵押品的循环/杠杆操作。 {% endhint %} ## 加成机制 (Boost) 当循环套利者 (Loopers) 的动态流动性（dLP）价值超过其总头寸规模的 5% 时，即可获得 $LOOP 代币的排放奖励。这些代币奖励可以抵消部分借贷利息的成本。 * **多头寸整合：**\ 如果用户拥有多个循环杠杆的头寸，则其动态流动性（dLP)的价值需要超过所有头寸总和的5%，才能激活加成机制 (boost），单个头寸无法单独应用提升机制。 关于加成机制和 dLP 的详细信息，请参阅 **dLP 页面**。 {% content-ref url="/pages/XEGaaiEsEcYEupK6ZhVO" %} [dLP 锁仓（动态流动性与加成）](/chinese/the-protocol/dlp-suo-cang-dong-tai-liu-dong-xing-yu-jia-cheng) {% endcontent-ref %} ## 奖励与费用 ### **收益** **基础收益**\ 通过抵押品加杠杆所获得的基础收益会自动积累在抵押品本身中，从而增加总仓位规模（Total Position Size）和净仓位价值（Net Position Value）。只有当抵押品的收益率超过借款利率时，加杠杆交易才能实现盈利。 ### **加成奖励 (Boost)** 通过加成 (**Boost)** 获得的 $LOOP代币奖励需要经过**90天的成熟期**才能完全解锁。在成熟期内，越早提取奖励，罚金越高，反之越靠近成熟期，罚金越少，从最初的90%递减至25%。这一设计旨在鼓励用户坚持完整的成熟期，从而将潜在奖励最大化。 如果用户选择将未成熟的奖励快速转化 (Zap) 并注入动态流动性（dLP），他们必须额外贡献相当于奖励价值 20% 的 lpETH，并将其与 $LOOP 奖励一同锁定至少三个月。这种承诺不仅能够带来平台收入，还能确保用户在借贷活动中继续获得额外的 $LOOP 代币释放，特别是在无法满足 5% 门槛的情况下。 ### **费用** 唯一收取的费用是借贷 ETH 的利息。此动态利率由利用率决定，反映了储备池中可用 ETH 的比例。用户可以通过头寸概览追踪不断变化的利率，从而确保透明性并作出明智的决策。 ## 风险 对于循环套利者 (Loopers)而言，主要风险是可能发生清算，清算可能由以下两个主要因素引发： * 基础资产脱锚，威胁到最低抵押率（LTV）。 * 收取的利息超过了抵押品的基础收益，债务增加到威胁最低抵押率的阈值。 此外，务必考虑策略中涉及到的基础资产的流动性，以尽量减少在开启或结束杠杆循环时对价格造成的重大影响。 # UI指南 / 术语表 以下是对Loop 协议中UI 和杠杆术语的解释：

开仓位 (启用加成)

### 左边框
标签描述
Loop Factor通过借来的资本将仓位加几个杠杆
Estimated Total APR杠杆循环后年利率（APR）是一个动态数字，会随着基础年利率或利率的波动而调整。它包含了杠杆化后的基础年利率、支付的利息，以及（如果适用的话）加成后的年利率。此计算未考虑复利效应
Boost Position (Toggle)启用切换后，将锁定总仓位的6%在动态流动性池（dLP）中，期限为一个月。此操作将激活提升功能，允许通过 $LOOP 代币发行（提升年利率）和额外的dLP年利率获得利息回扣。对于希望锁定超过6%或延长锁定期限超过一个月的用户，可以在主页或dLP页面进行调整。"
### Position Info
标签描述
Total Position Size投资于收益资产的总价值包括本金和借来的资本。此价值未考虑价格影响
Total Debt所有借来并产生利息的仓位资本。此余额需要在平仓时偿还
Net Position Value此值通过从总仓位大小中减去总债务来计算。它代表可以从仓位中提出的潜在金额，并预计随着时间的推移而增加。
Boost Value这代表了分配到动态流动性池（dLP）的债务部分。如果用户希望增加该数值（投资超过仓位的6%）、延长投资期限超过一个月，或者在不使用借来资本的情况下进行投资，他们可以从主页或dLP页面激活提升功能。一旦仓位打开后，该数值将不再可见，因为激活提升功能适用于用户持有的所有仓位。当前的dLP数值和dLP年利率可以在dLP页面进行查看。
### 套利交易信息
标签描述
Total Position Yield该指标反映了整个仓位的年化收益，计算方式为基础收益乘以循环因子 (Loop Factor)。此计算未考虑复利效应，并且不包括任何来自提升的贡献
Total Interest这代表了与仓位相关的借来的资本或债务所支付的年化利息。
Boost APR该术语指的是在符合提升条件的仓位上，以 $LOOP 代币形式分发的年化利息回扣。提升年利率（Boost APR）可能会根据LOOP价格波动、发行计划以及所有符合条件仓位的总锁仓价值（TVL）发生变化。需要注意的是，这个年利率不包括由动态流动性池（dLP）产生的收益；有关dLP表现的详细信息，用户应直接查阅dLP页面。一个活跃仓位可能会低于所需的5%门槛
Looped APR借贷资本支付的利息，以及（如果适用的话）加成年利率。此计算未考虑复利效应。
### 风险信息
标签描述
Current Market Price这是与基础策略相关的资产价格，按ETH表示。如果资产价格下降，贷款价值比（LTV）将上升，可能导致仓位被清算。
Loan To Value该比率衡量总债务与总仓位大小之间的关系。在新仓位建立时，较低的贷款价值比（LTV）可以降低在脱钩事件发生时突破清算门槛的风险。
Health Factor健康因子是仓位健康和风险的数字化表示。当健康因子接近或低于1时，可能触发清算。数字越高，仓位越安全。
Liquidation LTV这是贷款价值比（LTV）必须达到的特定阈值，才能触发仓位的清算事件。
### 预计收益 来自收益抵押物的奖励会进行复利计算，从而导致净仓位价值增加。来自加成 (boost) 的奖励可以在dLP页面领取
标签描述
Per Day 此数字来源于'循环年利率' (Looped APR)，并按日进行计算。
Per Month带有每日复利的'每日'值。
Per Year年化收益率。
# 支持的DeFi 策略 Loop 协议最开始允许用户利用以下策略： * Pendle LP - eETH (**Ether.fi**): * Pendle LP - ezETH (**Renzo**): * Pendle LP - rsETH (**Kelp**): * Pendle LP - rswETH (**Swell**): * Pendle LP - uniETH (**Bedrock**): * Pendle LP - pufETH (**Puffer**): # 清算 在使用 Loop 进行杠杆策略时，您的开盘仓位作为外部协议/操作的抵押物：这包括您的初始资金和从协议中借贷的金额。Loop 会持续监控您的资产组合，并能随时评估其价值，所有计算都以您开设该仓位时借贷的基础资产为准。 Loop 采用风险模型来持续评估一个开盘仓位的质量高低值。对于每个仓位，它都会计算一个健康因子。这个健康因子是公开的，任何人都可以检查它并清算健康因子小于 1 的仓位。 {% hint style="warning" %} 作为管理循环杠杆仓位的用户，密切关注您的健康因子至关重要。仅仅保持健康因子略高于1会使您面临清算风险，因为市场价值的轻微波动可能会迅速将其拉低到这一临界值以下。 {% endhint %} ## 清算费用 如果一个开放仓位被清算，资产的某些部分将分配给执行清算的第三方清算者，另一个部分则分配给dLP 和lpETH 的质押者。这些清算费用可能因不同的策略而有所不同，取决于为防止清算错误所设定的安全边际。 * 3-4% 归第三方清算者 * 1.5% 归 dLP / lpETH质押者 ## 一些定义 ### 健康因子 健康因子是衡量您账户稳定性的一个数值指标。如果您的健康因子跌至1以下或接近这个临界值，您就面临清算的风险。健康因子越高，您的仓位也将被认为越安全。 $$ HF (t)= \frac{TWV(t)} {b(t)+interest accrued(t)} $$ | b(t) | 借款金额 | | ---- | ---- | ### 总价值 表示基础资产中头寸的余额。 $$ TV (t)= \sum c\_i (t) \* p\_i (t) $$ | c\_i | 头寸中第 i 个资产的余额 | | ---- | ------------------------- | | p\_i | 通过预言机计算的第 i 个资产以基础资产计价的价格 | ### 加权阈值价值 $$ TWV(t)= \sum min(Q\_i(t), c\_i(t)\*p\_i(t), LT\_i) $$ | Q\_i | 头寸中第 i 项资产的配额数量 | | ----- | ------------------------ | | c\_i | 头寸中第 i 项资产的余额 | | p\_i | （通过预言机）以基础资产计算的第 i 项资产价格 | | LT\_i | 第 i 项资产的贷款价值比 (LTV) 清算阈值 | ### 清算阈值 清算阈值表示第i个资产的最大可允许贷款价值比（LTV是第i个资产的超额担保比率的倒数）。第i个基础资产的LT\_i是恒定的，等于： $$ LT\_U = 100%-Liquidation  Premium - Liquidation  Fee $$ Loop使用过去180天内，第i个资产价格（以基础资产计算）的5分钟、15分钟和1小时的变化统计数据。 {% hint style="info" %} 任何人都可以运行清算机器人并保护协议。你可以在 [Discord](https://discord.gg/mVqf2Q5Whg)上讨论如何设置你的机器人和其他与清算相关的事宜。 {% endhint %} # 操作指南 ## 开设仓位指南 开设仓位的流程如下： 1. 选择你想要杠杆操作的策略 2. 选择你想要存入的资产（不一定是策略的基础抵押品） 3. 选择期望的 Loop 倍数（决定你要杠杆多少基础抵押品） 4. 启用或禁用加成 (Boost) 5. 检查健康因子（LTV 和清算阈值） 6. 检查价格影响和利率与基础收益的比率是否合理 7. 点击“Loop”并在钱包中确认交易

开设仓位（不启用 Boost）

从出借者 (Lenders) 借来的ETH和你选择存入的资产将被转换为策略的基础抵押品，从而实现杠杆收益和积分。 ## 提升仓位 用户可以选择通过将超过其总仓位的5%的金额存入dLP来提升他们的仓位。这不仅会让他们获得以 $LOOP代币形式返还的利息，还能解锁dLP 中分配的真实收益。默认的提升设置是将仓位的6%锁仓1个月。

开设仓位（不启用 Boost）

## 关闭仓位 关闭仓位实际上是指将你在 ETH 中的债务偿还给储备池。偿还债务后，其余部分会以基础抵押品或 ETH 的形式支付给你。 # dLP 锁仓（动态流动性与加成） dLP 锁仓者治理协议，获得被动收益以及解锁 $LOOP 的排放。 {% hint style="info" %} $LOOP 代币（以及 dLP）将在协议启动后推出 {% endhint %} Loop 的官方治理代币是 dLP，代表动态流动性池代币（Dynamic Liquidity Pool Token）。dLP 代币代表在一个锁仓的 80LOOP-20lpETH Balancer 池代币中的所有权，这一结构受 Radiant 启发设计。此设计确保 $LOOP 流动性与协议的采用率同步增长，并作为 lpETH 的需求池。 dLP 锁仓者享有多重福利，包括： * **加成 (Boost)**：为杠杆再质押头寸开启 $LOOP 排放。 * **dLP 实际收益**：持有者有权获得平台费用收入的一部分，以 ETH 支付。 * **治理**：提供投票权，决定与 Loop 协议治理相关的事务。 锁仓期限可以有所不同——1个月、3个月、6个月或12个月——较长的锁仓期限会产生更高的实际收益乘数。该乘数在锁仓期结束前有效，锁仓期结束后，用户可以选择自动续约或退出头寸。此外，任何由锁仓 dLP 累积的收益都可以随时领取，无需经过归属要求。 ## 加成 (Boost) 保持 dLP 价值超过其总头寸规模 5% 的 套利者 (Loopers) 将有资格获得 $LOOP 代币排放，以抵消由于杠杆效应而产生的借款成本。锁仓的持续时间对 dLP 年化收益率 (APR) 产生显著影响，尽管这不是获得资格的必要条件。需要注意的是，5% 的门槛必须在所有循环杠杆头寸的总和上满足；无法仅针对单个头寸启用加成 (Boost)。 ### **奖励** 通过 Boost 获得的 $LOOP 代币排放将经历一个 90 天的归属期。该期间对提前提取的惩罚会逐渐减少，从 90% 开始，最终降至 25%，旨在激励参与者承诺整个归属期，以将潜在奖励最大化。 选择将未到期奖励 "Zap" 到 dLP 的用户必须额外添加 20% 的 lpETH，并与 $LOOP 奖励一起锁定至少三个月。此承诺不仅为用户创造平台收入，还确保其继续有资格获得额外的 $LOOP 排放。 ### 资格取消赏金 Loop 引入了一种机制，允许达到 5% dLP 阈值的用户通过操作清算机器人来取消不合规用户的资格，从而获得赏金。该取消资格系统有助于防止 dLP 锁仓到期的账户非法收取平台费用，并防止不合格的用户获得 $LOOP 代币的排放。 赏金猎人通过两个途径来获得赏金：帮这些使用“自动重新锁仓”功能的用户们重新锁定 dLP，或者为选择了该功能的用户们执行自动复利。这种做法进一步促进了协议操作的去中心化，使用户能够清除不合规参与者，从而使协议和用户自身都能受益。 为了避免被取消资格，用户应保持或超过 5% 的 dLP 阈值。由于 dLP 锁仓到期导致的资格取消，可以通过在“管理”页面启用“自动重新锁仓”选项来避免，确保能够不间断地收取平台的费用。 ## 真实收益 如前所述，dLP 锁仓者可以选择从 30 天到 360 天不等的锁仓期限。需要注意的是，所选的锁仓期限不会影响套利者 (Loopers) 激活借款费用补偿的 5% 阈值。 然而，锁仓期限会显著影响 dLP 真实收益的乘数，从而进一步对齐 Loop 内的激励机制。乘数结构如下： * 相较于dLP锁仓一个月的用户，锁仓12 个月的用户将得到25 倍真实收益乘数； * 相较于dLP锁仓一个月的用户，锁仓6 个月的用户将得到10 倍真实收益乘数； * 相较于dLP锁仓一个月的用户，锁仓3个月的用户将得到4 倍真实收益乘数； * 1 个月的 dLP 锁仓者，将不会获得任何真实收益的乘数。 这种分级乘数体系鼓励用户选择更长期的锁仓期，从而为选择延长锁仓期限的用户提供更高的潜在奖励。 ## 治理 Loop DAO 将在协议启动后不久成立。dLP 代币持有者有权投票决定重要的协议事项，包括批准新的抵押品类型和调整现有协议参数。此治理功能使得 dLP 锁仓者能够通过参与决策过程，为 Loop 协议的战略演进做出贡献，从而影响协议的运营和发展。 # 代币经济学 $LOOP 代币的经济模型 ## 额度分配
## 分配计划 * **39% 社区激励**：协议代币奖励将从启动时的高峰值逐年下降，并在六年后结束： * 第一年：35% * 第二年：25% * 第三年：15% * 第四年：10% * 第五年：8% * 第六年：7% * **20% 空投**：预计将在代币生成事件（TGE）时释放约10%，剩余10%将在后续空投中发放。 * **5% 流动性启动**：用于提供初始流动性。 * **4% 合作伙伴**： * 1.5% 给关键意见领袖（KOL）：20% 于 TGE 释放，其余80%以6个月线性解锁。 * 2.5% 给顾问：10% 于 TGE 释放，其余90%以18个月线性解锁。 * **15% DAO 金库**：24个月线性解锁，无锁定期，也无 TGE 释放。 * **17% 核心贡献者**：24个月线性解锁，无锁定期，也无 TGE 释放。 ## 实用性 * $**LOOP** 可以锁定在 **dLP** 中以参与治理 **Loop DAO**。 * $**LOOP** 可以锁定在 **dLP** 中以解锁社区奖励。 * $**LOOP** 可以锁定在 **dLP** 中，从协议收取的利息里来赚取收益。 {% content-ref url="/pages/XEGaaiEsEcYEupK6ZhVO" %} [dLP 锁仓（动态流动性与加成）](/chinese/the-protocol/dlp-suo-cang-dong-tai-liu-dong-xing-yu-jia-cheng) {% endcontent-ref %} # Security Understanding the risks associated with Loop {% hint style="danger" %} Please reach out to **** if you have a security disclosure. {% endhint %} ## Bug Bounty There is an ongoing bug bounty for $100.000 on **code4rena**. * **Bug Bounty:** ## Audits ### **Audit 1 - Watchpug** Watchpug Security () has audited the Points Program and the audit for the entire protocol is currently ongoing. They were selected for their historical success on Code4rena. * **Points Program:** * **Loop Protocol:** Report #01 \ Report #02 [https://notes.watchpug.com/p/1909aa8a565HVvGe ]()\ Report #03 \ Report #04 \ Report #05 ### **Audit 2 - Code4rena** * **Points Program:** * * * **Loop Protocol:** * ## Risks The Loop Protocol is designed with an emphasis on safety and security, yet, the inherent risks associated with any DeFi smart contracts are present. Our contributors have conducted extensive reviews of the smart contracts and conducted third-party audits to detect potential platform vulnerabilities before launch. However, the potential of partial or total loss of your funds due to certain risks cannot be disregarded: * **Smart Contract Vulnerabilities** * **Depeg Events / Liquidations** * **3rd Party Protocol Risk (i.e., Pendle)** * **Bad Debt** * **Key Management** * **Reliance on Ethereum** * **LRT Risk (i.e., Slashing)** ### Economic Risk Additionally, some sections of the site display information about reward rates, yield rates or other transaction-related rates. These rates include additional tokens that could be earned through Loop and might be presented as "APYs", "APRs", or other similar terms. These are forward-looking projections, which, despite being based on historical data, are subject to many simplifications, assumptions, risks, and uncertainties. These could lead to a substantial variation in the eventual token-denominated 'Rate.' While these rates are not meant to be exact predictions of the actual future Rate of a Pool, they serve as illustrative projections likely to be eventually inaccurate.
# Brand Assets {% file src="/files/GREE1EMro7MVCo0sw5Sd" %} {% file src="/files/1m3P6CYwFiJxvq2dFm7m" %} # The Ecosystem

The Loop Ecosystem Illustrated