Rebasing Mechanism
Overview
CeDeFi V2 introduces an advanced rebasing mechanism that automatically reflects yield earnings in token balances, marking a significant improvement over V1. This implementation leverages the ERC-4626 tokenized vault standard to provide a more streamlined and efficient yield distribution system.
Key Features
Automatic Yield Reflection: Token balances automatically update to reflect earned yield
ERC-4626 Compliance: Implements the standardized tokenized vault interface
Flexible Position Management: Supports partial position modifications and seamless subscription/unsubscription
Technical Implementation
ERC-4626 Integration
The protocol implements the ERC-4626 standard, which provides a standardized interface for tokenized vaults. This offers several advantages:
Rebasing Mechanism
How It Works
When yield is generated, it is automatically distributed proportionally to all token holders
Token balances increase to reflect the earned yield
The underlying asset-to-share ratio is continuously updated
Advantages Over V1
Feature | V1 | V2 |
---|---|---|
Yield Distribution | Manual claim required | Automatic reflection |
Position Management | All-or-nothing withdrawals | Partial withdrawals supported |
Standard Compliance | Custom implementation | ERC-4626 compliant |
Integration Complexity | High | Low |
Security Considerations
All rebasing calculations are performed atomically to prevent exploitation
Share-to-asset conversions include safety checks against slippage
Integrators should implement proper decimal handling for share calculations
Further Resources
Technical Audits: Smart Contract Audit Report
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