Nov 29, 2022
Resonate Announces Partnership with Redacted to Power Pirex
Overview
We are very pleased to announce our partnership with Redacted. We will complete a full integration with their Pirex products surrounding pxCVX, pxGLP/GMX and explore further iterations. Since launch, Pirex has received over 1,600,000 in CVX deposits, with activity still growing. Now, these users will be able to interact and engage with ‘fixed return’ locks, as a result of the composability of our FNFT technology.
Moreover, we’ll see a direct deployment between Redacted and <Redacted> Institutional Fund. For our initial implementation, we’ll be creating a vault that catalyzes the pxCVX/CVX curve pool to re-peg by enabling a long-tail arbitrage trade to occur — we’ll go into further detail on this further into the article. This Resonate pool is planned with an initial capital deployment up to $25,000 by Redacted, with the option for periodic buybacks when discounts are available.
What are we doing together?
Resonate and Redacted will be pursuing two distinct offerings in concert with one-another. The first of these offerings will be to bring Fixed-Return instruments to pxCVX. Pirex currently has a system in-place that allows for similar functionality to Resonate’s Fixed-Term instruments. However, they have found that many future yield purchasers would prefer to do so on a Fixed-Return, guaranteeing them a certain level of profit from their purchase. Resonate will power this application and Redacted and Revest Finance will be collaborating to offer easy access to this feature through Pirex’s native interface.
The second of these offerings will be a long-tail arbitrage vault. In concert with <Redacted> Institutional Fund, whose identity will be revealed soon Resonate will be offering a novel yield-generation mechanism. Pirex offers a feature by which pxCVX may be unlocked into CVX over time, for a fee. The pxCVX-CVX pool on Curve is frequently off-peg, meaning that pxCVX may be acquired at a discounted rate. Utilizing this redemption mechanism, yields of approximately 10–15% can be realized over 90-day periods. Resonate will be automating this and working in-concert with Redacted and <Redacted> Institutional Fund to restore the peg of pxCVX as often as is needed. This offering is expected to launch within the next few weeks.
What’s to come?
Redacted integration 🏁
More partnerships & integrations utilizing Redacted! ⏳
More strategies & capital deployments utilizing Redacted! ⏳
Pirex
Pirex is a product by Redacted which creates liquid wrappers that allow for auto-compounding and the tokenization of future yield/vote events. In addition, Pirex will also include an ecosystem of applications on top of Pirex liquid wrappers which further enhance the utility of governance tokens for users, enable novel utility and provide yield opportunities which are exclusive to those using Pirex wrappers.
pxCVX (Pirex vlCVX) was the first Pirex liquid wrapper, which was followed by the recent addition of GMX’s pxGLP/GMX wrapper. Pirex extends vlCVX, the governance token from Convex, adding value to ecosystem stakeholders without taking full ownership of their precious CVX. Normally on Convex, CVX must be locked as vlCVX over a 17 weeks period to participate in voting. A long time to be stuck, but it also is the most efficient way to acquire voting power.
Pirex allows users to deposit and convert their CVX tokens into a liquid vlCVX synthetic: pxCVX. If they want, Pirex users will be able to redeem their CVX back by burning pxCVX, or they could enjoy higher annual yield (in the form of CVX) by letting their assets be auto-compounded in the Union-Pirex vault. In addition to allowing users access to their CVX and higher yield, users will be able to collateralize their pxCVX, mint tokens secured by their future yield, and more!
The Pirex team will also be launching a number of applications built on top of the Pirex protocol in the near future, showcasing the broad utility and flexibility of the protocol and the wide range of applications that can be built on top of it.
We look forward to working with the incredible team at Redacted and <Redacted> moving into the future.
About Redacted
Redacted | Twitter | Discord | Docs | Pirex
About Resonate
Resonate is a Yield Futures Protocol developed by Revest Finance and built on top of Revest’s Financial NFT (FNFT) technology. Using Resonate, we’re able to separate the principal and interest components of a position by issuing two FNFTs; one containing the principal and the other containing the rights to future interest on that principal.
Resonate facilitates the commerce of the rights to future interest by matching issuers (who want to sell their interest rights for a one-time upfront payment), and purchasers (who want to buy the rights to future interest for a one-time upfront payment).
Website | Twitter | Telegram | Discord | Docs
About Revest Finance
The Revest Protocol offers a revolutionary new use of NFTs as financial tools through the Financial Non-Fungible Token (FNFT). Individual and enterprise-level users can deposit any ERC-20 or ERC-721 into Revest’s interactive FNFTs and set custom unlocking conditions (time, value, or contract-based).
Revest allows the tokenization of all non-fungible financial positions with non-fungible tokens. This simple turn-key solution offers elegant applications ranging from token vesting to cutting-edge implications for derivative and borrowing/lending platforms. Revest’s flagship product, Resonate, is underpinned, fundamentally, by this innovative technology.
