🏺🏺Amphora Protocol🏺🏺

Important Note: This documentation is a work in progress for a protocol that has not yet launched. Follow @AmphoraProtocol on Twitter to keep up to date with more information. There is currently:

• No deployed version of this code.

• No airdrop or pre-sale.

• No official chats or repos that are public.

The Amphora Protocol is a tool designed to extend the usability and liquidity for SUSD (snxUSD) in the V3 of the Synthetix protocol, by creating a vault-based lending market where users can lend and borrow sUSD(v3) against diverse collateral, while also yield farming Convex LP positions.

Similar to Compound V3, Amphora only lends a single asset (sUSD) but unlike Compound each users position is segregated into an individual vault that holds all of their collateral.

When users deposit sUSD to lend, they get $USDA (🥩 certified fresh!). $USDA is a rebasing stablecoin that automatically gains interest from the lending market, without users needing to claim their balances. This allows small depositors to still get their rewards in a timely manner without worrying about the high gas-costs of mainnet. Since the USDA can be used in other protocols (including in a non-rebasing wrapped version $wUSDA 🥙) this allows users to continue to leverage their stablecoin positions while gaining yield.

Rewards

Amphora also has a rewards market, similar to the Convex booster.

When a user deposits Convex LP assets into their vault as collateral, these assets are in turn deposited into Convex on the users behalf. Users will continue to receive their $CRV and $CVX rewards, along with an allocation of the Amphora Protocol token $AMPH 🏺. As the protocol collects $CRV and $CVX, they'll be locked and used to vote for pairs that include $sUSD and $USDA expanding the liquidity in these markets. It is possible for the community to tokenize these positions in the future and allow pass-through voting.

Why Build Amphora?

As the Synthetix ecosystem continues to grow, one of the most important factors for projects like Kwenta, Thales and Lyra is the general availability of $sUSD so that users can create robust, cross-collateral strategies.

For example, by having collateral based borrowing of $sUSD a user could create a delta neutral position:

• Deposit $wBTC as collateral on Amphora.

• Borrow $sUSD from Amphora.

• Short $BTC on Kwenta using their $sUSD balance.

Or, a user could leverage long without having to sell their underlying spot:

• Deposit $WETH as collateral on Amphora.

• Borrow $sUSD from Amphora.

• Use that $sUSD to buy $ETH call options on Lyra.

The availability to seed new capital formation is critical for the grow of the Synthetix ecosystem.

The goal of Amphora is to optimize towards capital efficient flows of $sUSD to increase the TVL of all other projects in the Synthetix ecosystem.

Who is building Amphora?

Amphora is being deployed by OpenOrg, who contribute to multiple open source projects. OpenOrg has been building a larger protocol that uses the code from Amphora as one part of the system. However, OpenOrg noticed the need for capital efficiency in the Synthetix ecosystem and so is launching Amphora as a standalone product as well.

Unlike other projects, Amphora will be entirely community run. After the deployment OpenOrg will have no ownership access to any component of Amphora's contracts. There will be no multisig and no authoritative signer. All aspects of the code will be managed by a crosschain enabled Governor contract and OpenOrg will be just another member of the voting public. Anyone can create a frontend to connect to Amphora, and anyone can propose new changes to Amphora.

A large portion of the $AMPH tokens will instead be earnable by community bounties that are approved by the DAO or voting delegates. However, in the eyes of the initial development goals, Amphora is a completed standalone protocol with no ownership. The original developers make no promises, warranties, or set no expectations of any future changes, modifications, features, expansions, functionality, support or involvement of any kind.

Acknowledging Other Projects

Amphora heavily borrows code from Interest Protocol, Convex and Synthetix, while making sure it's target market is not competitive with each of these projects. For this reason, we'll specifically be setting aside a portion of our bounty tokens to fund tasks and issues related to these other ecosystems as a way of giving back.