📖 Stakease User Guide

Stakease is an innovative overnight capital efficiency solution.

Stakease enables daily staking of stablecoins, with yields tied to the CDI (Interbank Deposit Certificate) rate, turning idle assets into profitable sources without sacrificing liquidity or accessibility. The CDI rate is a benchmark interest rate used in Brazil, similar to the Overnight Indexed Swap (OIS) rate in English-speaking countries. It represents the average interest rate at which financial institutions lend to one another in the Brazilian interbank market.

The dApp is located at https://stakease.kona.finance/.

Key Features:

Daily staking of BRZ tokens
Yields tied to the CDI rate
Efficient capital utilization
Maintained liquidity and accessibility

Core Components:

Stakease Contract:

Manages staking and unstaking of BRZ tokens
Handles yield distribution
Implements role-based access control for various administrative functions
Supports whitelisted stakers to stake on behalf of beneficiaries
Calculates and applies taxes on unstaking based on the staking duration

stBRZ Token:

ERC20 rebasing token representing staked BRZ
Implements a share-based system for balance tracking
Supports minting and burning by authorized roles
Includes pause functionality for emergency situations

wstBRZ Token (Wrapped stBRZ):

ERC4626 compliant wrapper for stBRZ
Non-rebasing version of stBRZ for improved DeFi compatibility
Facilitates easy integration with other protocols

stBRZ and wstBRZ Mechanism:

The stBRZ Token is an ERC20 rebasing token, with a redemption ratio fixed at 1:1 for primary customers. Similar to other fiat-backed stablecoins, it is expected to maintain a close to 1:1 price in the secondary market, driven by arbitrage.

The rebasing functionality is managed through the "shares" concept. Instead of a traditional balance mapping, the stBRZ smart contract records the proportion of the total pool each account holds.

Due to the complexities associated with rebasing tokens in the DeFi space, the wstBRZ contract acts as a wrapper, facilitating integration while ensuring stability.

The wstBRZ contract adheres to the ERC-4626 standard (utilizing the OpenZeppelin framework), allowing users to exchange stBRZ for wstBRZ tokens. stBRZ tokens are rebasing, while wstBRZ tokens are non-rebasing, enhancing their compatibility with DeFi applications.

Rebasing tokens pose well-known challenges for protocols that rely on a fixed balanceOf method (like Uniswap, 1Inch, and Sushiswap), potentially diverting daily rewards away from the intended stBRZ holders. Documented by stETH's issuer, Lido, this issue is significant.

To address this, we've developed a wstBRZ wrapper over stBRZ, mirroring the function of Lido's established wstETH product, and ensuring seamless DeFi integration for stBRZ holders without sacrificing their rewards.

Benefits:

Capital Efficiency: Turns idle assets into yield-generating instruments
Flexibility: Daily staking and unstaking options
DeFi Compatibility: wstBRZ ensures seamless integration with DeFi protocols
Security: Role-based access control and blacklisting capabilities
Transparency: On-chain yield distribution and tax calculations

Notes:

The CDI rate is a benchmark interest rate in Brazil, similar to the Overnight Indexed Swap (OIS) rate in other - countries
The wstBRZ wrapper addresses known challenges with rebasing tokens in DeFi protocols, similar to Lido's wstETH product
The system is designed to maintain a close to 1:1 price for stBRZ in the secondary market through arbitrage