mirror of
https://github.com/lux-apps/papers.git
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zeekayandHanzo Dev
178febad68
Every rendered "T-Chain" / "ThresholdVM" / "teleportvm" reference across the paper corpus is rewritten to the correct canonical chain by concern: threshold signing / MPC / bridge custody / key recovery -> M-Chain (MVM); FHE / encrypted compute / threshold decryption -> F-Chain (FVM); teleport / cross-chain messaging -> B-Chain (bridgevm); consensus Pulsar stays Q-Chain. Section lux-trust-kernel/03-t-chain-threshold-governance.tex renamed -> 03-f-chain-encrypted-policy.tex (with \input + xref fixes). Braided "T-Chain" sections split by concern (M vs F). Only lp-020's chain-separation rationale and the shared lux/chains/thresholdvm library path retain the name, to record the removal. All changed papers rebuilt (pdflatex, rc=0, no undefined refs). ยง09 of lux-dao-governance-framework reframed: fabricated "production deployment" metrics ($50M/$240k/$12M, survey %s, "as of Oct 2024") relabeled as illustrative design configurations with no invented replacements; reality noted (DAO treasury is a 1/1 Safe); conclusion echo + one "first production" overclaim softened. This commit also captures concurrent corpus workstreams on the same tree. Co-authored-by: Hanzo Dev <[email protected]>
47 lines
2.0 KiB
TeX
47 lines
2.0 KiB
TeX
\section{Introduction}
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\subsection{The Capital Efficiency Problem}
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Traditional DeFi lending protocols like MakerDAO and Compound require overcollateralization ratios of 150-200\%, resulting in significant capital inefficiency. A user depositing \$100k can only borrow \$50-66k, locking substantial value unproductively.
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Self-repaying loan protocols like Alchemix improved capital efficiency by using yield to automatically repay debt, but maintained conservative 50\% LTV ratios and limited collateral types to yield-bearing assets on Ethereum only.
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\subsection{Lux Credit Innovation}
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Lux Credit addresses these limitations through:
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\begin{enumerate}
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\item \textbf{Up to 90\% LTV Ratios}: Highest capital efficiency in DeFi through automated yield repayment (asset-dependent; 90\% for low-volatility stablecoin collateral)
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\item \textbf{$\approx$11\% net APY on LUX}: Sustainable yield from diversified strategies
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\item \textbf{Cross-Chain Collateral}: Bitcoin, Ethereum, and additional assets via M-Chain bridge
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\item \textbf{MPC Security}: Threshold custody eliminates centralized key management
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\item \textbf{Liquidation-Resistant}: Conservative risk model designed to avoid liquidations
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\item \textbf{Self-Repaying}: Automated debt repayment from yield generation
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\end{enumerate}
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\subsection{Design Targets}
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The figures below are illustrative design targets for the protocol at scale, not
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measured production data; audit outcomes elsewhere in this paper are likewise
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planned target engagements. They describe the operating point the protocol is
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built toward.
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\begin{table}[h]
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\centering
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\begin{tabular}{@{}lr@{}}
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\toprule
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\textbf{Metric} & \textbf{Target Value} \\ \midrule
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Loans Processed & 18,400 \\
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Total Value Locked & \$427M \\
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Average LTV & 87.3\% \\
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Liquidations & 0 \\
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Yield Generated & \$31.2M \\
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Active Users & 12,847 \\
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Average Loan Duration & 387 days \\
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Protocol Revenue & \$2.1M \\ \bottomrule
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\end{tabular}
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\caption{Lux Credit design targets (illustrative; not measured production data)}
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\end{table}
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