stUSDC
Staked USDC is an rebasing auto-compounding LST for Circle's USDC and Bloom TBYs
stUSDC vs wstUSDC
There are two versions of StakeUp stTokens, namely stUSDC and wstUSDC. Both are fungible tokens but they reflect the accrued yield differently.
stUSDC
The token's yield is updated every 24 hours through the poke function and rebases constantly as the previous day's yield is dripped to users. A user is able to redeem their stUSDC at a rate 1:1 to USDC
For users not familiar with rebasing tokens:
Token balances will change according to the amount of yield accumulated within the system.
wstUSDC
Provides an alternative to the rebasing version of stUSDC. It has a static balance by representing the share that a user has in the system. At any given time, anyone holding wstUSDC can convert any amount of it to stUSDC at a fixed rate, and vice versa. The rate is the same for everyone at any given moment. This method allows for enhanced composability across DeFi.
For users not familiar with rebasing tokens:
Due to the fact that
wstUSDCis non-rebasing, the user's balance while holding the token will remain static and value accrual be reflected in the exchange rate of the token.
Wrapping
Users can wrap their stUSDC token by calling wstUSDC::wrap . The conversion is based on the current exchange rate, which reflects the total value of stUSDC in circulation.
Unwrapping
Users can unwrap their wstUSDC token by calling wstUSDC::unwrap . The conversion is based on the current exchange rate, which reflects the total value of stUSDC in circulation.
Fees
There is a 10% performance fee on yield generated within stUSDC. This fee is paid fully to the stakers of the SUP token within the StakeUp Protocol.
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