lUSDT Token

lUSDT is an BRC-20 token representing ownership of the deposited USDT and its accrued earnings. It functions as a yield-bearing asset and can be used as collateral in other DeFi protocols or as an over-collateralized stablecoin supported by the lUSDT Vault liquidity.

lUSDT Price Update

• The price of lUSDT is updated at the start of each Ptic cycle, based on accumulated rewards and PnL.

• The Vault’s Collateral Rate and lUSDT price are conservatively estimated, considering only positive PnL.

Ptic System

The Ptic system defines the operational cycle for the lUSDT Vault, with each Ptic lasting 3 days. Liquidity providers can request withdrawals only during the first two days of each cycle, with a daily withdrawal limit set to ensure the Vault's liquidity stability.

Vault Collateral Rate

At the end of each Ptic cycle, the Vault's Collateral Rate is calculated based on the submitted PnL data. The rate is determined by the equation: Collateral Rate = (Deposited USDT + accumulated PnL + PnL for the current cycle) / Deposited USDT.

Ptic Time Lock

In the Loptic Network, the Ptic Time Lock system is a crucial component, designed to regulate the timing between the initiation of withdrawal requests and their execution. This system is directly influenced by the Collateral Rate of the lUSDT Vault, ensuring stability and optimal liquidity management.

Vault Collateral Rate and Time Lock

• For a Collateral Rate below 110%, the time lock extends over 3 Ptic cycles (9 days).

• A Collateral Rate between 110% and 120% results in a time lock of 2 Ptic cycles (6 days).

• When the Collateral Rate is at or above 120%, the time lock is set for 1 Ptic cycle (3 days).