Leveraged layer on BNB Chain

No
Liquidation.

LST-backed leverage. Zero funding fees. Stable value and staking yield, built on the same vault.

Launch demo ↗Read the docs

Pre-launch. No forced liquidation while system collateral stays above 100%. Leveraged positions can lose value.

Target leverage
3.00×
Funding fee
0.00%
Collateral
slisBNB · BNBx
Yield source
BNB staking
Plate IThe problem

The cost of leverage.

  • 01

    Perpetuals

    20–100%
    annualized funding

    Funding fees run 20% to 100% annualized in a bull market. You pay to stay long.

  • 02

    Lending protocols

    One wick
    to liquidation

    Loop borrowing, top up collateral, watch your LTV. One wick and you are liquidated.

  • 03

    Stablecoins

    0%
    native yield

    USDT and USDC pay you nothing. Yield, when it exists, comes from mining subsidies.

Plate I·bHow it works

Three steps.

  1. Deposit LST

    slisBNB or BNBx

    Your staked BNB goes into a unified vault.

  2. Mint assets

    xBNB + apUSD

    The vault splits into a hedged tranche and a residual tranche.

  3. Earn yield

    Real staking rewards

    Staking rewards pool into the stability pool, not into emissions.

Plate IICore concept

Leverage is a
straight line.

apUSD holds the floor at a dollar, so every move the vault makes lands on xBNB. Fix the collateral ratio and the relationship is exactly linear — one ray through the pivot, steeper as the ratio tightens.

SPOT 1.00×6.00×2.00×1.50×3.00×−30%BNB PRICE+30%
3.00×xBNB
1.00×apUSD

The invariant

150%
120%300%

If BNB moves +10%

+30.0%

ILLUSTRATIVE. LEVERAGE TOKENS DECAY
IN RANGE-BOUND MARKETS.

Plate IIIThe assets

Three tokens,
one vault.

  • xBNB

    3x leverage

    A spot leverage position in a single ERC-20. It absorbs all of the vault's volatility, which is what amplifies it. No margin to maintain, no forced liquidation while the system stays above 100% collateral.

  • apUSD

    Stablecoin

    Backed by over-collateralization, not by an algorithm. xBNB is the bulletproof vest that takes the drawdown first. Redeemable for the underlying LST at $1.00 under normal conditions.

  • s-apUSD

    Yield vault

    Stake apUSD and the exchange rate does the work. The keeper harvests LST appreciation daily and mints it into the pool, so your share count never changes while its value rises.

Plate IVWhere the yield comes from

Real yield,
not emissions.

Every $1 of apUSD is backed by $1.50 of LSTs at a 3x system leverage. Those LSTs never stop earning BNB staking rewards, and xBNB holders forgo their share in exchange for leverage. All of it pools into s-apUSD.

AssetYieldSource
USDT / USDCNone (0%)Mining subsidies, when offered
s-apUSDReal yieldBNB staking rewards

Auto-compounding

DAY 1
1 s-apUSD = 1.000 apUSD
DAY 30
1 s-apUSD = 1.015 apUSD

Illustrative. No rate is promised before launch.

Plate VRisk management

Four floors
below you.

  • L1

    Economic incentives

    CR below 150%

    Dynamic fees waive or discount xBNB minting to pull arbitrage capital back in.

  • L2

    System rebalancing

    CR below 130%

    The protocol burns apUSD in the stability pool and converts it to xBNB, cutting system debt before a spiral can start.

  • L3

    Recapitalization

    CR below 110%

    Treasury reserves buy back and burn apUSD on the open market. Lender of last resort.

  • L4

    Circuit breaker

    LST depeg or oracle failure

    The guardian pauses every mint and redeem so a bad price cannot drain the vault.

Chapter IIWhat comes after the engine

Programmable
money.

apUSD is designed to be the stable foundation. The next chapter will add payment conditions to the asset itself, with automated agents as its first users.

Upcoming

  • Conditional transfers

    apUSD will be able to carry its own release conditions: streamed over time, held in escrow, or split across recipients on settlement.

  • Agent-native settlement

    Automated strategies will be able to hold, spend and settle balances in apUSD without a custodian in the loop.

  • Yield that keeps working

    Programmable balances are designed to stay staked as s-apUSD until the moment they are spent.

Try payment demo ↗

None of this is live. Explore conditional payments, streaming, escrow and split settlement in the interactive concept demo.

Plate VISequencing

Roadmap.

  1. Phase 1

    The engine

    Shipped to private test

    The vault, the dual-token split and the four-tier defense system.

  2. Phase 2

    Programmable apUSD

    In design

    Conditional transfer rules written into the asset.

  3. Phase 3

    Agent economy

    Exploratory

    Automated strategies as first-class users of programmable balances.

Your next moveExplore ASPAN

Put the protocol
in motion.

Mint, redeem and stake with a demo balance. Follow your position from collateral to portfolio.

Launch demo Read the protocol docs ↗

No wallet required. Sample balances only. The protocol is pre-launch.