For use of Anzen Private Credit Token as stablecoin collateral
This plugin allows wPCT (Anzen Wrapped Private Credit Token) holders to use their tokens as collateral in the Reserve Protocol.
wPCT is a non-upgradeable ERC20 token that earns the user the right to an increasing quantity of Anzen Private Credit Token (PCT) over time. Anzen PCT is a rebasing ERC20 that earns yield from off-chain real world assets (RWA). It is always backed by 1 USD worth of real world assets as collateral. At all times, wPCT can be redeemed at the specified exchange rate for PCT. wPCT can be swapped on Uniwap via a wPCT/USDC pool, or can be redeemd for PCT which can subsequently be redeemed for 1 USDC from the protocol directly.
In the background, the Anzen protocol as a borrower of defi capital deploys deposited USDC in credit assets, and pays an interest rate to wPCT holders.
The redeemable PCT amount per wPCT can be retrieved by calling exchangeRate() on the wPCT contract deployed on Ethereum mainnet at 0x414ac1853329b3704df0caf7749cd296c7f3b750.
No function needs be called in order to update refPerTok(). totalAssets() is already a function of the block timestamp and increases as time passes.
No rewards other than the ever-increasing exchange rate.
wPCT contract: https://etherscan.io/token/0x414ac1853329b3704df0caf7749cd296c7f3b750#code
| tok | ref | target | UoA |
|---|---|---|---|
| wPCT | PCT | USD | USD |
return IWPCT(address(erc20)).exchangeRate();
wPCT can always be unwrapped to PCT at the exchange rate, and PCT is backed by 1 USD of real world asset value.
For example, if the exchange rate is 1.12 (18 decimals), 100 wPCT will unwrap to 112 PCT, which can be redeemed for 112 USDC from protocol primary liquidity.