Collectors

What is Collectors?

The Collector allows users to stake their synthetic assets(waToken) and have them be converted into their base Token over time.

The Collector is the primary pegging mechanism for the Wasabi synthetic tokens($waAsset). The Collector.sol contract powers the Collector. Harvested yield will flow directly to it as it comes in and ensures that participants will be guaranteed a 1:1 redemption of $waAsset for based asset.

Users deposit $waAsset into the Collector. As the yield comes in, it will credit users Asset proportional to the amount they have staked. When a user chooses to withdraw the converted Asset, an equal amount of $waAsset will be burned.

One interesting side effect of this process is that a user's position can be over-filled. For example, a user deposits 1000 $waAsset, and some time later, that staking position will have 1050 Asset filled. Once a user has gone past this limit, it is possible for other users to initialize a claim on their behalf. For any balance of Asset over their staked $waAsset, the user who claimed on their behalf will have that surplus in amount immediately convert their staked $waAsset. In the case of the example above, the user who claimed it will have 50 of their $waAsset immediately converted into based Asset. If the person who staked the waAsset claims their based Asset with a surplus, the surplus will be cycled back into the Collector and be spread globally.

As more assets are integrated into the Wasabix system, users will have a choice of which assets they want to receive from collecting $waAsset. Each collector pool will likely have varied conversion rates because of factors such as total incoming yield, vault yield rates, and the amount of $waAsset staked. As such, different collector pools could offer much faster or slower collection from the $waAsset to the base asset.