What Is Dragonbit (DRGB)?

What Is Dragonbit (DRGB)? Complete Guide Review About Dragonbit.

What Is Dragonbit (DRGB)?

Input the address of the Set you wish to issue and the amount of Set Tokens you wish to issue. In order for issuance to work ALL of the components must be owned by the calling address in the correct proportions (whether it’s a wallet or smart contract address). All components must be approved to the Basic Issuance Module contract with appropriate allowance for transfer. In order to figure out the correct token amounts needed for issuance you can call the following function which returns a list of component addresses and required component units.

Dragonbit Once you confirm you have all the required components to collateralize each position of the Set you will be able to issue which transfers those components to the Set Token and mint’s the passed quantity to the calling address. Conversely, redeeming is the process of burning your Set Token balance and receiving the underlying collateral.

Dragonbit Storage Key Points

Coin BasicInformation
Coin NameDragonbit
Short NameDRGB
Circulating SupplyN/A
Total Supply50,000,000,000
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

What is the NAV Issuance Module

The NAV (Net Asset Value) Issuance Module enables issuance and redemption with a single valid ERC20 token or ETH if allowed by the manager. Dragonbit The issuer receives a proportional amount of SetTokens on issuance based on the calculated net asset value of the Set using oracle prices.The manager is able to enforce a premium or discount on issuance and redemption to avoid arbitrage and front running when relying on oracle prices.

Managers can also charge a fee. The NAV Issuance Module differs from the Basic Issuance Module in that the end user only needs to bring a single asset versus needing to replicate each position in the Set Token. This dramatically saves gas costs for Set Tokens that are more actively traded and participate in yield farming and margin trading. NAV Issuance obtains the NAV via the Set Valuer contract which utilizes price oracles in the Set V2 system. View the supported price oracles here.

Initializing the NAV Issuance Module

All modules need to be added to the Set Token as the first step. Learn how to add a module to your Set Token by referring to the Adding a Module guide. As a manager, once you have added the NAV Issuance Module to the Set Token, you must initialize the Set Token on the NAV Issuance Module.

Dragonbit The manager Issuance Hook and manager Redemption Hook are smart contracts that can contain any custom logic you write prior to issuance and redemption. For example, the manager issuance contract can include whitelisting functionality, issuance limits and any other custom logic for operating your Set. Input the zero address if you do not have a manager issuance contract.

Min Set Token Supply

All manager Fees are paid to the fee Recipient address. Additionally, you can set a max Manager Fee that is allowed on the Set Token. Dragonbit The premium Percentage (0.01% = 1e14, 1% = 1e16) is a buffer around oracle price which prevents oracle front running and arbitrage. All premiums are paid to existing Set Token holders and not collected by the manager or protocol.

The min Set Token Supply is to prevent dramatic inflationary changes to the Set Token’s position and is the minimum quantity required for NAV issuance and redemption. For example if the Set Token currently contains 1 in total supply and a user issues 1000 of supply, the Set Token position multiplier will result in an inflationary change that affects precision.

Reserve Asset Quantity

Dragonbit The reserve Asset Quantity is the quantity denominated in the reserve asset, not the Set Token. The min Set Token Receive Quantity parameter prevents oracle changes that adversely affect issuance. All ERC20 components must be approved to the NAV Issuance Module contract with appropriate allowance for transfer. This is not required for issue With Ether. In order to figure out the correct token amounts needed for issuance you can use the following helper functions.

Redeeming Sets

Dragonbit The logic is very similar just in reverse. You specify the amount of Sets you want to redeem and then those Sets are burned and the components are transferred to the calling address. The min Reserve Receive Quantity prevents faulty oracles that affect redemption. In order to figure out the correct token amounts needed for redemption you can use the following helper functions.