The existing traditional financial system is broken and its power structures skewed. Designed to enrich the conglomerates and institutions running it, the system has no desire to serve the interests of an individual. The individual is abstracted away into a balance sheet and forgotten about in the ever-lasting quest for corporate profit.
Thankfully we no longer have to play by the rules of the traditional financial system. We reject the notion of corporate enrichment entirely; we are playing for the individual. At the heart of our mission is fostering financial empowerment for all onchain citizens. In fact, we’re completely flipping the script. With Superseed, users are fully aligned with our growth. Our expansion does not come at the cost of the individual but rather the opposite - with us, users share upside in the growth of our network.
Today we’re excited to introduce Superseed, a general purpose Ethereum Layer 2 that rewards those who live onchain. By introducing two new primitives with Proof-of-Repayment and Supercollateral, we are carefully aligning our users with our growth and pushing the boundaries of incentive design. Our approach to returning value to everyone on our chain is entirely unique: we think that Layer 2s can do more*, and we’re here to capitalize on that promise.
Through automatically channeling network fees towards a new integrated onchain primitive that’s designed to programmatically reward participants that contribute, our mission is simple yet profound: financially empower those who live onchain.
Understanding Superseed*
The Superseed ecosystem consists of five distinct parts that work together to achieve our desired end result. When combined in just the right way, these familiar concepts fuse together to create an entirely novel system.Let’s take a look at some definitions to help you understand the big picture!
Superseed is a general purpose Layer 2 with a native CDP lending platform enshrined in the protocol. Running on the OP Stack, Superseed allows builders to seamlessly create with EVM-equivalent tooling and familiar infrastructure
Proof-of-Repayment is Superseed’s unique programmatic reward mechanism, where every day a small percentage of the total supply of our native token is distributed through an auction mechanism. The only accepted currency for the auction is our native stablecoin, which is used to burn off the debt of Supercollateral borrowers.
The Superseed Lending Protocol is Superseed’s native Superapp, where users can mint Superseed’s native stablecoin to borrow against their assets. It introduces the supercollateral primitive, which enables self-repaying loans for borrowers by directing network and Proof of Repayment fees towards burning their outstanding debt.
The Superseed Stablecoin is minted when users borrow against their assets on our native lending platform.The Superseed governance token has a special role in the lending protocol: it acts as supercollateral. This allows borrowers who maintain certain safety requirements (e.g., a c-ratio of 500%) to borrow against it without having to pay interest on their loans.
Additionally, the fees generated across the Superseed ecosystem get channeled into repaying the loans of supercollateral borrowers, as displayed below.
Putting It All Together
To achieve our ambitious vision of becoming the most rewarding place to be onchain for users and builders, we’ve gone back to the drawing board time and time again over the past months. By merging together familiar concepts with entirely new primitives, we’ve created an integrated solution that’s considerably more powerful than simply the sum of its parts.
Deliberately aligning incentives between users, developers, and other parties is a priority for us. The system we’ve created allows users to uniquely partake in the growth of our chain. Everything we do is designed with the end user and empowerment of the individual in mind.
Supercollateral is testament to our devotion to creating a new DeFi primitive that benefits everyone. Supercollateral is not only a powerful financial tool for individuals but also provides developers with the opportunity to build in this vast new design space. By turning traditional borrowing concepts upside down in favor of the individual, Supercollateral sets the stage for a new trend. Building on Supercollateral rails could lead to the creation of a new generation of applications, exceptionally well-positioned to serve users.
The Road Ahead
We’re incredibly excited to finally reveal Superseed to the world. If you’re looking to build on Superseed, don’t hesitate to get in touch at build@superseed.xyz. Our next objective is to move towards testnet and gather a cohort of builders who are looking to deploy applications on Superseed. Down the line, our new primitives will enable builders to create entirely new applications that can’t be recreated anywhere else.Whether you’re a crypto newbie, onchain guru, builder or something in between, we invite you to join our community and make an impact with us.
Our journey begins today, and we’re grateful to have you onboard!