Introducing Superform: The Universal Yield Marketplace
0x0E24
November 15th, 2022

GM World.

We believe in a world where financial services are universally accessible to anyone, anywhere. As recent events have reminded us, the need for free and permissionless systems to transact and earn remains as crucial as ever. Centralized financial systems lack transparency and accountability, which imposes unverifiable trust assumptions upon users.

We could go on and on about why decentralization matters. The fight for it will be the battleground on which every sustainable innovation in crypto finds its footing. However, users aren’t able to make choices solely based on values. They will continue to participate in easier, more streamlined centralized counterparts if simple decentralized alternatives aren’t available.

As heavy DeFi users, we understand the massive UX disparity between centralized and decentralized options for earning yield. DeFi yield discovery, execution, and distribution take immense time and effort. Superform solves the problems we collectively face. It offers:

  1. Users: Single transaction access into any ERC-4626 yield vault on any EVM chain using any asset.

  2. Protocols: Instant omnichain distribution of their ERC-4626 vaults.

Superform is the first non-custodial yield marketplace.

Our vision is to simplify earning and distributing yield.

For Users: Universal Access to Yield

Earning yield on-chain is desperately in need of an upgrade. Today, finding, accessing, and managing yield is clunky and fragmented. It’s a laborious and complex process of searching, analyzing, bridging, swapping, depositing, claiming, and withdrawing. These steps are often entirely segregated from each other.

Superform wraps this entire flow into one simple and powerful interface for yield. Users can discover, access, and manage their yield without ever leaving Superform.

The new yield access paradigm

  1. Discover interest-earning vaults by using our yield browser to search, filter, and view detailed information about opportunities.

  2. Add multiple yield opportunities to your “bag” for deposit. These opportunities can be on any chain with any underlying asset. Once you’ve filled your bag with your desired yield, select any asset from your wallet to fund the deposit. Only a single transaction (plus approval) is needed to make your deposit, no matter how many opportunities are in your bag or if any bridges/swaps are involved.

  3. Manage your entire portfolio within Superform. Add on to your positions or make single-transaction withdrawals to any asset on any chain.

Users now have a point-and-click experience for yield without sacrificing decentralization. Gone are the days of needing a separate bridge and exchange UX. Gone are the days of keeping a folder of bookmarks for all your yield farms. Gone are the days of being forced to give up your keys to have easy access to DeFi.

For Protocols: Instant Omnichain Distribution

It’s hard to distribute yield. Currently, DeFi protocols must build a frontend for users to access their yield products. New protocols must convince potential users to deposit on an entirely new interface. The increasing fragmentation of yield opportunities across chains complicates this further. For existing protocols, this fragmentation requires them to constantly deploy new code or risk falling behind competitors. Each of these hurdles narrows the funnel of capital flowing into yield.

Superform addresses these issues by acting as a non-custodial distribution layer for yield. Any vault that conforms to the ERC-4626 standard can be permissionlessly listed on Superform, giving it instant distribution across all chains that Superform supports.

The new yield distribution paradigm

  1. A protocol deploys an ERC-4626 yield vault.

  2. They permissionlessly list the vault by calling the list(contract_address) function in Superform’s smart contracts or on the dApp.

  3. The yield vault is now instantly accessible across chains, and users are only a single transaction away from depositing funds.

This dramatically lowers the upfront cost for protocols by reducing the need to develop dedicated frontend and omnichain deployments. Protocols can use Superform as their primary distribution channel, bringing their yield vaults closer to capital in less time. To help with the discovery process, we will allow users to filter by TVL, APY, yield type, and more analytics to highlight each yield vault’s unique value prop.

If you want to partner with Superform for your yield distribution, please reach out to us on Twitter or in the #partnerships channel in Discord.

Under the Hood

Superform is an omnichain application, meaning it does not have a home or primary chain. Superform is equally accessible and functional on all chains it supports. At launch, Superform will deploy on Ethereum, Polygon, Optimism, Arbitrum, Fantom, Avalanche, and BSC.

  1. For cross-chain data transfer, we use LayerZero to seamlessly and securely pass messages between chains.

  2. For value transfer, we use Socket to help users find optimal bridging and swapping routes between chains and assets.

Innovations from these infrastructure partners have allowed us to shed much of the clunky UX that burdens DeFi today. We also implement Superform-specific safety features to monitor user experiences on-chain and off-chain.

Yield Supported

Any ERC-4626-compliant vault can be listed on Superform. At beta launch, we plan to support vaults from Aave, Alpaca, Benqi, Compound, Geist, Lido, Maple, mStable, Morpho, Notional, Revest, Sommelier, and Yearn, with much more to come. Some of these opportunities will be native ERC-4626 deployments by the protocols themselves, and some will be wrapped with ERC-4626 by the Superform team and community.

ERC-4626

What’s the fuss about ERC-4626? Simply put, ERC-4626 is a standardized interface for yield-bearing vaults, similar to how ERC-721 is a standardized interface for NFTs. Standardizing vaults is important because it greatly reduces the integration effort for projects wanting to build on top of yield vaults, like Superform. The base implementation of ERC-4626 doesn’t support all common types of yield, that’s why Superform is developing and auditing several extensions to ERC-4626 that will enable it to support more types of yield like double-sided LP, native-asset staking, and more. We will soon release these extensions to the public along with implementation guidelines.

Learn more about ERC-4626 at erc4626.info

SuperPositions

One of the core features of Superform is “SuperPositions.” When users deposit into a yield opportunity, a standard vault share is minted and locked in a permissionless Superform contract. Users are then minted a SuperPosition on the chain they’re depositing from that acts as a cross-chain LP/vault position. SuperPositions represent their underlying vault share tokens 1:1. In doing so, users can manage all their yield positions from a single chain in a gas-efficient manner rather than forcing them to juggle funds across multiple chains.

Closed Beta Launch

The Superform closed beta will launch on November 28th and will continue into 1Q23 as we complete audits of the contracts, polish the platform, and add even more functionality. We will initially grant access to DegenScore Beacon NFT holders and, over time to users who sign up for the waitlist. We will periodically let users off the waitlist as we get closer to our full launch.

By participating in the closed beta, users will get the chance to earn exclusive Superform NFTs that may grant special privileges to holders in the future.

Community

We are ecstatic that we can finally share Superform with you. We want to engage with users and protocols excited by the vision. Please join us on Discord and follow our socials to stay informed about our upcoming release and beta.

If you are a developer, protocol, or service, don’t hesitate to reach out through Twitter or the #partnerships channel in Discord. In particular, if you are interested in deploying ERC-4626-compliant contracts, we would love to help.

See you on the moon.

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