Key Concepts
These are the key concepts of the Royco Protocol.
Last updated
These are the key concepts of the Royco Protocol.
Last updated
A market for an onchain action (or series of actions). Actions can be e.g. "deposit into X protocol," "mint an NFT," or "execute a series of transactions." Incentive Providers (IPs) offer incentives like points or tokens to Action Providers (APs) to complete actions. They can both offer/counter-offer until they agree on an incentive amount to complete the action.
Incentive Providers (IPs) offer incentives to users to perform onchain actions. Action Providers (APs) offer to perform actions for incentives.
Example: Aave creates an IAM to incentivize users to hold the GHO stablecoin for 1 month.
Incentive Provider: Aave
Action Provider: Royco users
Action: Hold GHO for 1 month
IPs and APs create offers on the IAM.
An IP offer might be: "I will reward 10 XYZ tokens to a user who supplies $10 of USDC."
An AP offer might be: "I will supply $10 of USDC, but for 15 XYZ tokens."
Offers enable competition between APs for incentives. For example: AP #1 may think XYZ tokens are worth $10 each. AP #2 may think they are worth $20 each. AP #2 may create an offer to supply the same assets, but for many less XYZ token.
Anyone can create offers using assets currently in a Vault IAM. So if you supplied $10 USDC to the "Supply USDC to Aave" IAM, then you can place limit offers on "Supply USDC to Fluid" IAM, using the same underlying $10 USDC while still receiving incentives.
The Open Incentive Graph is an index of all offers and IAMs that is accessible to all. Front-ends, wallets, and projects that are building on top of Royco can embed the graph to surface IAMs to their users.
