User Flow
This page describes the end-to-end interaction flow for a participant converting into and out of DERA via the Dera Protocol smart contracts.
Step-by-Step Flow
- Token Validation and Engine Approval: The Engine verifies the submitted token is whitelisted and that the user has approved the Engine to move their tokens
- Allocation Calculation: Based on current pool weights set by the admin, the submitted capital is divided proportionally across active connectors
- Connector Execution: Capital is routed to respective connector contracts, which deploy it into external DeFi protocols
- DERA Minted: Once capital is deployed, the equivalent value in DERA tokens is minted at the prevailing exchange rate and transferred to the user
- Passive Yield Accrual: Yield accrues continuously as LP token values increase or rebase in the underlying protocols. The DERA exchange rate reflects this appreciation over time without any action from the holder
- Redemption: When the user calls
burnDeraAndWithdrawFunds, DERA tokens are burned and the equivalent USDC value is returned by withdrawing from the same connector paths in reverse
All interactions are secured by reentrancy guards and emit detailed events for compliance tracking and on-chain auditability.
Active Pool Allocations
The following connectors are currently active. Allocation percentages are configurable by the protocol administrator and subject to governance. Current allocations are verifiable on the Dera Dune Dashboard.
| Protocol | Mechanism | Connector Contract |
|---|---|---|
| Aave V3 | Rebasing aTokens (aEthUSDC) | 0x56d457073dc8e5ff6f17d89a622f5eb627bfa66c |
| Fluid | Value-appreciating fTokens (fUSDC) | 0x444f01fc495f9ce6b75fa7b1e8a49f0a95bcdca4 |
| Compound V3 | Rebasing cTokens (cUSDCv3) | 0x2357ee234b1123310a6cdd5aa38dcf3ab8886cd9 |
The DERA token contract is deployed at 0xb1431da6d57646a166bb23e1f6fe92a134709d75.