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Pricing Mechanism

Pricing Mechanism

A reliable oracle determines the price of each Liquid Restaked Token (LRT) and the current price for any LRT can be accessed directly from the program account.

All Liquid Restaked Tokens (LRTs) can be converted into a Solana stake account, allowing for a precise and reliable calculation of each LRT’s fair value based on the amount of SOL held in the stake account. This design also enables Clear to support swaps between any two LRTs, at any size, without relying on constant-product formulas typically used in traditional liquidity pools.

Every LRT is backed by it’s bin.

As network inflation is captured within each LRT’s bin, the value of each LRT naturally increases over time to reflect the accrued rewards.

Since LRTs can be priced relative to SOL, the ratio method can be applied to facilitate swaps between any pair of LRTs.

In this case, dividing totalBinSupply by totalLRTSupply gives the base rate plus accrual of each LRT.


APYi=((TVLi−1SUPPLYi−1TVLi−2SUPPLYi−2)182.5−1)∗100\text{APY}_i = ((\frac{\frac{\text{TVL}_{i-1}}{\text{SUPPLY}_{i-1}}}{\frac{\text{TVL}_{i-2}}{\text{SUPPLY}_{i-2}}})^\text{182.5} -1)*100
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