AlphaDex v2.0 Preview (2): From Vault Shares to Synthesized Leveraged Tokens

  1. Manually add BULL or BEAR stakes for a round when you see a trading opportunity.
  2. Deposit ETH to BULL or BEAR vaults. Let vaults auto-stake and auto-payoff for you every round.
  3. Directly buying and selling BULL and BEAR vault shares on Uniswap.
  1. If share prices become overvalued, traders are incentivized to mint vault shares by depositing ETH to vaults.
  2. If share prices become undervalued, traders are incentivized to purchase vault shares and hold them.
  3. Vault share prices will reflect the expected payoff of vault stakes, and move continuously along with the underlying market.
  1. In [Round 0], 10 ETH are deposited into BULL vault, and 10 BULL shares are minted.
  2. In [Round 1], 1 ETH is auto-staked. Now 10 BULL = 9 ETH + 1 [Bull stake @ round 1].
  3. In [Round 2], 0.9 ETH is auto-staked. Now 10 BULL = 8.1 ETH + 0.9 [Bull stake @ round 2] + 1 [Bull stake @ round 1].
  4. In [Round 3], 0.81 ETH is auto-staked. Now 10 BULL = 7.29 ETH + 0.81 [Bull stake @ round 3] + 0.9 [Bull stake @ round 2] + 1 [Bull stake @ round 1].
  5. In [Round 4], round 1 stakes are auto-settled. Assume 1 [Bull stake @ round 1] becomes 2 ETH. Then 10 BULL = 9.29 ETH + 0.81 [Bull stake @ round 3] + 0.9 [Bull stake @ round 2]. And after auto-staking we have 10 BULL = 8.361 ETH + 0.929 [Bull Stake @ round 4] + 0.81 [Bull Stake @ round 3] + 0.9 [Bull Stake @ round 2].

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