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Base

External ERC20: rETH Internal ERC20: flatcoin

External ERC721: none Internal ERC721: leveraged positions

No

None

No

No

TRUSTED: collateral asset will be rETH, Pyth Network oracle for rETH

TRUSTED: contracts are upgradeable by admin, admin can update protocol parameters

None other than owner role (using OwnableUpgradeable).

No

Flatcoin can decrease in dollar value when funding rates are negative and protocol fees don't cover the losses. This is acceptable.

Flatcoin can be net short and ETH goes up 5x in a short period of time, potentially leading to UNIT going to 0. The flatcoin holders should be mostly delta neutral, but they may be up to 20% short in certain market conditions (skewFractionMax parameter). The funding rate should balance this out, but theoretically, if ETH price increases by 5x in a short period of time whilst the flatcoin holders are 20% short, it's possible for flatcoin value to go to 0. This scenario is deemed to be extremely unlikely and the funding rate is able to move quickly enough to bring the flatcoin holders back to delta neutral.

When long max skew (skewFractionMax) is reached, flatcoin holders cannot withdraw, and no new leverage positions can be opened. This is to prevent the flatcoin holders being increasingly short. This is temporary because the funding rate will bring the skew back to 0 and create more room for flatcoin holders to withdraw and leverage traders to open positions.

N/A

The protocol uses Pyth Network collateral (rETH) price feed. This is an offchain price that is pulled by the keeper and pushed onchain at time of any order execution.

Only rETH and Pyth rETH oracle dependency.

External dependency only rETH on Base https://basescan.org/token/0xb6fe221fe9eef5aba221c348ba20a1bf5e73624c#code

RocketPool depository: https://github.com/rocket-pool/rocketpool/tree/master Docs: https://docs.flat.money/

flatcoin-v1 @ ea561f48bd9eae11895fc5e4f476abe909d8a634

• flatcoin-v1/src/DelayedOrder.sol
• flatcoin-v1/src/FlatcoinVault.sol
• flatcoin-v1/src/LeverageModule.sol
• flatcoin-v1/src/LimitOrder.sol
• flatcoin-v1/src/LiquidationModule.sol
• flatcoin-v1/src/OracleModule.sol
• flatcoin-v1/src/PointsModule.sol
• flatcoin-v1/src/StableModule.sol
• flatcoin-v1/src/abstracts/ModuleUpgradeable.sol
• flatcoin-v1/src/abstracts/OracleModifiers.sol
• flatcoin-v1/src/libraries/DecimalMath.sol
• flatcoin-v1/src/libraries/FlatcoinErrors.sol
• flatcoin-v1/src/libraries/FlatcoinEvents.sol
• flatcoin-v1/src/libraries/FlatcoinModuleKeys.sol
• flatcoin-v1/src/libraries/FlatcoinStructs.sol
• flatcoin-v1/src/libraries/PerpMath.sol
• flatcoin-v1/src/misc/ERC20LockableUpgradeable.sol
• flatcoin-v1/src/misc/ERC721LockableEnumerableUpgradeable.sol
• flatcoin-v1/src/misc/InvariantChecks.sol
• flatcoin-v1/src/misc/KeeperFee.sol
• flatcoin-v1/src/misc/Viewer.sol