diff --git a/docs/archive/september_audit.md b/docs/archive/september_audit.md index 9e04fe4..754c073 100644 --- a/docs/archive/september_audit.md +++ b/docs/archive/september_audit.md @@ -1,4 +1,4 @@ -## Level Protcol Contracts +## Level Protocol Contracts The Level Protocol is structured around the ERC-20 `lvlUSD` stablecoin and its staked counterpart `slvlUSD`. `LevelMinting` allows institutional participants to mint `lvlUSD` by collateralizing stablecoins like USDC and USDT and to redeem collateral by burning `lvlUSD`. `StakedlvlUSD` allows users to stake their `lvlUSD` to gain exposure to long-tailed basis trade positions and to earn yield -- this exposure is tokenized by `slvlUSD`. `Freezer` enables a first-loss protection mechanism by which stakers take on risk to protect the value of `lvlUSD`: while `slvlUSD` may accrue yield, it may also lose a portion of its value when `lvlUSD` held by the staking contract is frozen to preserve the value of `lvlUSD`. `Slasher` is responsible for burning `lvlUSD`.