- Enzyme’s Sulu is now live on Ethereum!
- Users can begin the upgrade process
- You’ll find that the interface has had a complete revamp
- App performance should be much quicker & smoother
- A Sulu mainnet release will follow on Polygon in the weeks to come!
- You’ll see new DeFi integrations popping up by the day from here-on
- This release will support arbitrary adapters going forward. You no longer need the council to vote in an adapter, just add it yourself!
New Sulu features:
- Customize your vault with its own ticker!
- Transferrable vault shares make it possible to create liquidity pools and trade vault tokens on the secondary market if you wish to do so!
- A suite of new risk management tools makes it possible to delegate execution to third parties for efficiency with full protection.
- Redeeming is now possible in a single asset as well as “in kind” (you decide)
- A new type of fee is customizable on exit
- Don’t worry about gas costs anymore! Set up the gas relayer and submit a refund request to the vault
- Borrowing is now possible, which opens up a huge new array of products
- We’ll be releasing more than 25 new curve pools in the coming days
- Staking any of the Curve LP tokens will be possible on Convex within a matter of days
- Use MLN to pay your fees and make yourself eligible for a 50% fee discount!
After nearly a year of work, we’re delighted to announce that today we’re releasing Enzyme v4 on Ethereum, also known as Sulu. It’s been a long development cycle but we’re confident it has been worth the wait. We’re also delighted to let you know that Sulu will be released on Polygon in the weeks ahead.
One of the first things you’ll notice about Sulu is that it has a completely new interface, which has been designed to make the user experience as simple, seamless and efficient as possible. We’ve even re-engineered our data pipelines from scratch, meaning performance will now be significantly faster.
If you’re a vault manager, we’ve now included vault ‘helper templates’ to suggest the right configuration according to your use case. This will help you navigate the increasingly large number of custom options available to you on Enzyme!
If you’re an investor, we’ve tried to make finding vaults easier by creating new categories for you to search from, such as ‘popular vaults’, ‘top gainers’, ‘largest vaults’ and ‘new vaults’. There’s a lot more in store for you with the new designs, but we’ll let you explore this for yourself.
Now, let’s talk about features!
1. Unique vault tickers are here!
Starting now, you can officially assign a unique token ticker to your vault tokens! Previously, all Enzyme vaults were denoted with an ENZF ticker, but now you have the chance to customize and create your own unique ticker. This will add greater personalization to the platform and enable investors to find your vault by searching for your chosen ticker.
2. Transferrable vault shares make it possible to create liquidity pools and trade vault tokens on the secondary market (if you wish to do so)!
Until today, vault shares have been non-transferable. Starting with Sulu, managers can now opt to make their vault shares fully transferable and can even go a step further by defining rules for who these shares can be transferred to/from! This opens up a host of new possibilities for users, such as creating liquidity pools or incentivizing investors with a portion of their fees.
3. Risk policies to protect DAO stakeholders & investors.
Risk management policies are designed to give DAO treasuries and multi-sig owned vaults the possibility of delegating trading to a single member (or several members) of their team to make operations much more efficient. With Enzyme’s risk management policies you can get efficiency, transparency and security all in one, making it possible for stakeholders (whether it be DAO token holders or investors in a fund) to trust that the organization is being managed professionally. For more details on policies, go here.
4. Allow redemptions in an asset of your choice.
Until now, redemptions in vaults have been “in kind”. A redemption in kind is when depositors in the vault can redeem for their pro-rata slice in a particular vault. This often means that they are receiving multiple tokens when instead they might prefer to redeem in a single asset.
Vault owners now have the option of enabling single asset redemption, which means vault owners can specify which particular assets are redeemable. For a greater level of control, vault owners can even define how much of each asset is redeemable.
5. Introducing exit fees.
We already have configurable entrance fees, management fees & performance fees, but in this release we introduce a new option for vault owners to configure an ‘exit fee’. This is a fee that is charged with every redemption. This can be used to deter possible arbitrageurs or to incentivize longer term depositors which helps align interests.
6. Goodbye gas fees!
With Sulu, you now have the possibility to deposit some of the vault’s assets to the gas relayer to pay for transaction costs instead of paying for them out of your own pocket. This new feature means that vault owners can avoid the heavy burden of gas fees and distribute the expenses more fairly on all depositors, if desired.
Let’s consider a practical example: assuming a transaction fee of $200 and a vault with 10 positions rebalanced monthly, this would cost approximately $2,000 per month. For a vault that holds $2.5 million in assets, these costs would shift the price of the vault 0.08%, far lower than the average daily market fluctuation.
7. Borrowing is now possible!
Borrowing assets is now possible! Here’s an example of what can be done within an Enzyme vault on Sulu: Deposit ETH on Compound (ie. earn interest), borrow USDC on AAVE against that collateral (ie. pay interest), deposit the aUSDC into AAVE curve pool (earn yield + farm), deposit the Curve LP token into Convex (earn additional yield + farm). The possibilities of building more and more strategies from one simple, unified interface have never been higher!
8. 25 + Curve pools available!
Over the coming days we’ll be adding more than 25 new Curve pools to the asset universe. This will increase trading liquidity on many asset pairs as well as making it possible for users to earn much higher yields on assets by holding Curve LP tokens! All Curve LP tokens can be staked to the Curve gauge for boost rewards.
9. 25 + Convex pools are here.
And there’s more! All Curve LP tokens can be deposited into Convex pools to boost rewards further!
10. Fee discounts of 50% if you pay in $MLN!
Our new tokenomics and fee structure MIP has been implemented with this release. The good news is that fee discounts will apply to anyone who pays fees in $MLN. This will be the first time ever that fees based on TVL will start to accrue value to the MLN token.
11. Vault reconfiguration.
Up until now, vaults were only able to reconfigure original configurations (eg. denomination assets, policies, fees, etc..) only when a new release happened. Now, you can do it anytime. Investors will have a time-locked period of 7 days where they can decide to remain in the vault or leave.
12. Add your own fees, policies and adapters.
Anybody can develop, write, use any arbitrary fee, policy or adapter as long as they follow the standard interface to work with the protocol.
Interested in launching your own vault? 🚀
With Sulu, it’s never been easier for asset managers to create custom vault strategies and access the full range of DeFi applications and possibilities in one simple, trustless and highly efficient platform.
At Avantgarde Finance, we’re excited to help a range of clients launch their own DeFi strategies with Sulu. Here’s a quick summary of how we can help:
- DAO’s: Avantgarde helps you manage your crypto balance sheet in a safe and transparent manner while still taking full advantage of the rapid pace of innovation and iteration of new financial primitives.
- Treasury Management: Give us a mandate and we will help you earn yield transparently and in line with your DeFi philosophy and investment policies.
- Asset Managers: From investor management to strategy automation, Avantgarde provide tools and services to optimize your on-chain asset management experience.
Click here to register your interest and a member of our team will be happy to reach out.
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