Pricing & the bonding curve
Entry and redemption prices, live supply, connector weight, and oracle dependence.
Testing phase — treat as a test protocol
Everstrat is deployed on Ethereum mainnet (chain id 1), but it is in a testing phase and should be treated as a test protocol. Entry is invite-gated and the software is experimental.
Two prices: base and premium
The AMM uses two distinct prices, both derived from the protocol's NAV:
| Price | Formula | Used for |
|---|---|---|
| Base price | NAV / live supply | Exits (redeeming EVE for ETH) and batch pricing |
| Premium price | NAV / (live supply × connector weight) | Entries (depositing ETH to mint EVE) |
Live supply is total EVE supply minus the escrowed EVE in priced, unprocessed requests still inside the processing window. NAV already deducts the matching ETH liability. Unpriced queued requests remain equity. See EVE & NAV.
The connector weight (0.9 in the dated deployment snapshot, range (0, 1]) is the parameter that creates the bonding
curve. At the default of 0.9, the premium price is roughly 11% above the base price (1/0.9 ≈ 1.111),
meaning new depositors pay somewhat more per EVE than existing holders would receive on exit. The gap
accrues to existing holders, not to a fee recipient — it increases the NAV per EVE for everyone already in.
The connector weight can be adjusted by ADMIN_ROLE within the allowed range. At 1, the two
prices are equal. Deposits use NAV before the incoming ETH; integer rounding applies to output.
ETH accounting and oracle dependence
Entries and exits are priced in ETH. The AMM obtains NAV from StrategyManager, which can consult Oracle indirectly when valuing assets. Oracle data is used for:
- The bootstrap minimum deposit check (validated in USD: minimum $1,000)
- USD-denominated view functions (so the UI can display a dollar price)
- Strategy asset valuation inside
navInETH()(for non-WETH tokens held by strategies)
Stale or invalid required feeds can make NAV unavailable and block minting, redemption, and batch pricing. ETH denomination does not remove the oracle dependency of asset valuation.
Transaction protections
- Minting enforces the caller's
minTokensToMint. - Exit submission enforces
maxTokensToBurnfor the requested ETH on both paths, capping immediate burning or queued escrow. - Queued redemption compares batch price with request-time price using
priceTolerance. - Pause controls and fail-closed NAV can stop entry, exit submission, and batch pricing.
The deployed AMM has no rolling base-price checkpoint or 5% deviation limit. UniCL strategy calmness and Converter swap quote checks are separate protections.
Source: AMM at the reviewed contracts commit.
Bootstrap rules
The first deposit into a fresh deployment must be worth at least $1,000
(MIN_INITIAL_DEPOSIT_USD). The protocol permanently mints 1 EVE to the dead address
0x000000000000000000000000000000000000dEaD; the first depositor receives the remainder.
This initializes supply once per deployment. It is not a minimum applied to every later deposit.
See also
- EVE & NAV — where NAV comes from
- Depositing & minting — the user experience side of entering
- Exiting & redeeming — the user experience side of exiting
- Trust & governance — who can change the connector weight and strategy weights and keeper configuration
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