Depositing & minting
How to deposit ETH and mint EVE, including the bonding curve premium, slippage protection, and the one-time bootstrap rule.
Testnet only
Everstrat is currently on Sepolia testnet (chain id 11155111). Tokens have no monetary value. Do not send real funds.
When you deposit ETH you receive EVE tokens minted at the current premium price. This page explains what that price is, how it is calculated, and what to watch out for.
The premium price
Everstrat uses a bonding curve. There are two prices:
- Base price — the "fair value" of one EVE, calculated as
NAV / EVE supply. This is the price you receive when you exit. - Premium price — the price you pay when you enter, calculated as
NAV / (EVE supply × connectorWeight). Because the connector weight is less than 1, the premium price is always higher than the base price.
The gap between the two prices is not a protocol fee. It accrues to existing EVE holders, slightly increasing the value of every EVE already in circulation. This is by design — the bonding curve rewards early participants and provides a buffer that protects the pool against rapid in-and-out cycling.
Worked example
The following numbers are illustrative. They show the math; they are not live values.
| Parameter | Value |
|---|---|
| Total NAV | 1,000 ETH |
| EVE supply | 1,000 EVE |
| Connector weight | 0.5 |
Base price = 1,000 / 1,000 = 1.0 ETH per EVE
Premium price = 1,000 / (1,000 × 0.5) = 1,000 / 500 = 2.0 ETH per EVE
You deposit 2 ETH → you receive 2 / 2.0 = 1 EVE.
After your deposit: NAV = 1,002 ETH, supply = 1,001 EVE, so base price ≈ 1,002 / 1,001 ≈ 1.001 ETH per EVE. Existing holders' per-EVE value ticked up slightly because you paid a premium above base.
These are illustrative numbers used to explain the formula. Real-time NAV, supply, and prices are shown in the app.
Slippage protection (minTokensToMint)
Price can move between the moment you request a deposit and the moment your transaction settles. When
you submit a deposit you specify minTokensToMint — the fewest EVE you are willing to accept. If the
price moves against you and you would receive fewer EVE than that floor, the transaction reverts
automatically. You lose only the gas cost.
The one-time bootstrap rule
The very first deposit into a fresh Everstrat deployment has special rules:
- Your deposit must be worth at least $1,000 (
MIN_INITIAL_DEPOSIT_USD). - 1 EVE is permanently minted to a dead address (
0x000…dEaD) to anchor the supply. - You, as the first depositor, receive the remainder of the minted EVE.
This bootstrap step happens only once per deployment. As a regular user joining an already-running protocol, you will never encounter it.
Step-by-step deposit
Open the app and connect your wallet on Sepolia (chain id 11155111). See Connect your wallet if you need help.
Enter the ETH amount you want to deposit. The app will show you the estimated EVE you will receive at the current premium price.
Review the price and slippage floor. Confirm that the estimated EVE meets your expectations. Adjust the slippage tolerance if needed.
Confirm the transaction in your wallet. Your EVE tokens appear in your balance once the transaction is included in a block.
For a guided walkthrough of your first deposit, see Your first deposit.
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