What is SoulPeg?

SoulPeg is a decentralized staking protocol designed to introduce a new category of stable assets on the Binance Smart Chain (BSC), known as soul-bound stablecoins (sUSDC). Unlike traditional stablecoins, sUSDC tokens are non-transferable and permanently linked to the wallet that minted them. This soul-bound design prevents the use of these tokens in flash loan exploits or other high-frequency attacks, improving protocol-level security.

The SPUSD Innovation

To address liquidity needs while maintaining security, SoulPeg introduces SPUSD (SoulPeg USD) - a tradeable ERC20 wrapper for sUSDC. Users can convert their soul-bound sUSDC to SPUSD through the StUSDCWrapper contract, enabling:

• Trading on DEXs: SPUSD can be freely traded on PancakeSwap and other exchanges
• DeFi Integration: Use SPUSD as collateral, provide liquidity, or participate in yield farming
• Maintained Yield: Your underlying sUSDC continues earning Venus Protocol yields
• 1:1 Conversion: Always convert between sUSDC and SPUSD at a 1:1 ratio

SoulPeg is engineered for simplicity, safety, and sustainability. Users authorize the protocol to transfer their USDC, and the protocol mints an equal amount of sUSDC to their wallet. The deposited USDC is automatically routed to Venus Protocol, where it generates lending yields. While sUSDC cannot be moved between wallets during the lock period, it continuously accrues yield from Venus Protocol's lending markets.

The protocol generates sustainable yields through Venus Protocol integration, with users receiving 93% of the generated APY (the protocol retains a 7% fee). This transparent yield mechanism provides real, verifiable returns without relying on token inflation or unsustainable incentives. Additional rewards may be distributed through governance decisions.

Core Concept

When you deposit USDC into SoulPeg:

1. You receive sUSDC tokens (soul-bound to your wallet)
2. Your USDC is deposited into Venus Protocol to earn yield
3. You receive 93% of Venus APY (protocol retains 7% fee)
4. Additional rewards may be distributed by governance
5. No risk of flash loan attacks due to soul-bound design

The Dual Token System

sUSDC (Soul-bound):

• Non-transferable during lock period
• Earns yield from Venus Protocol
• Protected from flash loan attacks
• Represents your staked position

SPUSD (Tradeable):

• Standard ERC20 token
• Freely tradeable on DEXs
• 1:1 backed by sUSDC
• Enables liquidity without unstaking

Mission

Our mission is to create a secure, transparent, and sustainable yield generation mechanism for the DeFi community, eliminating common vulnerabilities found in traditional protocols.

Built on BSC

SoulPeg is deployed on Binance Smart Chain, offering:

• Low transaction fees
• Fast confirmation times
• Wide ecosystem support
• Easy integration with existing DeFi protocols