On December 29th, the future revenue tokenization agreement "APWine"Announced that its V1 version has been officially launched on the Ethereum mainnet and Polygon.

To explain the positioning of "future income tokenization", we need to start with the most common scenario of DeFi - liquidity mining. When we use various DeFi projects, we often get various interest bearing tokens (Interest Bearing Tokens, such as Aave’s aToken, hereinafter referred to as IBT) representing the share in the pool. Normally, we can only hold them all the time With these IBTs, watch interest rate gains slowly accumulate over time. APWine wants to give more possibilities to this scenario. The protocol hopes to tokenize the benefits that will accumulate over time, allowing users to process this part of the potential benefits in advance.

Specifically, APWine's contract allows IBT holders to lock these tokens for a fixed period of time. Afterwards, APWine will split these IBTs and return to the user a derivative token representing the potential income of the IBT within a fixed period of time. Tokens (Future Yield Tokens, hereinafter referred to as FYT). FYT is in ERC-20 format and can be traded freely, but it can only be converted into the real income of the IBT during this period through APWine after the fixed period expires.

For example, when user A deposits 50,000 DAI in Aave as a borrower, he will get 50,000 corresponding IBT (here it will be aDAI). Pessimistic attitude, it will be able to lock the 50,000 aDAI through APWine for a period of three months, and sell the derived FYT in advance according to the real-time market interest rate standard, giving up the actual income after the expiration of three months, and only getting back the principal gold.

And if there is another user B at this time, he is optimistic about the interest rate return of the Aave lending market in the next three months, but has no principal deposit, he will be able to buy some FYT at the current interest rate standard through APWine, After the expiration of three months, it will be converted into actual income.

In this way, APWine has built a derivatives market that tracks interest rate fluctuations. For users who choose to sell FYT in advance, APWine can help them hedge the risk of interest rate fluctuations, which has the effect of fixed interest rates to a certain extent, and for users who choose to buy FYT, APWine provides them with a In the window of investment interest rate fluctuations without holding IBT, the two parties are interdependent and each takes what it needs.

Currently, the V1 version of APWine has opened a 90-day periodical market from December 23 to March 23 next year. The supported IBT categories are only stETH (Lido interest-bearing token), tfUSDC (TrueFi USDC interest-bearing token) Currency) and other five types.

At the contract level, APWine officially stated that the V1 version has entrusted Peckshield, Quantstamp, BlockSec, Hashclock and other organizations to conduct security audits, and has also launched a $100,000 bug bounty program on Immunefi to further ensure the security of the contract .