ribAssets - 'Rodeo interest-bearing assets' - are interest-earning tokens whose balance is directly proportional to the stake they have in the lending pool, including accrued interest.
When a deposit is made into a Rodeo Lending Pool, a ribAsset token is minted at the current exchange rate (equivalent to 1 + interest earned in this pool) to represent the deposit. Like other ERC-20s, they are tradeable and transferable. Upon withdrawal, the ribAsset token is burned and the deposit + APR interest is received back by the lender.
Each lending pool has its own ribAsset; for example, if a user lends USDC to the protocol, they will receive a corresponding balance of ribUSDC
ribAsset Liquidity Pool [Coming soon]
Code named "Rodeo Saloon" Rodeo will utilize Balancer’s linear boosted pool technology to offer composability for Rodeo’s ribAssets which in effect, will lead to higher APRs.
Balancer’s boosted pool technology allows for us to increase the amount of liquidity available for farmers to take leverage on. This is possible because the Balancer pool deploys any idle assets to become ribUSDC in Rodeo’s lending. This benefits farmers as they will have capital to take from as well as benefits Balancer LPs since it means they are offered a higher APR by being a Rodeo lender.
In addition to using Balancer technology, Rodeo aims to utilize Aura Finance to stake relevant BPTs. Aura has yet to deploy on Arbitrum but will very soon. More information will be released in the near future explaining how Rodeo will accumulate and make use of AURA and BAL emissions to further incentivize liquidity in our Balancer linear boosted pool..