Superform – Universal Yield Marketplace

Superform is the universal yield marketplace. Access any vault, on any chain, using any token. In one transaction. Distribute your vaults instantly across chains.

What is Superform?

Superform is the universal yield marketplace. It is the result of two years of research and building to solve some of the biggest problems in DeFi.

Whether you’re a protocol attempting to distribute your vaults or a humble farmer looking for the best on-chain yields, the current experience is complicated and time-consuming.

– For protocols, the journey beyond deploying a smart contract can be overwhelming: crafting a frontend, engaging users, and keeping everything alive, all while continuing to innovate.

– For users, the barriers of entry imposed by liquidity fragmentation, complexity, and lack of sophisticated execution tools has even the biggest degens among us thinking twice.

Superform solves this. The protocol makes yield discovery, execution, and distribution across chains a seamless experience.

Important to mention: Superform has NO Airdrop and NO Token.

What does Superform enable?

At its core, Superform enables two novel experiences:

Developers: Deploy your vault once. Permissionlessly list it on Superform. Access users on all chains.

Yield Seekers: Deposit into any vault, on any chain, from any chain, using any token.

Which problem is Superform solving?

For protocols, it isn’t straightforward which domain to deploy on. By deploying on a popular L1, protocols gain access to a larger community but at an increased cost per transaction. By deploying on an L2, costs decrease, but attracting users can be challenging.

Users are in a similar predicament. They can’t continue to manage their funds on an L1 when costs are prohibitive and can’t migrate to an L2 if protocols don’t deploy there. Defecting to an L2 is sub-optimal for a protocol if users don’t defect with it.

Other protocols that stayed on L1 benefit from decreased competition for on-chain capital. The payout for users and protocols would increase if everyone defected to cheap L2s but the market can’t break equilibrium.

This leads to a suboptimal status quo where protocols and users stay on expensive L1s. The current landscape offers multiple rollups and chains, but the transition has yet to actualize.

Superform breaks that status quo by abstracting away the domain. This makes it significantly less consequential where vaults are deployed and where users keep their tokens. Protocols can safely deploy on an L2 without worrying about losing users, and users can finally feel confident about embracing rollups.

Superform does not have a ‘home chain.’ It can be deployed on any EVM chain given that proper Arbitrary Message Bridge (AMB) support, sufficient bridge liquidity, and ERC-4626 vault opportunities are present. Superform Labs will initially deploy the protocol on Ethereum, Base, Arbitrum, Optimism, Polygon PoS, BNB Smart Chain, Avalanche C-Chain, and Fantom. Superform can expand to other domains in the future.

How to use Superform and farm yield?

Using Superform is simple, open their dApp, connect your wallet (metamask, trustwallet & more), make sure that you have enough funds on any chain you want to use, choose the vault you want to use and click on “deposit”.

BUT
Before you use it, you need to complete this Quest to unlock access to the dApp: https://galxe.com/superform/campaign/GCMVxt4yiy

How is Superform different than DeFi yield aggregators?

Superform is a marketplace. It allows universal access and management to protocols like Yearn, Aave, Morpho, etc. to simplify earning interest on-chain. It also allows for anyone to permissionlessly list any ERC-4626 vault, making it instantly accessible from any chain Superform is deployed on. Superform does not deploy or manage vaults.

Does Superform have fees?

Neither the Superform Protocol nor the Superform App charge fees. However, users of Superform will need to pay the the costs associated with their transaction:
– Gas fees
– Swap fees
– Bridge fees
– Vault fees

What are SuperPositions?

SuperPositions are the token you receive when you deposit into a vault through Superform. They are a claim to the deposit you make into a vault.

Key Facts

– SuperPositions are minted to the chain you are depositing from (the source chain).
Example: Depositing into a vault on Arbitrum from Optimism will result in a SuperPosition minted on Optimism.

– SuperPositions are tied 1:1 with the vault shares minted by the vault.
Example: Alice deposits into a vault which mints 130 ERC-4626 vault shares. These 130 ERC-4626 vault shares are locked in the Superform contract, and Alice is minted 130 SuperPositions.

– SuperPositions (and vault shares in general) are not necessarily tied 1:1 with token amounts or fiat amounts
Example: Alice deposits 50 frog tokens worth $100 into a vault which mints 130 vault shares (and therefore 130 SuperPositions).

– If you lose your SuperPositions, you lose the claim to your deposit.

– SuperPositions can be viewed on NFT marketplaces like OpenSea because SuperPositions conform to a modified version of the ERC-1155 standard.

Feature Highlight: Vault Simulations

Simulations are a key feature to ensure the vaults you deposit into are operational. Permissionless vault listing has great benefits—like giving users a wide variety of yield opportunities—but too often users chasing the highest yields are left wondering if the vault is safe or if their transaction will succeed. Simulations address these issues.

There are two broad types of simulations that Superform runs:

– Pre-addition vault simulations
Before vaults are added to the Superform Protocol using the App (i.e. creating a Superform), where anybody can also add metadata, various checks are run to ensure expected vault behavior.

– Post-addition Superform simulations
Once vaults are added to Superform, they become Superforms. Similar to how new pools on Uniswap are created to trade tokens, these Superforms become the intermediary contract that processes deposits/withdrawals of tokens into vaults.

There are five modes behind this simulation tool: deposit, simulates a deposit of underlying tokens into a vault: deposit, withdrawal, roundtrip, deposit_withdrawal & smart (a combination of the above methods that appropriately tests all vaults)

All a user has to do is hit ‘simulate’ and gets all of these at once to ensure the vault is working as intended. All five modes override a users actual balance and approvals and include various transactions the user might not have made already to ensure a full test suite is performed.

Various vaults might pass deposit tests but fail the withdrawal step, so it’s important to run these simulations before depositing! The App will automatically route you through the smart simulation route with overrides, but other types can be used to isolate certain behavior.

Superform feature: Superscan

Superscan is like a usual blockchain explorer, with a significant difference. You can track all blockchains Superscan is offering in the same explorer. As Superform is cross chain, they simply created a cross chain explorer. Awesome idea, awesome feature.

Conclusion

Superform has a really innovate idea. We haven’t seen anything similar yet. We also love how the dApp works, everything is smooth and works, even if it’s in its early stages. Their interaction with the huge community is also great. The Team is known & they raised $6.5M from investors like Polychain Capital & Circle and many more.

All in all, they are building a great product and we are excited to see what happens in the future.