What is Supernova?
- Supernova is the ‘Ultimate Platform for Staked Assets’. Our goal is to provide all the necessary components for the staked assets, starting with liquid staking.
What makes Supernova different from among all Liquid Staking?
- Supernova goes beyond just providing shadow tokens. Supernova shall enable auto-compounding and also let users to collateralize their shadow tokens to mint stablecoins in Gamma 2. We will also develop a swap called ‘Staked swap’ that is specifically designed for staked assets that will provide a fair swap experience.
- In short, Supernova is independent and sustainable since it is the only platform that provides solid utility and fair price of shadow tokens.
Who are building the Supernova?
- Supernova is being developed by seasoned devs and designers along with the help of a41, which is a blockchain infrastructure company. Our team members have strong convictions in blockchain and participate actively in the governance of the ecosystems in that we participate as a validator.
- Everyone and anyone can develop the ecosystem using CosmWasm. Also, the Supernova team is contributing to the CosmWasm ecosystem.
Where can I read the whitepaper?
Is Supernova custodial?
- No, Supernova is a non-custodial protocol. This means that your tokens are in your possession and always accessible.
- Supernova is also permissionless, meaning that our bot or our smart contracts can be interacted with, even in the absence of the team.
Will there be any token sales?
- The team is currently super focused on shipping the product itself, so we have not yet started our investor rounds. Nothing is set in stone yet, but we hope to partner with those who are serious about the Cosmos ecosystem. Once things are settled and finalized, we will make sure that the community knows firsthand.
Will Supernova be audited?
- Efficiency is of course important, but security is equally crucial as well for liquid staking. We are currently consulting with renowned vendors so that audit processes can start as the development is completed. Audit results will be announced once the audit has been completed.
Where can I get involved with Supernova?
Is Supernova open source?
- Yes. The chain, bot, contracts, simulator, and other services are all open source.
What are the key features of Supernova?
- Auto-compounding will be enabled at launch, which means it will give our stakers freedom from manual compounding. And since there will be a swap pool that the users can use when they wish to swap the shadow tokens with the original token, users do not have to wait for the unstaking period to pass.
Gamma-1: Liquid Staking with Auto compounding / Stable Swap
Gamma-2: Staked Swap / Overcollateralized Stablecoin
Gamma-3: Governance aggregation platform
What Zones will be onboarded at Genesis?
- Cosmos hub, Osmosis, Juno. And we will make sure more can be onboarded through governance.
What is snATOM?
- snATOM is a token that represents both your deposit and the rewards you earn on your ATOM each epoch. There is no need to claim your rewards. Instead, snATOM acts as a share of the total pool of staked ATOM in Supernova. Since this pool accumulates staking rewards every 6 hours, your share, which will be represented in the form of snATOM, will increase over time and enable you to withdraw more ATOM than what you have staked in the beginning.
How can auto-compounding be implemented?
- snAsset represents the share of staked tokens that are delegated to Supernova validator. The bot automatically updates and compounds the yields in certain intervals, which is the most efficient way of compounding interests.
How can I withdraw the snAssets?
- There are two ways to withdraw snAssets:
- 1) Click the Unstake button in the ‘Unstake’ tab; or
- 2) Swap the snAssets with original assets in the ‘Swap’ tab.
- Since the first method incurs the process of unstaking, those who wish to withdraw their assets instantly should use the latter method.
What is staked swap?
- snAssets increase in value over time because of the auto-compounding. The stable swap logic, which is applicable to swap of assets that are of the same value, is not appropriate since the value of snAsset and the original asset is not equal. Therefore, Supernova will provide a new swap mechanism for the staked assets called ‘Staked swap’, and this AMM will provide a more fair swap mechanism for the users.
What is a ‘Governance Aggregation Platform’?
- Supernova will deploy a single validator on each chain, and mint shadow tokens equal to the number of tokens that are staked to the Supernova validator on each chain. This means that the Supernova validator will have the voting power and how the vote will be executed will be determined through the Supernova governance. $NOVA token holders will have the power to influence the governance of other chains without staking tokens of other chains, making Supernova a governance aggregation platform on Cosmos.
- However, some may have concerns about the fact that people who do not have direct stake or interest in a chain have the power to influence the governance. We call this the ‘citizen problem’ and to resolve such concern, we will enable the snAsset holders to veto certain governance decisions.
If I hold an snAssets, how do I claim my staking rewards?
- The staking rewards will be auto-compounded and accumulated in snATOM, so there is no need for such manual claiming. The value of snATOM naturally increases over time.
- For instance, 1 snATOM can be swapped to 1 ATOM in the beginning, but as staking rewards are accumulated, the swap ratio will be adjusted.
Does Supernova charge a fee for liquid staking?
- We do not charge fees for using our service, but this may change through future governance proposals.
There are two ways for withdrawing snAssets Are the withdrawal amount same in the two methods?
- No. We use different formulas to calculate snAssets values in Unstake and Swap. ‘Unstake’ uses the following formula: Supernova’s ATOM staked / current snATOM supply.
- ‘Swap’ will use the stake swap logic, but at genesis, we will use the stable swap logic that is applied to Curve Finance.
- We are planning to launch the testnet after the audit is complete. Some argue that the testnet phase itself is a public audit, but we believe that it is inefficient to detect the same vulnerabilities found in the testnet during an actual audit. Therefore, we will launch the testnet after fixing the vulnerabilities found during the audit.
What is the purpose of the testnet?
- The purpose of the testnet are:
- 1) to find vulnerabilities not detected during the audit
- 2) to receive feedback from the community to improve the quality of the product.
How will the testnet be implemented?
- Testnet will be implemented with partner validators and we will also receive applications from the community as well.
- Bug bounty program will be implemented in an on-going basis as well.
Will there be airdrops?
- Supernova has allocated 7.5% of the total $NOVA supply in airdrop. We are planning to do an airdrop for ATOM stakers after launch. (Details will be fixed in the future)
Who will be eligible to claim the airdrop?
- As we have announced, we are going to deploy our validators on each app-chain. Since it is important to activate validators, we are only targeting those who have delegated to the Supernova validator.
How do I claim the airdropped tokens?
- You can claim the airdropped tokens only after completing a few quests that are designed to help Supernova, not right after the airdrop. You will be able to find out more about the quests in the future announcement regarding the airdrop.
- Supernova will take a snapshot immediately after the announcement to prevent mal-actors from gaming the rewards. Stay tuned!
What is the utility of the $NOVA?
- $NOVA can be used to pay any fees required in the chain. You can also participate in other app-chains’ governance using $NOVA. (After GAMMA-3)
Will tokenomics of $NOVA be released?
- Definitely! The announcement will come in the following weeks.
- The Supernova team is concentrating on development and operations to launch the platform as soon as possible. We will do our best to make Supernova settle in the Cosmos ecosystem in the quickest time possible!
Disclaimer: This post is for informational purposes only, and the author will not be liable for the consequences arising from any investment or legal decision based on information contained in this post. Nothing contained in this post suggests or recommends investing in any particular asset. Making any decisions based only on the information or content of this post is NOT advised.