What is Superform Labs? Complete information about Superform Labs

1. Superform overview

1.1. What is Superform?

Superform is a decentralized yield platform that offers users the opportunity to earn yield by depositing assets into vaults on the platform. These vaults on Superform are created based on the ERC-4626 standard.

About ERC-4626:

ERC-4626 is a tokenized vault standard. These vaults, represented as smart contracts, enable users to deposit tokens into the vaults, and these tokens are then utilized for specific purposes, resulting in rewards for the depositors.

1.2. Feature

Unlike typical yield mining platforms, Superform offers specific benefits to users, including:

Transparency: Users can access information about vaults existing on any blockchain.
Deposit on any chain: Users can deposit funds into vaults with any asset and from any blockchain with just one transaction.
Withdraw from any chain: Users can withdraw funds of any asset and from any blockchain with just one transaction.
Instant allocation: Superform's listed vaults do not require licensing to use any token from any blockchain.
Easy management: Users can directly manage vaults from Superform without the need to build a dedicated interface.

These features are innovative and optimize user experience by eliminating the need for complex bridging or transfer processes when DApps integrate multiple blockchains or multi-chain DApps.

1.3. Which blockchains does Superform support?

Superform is not native to any specific blockchain but operates equally across all supported blockchains.

The current supported blockchains include Ethereum, Polygon, Optimism, Arbitrum, Base, Avalanche, Binance Smart Chain, and Fantom. In general, Superform supports all EVM-compatible blockchains in the market.

Within Superform, users will encounter the concepts of "source chain" and "destination chain," where the source chain is the blockchain users use to deposit assets, and similarly, the destination chain is where the vault is deployed. The source chain and destination chain can be the same.

To support users in utilizing multiple chains, Superform uses bridges like LayerZero, Hyperlane, and Wormhole for data transfer between chains. Additionally, the project uses Socket and LiFi to transfer tokens between chains.

2. How does Superform work?

Superform is built to serve two main entities:

Those seeking profit or yield.
Projects wishing to allocate profitable vaults to the community.

2.1. For yield seekers:

When accessing Superform, users arrive at the Explore Page containing a full list of vaults on the platform. From here, they can discover profit-making opportunities that align with their individual investment portfolios and add them to their "bag."

*An example of a list of vaults is in Superform*

In the bag, users can choose tokens to deposit from their wallet balance. They can select any token as long as it can be bridged or swapped into other tokens that the vault accepts.

After selecting the deposit token, users can allocate the funds to different vaults and choose the appropriate "deposit route," or Superform will be responsible for finding the most suitable route for the user.

There are 2 cases:

If it's a same-chain transaction: SuperPositions will be instantly minted for the user.
If it's a cross-chain transaction, tasks like bridging, swapping, and depositing will be handled by Superform.

SuperPositions represent the ownership of the user's deposited funds.

2.2. For yield creators

For yield creators, projects/organizations, or individuals can:

List desired vaults:

Users can create a vault with desired metrics by providing a suitable ERC-4626 contract address and selecting the desired blockchain.

Superform will then verify the safety and compatibility of the vault. If the vault does not meet the criteria, it will not be listed on the platform.
If successful, users can proceed to the next step: providing metadata.
Once the metadata information is complete, users finalize the listing of the vault on Superform through the createSuperform() function.

Creating a protocol

The process of creating a protocol on Superform is similar to the vault creation process:

Firstly, users provide specific information about the protocol (following the template provided by Superform).

*Fill in the protocol creation information on Superform*

After completing the form, the creator will move to the Credentials page to add the creator's address, additional admins, and manage them. Completed.

Vaults and protocols that provide sufficient information and are verified will be posted with various features, including icons, colors, banners, and unique slugs.

3. Learn about ERC-4626

In reality, existing lending protocols and aggregators in the DeFi market use different vault standards, requiring constant adjustments, bug fixes, or defenses against hacker attacks, leading to resource wastage. A standard for vaults on DeFi platforms is needed.

As mentioned above, ERC-4626 is a smart contract specifically designed to introduce a new vault standard. When users deposit funds into the vault, that amount will be optimized and redistributed as rewards to contributors. This design makes it convenient and easy to integrate the vault into DeFi applications or yield platforms.

Projects have joined forces to form the 4626 Alliance, providing support for developers and funding to build and encourage the adoption of ERC-4626 standard applications on their platforms.

Leading projects currently participating in the Alliance include Aztec, Balancer, Aave, Blockworks, Frax, Morpho, mStable, Superform, and various other organizations. Information about ERC-4626 and alliance partners can be checked at https://erc4626.info

4. Investors

Superform has successfully raised $6.5 million from Polychain, BlockTower, Maven11, Hypersphere, Wonderland, Circle Ventures, and many individual investors such as Arthur Hayes (former CEO of Bitmex), Bryan Pellergrino (co-founder of LayerZero), and individuals from a16z, rocket, LiFi, EigenLayer…

Currently, Superform is allowing users to register for early stage, and the first waitlist round has concluded. Testers will have the opportunity to receive NFTs from Superform with some details as follows:

Name: SuperFrens
7 levels of rarity
Fixed supply
Collect and increase rarity
Compete with other players to receive additional rewards

Users looking to have a chance to receive NFTs can follow the project and get updates at:

Website: https://www.superform.xyz
Twitter: https://twitter.com/superformxyz

5. Conclusion

In summary, Superform is a yield mining platform suitable for both users and projects looking to build their own yield distribution platform. With investments from prominent investors and VC funds, Superform could be a promising name to watch in the future. Stay tuned to Theblock101 for more updates on the project.

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