Whiteheart Finance Memo

JSev
4 min readApr 14, 2021

What: Whiteheart Finance is a decentralized protocol to enable a user to protect their investment in WBTC or ETH over a 14–28 day time period. This happens using a smart-contract paired with a liquidity pool to provide the difference between say an initial amount of $ETH worth $10,000 and the difference if it goes down to $5000. The differential ($5,000)would be payed out to the user + the diminished $ETH, retaining their initial USD value in $ETH (So payout is $5000 USDC, $5000 $ETH after the drop because the initial value of $ETH was $10,000). There is a price for this protection, 9.9% for $WHETH and 6.9% for $WHBTC.

Why: To provide tools which enable limited downside in USD terms if used correctly.

Product:

$WHITE staking. In return the fee described above will go to staked holders.

$USDC Fees Distribution

● 30% distributed among the $sWHITE (staked $WHITE aka $sWHITE) holders

● 30% distributed among the $USDC hedging pool liquidity providers

● 20% distributed among the $HEGIC staking lots holders

● 20% distributed among the Hegic pools liquidity providers

Token Model

Circulating supply: 8,888

Max supply: 8,888

Circulating Market Cap: $24,720,375

Fully Diluted Value: $24,720,375

Token Distribution:

Token fundraising was completed by a private keybase group of 233 people organized by Molly Wintermute. The initial price of WHITE after the completion of the IBCO was $1,077. 88 WHITE was distributed to private group members who participated in IBCO and held through mainnet launch.

Audit and Source Code: https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-Whiteheart-v1.0.pdf

Team (pseudonymous):

Analysis:

Pros:

● The service is useful for folks who trade $ETH and $WBTC.

● No insane vesting schedules

● Team is active in discord and twitter. Smart folks are involved in figuring out how to build an ecosystem around…

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JSev

Product Manager. writer (defi + NFTs). Artist. Poetry collection ‘Poemas’ now available for purchase on amazon. site: nftmatrix.cent.co