EXA

Built on the Ethereum blockchain, EXA is a decentralized, non-custodial, and open-source protocol providing an autonomous fixed and variable interest rate market. Operating as a key component of the DeFi ecosystem, EXA enables lenders and borrowers to exchange the time value of their crypto assets at both variables and fixed interest rates for the first time in DeFi.

EXA's innovative approach introduces a new interest rate model with a continuous and differentiable (non-linear) function that sets the groundwork for the development of a fixed income derivatives market. The protocol also features a Dynamic Close Factor, which returns users to a solvency situation in a more efficient and equitable way. Additionally, EXA incorporates a Risk Model that improves capital efficiency by increasing lending power with risk-adjusted collateral and debt for health factor calculation.

EXA's Variable Rate Pool contains a single type of asset without an expiration date, providing liquidity to all the different fixed-rate pools as needed. Users can supply their assets and increase the liquidity of the Variable Rate Pool, which will provide liquidity to all the different Fixed Rate Pools as needed. Each deposit will mint an "Exactly Voucher" (exaVoucher) that uses the ERC-4626 standard, which will periodically accrue variable earnings by increasing its value when withdrawing and exchanging back for the underlying assets.

EXA's EXA token is the protocol's governance token, allowing community members to actively participate in the Protocol’s governance by voting on proposals for changes and upgrades. The total circulating supply of the EXA token can be found on the official website. EXA has a strong focus on community involvement, with a forum on Discord where users can share and discuss their thoughts with the Exactly community.

EXA's protocol generates revenue since the Treasury Fee parameter was activated on OP Mainnet in June 2023. The Treasury Fee refers to the percentage of interest rate charges paid by borrowers that the protocol retains for its treasury. EXA has a multisig address, which controls the entire protocol, including functions such as contract upgrades, parameter adjustments, and protocol pauses.