Architecture
The ENKI system is composed of three primary components: ENKI Metis (eMetis), Staked ENKI Metis (seMetis), and the ENKI Metis Minter.
ENKI Metis (eMetis): This acts as a stablecoin, loosely pegged to Metis. It leverages Metis Sequencer Node staking and enhances the composability of the Metis ecosystem.
Staked ENKI Metis (seMetis): This is a version of eMetis that accrues staking yield. The majority of the profit generated from Metis sequencer nodes is distributed to seMetis holders. By staking eMetis for seMetis, users can earn staking yields, redeemable when converting seMetis back to eMetis.
ENKI Metis Minter: This component allows the exchange of Metis for eMetis, boosts sequencer nodes when possible, and mints new eMetis equivalent to the amount of Metis sent.
DeFi Composability
Upon deposit and staking, ENKI generates eMetis and seMetis tokens for users. eMetis symbolizes the initial deposited tokens, whereas seMetis embodies all rewards and penalties accumulated from staking those deposits. Crucially, both eMetis and seMetis maintain liquidity, allowing for unencumbered transfers between participants. This liquidity ensures that users can engage across various DeFi applications without forfeiting their staking rewards, which cycling are distributed. It's essential to maintain this liquidity feature when incorporating eMetis and seMetis into DeFi protocols, ensuring users benefit from both flexibility and profitability.
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