Abstract
This PIP defines ASHA (آشا) as the sole reserve token for Pars Protocol. ASHA is the only mintable/inflationary token in the system, backed by protocol treasury assets. Users obtain ASHA by bonding collateral assets (CYRUS, MIGA, PARS, stablecoins, ETH) at a discount. Governance power is exclusively through veASHA (vote-escrowed ASHA).
Motivation
The previous vePARS model conflated the network gas token (PARS) with governance. This created several issues:
- Governance capture risk — Large PARS holders could dominate governance
- Conflicting incentives — Network gas needs vs governance locking
- Unclear backing — No explicit treasury backing for governance token
- Multi-token confusion — CYRUS, MIGA, PARS all competing for governance role
The ASHA architecture provides:
- Single governance token — veASHA is the only way to vote
- Clear backing — ASHA is backed by treasury assets
- Bonding utility — CYRUS/MIGA/PARS become useful collateral
- OHM-style mechanics — Protocol-owned liquidity and reserve currency
Specification
Token Architecture
┌─────────────────────────────────────────────────────────────────────────────────┐
│ ASHA TOKEN ARCHITECTURE │
├─────────────────────────────────────────────────────────────────────────────────┤
│ │
│ COLLATERAL LAYER │
│ ┌─────────────────────────────────────────────────────────────────────────────┐│
│ │ CYRUS │ MIGA │ PARS │ USDC/USDT │ ETH/WETH │ LP Tokens ││
│ │ ││
│ │ These are BONDABLE COLLATERAL - NOT governance tokens ││
│ └─────────────────────────────────────────────────────────────────────────────┘│
│ │ │
│ ▼ │
│ BONDING LAYER │
│ ┌─────────────────────────────────────────────────────────────────────────────┐│
│ │ ││
│ │ Bond Collateral ──► Receive Discounted ASHA ──► Treasury Grows ││
│ │ ││
│ │ Discount determined by: ││
│ │ • Collateral tier (S/A/B/C/D) ││
│ │ • Control variable (CV) ││
│ │ • Debt ratio ││
│ │ • Vesting period (5 days default) ││
│ │ ││
│ └─────────────────────────────────────────────────────────────────────────────┘│
│ │ │
│ ▼ │
│ RESERVE LAYER │
│ ┌─────────────────────────────────────────────────────────────────────────────┐│
│ │ ││
│ │ ASHA (آشا) - The sole reserve token ││
│ │ ││
│ │ • Only inflationary token in the system ││
│ │ • Backed by treasury assets ││
│ │ • Minted only through bonding ││
│ │ • Can be staked for yield or locked for governance ││
│ │ ││
│ └─────────────────────────────────────────────────────────────────────────────┘│
│ │ │
│ ▼ │
│ GOVERNANCE LAYER │
│ ┌─────────────────────────────────────────────────────────────────────────────┐│
│ │ ││
│ │ ASHA ──► Lock (1 week to 4 years) ──► veASHA ││
│ │ ││
│ │ veASHA is the ONLY governance token: ││
│ │ • Non-transferable ││
│ │ • Linear weight based on lock duration ││
│ │ • Voting power decays as lock approaches expiry ││
│ │ ││
│ └─────────────────────────────────────────────────────────────────────────────┘│
│ │
└─────────────────────────────────────────────────────────────────────────────────┘ASHA Token Contract
solidity
interface IASHA is IERC20 {
// ═══════════════════════════════════════════════════════════════════════════════
// CORE ERC20
// ═══════════════════════════════════════════════════════════════════════════════
/// @notice Token name: "ASHA"
function name() external view returns (string memory);
/// @notice Token symbol: "ASHA"
function symbol() external view returns (string memory);
/// @notice Decimals: 18
function decimals() external view returns (uint8);
// ═══════════════════════════════════════════════════════════════════════════════
// MINTING (Bonding Only)
// ═══════════════════════════════════════════════════════════════════════════════
/// @notice Mint ASHA - ONLY callable by Treasury/Bonding contracts
/// @param to Recipient address
/// @param amount Amount to mint
/// @dev Reverts if caller is not authorized minter
function mint(address to, uint256 amount) external;
/// @notice Check if address is authorized minter
/// @param account Address to check
function isMinter(address account) external view returns (bool);
/// @notice Add minter (governance only)
/// @param minter Address to authorize
function addMinter(address minter) external;
/// @notice Remove minter (governance only)
/// @param minter Address to deauthorize
function removeMinter(address minter) external;
// ═══════════════════════════════════════════════════════════════════════════════
// BACKING METRICS
// ═══════════════════════════════════════════════════════════════════════════════
/// @notice Get backing ratio (treasury value / ASHA supply)
/// @return ratio Backing ratio in basis points (10000 = 1:1)
function backingRatio() external view returns (uint256);
/// @notice Get treasury address
function treasury() external view returns (address);
}veASHA Lock Contract
solidity
interface IVeASHA {
// ═══════════════════════════════════════════════════════════════════════════════
// LOCK MANAGEMENT
// ═══════════════════════════════════════════════════════════════════════════════
/// @notice Lock ASHA tokens to receive veASHA
/// @param amount Amount of ASHA to lock
/// @param duration Lock duration in seconds
/// @return lockId The ID of the created lock
function lock(uint256 amount, uint256 duration) external returns (uint256 lockId);
/// @notice Extend an existing lock duration
/// @param lockId ID of the existing lock
/// @param newDuration New lock duration from current timestamp
function extendLock(uint256 lockId, uint256 newDuration) external;
/// @notice Add more ASHA to an existing lock
/// @param lockId ID of the existing lock
/// @param additionalAmount Amount of ASHA to add
function increaseLock(uint256 lockId, uint256 additionalAmount) external;
/// @notice Withdraw ASHA after lock expires
/// @param lockId ID of the expired lock
function withdraw(uint256 lockId) external;
// ═══════════════════════════════════════════════════════════════════════════════
// VOTING POWER
// ═══════════════════════════════════════════════════════════════════════════════
/// @notice Get current voting power for an account
/// @param account The address to query
/// @return Voting power (decays linearly)
function votingPower(address account) external view returns (uint256);
/// @notice Get voting power at a specific block
/// @param account The address to query
/// @param blockNumber The block to query
function getPriorVotes(address account, uint256 blockNumber) external view returns (uint256);
/// @notice Get total veASHA supply
function totalSupply() external view returns (uint256);
// ═══════════════════════════════════════════════════════════════════════════════
// DELEGATION
// ═══════════════════════════════════════════════════════════════════════════════
/// @notice Delegate voting power to another address
/// @param delegatee Address to delegate to
function delegate(address delegatee) external;
/// @notice Get current delegatee for an account
/// @param account The address to query
function delegates(address account) external view returns (address);
// ═══════════════════════════════════════════════════════════════════════════════
// LOCK PARAMETERS
// ═══════════════════════════════════════════════════════════════════════════════
/// @notice Minimum lock duration (1 week)
function MIN_LOCK_DURATION() external view returns (uint256);
/// @notice Maximum lock duration (4 years)
function MAX_LOCK_DURATION() external view returns (uint256);
}Lock Duration & Weight
veASHA uses linear weighting based on lock duration:
veASHA_weight = (lock_duration / MAX_DURATION)| Lock Duration | Weight | Example: 1000 ASHA |
|---|---|---|
| 1 week | 0.0048x | 4.8 veASHA |
| 1 month | 0.021x | 21 veASHA |
| 3 months | 0.0625x | 62.5 veASHA |
| 6 months | 0.125x | 125 veASHA |
| 1 year | 0.25x | 250 veASHA |
| 2 years | 0.50x | 500 veASHA |
| 4 years | 1.00x | 1000 veASHA |
Voting power decays linearly as the lock approaches expiry.
Bonding System
Users bond collateral assets to receive discounted ASHA:
solidity
interface IBondDepository {
/// @notice Bond collateral for discounted ASHA
/// @param bondId The bond market ID
/// @param amount Amount of collateral to bond
/// @param maxPrice Maximum price willing to pay (slippage protection)
/// @return payout Amount of ASHA to receive after vesting
function deposit(
uint256 bondId,
uint256 amount,
uint256 maxPrice
) external returns (uint256 payout);
/// @notice Redeem vested ASHA
/// @param bondId The bond market ID
/// @param redeem Whether to redeem to wallet (true) or stake (false)
function redeem(uint256 bondId, bool redeem) external returns (uint256);
/// @notice Get bond price for a market
/// @param bondId The bond market ID
function bondPrice(uint256 bondId) external view returns (uint256);
/// @notice Get discount for a market
/// @param bondId The bond market ID
/// @return discount Discount in basis points
function currentDiscount(uint256 bondId) external view returns (uint256);
}Collateral Tiers
All assets can be liquid staked (PIP-7008) to receive L-tokens (LETH, LBTC, LPARS, LCYRUS, LMIGA). L-tokens receive bonus discounts because they're yield-bearing.
| Tier | Collateral | Max Discount | Vesting | Risk Weight |
|---|---|---|---|---|
| S | USDC, USDT, DAI | 3-8% | 5 days | 1.0x |
| A | ETH, WETH, WBTC | 5-12% | 7 days | 1.2x |
| A+ | LETH, LBTC | 6-14% | 7 days | 1.1x |
| B | PARS (native) | 8-18% | 14 days | 1.5x |
| B+ | LPARS | 10-20% | 14 days | 1.4x |
| C | CYRUS, MIGA | 10-22% | 21 days | 1.8x |
| C+ | LCYRUS, LMIGA | 12-24% | 21 days | 1.7x |
| D | LP Tokens | 12-25% | 28 days | 2.0x |
L-token Bonus: Liquid staked tokens get +2% max discount and -0.1x risk weight because they:
- Generate yield while vesting
- Represent proven long-term commitment
- Provide additional backing value
Bonding Flow
┌─────────────────────────────────────────────────────────────────────────────────┐
│ BONDING FLOW │
├─────────────────────────────────────────────────────────────────────────────────┤
│ │
│ 1. DEPOSIT COLLATERAL │
│ User deposits 1000 USDC │
│ ┌─────────────────────────────────────────────────────────────────────────┐ │
│ │ Collateral: USDC (Tier S) │ │
│ │ Amount: 1000 USDC │ │
│ │ Discount: 5% │ │
│ │ ASHA Price: $10 market, $9.50 bond │ │
│ │ Payout: 105.26 ASHA ($1000 / $9.50) │ │
│ │ Vesting: 5 days │ │
│ └─────────────────────────────────────────────────────────────────────────┘ │
│ │ │
│ 2. TREASURY RECEIVES COLLATERAL │
│ ┌─────────────────────────────────────────────────────────────────────────┐ │
│ │ Treasury receives: 1000 USDC │ │
│ │ Treasury mints: 105.26 ASHA (vesting) │ │
│ │ Backing increases by: 1000 USDC │ │
│ └─────────────────────────────────────────────────────────────────────────┘ │
│ │ │
│ 3. VESTING PERIOD (5 days) │
│ ┌─────────────────────────────────────────────────────────────────────────┐ │
│ │ Day 1: 21.05 ASHA claimable │ │
│ │ Day 2: 42.10 ASHA claimable │ │
│ │ Day 3: 63.16 ASHA claimable │ │
│ │ Day 4: 84.21 ASHA claimable │ │
│ │ Day 5: 105.26 ASHA claimable (full) │ │
│ └─────────────────────────────────────────────────────────────────────────┘ │
│ │ │
│ 4. CLAIM / STAKE / LOCK │
│ ┌─────────────────────────────────────────────────────────────────────────┐ │
│ │ Option A: Claim to wallet (liquid ASHA) │ │
│ │ Option B: Auto-stake in xASHA (yield) │ │
│ │ Option C: Lock for veASHA (governance) │ │
│ └─────────────────────────────────────────────────────────────────────────┘ │
│ │
└─────────────────────────────────────────────────────────────────────────────────┘Treasury Backing
ASHA is backed by diversified treasury assets:
| Asset Class | Target Allocation | Purpose |
|---|---|---|
| Stablecoins | 40-50% | Stability, operational runway |
| ETH/BTC | 20-30% | Growth exposure, liquidity |
| Ecosystem | 15-25% | PARS, CYRUS, MIGA alignment |
| POL | 10-20% | Protocol-owned liquidity |
Backing Ratio
Backing Ratio = Treasury Value / ASHA Supply| Range | Status | Actions |
|---|---|---|
| >110% | Surplus | May enable buybacks |
| 100-110% | Healthy | Normal operations |
| 90-100% | Caution | Reduce bond discounts |
| <90% | Under-backed | Halt new bonds, recovery mode |
Governor Integration
veASHA integrates with the Governor module:
| Parameter | Value |
|---|---|
| Proposal Threshold | 0.25% of veASHA supply |
| Quorum | 10% of veASHA supply |
| Approval Threshold | 50% (67% for treasury >$100K) |
| Voting Delay | 3 days |
| Voting Period | 7 days |
| Timelock | 48 hours |
Security Considerations
Bonding Risks
- Discount manipulation — Control variable adjusts slowly to prevent exploitation
- Debt ceiling — Maximum ASHA mintable per epoch prevents dilution
- Vesting — 5-day vesting prevents immediate arbitrage
Governance Risks
- Vote buying — veASHA non-transferable, requires long-term commitment
- Flash loans — Cannot acquire veASHA via flash loans
- Concentration — Long lock periods distribute governance over time
Treasury Risks
- Backing collapse — Emergency mode if backing ratio <90%
- Asset concentration — Diversification targets enforced by governance
- Smart contract — Multi-sig and timelock protect treasury
References
- PIP-7000: DAO Governance Framework
- PIP-7003: Fee Routing Protocol
- PIP-7004: Gauge Controller
- PIP-7005: Vault Registry
- PIP-7008: Liquid Staking Protocol
- Olympus DAO Documentation
- Lido Finance Documentation
Copyright
Copyright and related rights waived via CC0.