Smart contracts
Amnis Finance allows users to earn staking rewards on their APT holdings without locking capital or maintaining a validator's node. The Amnis protocol consists of several components:
Dual Token Model: amAPT and stAPT
Deposits and withdraws of APT into/from whitelisted validator nodes
Performance score calculation of whitelisted validator node (automatic portfolio management) to optimize rewards generated
Reward issuance every 2 hours as network rewards are generated
Withdrawals (Slow withdrawal and Quick withdrawal)
To stake APT with Amnis Finance, the user sends APT to the smart contract and receives amAPT tokens in return. With amAPT, users can choose to:
Directly participate in the Aptos DeFi ecosystem, such as providing amAPT-APT liquidity to DEX in exchange for an APR. amAPT holders do not receive staking rewards.
Stake with Amnis to receive stAPT tokens. stAPT tokens receive the staking rewards generated from all APT deposited in the Amnis protocol and can be held, traded, or sold. The exchange rate for stAPT is based on the total amount of staked APT plus total staking rewards.
All flows are managed via the smart contracts (modules) as shown in the diagram earlier. IN addition, Amnis Protocol is also designed to:
Prioritize safety. The amount of amAPT minted (and thus the value of stAPT) is always equal to the APT deposited. This is guaranteed to be true in all cases and at all times via formal specification of the contract. This ensures the value of amAPT is always 1:1 to APT and the value of stAPT will keep increasing as staking rewards accrue. No loss of value will ever happen.
Prevent arbitrage. A small deposit fee (always less than 0.0008%) is charged when depositing APT to mint amAPT. This deposit fee is refunded (depositors are made “whole”) at the end of the current 2-hour network epoch. This prevents arbitrage as rewards are only given at the end of each network epoch. Arbitrageours wouldn’t be able to buy in at the last minute and reap the rewards.
Maximize performance with decentralization. Performance scores of validators are calculated and recorded on-chain for each epoch. Along with other factors such as operator fees and total deposit so far, validators are given an overall score that decides how much will be allocated to them in the next network epoch. Stake might be reallocated automatically as well based on the score to further optimize the rewards generated by the system.
Offer composability. The Amnis protocol is designed with composability in mind so more Defi protocols and other applications can be easily built on top
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