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Price Oracle

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For Lending Markets

Lending markets need a reliable price oracle to value collateral accurately, enforce LTV limits, calculate health factors, and trigger liquidations safely. eUSD is designed to be a first-class collateral asset on SEI DeFi, so it exposes an onchain price feed that tracks eUSD’s underlying reference value and can be consumed directly by lending protocols or via adapter contracts.

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Pricing methodology

eUSD tracks a reference value that reflects the economic value of its underlying sleeves and performance (net of applicable fees). As this reference value changes, the oracle updates the price so eUSD’s onchain price follows the same source of truth used for product accounting and reporting.

To strengthen transparency, Evolve uses a proof-of-reserve / proof-of-backing oriented design for the oracle infrastructure where feasible:

  • When assets or collateral sit offchain, independent third parties may verify balances and provide attestations.

  • This provides additional assurance that underlying collateral supports the token’s reference value (subject to the scope and limitations of the attestation).

For canonical settlement, eUSD can process mint/redemption using a designated reference price consistent with the product’s NAV methodology and processing rules, so issuance/redemption aligns with the same accounting reference that integrations rely on.

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Oracle interface (Chainlink-compatible)

eUSD implements a Chainlink-style interface via:

  • latestRoundData() → returns (roundId, answer, startedAt, updatedAt, answeredInRound)

This enables:

  • standard oracle plumbing for integrations

  • staleness checks using updatedAt

  • compatibility with common DeFi oracle adapter patterns

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NAV-based pricing (ERC-4626 semantics)

For direct valuation of shares against underlying assets:

  • convertToAssets(uint256 shares) → pass 1e18 shares to get the underlying asset amount implied by NAV (i.e., “price per token” in asset units).

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Simplified rate read

For protocols that want a single standardized value:

  • getRate() → returns the current price/rate in 18 decimals.

Together, these functions provide a transparent, reference-driven oracle that lending markets can depend on for consistent collateral valuation and risk management.

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Important notes & disclaimers

  • The oracle price and related verification procedures are provided for reference and risk management purposes.

  • eUSD is structured via a bankruptcy-remote segregated vault structure; oracle outputs do not, by themselves, create any additional legal entitlement beyond what is defined in the product terms.

  • Redemption amounts are determined by the product’s disclosed reference methodology and processing rules (including any queue/epoch mechanics) and may differ from the oracle reference in certain scenarios.

  • Always review the applicable legal documents, product terms, and risk disclosures.

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