Phase 2 – Earn: Yield Layer on Top of GUSD / G-Series
Phase 2 introduces a conservative yield layer on top of the stablecoin core built in Phase 1.
GUSD and G-Series evolve from “purely stable” assets into a yield-enabled infrastructure layer, where:
yield is generated at the USD collateral / reserve layer
users can access that yield indirectly through G-Series and integrated interfaces
Phase 2 focuses on sustainability and retention: creating incentives for liquidity to stay in the system, without compromising solvency or peg stability.
1. Phase Objective
Primary Objective
Launch WANNA Earn – a native yield service built on top of:
GUSD reserves (Tier 2, L2)
Governance-approved, low-risk external strategies (e.g., institutional staking, short-term RWA, repo-like products)
Note: Yield is paid in the deposited asset (e.g., Deposit GKRW → Earn GKRW). It is NOT paid in WANNA tokens, ensuring real-yield sustainability."
Key Principles
Real Yield Yield is based on reserve margins and external income, not solely on inflationary token emissions.
Conservative Risk Clear guardrails and exposure caps protect the peg and redemption guarantees.
Abstracted UX Users interact with G-Series balances, while the protocol manages underlying USD strategies and FX complexity.
2. Scope of Phase 2
2.1 In Scope
Activation of Tiered Liquidity (L1/L2)
L1 (Immediate Liquidity): Non-yielding buffer for redemptions (“do-not-touch” capital).
L2 (Yield Reserve): Excess collateral deployed into whitelisted strategies.
WANNA Earn (Infrastructure Level) Deployment of strategies such as institutional staking and T-bill-like RWAs, subject to strict exposure caps, haircuts, and unwinding constraints.
User-Facing Earn Products Interfaces where users can opt in to earn yield on GUSD or G-Series. The protocol routes economic exposure to L2 behind the scenes, while front-ends present a simple “Earn” experience.
Revenue Allocation Rules Implementation of the split between:
Risk buffers
Ecosystem incentives
WANNA Buyback & Burn according to the tokenomics framework
2.2 Out of Scope
Full brokerage / lending interfaces (reserved for Phase 3).
Derivatives / perpetual DEX integrations (reserved for Phase 4).
Dedicated mainnet & payment stack (reserved for the Strategic Horizon stage).
3. Core Components Delivered in Phase 2
Enhanced Reserve Management Policies for L1/L2 rebalancing and for handling first-loss scenarios in L2.
Strategy Whitelisting Framework Governance-led selection of protocols/assets based on:
security audits and track record
liquidity and exit constraints
jurisdictional/compliance considerations. No hidden leverage and no opaque derivatives are allowed
WANNA Earn Interfaces Protocol-level smart contracts for:
depositing assets into Earn products
tracking yield-bearing balances or shares
withdrawing principal plus accrued yield
Revenue Accounting Logic On-chain/off-chain processes to:
measure net yield from L2
execute allocation rules (buffer vs. incentives vs. buyback)
4. User & Partner Journeys in Phase 2
4.1 End User: “Earn on G-Series”
Goal: Earn conservative yield while holding local currency exposure.
Flow:
User deposits GKRW into an Earn product → Protocol routes liquidity via GUSD into L2 strategies → Yield generated in USD is mapped back to GKRW exposure.Result: User simply sees “Earn on GKRW”, while the protocol manages FX, GUSD, and USD treasury complexity behind the scenes.
4.2 Institutional / LP: GUSD Earn
Goal: Park large USD balances in a conservative, reserve-style yield source.
Flow:
Deposit GUSD → Receive yield-bearing position representing a share of L2.Result: WANNA functions as a reserve-style yield venue for institutional capital, built on top of the GUSD layer.
4.3 Partners (Wallets, Exchanges)
Action: Integrate Earn endpoints to offer “Earn in G-Series” or “Earn in GUSD” features to their user base.
Benefit: Partners can leverage WANNA’s infrastructure and RWA pipes instead of building and maintaining their own reserve and risk stack.
5. Risk and Compliance Framework
Phase 2 introduces yield but maintains a conservative risk appetite.
L1 Protection Immediate liquidity buffers remain non-yielding and untouched, to ensure redemption capability and peg defense.
L2 as First-Loss Buffer Any strategy losses are absorbed by L2 before impacting:
L1 liquidity
minimum CR requirements
user redemption promises
Strict Strategy Selection Only audited, liquid, and compliant strategies are eligible, with clear unwinding paths.
Compliance Layer Sanctions guardrails from Phase 1 apply to Earn flows. Additional checks for specific RWA exposures can be enforced at the front-end level (e.g., KYC’d interfaces).
6. Success Criteria
Phase 2 is considered successful if:
Stable Yield Track Record Consistent, positive yield generation over time without peg breakage.
Controlled Risk Profile No breaches of:
minimum CR
L1 liquidity requirements, even under reasonably stressed conditions
Adoption A meaningful share of GUSD/G-Series supply migrates into Earn products and L2-based strategies.
Clear Revenue Flows Transparent measurement and allocation of net revenue, including explicit WANNA token value accrual per the tokenomics design.
7. Transition to Phase 3
Phase 2 prepares the ground for Phase 3 – Brokerage (RWA & Lending).
Preconditions:
Proven Earn layer stability and a reliable yield track record.
Demonstrated ability to manage L1/L2 rebalancing and strategy changes without user fund impairment.
Sufficient demand from users and partners to access more complex RWA/lending protocols beyond simple yield products.
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