ΣΤΥΞ

A covenant CDP on the Liquid Network

ΣΤΥΞ

Lock L-BTC as collateral, mint OBOL, a USD-pegged debt token. Every rule - who may mint, who may liquidate, what a keeper may take - is enforced by Simplicity covenants on-chain. No federation signs anything. No admin key exists.

Read the specification Join the testnet Verify the covenants

v1 covenant frozen 2026-07-03 · CMR-pinned

ΑʹOne promise

Every OBOL outside the pot is backed by at least its share of collateral, or has been genuinely retired. There is no signer set to petition and no admin path to abuse: the covenants price every operation themselves, from a vault's first draw to the last pro-rata settlement. The OBOL supply is fixed at 100,000,000 forever - both genesis issuances were made without a reissuance token, so no minting-based bailout is possible by construction.

150%
min CR to open / draw
130%
liquidation trigger
3 of 5
oracle quorum
0%
interest
100M
fixed OBOL supply

ΒʹThe crossing

  1. Open a vault

    Lock L-BTC and draw OBOL against it. The covenant prices collateral at the minimum quote of a fresh 3-of-5 oracle tick and refuses any draw below 150% cover.

  2. Carry the debt

    Nothing accrues while you hold. There is no interest, no funding rate, and no governance that can change the terms under you; the vault is a UTXO that only its own covenant can move.

  3. Cross back

    Repay the debt and the covenant releases the collateral. If cover falls below 130%, anyone may liquidate within the covenant's caps; OBOL holders can always redeem at the peg floor.

ΓʹGateways

Everything the protocol exposes is public. Start anywhere.

v1 · normative

Specification

Twelve chapters covering architecture, covenants, transaction lifecycle, the oracle, economics and the security record. Every behavioral claim verified against the frozen source.

read the spec › testnet

Explorer

Vaults, the pot, the issuer and the reserve as the chain confirms them: positions, CR bands, the liquidation feed, and per-slot oracle freshness.

open the explorer › CMR-pinned

Covenant source

The five frozen Simplicity programs. Read the asserts, recompute the roots, check the addresses yourself.

verify the source › MIT / Apache-2.0

Repository

The whole implementation: covenants, protocol core, PSET builders, the oracle, wallet and keeper daemons, and the deploy tooling. Build it, run a node, join the testnet.

github.com/standardsats/styx-cdp › live · worthless coins

Join the testnet

The deployment record from the ceremony - genesis, the two asset ids, the five oracle keys, the relay - and the config file every role reads. One script sets up a node, keys and the app; a faucet does the rest.

the deployment record ›

ΔʹProvenance

Every commit and every release tag is signed with one key. Nothing here asks you to trust a binary someone else built: import the key, check the history you cloned, build it yourself.

curl -sO https://styx.network/charon.asc && gpg --import charon.asc
git log --show-signature -1        # or: git verify-commit HEAD

Χάρων <charon@styx.network>

53DF BF82 6E12 6804 50FD  51D6 9790 D5F0 CB43 FE12

ed25519 · 2026-07-13, expires 2029-07-12 · charon.asc