GUTHIX Protocol

The Yield-Bearing Liquidity Hub Version: 3.3.0 Status: 🚧 In Development Network: Solana (Operations) | Base (Bridge)

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Overview

GUTHIX is a minimalist decentralised liquidity protocol and the first yield-bearing liquidity hub for the Solana stablecoin ecosystem. It is built around a single token: sgxUSD.

sgxUSD is a vault token. It starts at $1.00 and floats upward as protocol revenue accrues. It is not a stablecoin and makes no peg guarantee. All revenue flows to sgxUSD holders via NAV appreciation — no emissions, no governance tokens, no distributions.

Yield comes from four structurally uncorrelated sources simultaneously:

• Ethena funding rates via sUSDe collateral
• Maple credit yield via syrupUSDC collateral
• Ondo RWA yield via USDY collateral
• Bridge arbitrage fees from Wormhole-bridged USDC variants and LayerZero USDT0

No single source dominates. When one compresses, the others carry.

The protocol is a single immutable Anchor program with seven instructions. There is no foundation, no company, and no controlling entity of any kind. The contracts are deployed as-is under the MIT licence and cannot be upgraded by anyone — including the original developers. Frontends are community-built and permissionless.

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Key Properties

• Immutable contracts — deployed once, never upgraded; audit result is permanent
• No controlling entity — no foundation, company, or DAO owns or operates the protocol
• Community frontends — any party may build and operate an interface; no permission required
• Native compounding — sgxUSD paired directly against yield-bearing assets; no harvesting, no yield leakage
• Dual bridge ecosystem — Wormhole NTT for canonical sgxUSD bridging; LayerZero USDT0 for inbound cross-chain flow
• Pure real yield — 100% of revenue flows to sgxUSD NAV; zero emissions; zero dilution

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Architecture

System Diagram

graph TD
    User[User] -->|Swap USDT / USDC| Interface[Jupiter / Community UI]
    Interface -->|IXs| Core[guthix-core Program]

    Core -->|Lock Collateral| Vault[Collateral Vault]
    Core -->|Mint / Burn| Token[SPL Token: sgxUSD]

    Guardian[Guardian Squads 3-of-5] -->|Admin| Core
    Keeper[Community Keeper] -->|Monitor & Rebalance| Core
    Keeper -->|Deploy POL| Meteora[Meteora StableSwap Pools]
    Keeper -->|Route Fees + Excess| Vault

    Wormhole[Wormhole NTT] -->|Canonical Bridge| Base[Base]
    LayerZero[LayerZero USDT0] -->|OFT Inflow| Meteora

    style Core fill:#f9f9f9,stroke:#333,stroke-width:4px
    style Keeper fill:#e1f5fe,stroke:#0277bd,stroke-width:2px
    style Guardian fill:#e8f5e9,stroke:#2e7d32,stroke-width:2px

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Component Breakdown

Component	Implementation	Responsibility
Core Logic	guthix-core (Anchor, immutable)	Collateral locking, NAV calculation, sgxUSD minting/burning, config
Governance	Squads Protocol (3-of-5 multisig)	Parameter updates, emergency pauses, Keeper authorisation
Token	SPL Token	sgxUSD vault token
Canonical Bridge	Wormhole NTT	lock/mint across Solana ↔ Base
Cross-chain Inflow	LayerZero USDT0 OFT	30+ chain USDT0 routing into Tier 2 and Tier 3 pools
Liquidity	Meteora StableSwap	Protocol-Owned Liquidity across all pool tiers
Maintenance	Community Keeper (open source)	POL rebalancing, NAV updates, Swap-to-Grow routing, pool monitoring

Three-Tier Pool Architecture

Tier	Pool	Role	Swap Fee
Yield	sgxUSD / sUSDe	Ethena funding rate yield	0.10%
Yield	sgxUSD / syrupUSDC	Maple credit yield	0.10%
Yield	sgxUSD / USDY	Ondo RWA yield	0.10%
Bridge	sgxUSD / whUSDC.e	Wormhole (Ethereum) arb fees	0.20%
Bridge	sgxUSD / whUSDC.bnb	Wormhole (BNB Chain) arb fees	0.20%
Bridge	sgxUSD / whUSDC.poly	Wormhole (Polygon) arb fees	0.20%
Bridge	sgxUSD / USDT0	LayerZero OFT arb fees (30+ chains)	0.20%
Ramp	sgxUSD / USDT	Primary entry / exit ramp	0.05%
Ramp	sgxUSD / USDC	Secondary ramp / Jupiter routing	0.05%

Why USDT as primary ramp? USDT is the dominant stablecoin by on-chain volume. The sgxUSD / USDT ramp pool and the Tier 2 sgxUSD / USDT0 bridge pool together form a complete routing path for any LayerZero-connected chain: bridge USDT0 to Solana → swap to sgxUSD via the USDT pool → hold yield-bearing exposure. No USDC, no Wormhole required.

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Getting Started

Prerequisites

• Rust (latest stable)
• Solana Tool Suite (v1.16+)
• Anchor Framework (v0.29+)
• Node.js (v18+)
• Yarn or npm

Installation

# Clone
git clone https://github.com/RedactedBuilder/guthix.git
cd guthix

# Solana / Anchor
cargo build-bpf

# SDK
cd clients/sdk && yarn install

Local Development

# Start local validator
solana-test-validator

# Deploy to devnet
anchor deploy --provider.cluster devnet

# Run tests
anchor test

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Repository Structure

guthix/
├── programs/
│   └── guthix-core/          # Single custom program (Vault + Config + NAV)
├── clients/
│   ├── sdk/                  # TypeScript SDK
│   └── keeper/               # Community Keeper bot (open source)
├── scripts/
│   ├── deploy-squads.ts      # Setup Guardian Multisig
│   ├── deploy-ntt.ts         # Configure Wormhole NTT
│   └── init-core.ts          # Initialise Vault Program
├── tests/
│   └── guthix-core.test.ts
├── docs/
├── Anchor.toml
├── Cargo.toml
├── litepaper.md
└── README.md

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Smart Contract Interface

Program Instructions

pub enum Instruction {
    Initialize,           // Setup vault, token mint, guardian
    Deposit,              // Lock collateral → Mint sgxUSD at current NAV
    Withdraw,             // Burn sgxUSD → Withdraw collateral at current NAV
    WithdrawCollateral,   // Keeper-only: Unlock collateral for POL deployment
    UpdateNAV,            // Keeper-only: Update sgxUSD exchange rate
    UpdateConfig,         // Guardian-only: Adjust params, pause, keeper address
    Pause,                // Guardian-only: Emergency halt
}

Only 7 instructions. No staking logic. No governance voting. No emission schedules. No synthetic token minting. Immutable on deployment.

Account Structure

Account	Type	Authority	Description
Vault	PDA	Program	Holds all collateral (sUSDe, syrupUSDC, USDY, whUSDC variants, USDT, USDC)
Config	PDA	Guardian	Protocol parameters (fees, limits, keeper address, pool thresholds)
State	PDA	Program	Global state (TVL, sgxUSD supply, NAV, paused status)
Keeper	PDA	Guardian	Authorised keeper address for NAV updates and rebalancing

SDK Examples

Deposit

import { GuthixSDK } from '@guthix-protocol/sdk';

const sdk = new GuthixSDK({ cluster: 'mainnet-beta' });

const tx = await sdk.deposit({
  collateralMint: USDT_MINT,
  collateralAmount: 1000_000_000, // 1000 USDT (6 decimals)
  minSgxUsdOut: 995_000_000,      // Slippage protection
  owner: wallet.publicKey,
});

await sdk.sendTransaction(tx);
// sgxUSD appreciates automatically across five yield sources from this point

Exit via Secondary Market

// Swap sgxUSD → USDT via Jupiter — Silent Rebalance absorbs the flow
const route = await jupiter.computeRoutes({
  inputMint: SGXUSD_MINT,
  outputMint: USDT_MINT,
  amount: 1000_000_000,
});

await jupiter.exchange({ routeInfo: route.routesInfos[0] });

Bridge to Base

import { WormholeNTT } from '@wormhole-foundation/sdk';

const ntt = new WormholeNTT({ sourceChain: 'solana', targetChain: 'base' });

const tx = await ntt.transfer({
  tokenMint: SGXUSD_MINT,
  amount: 1000_000_000,
  recipient: evmWalletAddress,
  owner: wallet.publicKey,
});

await sdk.sendTransaction(tx);
// sgxUSD minted canonically on Base — yield continues to accrue

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Keeper Bot

The Keeper is an open-source off-chain process that handles POL rebalancing, NAV updates, Swap-to-Grow routing, and bridge pool monitoring. Any party may run it. The Guardian multisig authorises which Keeper address the program accepts and may rotate it at any time.

All vault operations are PDA-signed with per-epoch withdrawal limits enforced on-chain — the Keeper holds no privileged mint authority and cannot move funds outside program rules.

Setup

cd clients/keeper
cargo build --release

Configuration

[keeper]
cluster = "mainnet-beta"
keeper_keypair = "~/.config/solana/keeper.json"
guthix_core_program = "GUTHIX_PROGRAM_ID"

[strategy]
swap_to_grow_threshold = 0.55      # Route excess USDT/USDC to vault above this
rebalance_threshold = 0.60         # Rebalance POL if sgxUSD > 60% of any pool
max_yield_pool_allocation_pct = 20
max_bridge_pool_allocation_pct = 10
bridge_depeg_threshold = 0.995     # Alert threshold for whUSDC / USDT0 depeg

Running

cargo run --release -- --config config.toml

# With monitoring dashboard
cargo run --release -- --config config.toml --monitor

Keeper Responsibilities

Task	Frequency	Trigger
Update sgxUSD NAV	Every epoch	Collateral yield accrual + fee collection
Swap-to-Grow	As needed	Excess USDT / USDC in ramp pools above threshold
Silent Rebalance	As needed	sgxUSD sell pressure exceeds POL depth
Bridge Fee Collection	Every epoch	Tier 2 pool trading fee accrual
Bridge Pool Monitoring	Every block	whUSDC / USDT0 depeg detection
Vault Solvency Check	Every block	NAV vs. total sgxUSD supply

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Testing

# All tests
anchor test

# Specific suite
anchor test --skip-deploy --skip-local-validator -- tests/guthix-core.test.ts

# Coverage
cargo llvm-cov --lcov --output-path lcov.info

# Devnet deployment
anchor deploy --provider.cluster devnet
yarn ts-node scripts/init-core.ts --cluster devnet

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Monitoring

All protocol state is publicly verifiable on-chain:

solana account <VAULT_PDA> --output json   # Vault collateral
solana account <CONFIG_PDA> --output json  # Protocol config
solana account <STATE_PDA> --output json   # NAV and supply

Metric	Endpoint
NAV per sgxUSD	/api/nav
Total Collateral	/api/collateral
Yield Basket	/api/basket
Bridge Volume	/api/bridge
Protocol Revenue	/api/revenue
Keeper Activity	/api/keeper

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Security

Layer	Implementation	Purpose
Immutable contracts	guthix-core is non-upgradeable post-deployment	Eliminates upgrade-key risk; audit result is permanent
Minimal code	Single program; 7 instructions; one token	Smallest possible audit surface
Standard dependencies	Squads, Wormhole, SPL Token, Meteora	Battle-tested, audited infrastructure only
On-chain Keeper limits	Per-epoch withdrawal cap; NAV circuit breaker in program	Keeper compromise cannot drain vault or manipulate NAV freely
Guardian multisig	3-of-5; emergency pause; Keeper rotation	Community backstop; no single point of control
Dual-oracle pricing	Pyth + Switchboard; TWAP; deviation circuit breakers	Manipulation-resistant NAV and collateral pricing
Open-source Keeper	MIT licence; any party may run it	No single-operator dependency

Audit Status

Firm	Status	Detail
Community Review	✅ Complete	GitHub Issues
OtterSec	🚧 Planned	Pre-mainnet, Q3 2026 — prerequisite for deployment
Immunefi Bounty	🚧 Planned	Active from mainnet launch

The protocol will not deploy to mainnet before the professional audit is complete. Because contracts are immutable, the audit result is final and permanent.

Reporting a Vulnerability

Do not open public issues for security vulnerabilities. Contact: security@guthix.finance

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Contributing

The Keeper, SDK, and all tooling are open source. Contributions welcome.

1. Fork the repo
2. Create a feature branch (git checkout -b feature/my-feature)
3. Commit with clear messages (git commit -m 'Add my feature')
4. Push and open a Pull Request

Guidelines: Follow Rust/Anchor best practices. Run cargo fmt. All new features must include tests. Tag security-relevant PRs with @guthix-security.

There is no official team to approve PRs — the community maintains this repository.

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Roadmap

Phase	Timeline	Milestones
Phase 1 — Core Foundation	Q2 2026	guthix-core devnet · Keeper MVP (open source) · All nine pools on devnet · Community audit
Phase 2 — Mainnet Launch	Q3 2026	Professional audit complete · Immutable contracts deployed · Collateral partner POL seeding · Jupiter integration · Keeper reference published
Phase 3 — Multichain	Q4 2026	Wormhole NTT live · sgxUSD on Base · LayerZero USDT0 routing live · Public analytics dashboard
Phase 4 — Community Maintenance	Q1 2027+	3+ independent Keeper operators · No single-operator dependency · Original developers no longer required for operations

This roadmap reflects current contributor intentions. It is not a commitment. Development may slow, pause, or cease at any time. After mainnet deployment, any community contributor may continue any aspect of it independently.

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Further Reading

• litepaper.md — Protocol design, economics, and risk disclosure
• docs/ — Technical documentation

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Legal

The GUTHIX smart contracts are immutable, permissionless software deployed on public blockchains under the MIT licence. They are provided as-is with no warranty of any kind. No person or entity — including the original developers, any Guardian multisig signers, or any Keeper operators — owns, controls, or accepts liability for the protocol.

There is no GUTHIX Foundation, company, or DAO. The original developers may cease activity at any time without notice.

sgxUSD is a vault token whose value floats and is not guaranteed to appreciate. It is not a stablecoin. Collateral assets carry independent risks including depeg risk, smart contract risk, and bridge protocol risk. Participants may lose some or all of the value they deposit.

Each participant is solely responsible for determining the legality of interacting with this protocol in their jurisdiction.

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MIT Licence. No rights reserved by any entity. Built on Solana. Secured by minimalism. One token. Five yield sources.