Network asset conversions are currently suspended. All the details can be found here
When a user converts between any of the Haven assets it uses a 3rd party oracle to provide the price feed into the network. There are two different prices that a Haven user may encounter and these will be explained below:
Spot Price– This is the live price of XHV seen across multiple exchanges and is likely to be volatile with many swings both up and down.
Moving Average Price– This is the spot price averaged out over the previous 720 blocks (approx 24 hours) and is used to smooth out price fluctuations and reduce attempts at price manipulation.
As of the introduction of Haven v2.2.0 there is a new method for determining the conversion rate a user gets when going between XHV and xUSD.
In previous versions the conversion price given was simply the MA (Moving Average) but this effectively gave users a view of the future and an advantage at the expense of XHV holders when converting.
We have now removed this advantage by giving users the following conversion rates depending on market conditions and the direction of the conversion.
|Conversion Type||Spot vs MA price||Conversion Rate Used|
|XHV to xUSD||Spot above MA||MA|
|XHV to xUSD||Spot below MA||Spot|
|xUSD to XHV||Spot above MA||Spot|
|xUSD to XHV||Spot below MA||MA|
To further explain how this works we can use this simple example below:
|Conversion Type||Spot Price||MA Price||Conversion Rate Used|
|XHV to xUSD||$4.00||$3.00||$3.00|
|XHV to xUSD||$3.00||$4.00||$3.00|
|xUSD to XHV||$4.00||$3.00||$4.00|
|xUSD to XHV||$3.00||$4.00||$4.00|
Put simply, the following applies:
- Going Offshore (XHV to xUSD) you get the lower of the spot or MA price
- Going Onshore (xUSD to XHV) you get the higher of the spot or MA price