Stabilizer

Stabilizer sets out to remove slippage from stablecoin swaps entirely. Pools do not follow a constant-product curve but a constant-sum invariant with internal rebalancing, so the price is pinned at one to one before and after a trade. The mechanism introduces a native dollar, USDZ, minted or burned during a swap to absorb pool imbalance, while reserves are backed one to one by USDT, USDC, USDS and PYUSD moving through adapters, which removes the need for external oracles or an order book.

Because pricing does not drift with pool ratios, sandwiching and front-running lose their arbitrage, liquidity stays concentrated at the peg, and impermanent loss under normal conditions is held very low. The product separates pools by stablecoin, each paired with USDZ, with fees retained in the pool for market makers. Nethermind reviewed 22 core contracts and 1,521 lines of Solidity, reporting 18 findings with none critical and three high severity, of which 17 were fixed and one formally acknowledged.