Swap

Swapping plDXY-BEAR

plDXY-BEAR trades directly against USDC on Curve. This is a standard AMM swap.

Buying plDXY-BEAR:

USDC → plDXY-BEAR (via Curve)

Selling plDXY-BEAR:

plDXY-BEAR → USDC (via Curve)

The Curve pool maintains liquidity through arbitrage. When BEAR's market price deviates from its oracle value, arbitrageurs profit by correcting the imbalance—keeping prices aligned with fundamentals.

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Swapping plDXY-BULL

There is no Curve pool for plDXY-BULL. Instead, the Zap Router creates synthetic liquidity by orchestrating flash mints and pair operations behind the scenes.

Buying plDXY-BULL:

USDC → plDXY-BULL (via Zap)

Selling plDXY-BULL:

plDXY-BULL → USDC (via Zap)

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How the Zap Works

You don't need to understand this to use Plether, but here's what happens under the hood:

Buying BULL:

1. Flash mint plDXY-BEAR (free, no collateral required)

2. Sell the BEAR for USDC on Curve

3. Combine your USDC with the swap proceeds

4. Mint token pairs with the total USDC

5. Keep the BULL, repay the BEAR flash loan

Selling BULL:

1. Flash mint plDXY-BEAR

2. Burn your BULL + borrowed BEAR as a pair → receive USDC

3. Buy back BEAR on Curve to repay the flash loan

4. Keep the remaining USDC

The Zap executes this entire sequence atomically in a single transaction.

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Slippage Protection

All swaps enforce a maximum 1% slippage cap to protect against MEV extraction. The interface will warn you if market conditions would result in excessive slippage.

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When to Swap vs. Burn

You hold	You want	Best option
BEAR + BULL (equal)	USDC	Burn pairs
BEAR only	USDC	Swap on Curve
BULL only	USDC	Zap sell
USDC	BEAR	Swap on Curve
USDC	BULL	Zap buy