READ BEFORE YOU TRAVEL
In plain words, before you mint anything. Bonds stay staked; only the yield is rerouted, and that yield is never guaranteed.
EVERY FIGURE IS SYNTHETIC
01DexFi controls the bond
One externally owned account controls DexFi's bond and farm contracts. It can pause minting, change the transfer whitelist and upgrade the farm. Reroute cannot stop any of that; it can only watch for it and let you leave.
02DexFi's owner can mint bonds for free
The same account can mint bonds for free, with no timelock and no audit behind it. Reroute cannot stop that or see it coming.
03DexFi has been drained before
DexFi's vaults were drained on 2025-03-31. That hack debt is still being repaid, and part of the yield the bonds generate (EMP's share) still goes to repaying it.
04The yield can fall or stop
Bond yield is whatever DexFi's farm pays each week. It has fallen over recent months, and the farm's rewards end on 2027-10-09 unless DexFi extends them. Reroute shows trailing yield only, as history, never a promise.
05The yield is lumpy
Realised yield has swung about 8x from one week to the next. A good week says nothing about the next one.
06A late farm refill can delete yield
DexFi tops up the farm by hand. If a top-up is late, the farm owes more than it holds, and any withdrawal from the vault's shared farm position is paid only what the farm holds: DexFi's farm deletes the rest, for every holder at once. Reroute waits up to 14 days for a top-up before it claims. It cannot stop another holder withdrawing, or anyone minting a bond to the vault, from causing that loss sooner. Exits stay open on purpose.
07The bond price moves with ETH
A bond has been priced anywhere from about $22 to about $68. It tracks the bond's ETH value, so it falls when ETH falls.
08Thin liquidity on token routes
The ESHARE pool holds roughly $13k to $66k and PLAZM roughly $60k to $90k. Reroute buys in slices of at most 1% of a pool, checked against a 30-minute TWAP, and skips a slice rather than force it. You can still get a worse price than you would like.
09Partially filled weeks are normal
The PLAZM and ESHARE pools are thin. When a pool's price is too far from its 30-minute average, that slice is refused, and what was not bought comes back to you as claimable USDC, its fee included. Expect some weeks to fill only in part.
10The ESHARE route pays the pool's burn
The ESHARE route buys on the V4 ESHARE/ETH pool, whose hook burns 2% of the ESHARE you buy, on every slice. That is a cost to you. Its owner can raise it to 3%; Reroute refuses a slice above that.
11HyperDriver is not Reroute
Staking in HyperDriver happens from your own wallet, outside Reroute. HyperDriver charges 1% to enter and 4% to leave. Its admin can trigger an emergency refund at any time, which ends the pools for good and pushes tokens back to stakers. It has no audit report. Reroute cannot pause it, and cannot get your tokens back from it.
12The burn route returns nothing
Burn PLAZM is a donation. Your share goes to Plazm's buy-and-burn, and you get nothing back, ever. It is not live: it can only be added through a 48 hour timelocked addRoute after Plazm agrees.
13Partner routes are other people's code
Plazm, HyperDriver and L-Steak run their own contracts under their own admins. Reroute sends your share; it does not control what they do with it, and it cannot undo what they do.
14Plazm has an admin too
Plazm's contracts are also controlled by an externally owned account. PLAZM is a token with its own risks.
15Redemption is slow
Turning a bond back into USDC goes through DexFi by hand, at 90% of value, in about 2 days. Withdrawing from Reroute returns the bond, not cash.
16The Compound carry is shared
When this week's Compound USDC does not buy a whole bond, up to about $40 waits for next week's mint. It is shared by weight with whoever holds Compound in that next snapshot, including people who joined after it was carried. If you leave Compound or withdraw before then, you give up your share of it. At most one carry waits at a time.
17Recoup repay waits for the keeper
Your Recoup share is held for you as USDC and sent to your loan after each week closes, when the keeper (or you) runs the repayment. Until then your Recoup loan is unchanged, and its LTV keeps moving with the bond price. If the keeper is late, so is your repayment.
18Recoup repay trusts Recoup
Choosing Recoup repay means trusting Recoup's contracts and its owner. A bad Recoup upgrade could take the whole share waiting for your loan, or report your debt as zero, which switches your Recoup share to Compound. That switch can be triggered by anyone, and it trusts Recoup's reading of your debt. While your loan is in a Recoup auction or workout, repayments are skipped and your share waits as USDC: Reroute will not rescue a loan in auction for you.
19Recoup repay is for borrowers
It pays the Recoup loan of the same wallet that holds your Reroute bonds. A loan in another wallet is not found, so your share becomes claimable USDC and your split moves to Compound. If a repayment fails, your share stays yours as USDC, which you can claim at any time instead. When your debt reaches zero, Recoup refunds its $25 liquidation deposit on Recoup, not here: claim it there.
20Repayments and burns are permanent
USDC sent to your Recoup loan cannot be taken back. Tokens already bought stay bought if you change your split.
21If DexFi pulls the whitelist
Reroute's vault is whitelisted by DexFi so bonds can move. If that is revoked or the farm misbehaves, an emergency exit unstakes and returns bonds to their owners pro rata. Withdrawals and claims are never blocked by the guardian pause.
22This is a mockup
Nothing is deployed and nothing is audited. Every figure on this site is synthetic. I am a solo developer; the contracts will be immutable, timelocked for 48 hours behind a 2-of-3 Safe, and externally audited before any launch.
Questions about DexFi's side are tracked in the project's open questions. Back to the concourse.