Over-collateralised stablecoins backed by Gold, Bitcoin and Ethereum
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The Standard releases it's stablecoin in two phases. The first one will be sEURO pegged to the EURO.
The initial minting event is an opportunity to reward early participants who help build deep liquidity in the stability pool. This is achieved by offering early adopters the first stablecoins at a discounted price compared to their final peg. As more people participate and the pool fills up, the discount becomes less until it reaches a 1:1 peg. Once the peg is achieved, the coin becomes a stablecoin. In other words, the initial minting event is a way to incentivize early participation in the protocol, and to help establish the stablecoin's value by building liquidity in the stability pool.
Smart Vaults are like virtual lockers where you can store your crypto assets, such as ETH, WBTC, and more, and use them to mint new stablecoins. This means you can generate new stablecoins as a 0% interest loan without having to trust third parties like BlockFi, Silicon Valley Bank, or Celsius with your collateral private keys. With Smart Vaults, you can have peace of mind knowing that you have complete control over your assets while still being able to take out debt in stablecoins.
The Standard’s name comes from The Gold Standard. The perfect Gold Standard was fully backed by gold held by the state. The state would always convert 1 dollar for 1 gram of gold.
How do The Standard’s stablecoins stay stable?
The Standard Protocol enables anyone to lock up assets in a smart contract that only they control. They can then borrow stablecoins at at 0% interest.
The Peg is held using multiple mechanisms including:
The Standard DAO founders are old school crypto enthusiasts and developers who have seen faults in every other protocol. The Standard was born out of necessity to build the ultimate stable cryptocurrency. Fully backed by hard and soft assets, 0% stability fee issuance, cross-chain and easy to use.
The Standard will become THE STANDARD when it comes to decentralised stablecoins on every major chain.
The first stablecoins will be minted via an initial bonding curve offering (IBCO).
What is an IBCO?
To build up the DAO's protocol controlled value (PCV) and bring deep liquidity to the stability pool, early participants will be able to buy sEURO at a discount. The discount will decrease with every sEURO purchased until we reach a 1:1 price. This discount curve will start at 80 cents for one sEURO.
The second stage of the IBCO will be a bond, offering people a strong return.
The PCV (liquidity) will be used to peg the stablecoins but also earns a yield for TST (The Standard Utility Token) stakers.
Joshua Scigala, one of the Co-Founders of The Standard and Vaultoro publicly stated in 2019 that Terra luna was going to fail. In fact, he stated that every algorithmic stable coin was going to fail because a real stablecoin needs real value backing it.
Luna was built with a Ponzi scheme mechanic at its foundation. UST was backed by a governance token (LUNA) that could be minted to infinity - this is exactly what happened.
sEURO is the first stablecoin to be released by The Standard Protocol followed by sUSD, sYEN, sGBP, sCHF, sCAD…