Should take a look at Kujira as part of Cosmos ecosystem. Was a surviving protocol of the Terra collapse. The Kuji team ships rapidly. Have rebuilt a liquidation engine and AMM, and also released $USK stablecoin. USK has a soft dollar peg, and similar to Maker but with Atom as collateral(and others coming soon), so similar to what is mentioned in this article. Kuji is also non-inflationary and paying a real yield based on fees. https://medium.com/team-kujira/kujira-usk-stablecoin-launch-kickstarting-grown-up-defi-26b4372d7aef
I'm so sorry if I missed the mark here and this is a dumb question... but there are already so many cryptocurrencies in existence that can function as fungible & private cash transactions (Monero, for example) that have known issuance, why would introducing a brand new un-pegged crypto with algo-controlled issuance achieve better network effect? You guys are so smart that there's 100% chance that I'm just not getting it, but it does remain unclear to me.
As you say, there are some cryptocurrencies that can and are indeed used already for transactions (Monero, Bitcoin, etc). But these are also speculative vehicles and very unstable, which is not what you want from money.
Any cryptocurrency that aims to replace fiat for every-day transactions should be somewhat stable over time. When we talk about un-pegged DAI, the idea is that it would not be pegged to the USD but still stick to a fairly stable value over time.
Should take a look at Kujira as part of Cosmos ecosystem. Was a surviving protocol of the Terra collapse. The Kuji team ships rapidly. Have rebuilt a liquidation engine and AMM, and also released $USK stablecoin. USK has a soft dollar peg, and similar to Maker but with Atom as collateral(and others coming soon), so similar to what is mentioned in this article. Kuji is also non-inflationary and paying a real yield based on fees. https://medium.com/team-kujira/kujira-usk-stablecoin-launch-kickstarting-grown-up-defi-26b4372d7aef
I remember the Kujira team from when they were building on Terra, was not aware they had pivoted to being an L1 on Cosmos.
Thanks for sharing, will look into what they are doing and its stablecoin more deeply.
I'm so sorry if I missed the mark here and this is a dumb question... but there are already so many cryptocurrencies in existence that can function as fungible & private cash transactions (Monero, for example) that have known issuance, why would introducing a brand new un-pegged crypto with algo-controlled issuance achieve better network effect? You guys are so smart that there's 100% chance that I'm just not getting it, but it does remain unclear to me.
As you say, there are some cryptocurrencies that can and are indeed used already for transactions (Monero, Bitcoin, etc). But these are also speculative vehicles and very unstable, which is not what you want from money.
Any cryptocurrency that aims to replace fiat for every-day transactions should be somewhat stable over time. When we talk about un-pegged DAI, the idea is that it would not be pegged to the USD but still stick to a fairly stable value over time.
Check RAI for an example of such an unpegged stable cryptocurrency: https://reflexer.finance/
Hi Ben,
the requirements for an unpegged stablcoin, sound like OHM. Don´t they ?
OHM was more like a trust that sells assets when the NAV goes negative.
What requirements are you viewing?