ADA-backed algorithmic stablecoin
Problem
Upcoming defi projects for cardano will require one or more stablecoins for traders to prevent capital loss due to price volatility.
Solution
One solution to the problem is to implement a ADA-backed algorithmic stable coin by forking and deploying an existing project.
Total to date
This is the total amount allocated to ADA-backed algorithmic stablecoin.
$5,001
Total funds requested
0
Total votes cast
₳14.3M
Votes yes
₳95.8M
Votes no
About this idea
Goals
- Implement one stablecoin by forking the neutrino protocol and deploying it cardano. The whitepaper is specified here (https://wp.neutrino.at) and reference implementation here https://github.com/ventuary-lab/neutrino-contract.
- Implement a web app using reactjs to demonstrate all functionality of the forked protocol.
- Deliver a technical document that specifies the final protocol and any differences compared to the original protocol
- The stablecoin should be usable by third party exchanges
Deliverables:
- Source code
- Technical write up (litepaper)
- Web application, and web assets
At least 90% of ADA will be used as reserves for the stablecoin. At most 10% will be used for expenses such as hosting.
Repo with initial setup for project
Team
Computer Science degree.
Experience working in embedded software development using javascript,and c++.
