Uniswap has the largest trading volume: a list of nine algorithmic stablecoins
Editor's Note: This article comes fromBlock beats BlockBeats (ID: BlockBeats), reprinted by Odaily with authorization.
Block beats BlockBeats (ID: BlockBeats)
Block beats BlockBeats (ID: BlockBeats)
, reprinted by Odaily with authorization.
image description
Ampleforth (AMPL)
Source: CoinGecko
In addition, AMPL, which had a monthly return of 510%, started to inflate again, doubling its assets within 12 days. Its single-day trading volume reached 5.43 million US dollars on Uniswap, ranking 12th.Rhythm BlockBeats sorted out the recently popular algorithmic stablecoins and their respective rebase mechanisms.
secondary title
AMPL official website
Empty Set Dollar (ESD)
The rebase will be carried out according to the current target price of AMPL and the price of the oracle machine (Rhythm Note: It can be understood as the rebalancing of token supply), and the rebase will be carried out at 10:00 Beijing time every day.
Through the mechanism of AMPL, it can be found that AMPL is not a stable currency in the traditional sense, but a kind of game to make its price tend to be stable. There is no upper limit on the total amount of tokens. If the price is always higher than the target price, the number of tokens will continue to increase. This shows that AMPL's market capitalization better reflects the value of AMPL tokens, and users buy not a constant AMPL token but a share (percentage) of AMPL's market capitalization.
The special setting of AMPL determines that once it falls into the group price fomo sentiment, the rapid rise and fall of AMPL will occur frequently. It can also be found through the market value of AMPL that at this stage, AMPL is more like a speculative token than a stable currency.
secondary title
In the ESD system, 8 hours is a period (epoch), and when a period passes, the smart contract will check the price of the ESD token (through the time-weighted average price algorithm).
Base Protocol(BASE)
When the ESD price exceeds 1 USDC (equivalent to 1 US dollar), the smart contract judges that the market demand for ESD tokens is too high, and will issue more ESD until the ESD price returns to 1 USDC.
When the price of ESD is lower than 1 USDC, the system encourages users to destroy ESD tokens by launching "coupons". Coupons can be purchased at a discounted price, which is a voucher to redeem ESD in the future (Rhythm Note: Coupons are valid for 90 cycles, which is equivalent to 30 days.) In other words, when ESD is lower than 1 USDC, traders can lower Buy ESD tokens at the fixed price and sell them at the anchor price to make a profit. The take profit calculation is based on whether the difference between the current market price and $1 lasts longer than the trader expects that the ESD will not return to $1. The debt mechanism provides enough time for the system to calculate the lower demand so that the system can estimate how many "coupons" to issue. Once we go back to a fixed exchange rate, the debt will reset to zero, at which point no new "coupons" can be issued. If the ESD price falls below the peg again, the "coupon" cycle will start again, debt will accumulate from zero, and the "coupon" discount will also become lower.
at present. The price of ESD is 0.98 US dollars, the total debt is 37.38 million ESD, and the total coupon value is 26.64 million ESD.
secondary title
BASE's target price is a trillionth of the total market cap of all cryptocurrencies: (total cryptocurrency market cap) x 0.1^12. When BASE=(cmc x 0.1^12), the base is in equilibrium. When this balance is disturbed, the token supply will be adjusted.
Basis Share(BAS)、Basis Cash(BAC)、Basis Bond
When BASE > (total market capitalization of cryptocurrencies x 0.1 ^ 12), inflation will cause the price of BASE to drop;
When BASE < (total market capitalization of cryptocurrencies x 0.1 ^ 12), deflation will cause the price of BASE to rise.
-Basis Share(BAS)
-Basis Cash(BAC)
-Basis Bond
The mechanism of BASE is similar to that of AMPL. The difference between the two lies in the difference in anchor assets. However, from the market point of view, the mechanism of deflation and inflation cannot get a good feedback from BASE. For now, BASE's hype is greater than its real value.
secondary title
Basis Cash, formerly known as Basis, initially envisioned a fair economic system for everyone, before abandoning the project due to legal restrictions. After Basis gave up, the anonymous team took over the project and renamed it Basis Cash.
Basis Cash launched on November 30. Like most stablecoins, BAC is pegged 1:1 to the US dollar, and its price will be managed by two other cryptoassets: Basis Bond and BAS. Starting at the end of November, 50,000 BAC will be distributed within 5 days (10,000 per day) to users who deposit five stablecoins (DAI, yCRV, USDT, SUSD, and USDC) into their smart contracts. Daily rewards will be distributed proportionally, and users can withdraw assets at any time.
YAM (YAM)
When the BAC price is lower than $1, users can purchase Basis Bond with a certain discount, and users who purchase Basis Bond through discounts can get a certain profit when redeeming tokens in the future.
When the BAC price is higher than $1, the smart contract will allow the Bond redeemer to redeem the Basis Bond directly. If BAC trades above $1 after the Basis Bond is redeemed, which would lead to an increase in demand for BAC, then new BAC tokens would need to be minted and distributed to BAS holders.
Although BAC is pegged 1:1 to the U.S. dollar, judging from the price, it seems that the market does not regard it as a stable currency. Pan Chao, head of MakerDAO China, once wrote that Basis is a more dangerous scam than Bitconnect. Basis Bond is not a bond, but a long-term futures of Basis. Once Basis funds are broken and confidence is lost, Basis will enter a death cycle. Since there is no asset or any credit endorsement, no one believes in Basis and no one buys bonds. Basis is easy A run to zero occurs.
secondary title
YAM's current price judgment adopts the time-weighted average price of the two trading pairs YAM/ETH and ETH/USDC on the Sushiswap platform.
Based Money($BASED)
When YAM > 1.05 USDC, the supply of YAM increases;
When 0.95 < YAM < 1.05, YAM takes no action;
secondary title
Dynamic Set Dollar (DSD)
Similar to YAM, Based Money also adopts an elastic supply mechanism, and $BASED rebases every 24 hours. Unlike most stablecoins that use USDC as the benchmark, $BASED uses the Synthetix stablecoin sUSD as the benchmark.
When the price difference between $BASED and sUSD is greater than 5% (that is, $BASED-sUSD>5%), a rebase will be triggered, and the supply of tokens will increase. If the price difference is still greater than 5% after the increase in supply, then rebase will continue to be triggered. For example, if on Tuesday night $BASED is at 1.20 sUSD and on Wednesday night $BASED is at 1.15 sUSD, the rebase event can start over.
When the price difference between $BASED and sUSD is less than 5% (ie $BASED-sUSD<5%), then the supply of $BASED will decrease.
2、rebase：
secondary title
DSD is mainly improved on the basis of ESD. Most of its principles are similar. The main differences are:
1. Cycle time:
ESD has an eight-hour cycle, while DSD has a two-hour cycle.
The maximum change in ESD token supply for a rebase is 3%, and DSD has removed the percentage limit. At the same time, DSD and ESD are also different in the establishment of bondholders and liquidity providers. 80% of ESD rewards go to bondholders, 20% go to liquidity providers; 60% of DSD rewards go to bond holders, 40% go to liquidity providers.
The formula for ESD supply is:
Debase(DEBASE)
The formula for DSD supply is:
4. Coupon validity period:secondary title
RMPL(RMPL)
There are two tokens in the Debase system, the stable coin DEBASE with elastic supply and the governance token DEGOV. The total supply of the governance token DEGOV is 25,000, allowing users to propose new proposals and vote on proposal changes.
secondary title
Summarize
RMPL, a fork of AMPL, also uses an elastic supply model and is designed to eventually reach a stable $1 price. When the price is above $1.05, the total supply increases. Each stakeholder now owns more RMPL, which should theoretically increase selling pressure and push the price closer to $1. The higher the price, the higher the percentage of adjusted basis. If the price falls below $0.95, supply dwindles and buying pressure should push the price closer to $1 again.
The difference from AMPL is that RMPL rebase uses random time, and the rebase of RMPL always happens randomly within 0-48 hours after the last rebase. RMPL's rebase occurs on average about once a day.
