Stablecoin Design
Last updated
Last updated
VBUSD is a delta-neutral stablecoin with collateral initially comprised by 1/2 wstETH and 1/2 1x ETH short. It earns from both ETH staking and perpetual exchange funding fees.
VBUSD will benefit from the GMX referral scheme! It can cut our fees, and we can receive token airdrops! Stay tuned for our referral code!
VBUSD's design is based on the by Arthur Hayes, but it contains some changes and added elements.
Delta-neutral : half spot holding and half 1x short initially
Governance Token: The handles governance and yield incentivization
: Money that serves as protocol backstop
Initial Raise: A presale intended to raise money for the Sinking Fund
Embedded Funding Fee Yield: Profit is expected to be earned from having short positions
Embedded Staking Yield: VBUSD earns ETH ; NakaDollar based on yieldless BTC
Decentralization: VBUSD has fully decentralized custody and trading; NakaDollar holds collateral on centralized perpetual exchanges (CEXs)
Permissioning: the public can mint VBUSD, and their gas transactions perform housekeeping operations; NakaDollar allows only a few "Authorized Participants" to mint
Price Oracle: VBUSD uses Chainlink oracles, which use , to determine the consensus price of ETH, whereas NakaDollar uses a weighted average of member CEXs
The protocol has multiple sources of income, including !
The contracts are capable of working with a non-interest-bearing token instead of ETH using a boolean variable flag. Therefore, more stablecoins such as one based on BTC could be created using the same contracts.
Ethereum
Funding Fees on GMX (we expect to earn money because )
fees
(seeds the )