After the Silicon Valley Bank incident, crypto seems to be rediscovering its roots as a hedge against traditional financial and monetary systems. Practitioners are rethinking whether we need a crypto native stablecoin that doesn't rely on traditional banks. Market hot spot also seems to be looking for such a project, ethereum ecology of Frax, Liquity protocol market speculation has been full, so with the violent rise of bitcoin in this wave, should we pay attention to the bitcoin based stablecoin project? At least the project side is already taking action. BlockBeats has sorted out the recent Bitcoin and calculated the project status as follows.
Threshold
On March 14, privacy Network Threshold Network announced that thUSD, a dollar stablecoin based on tBTC, would soon go live. The stablecoin borrows from the Liquity protocol mechanism and uses tBTC (which Bridges bitcoin to a derivative Token generated by Ethereum via Threshold Network's cross-chain solution) as collateral to generate USD stablecoin thUSD.
HOPE
On March 13, Flex Yang, former founder of Babel Finance, launched HOPE, a distributed stablecoin backed by native crypto assets. HOPE will be supported by BTC and ETH in the early stages of development. Ecology of HOPE includes HopeSwap, HopeLend, HopeConnect and HopeEcho, which provide trading, lending, derivatives and synthetic asset functions. In addition, the project will introduce the Incentive and Governance Token LT (Light Token) to motivate users to participate in ecological application and governance.
HOPE is anchored to BTC/ETH for early casting and destruction. In the growth stage, the price of HOPE will fluctuate with the price fluctuations of the anchor. At this time, HOPE can be considered as an ETF of BTC and ETH, which effectively avoids the occurrence of Terra death spiral events. When it is fully stocked or even overstocked, HOPE will enter a maturity phase and the price will gradually anchor to $1 until it becomes a stablecoin. After maintaining excess reserve of ecological stability, assets participating in pledge casting HOPE will be expanded by voting. For example, stable assets resistant to review, Curve 3Pool LP Token and DAI, have the opportunity to become pledges.
NUSD
On March 9, Arthur proposed to establish a stablecoin NUSD (The Satoshi Nakamoto Dollar) based on Bitcoin. NUSD consists of the value of bitcoin and an "empty order of the reverse permanent swap agreement between the value of bitcoin and the value of the dollar". Hence the stability of the currency through the derivatives market. At the same time, NakaDAO and a central trading platform providing a trading venue for permanent swap agreements are needed to maintain the normal operation of NUSD.
Arkadiko
Arkadiko is an open source, unmanaged liquidity protocol built on the Stacks smart Contract that allows users to pledge assets to mint stablecoin USDA, earn deposit interest, and borrow assets at Stacks. Arkadiko's governance Token is a DIKO, which can be obtained by pledging assets to add liquidity to the pool.
