Standard Protocol, the first self-sovereign DeFi protocol launched its stablecoin called USM

Post-Standard Protocol, First Self-Sovereign DeFi Stablecoin called USM, launched by the protocol, first appeared in PR Fire.

Kang Hyung SukKnown as a genius developer invited to Ethereum Devcon on behalf of Korea During college, he was scouted as a former developer of Terra, participated in it, and launched the standard protocol in 2021. He is also famous as the Korean ambassador for Polkadot and announced USM (MeterUSD) in this standard protocol.

USM, a self-sovereign stablecoin, uses XCM to extend Kusama’s stablecoin ecosystem to make it compatible with Polkadot’s current canary net, Kusama’s other parachains. , Maintains cross-chain compatibility DeFi Between parachains. It aims to establish itself as a blockchain.

Unlike UST, USM is a stablecoin that uses NFTs to protect its sovereignty over its assets.

Standard protocol utility NFTs are different from profile (pfp) NFTs. If you are in your wallet, you can use certain smart contracts such as Vault. Or add the ability for other smart contracts to recognize it and offer other benefits. Said the CEO. For example, it is possible for a person with a Vault NFT to implement certain benefits, such as card company benefits, such as choosing a BNPL payment method within the blockchain to purchase game items, he said. Said.

USM pricing uses DEX and invented a new leverage hedging method instead of 1: 1 price swaps like UST and LUNA, and current pricing algorithms are working fine in Metis Layer 2. Leverage hedging methods are not maintenance methods, they are priced by intervention, but they are all determined by smart contracts. .. However, if you issue it from scratch, use excess collateral to maintain a stable coin value. If the price changes sharply due to the low liquidity of DEX for a while, an algorithm will be created that adjusts the issuance limit according to the price. Limiting It also reduces supply and raises prices by raising prices and increasing USM recovery.

A standard protocol that implements all the structures shown in the current white paper on Ethereum virtual machine smart contracts strives to enhance the usefulness of standard tokens and the capabilities of USM in preparation for the current downtrend.

In the case of the standard (STND) token function, the representative not only establishes DAO, but also introduces Votefi, selects the token that he wants to deposit with USM as excess collateral as a candidate, and deposits the standard token in a specific token. Vote for the token selected as collateral. We are investigating and implementing policies for receiving rewards.

In addition, as a stable coin feature, we are researching how Vault smart contract accounts can deposit collateral and use the new Vault contract AAVE Vault to create stable coins in AAVE and earn interest as collateral.

https://standard.tech

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