Stablecoin and Synthetic Assets have been rising and there is a high demand for a stable, low price-slippage and high capital efficiency DEX for this market. In parallel with the introduction of our first SafeAsset a month ago, we have been working on the solution to address this demand. Today we are excited to announce that SafeDollar will launch SafeSwap very soon.

SafeSwap

SafeSwap is an Automated Market-Maker (AMM) designed and built specifically for stablecoins and synthetic asset swaps.


Stablecoin and NFTs, gaming have become popular topics and are expanding at lightning speed right now. A combination of stablecoin and NFTs game will bring the whole thing to the next level.

Today we are thrilled to announce the latest partnership between SafeDollar and Meeb Master.

SafeDollar will be the first and only algorithmic stablecoin on Polygon that combines unique features of seigniorage, deflation protocol and synthetic assets. With its unique tokenomics and advanced features, SafeDollar aims to redefine the algorithmic stablecoin concept and set a new standard on Polygon landscape.


Safe Dollar has undergone more than 1 month of construction, stability and optimization. Protocol’s features are gradually recognized and enthusiastically participated by the community. The milestones gradually recorded include: TVL of the protocol is over $3.5M ; SDO is stable at the peg ; Safe Assets are very secure with high Collateral Safety Ratio ; Safe Vault is an attractive investment channel with APY up to 2.8M%; and last but not least, the Safe Lottery with the JACKPOT prize is now over $52k.

It’s time for winning the GREAT JACKPOT !!! $52k in SDO is awaiting for the lucky winner.


We are thrilled to announce that the very first SafeAssets, SafeUSDC, is ready for launching. Following the post, we are glad that we are able to launch it on time.

SafeUSDC (sUSDC)

SafeAssets is aiming to create the derivative markets for any types of assets

Inspired by FRAX’s design of fractional algorithmic stablecoin and learning from the issues of similar protocol, SafeDollar is proud to introduce SafeAssets, which not only target stablecoin but also able to expand to any other assets such as Gold, Silver, Oil and stocks at the later stage.

SafeUSDC (sUSDC) is the first SafeAssets launched targeting…


First of all, SafeDollar team would like to express our sincere apology for the exploits that happened last 1 week. In fact, both of the exploit related PLX token (PLX version 1) only while the protocol is working fine. We still have a strong belief in our protocol and the technology.

Moreover, we still owe the investors who bought the IDO as well as the Liquidity Providers, who lost their funds due to the exploit.

With that, we must move forward and bring SafeDollar back

Launching of SafeAssets

The SafeAssets products have been developed since the beginning and were planned…


Summary

SafeDollar was recently the subject of an exploit that resulted in a loss of 202,230 USDC and 46k USDT

The protocol itself is working fine. Only the PLX version 1 pool had an issue and caused the exploit. Following is the technical analysis of the event.

The Incident

The attack happened on Jun-28–2021 03:48:36 AM +UTC. The hacker performed the attack from wallet https://polygonscan.com/address/0xfedc2487ed4bb740a268c565dacdd39c17be7ebd with the tx

https://polygonscan.com/tx/0x1360315a16aec1c7403d369bd139f0fd55a99578d117cb5637b234a0a0ee5c14

from where he draw 16,626,185,544,882 and drain the liquidity pool to withdraw out 202,230 USDC and 46k USDT

Since PLX is a deflation token, everytime user deposits to the pool 0.15%…


Summary

SafeDollar was recently the subject of an exploit that resulted in a loss of 9,959 SDS. Below is a post-mortem analysis and our proposed steps to mitigate impact on the community.

The Incident

The attack happened on Jun-20–2021 06:21:04 PM +UTC. The hacker performed the attack from wallet https://polygonscan.com/address/0x8a0a1eb0bae23e4e95608e3aad7fa25b0d907c6c

with the tx https://polygonscan.com/tx/0x76c722c7bd90f6db0ad28692f86336007626e938ba7b1fcae98e9b404e66b210

and withdrew 9,959.26 SDS, then sold for 95,392 USDC after bridging all to Ethereum.

This incident only affects the IDO token sale which is using PolyDEX’s token lock contract. Please read more details at PolyDEX’s post-mortem.

SafeDollar protocol is working normally and functions are not affected…


Further to our announcement on our initial airdrop campaign, we are glad that the 8 communities have actively participated and claimed their respective $SDO. SafeDollar has also passed some important milestones in terms of TVL and number of holders. Now it’s time for us to take stock and map out what’s next. Below is what we are going to do immediately to improve user benefits and experience.

  1. The airdrop has served its purpose and will stop in due course.
  2. Tax will be exempted for 1 week, starting from June 21, 2021, when buying $SDS!
  3. Withdraw function is now enabled. Everyone can now withdraw SDS without any issue.

Thank you for your participation and support to SafeDollar.

More exciting developments is underway. Stay tune.

Join SafeDollar Community at:


Dear SafeDollar Community,

The moment we are all waiting for is here! SafeCenter is opening on SafeDollar.fi

Deposit SafeShare and earn inflationary rewards!

Read on and get full details below..

Safe Center opens on June 18, 2021, 17:00:00 UTC

Epoch 1 will start on June 19, 2021 08:00:00 UTC

Epoch duration: 8 hours during expansion ; 6 hours during contraction

Deposit:

  • Each wallet can deposit a maximum of 1% SDS total supply, at the time of deposit.
  • Upon deposit, the fund will be locked for 6 epochs.
  • Any time the user claims rewards or deposits more funds or withdraws fully/partially, the…


In light of recent incident with Iron Finance, we would like to make a few clarifications as follows:

  • All funds at SafeDollar are SAFU! We are NOT affected by any bank-run which happened at Iron Finance
  • SafeDollar protocol works differently from Iron Finance, so any comparison and baseless FUD are irrelevant to SafeDollar.
  • Again, SafeDollar is NOT affected by any bank-run issue.

To all degens out there, we all know that DeFi is still at an early stage. These kinds of incidents are not uncommon. And we know how hard it is to be at the epicenter of it, especially…

Safe Dollar

Algo Stable Coin X Deflation Protocol X Synthetic Assets

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