SafeDollar Move Forward plan: upgrade SDO v2 and launching of Safe Assets
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 to be launched soon. Taking the current situation, we decided to launch the SafeAssets products first for SafeDollar to move forward.
SafeAssets is aiming to create the derivative markets for any types of assets, even stocks at the later stage.
There will be a separate article to discuss the details, but following is the some of the key points about our SafeAssets
Solving the bank-run issue
- All SafeAssets will be partially collateral by the assets and partially by SDS.
- SDS is a deflationary tokens with Max Supply 1M. There is not possible to mint more SDS
- There is no fake mint of SDS when redeem SafeAssets. When mint SafeAsset, SDS will be sold to the assets and added to the bank ; when redeemed, the assets inside the bank will be used to buy SDS to give back to users.
Collaboration with Oracle Service Provider like ChainLINK
- SafeAssets will use ChainLink service for price feed.
- Starting with USDC, USDT but then will expand to other assets later such Gold, Silver or Stocks and will heavily use the Oracle services.
The very first SafeAsset to be launched is SafeUSDC
Re-launch the Algorithmic Stablecoin SDO V2
There has been nothing wrong with the protocol. The exploit was only with one of the pool that has deflation token. However the SDOv1 has been destroyed by the exploit.
We would like to re-launch SDO v2 and allow the migration from SDO v1 based on the snapshot before the incident.
Moreover, there will be following improvements introduced in SDO v2
- Introduce SDS/USDC LP staking Boardroom.
- Boardroom will not only receive SDO expansion but also the rewards from mint/redeem fee of the SafeAssets
- For Liquidity Providers
For Liquidity Providers of SDO/USDC and SDO/USDT pools, there are 2 parts to be compensated, SDO and USDC/USDT
- SDO will be snapshot and LP will be able to claim equivalent SDOv2
- For the USDC/USDT part, LP will be able to claim the equivalent SafeUSDC
The compensation claiming will be vesting in 4 weeks
2. For SDO holders
SDO holders will be able to claim equivalent SDOv2 vesting 4 weeks based on the snapshot before the exploit happened.
- Before Monday, July 5th 2021: Preparing for the launching of SafeUSDC (SUSDC)
- Introduce SUSDC: able to Mint and Redeem SUSDC
- Migration for SDS v1 to SDS v2
- Reopen IDO vesting, and IDO buyer will be able to claim the full SDS left.
- Reopen Boardroom and allow users to unstake directly to SDSv2
- On Monday, July 5th 2021:
- Launching SDS/USDC and SUSDC/ USDC pool earn SDS
- Lottery will be launched for SDS by end of first week of July
- Monday, July 12th 2021: launching of SDO v2