SafeDollar is launching the first SafeAssets — SafeUSDC
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.
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 USDC.
There will be more, such as sUSDT, sDAI, sGOLD, sSILVER etc.
Solving the bank-run issue
- All SafeAssets will be partially collateral by the assets and partially by SDS.
- SDS is a deflationary token with Max Supply 1M. It’s not possible to mint more SDS; in fact, the total supply of SDS will reduce over time.
- There is no insta uncapped mint of SDS when redeem sUSDC, all through market buy/sell. 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, ChainLINK
sUSDC will use ChainLink service for price feed.
At the later stage, we will discuss and work closely with ChainLINK for any customized special SafeAssets such as Gold, Silver or Stock
Users can use a combination of USDC and SDS, according to Target Collateral Ratio, to mint sUSDC. Target Collateral Ratio is ranging from 100% Max to 82% Min, depending on SDS liquidity.
For example, with Target Collateral Ratio of 95%, users will need 95 USDC and 5 USDC equivalent amount of SDS to mint 100 sUSDC.
There is a 0.25% minting fee, charged in SDS. For example, when minting 100 USDC, beside the SDS amount required by Target Collateral Ratio, users need to provide extra 0.25 equivalent amount of SDS for the minting fee.
sUSDC holders can redeem sUSDC back to USDC and SDS, according to Collateral Safety Ratio, depending on the balance of SafeAssets bank.
There is a 0.25% redeeming fee, charged in SDS.
For example, with Collateral Safety Ratio of 90–10, when users redeem 100 sUSDC, users will then receive 90 USDC and 10 USDC equivalent amount of SDS minus 0.25 equivalent amount of SDS for the redeeming fee.
*Note: there is no deflationary fee for SDS when minting and redeeming sUSDC.
We decided to move the liquidity pool to Quickswap.
There is 2 liquidity pools at start
- Quick-LP sUSDC/USDC earn SDS
- Quick-LP SDS/USDC earn SDS
There will be more pools to be opened later, when SDOv2 relaunches and new SafeAssets introduced.
Update for SDS holder and SDS IDO buyer
- SDS will be upgrade to SDSv2 (contract 0xAB72EE159Ff70b64beEcBbB0FbBE58b372391C54)
- SDS holder will be able to migrate 1:1 from SDSv1 to SDSv2
- There is no deadline for migration at the moment.
- IDO buyer is able to claim all the remaining SDS bought at once, no more vesting.
- Boardroom stakers will be able to unstake SDSv1 and receive SDSv2 with 1:1 ratio. Locks are disabled and all penalties are removed.