A few weeks ago, USDf V1 launched and hit a death spiral due to insufficient guardrails and poor initial design choices.

Specifically, the guardrails that led to the death spiral include:

  • not setting a minimum collateral ratio
  • updating the collateral ratio by 0.5% every hour
  • incentivization of a USDf-Gaia pool

In the relaunch of USDf, these are all fixed. In the V2,

  • the minimum collateral ratio is initially set to 99%, which the ability by our seigniorage governor alpha to vote and make changes to this floor
  • the collateral ratio step size is now 0.1%, …

In a few hours, CNYx will launch on Dollar Protocol (pending governance vote), marking it as the first synthetic asset to the ecosystem.

The successful launch of CNYx will mark an important milestone as it sets the stage for the handover of governance admin keys to the protocol, which will make this project community-owned and fully decentralized.

How will CNYx work?

CNYx will utilize the CNYx-USDC 12-H TWAP from UniswapV2. It will compare this against the ChainLink CNY-USD aggregate data-feed to determine the supply deltas every rebase.

When CNYx > CNY in terms of dollar value, the protocol will mint new CNYx to 2…

Note: xBonds will expire along with USDx staking on 2/12/2021 at 1pm UTC meaning USDx locked in these contracts will be debased. Please act accordingly.

Why Coupons Fail

It’s pretty clear that coupon systems, without a sufficient guarantee of returns, are a failed system. The reason why is that coupon-like instruments simply delay the inevitable, which is selling to re-coup back an initial principal + extra.

The reason why the US Dollar can afford bond-like instruments is that as an M1 money supply, the US Dollar has reached a sufficient global demand that there is always someone or some entity willing to buy…

Thanks to @kaneluo for translating to our Chinese community

Dollar Protocol协议已成功完成最新的全面审计 (https://t.co/mKGAeEA8kZ?amp=1),以及成功投票和执行了4项链上提案以及其他提案,现在我们开始向第三阶段治理过渡。

正如我们之前提到,第三阶段将会是完全去中心化的治理,代码完全开源,管理者私钥admin key将会移交给治理合约,由SHARE持有者投票决策链上治理


SHARE的数量是固定的(2100万枚),且具有可组合性和激励措施。 我们认为这些是重要的功能,因为大多数治理令牌都不能直接获得任何收益。随着生态系统的增长,SHARE的价值会增加,增长等同于铸币税,这等同于切实的激励措施。 此外,SHARE是非稀释性的,可使早期的支持者在其早期阶段就可以抢占该系统的股份,而不必担心将来会被稀释。这与其他项目的通证模型不同,治理令牌可能会由于铸币税而通胀。 最后,SHARE是可组合的,可以轻松集成到其他Defi应用程序以及交易所中。


为准备管理密钥admin key的所有权转移,以下是一些即将到来的里程碑事件(在接下来的2周中)。

  1. 除了最短质押时间外,还增加了质押的冷却时间。 一开始,这些值分别为24小时和0,但是增加冷却时间为治理提供了另一层可选性。
  2. 在正周期内增加了1:1 xBond赎回,以及最小的bonding和最小的冷却时间。 它们最初分别设置为0,但可以通过治理进行修改.
  3. 推出人民币Yuan的合成资产,社区成员可以参与讨论关于Yuan资产的命名:https://gov.dollarprotocol.com/t/name-symbol-for-yuan-synth/206/12.


现在,Dollar Protocol还添加了几个值得注意的治理参数。

1. 可以关闭/打开debase功能。此项功能非常重要,因为它使协议管理社区可以决定何时可以debase。 如果debase过早,用户可以随时启用该功能,从而确保实现固定汇率。

2. 支持将用户地址列入白名单以避免debase。此功能非常重要,因为它允许协议在将重要地址列入白名单以免受到debase,这样就可以集成更多的其它合作应用项目(用于Defi集成),这将使USDx可以与这些地址完全组合。

这些参数以及更多参数可在 https://www.dollarprotocol.com/#/governance 查看。


Governance forum: https://gov.dollarprotocol.com

Twitter: https://twitter.com/@dollarprotocol

Telegram: https://t.co/Jsk1rD9Jp

Discord: https://t.co/egR0fpDPzk

With our latest successful comprehensive audit of Dollar Protocol (https://t.co/mKGAeEA8kZ?amp=)1, and the successful voting and execution of over 4 on-chain proposals and countless others, we begin our final transition to Phase 3 Governance.

As alluded to in our launch of seigniorage governor alpha, Phase 3 governance is full decentralization, where the admin upgradeability key will be handed over to the seigniorage governor alpha.

What this practically means is that the code is fully open-source and is controlled by the community via on-chain decision making using $SHARE as voting rights.

$SHARE Token Value

$SHARE is non-dilutive, composable, and incentive-oriented. We believe these to be…

This is the transcript of the live AMA held with Robert from Dollar Protocol on 1/5/21 at 1am UTC.

Shill_Pill — Admin

Robert — Owner

Shill_Pill, [6 Jan 2021 at 12:00:26 pm]:

Drum roll please

Alright everyone hopefully everyone is here! (We have muted the chat)

Robert, thanks for taking the time to talk with the community today. We know you and the team have been busy developing, so it is appreciated!

In the past month or so, we have seen our telegram group explode in size, going from 500 members to over 2k. For the people who have recently…


In the Dollar Protocol, seigniorage profits are distributed among 3 parties:

1: xBOND holders

2: Liquidity Providers (LPs)

3: Share Governance-Token holders

Today, we will describe the mechanics of how stakeholder #2 gets paid.

Liquidity Providers

When users make an LP deposit in the Seigniorage Mining contract, the protocol records the time of action and the total amount of existing seigniorage to be paid to LPs.

The user also increments their LP balance owed.

During a positive rebase, the user’s seigniorage pool is allocated new USD to be split amongst users.

The split is calculated via the following payout logic:

If you…

Dollar Protocol Governance Token, SHARE


Today, Dollar Protocol is excited to announce the release of our Seigniorage Governor Alpha. This is a big milestone in the quest to build a truly decentralized algorithmic stablecoin.

The Seigniorage Governor Alpha is a fork of Compound’s very own Governor Alpha, which is one decentralized voting system that allows protocol owners and stakeholders to hold discussions, votes and amendments trustlessly over the blockchain.

Specifically, the Seigniorage Governor Alpha will have full control and ownership of all the smart contracts and the upgradeable proxies. …

Dollar Protocol is a decentralized elastic supply experiment. Specifically, Dollar Protocol takes inspiration from the original paper “Seigniorage Shares” by Robert Sams.

Dollar Protocol is a dual token system where SHARE represents a fixed supply governance token (21M) and USD represents the object of stabilization. The reason this is interesting is that until this point, many elastic projects like AMPL or ESD have been limited to a singular token system, which in our opinion limits the flexibility and resiliency of a money protocol.

Dollar Protocol uses this core concept and has adapted it to the 2020 cryptocurrency landscape and beyond.

Key Features

Today, we announce Dollar Protocol V 1.0.0.

We believe the current state of the protocol is best positioned to help the community project grow to the next state of adoption. Although we “launched” in beta around September, we’ve gone through a few iterations of algorithmic stablecoin models and have arrived at an optimal version.

So how does Dollar Protocol V 1.0.0 work?

Scenario #1: When USD ≥ $1.05

The protocol issues a positive rebase and prints additional tokens to users in the protocol.

The percentage and amount of tokens is determined by a governance vote (see below).

Scenario #2: When USD ≤$0.95

The protocol issues a negative rebase and automatically deducts…

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