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dfxCAD
General overview on the creation of the first dfxStablecoin, dfxCAD.✨
DFX will be creating a set of stablecoins that are hyper-efficient to open up the ecosystem of hybrid stablecoins. These hybrid stablecoins will be majority collateralized by fiat-backed stablecoins of the same currency as well as a minority amount of DFX tokens.
In the onset, we will launch with our first stablecoin dfxCAD which is a hybrid stablecoin for the Canadian dollar. dfxCAD will start off at 95% collateralized by it's fiat-backed counterpart, CADC and 5% DFX tokens. Based on the peg of dfxCAD, the smart contract can change the collateralization ratio by up to 1% per day. If dfxCAD is trading at a premium, the collateralization ratio of CADC will be decreased. If dfxCAD is trading at a negative premium, the collateralization ratio will be increased.
The lower the collateralization ratio is for the stablecoin, the more efficient it becomes as it requires less of the fiat-backed stablecoin to exist, providing higher utility for the stablecoin.
To produce a robust ecosystem for these stablecoins, UniswapV3 and Curve pools will be deployed between the hybrid stablecoin and the fiat-backed stablecoin to create efficient markets for supply and demand. These markets determine the price of dfxStablecoins and ensure the peg is in order.
Contracts (Ethereum Mainnet) | Address |
DFX | 0x888888435FDe8e7d4c54cAb67f206e4199454c60 |
CADC | 0xcaDC0acd4B445166f12d2C07EAc6E2544FbE2Eef |
USDC | 0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48 |
dfxCAD | 0xFE32747d0251BA92bcb80b6D16C8257eCF25AB1C |
dfxCAD Proxy | 0x0d574a5442AFF3Ff5d995b2d630A9eB150740c71 |
dfxCAD / CADC Curve Pool | 0x9CA41a2DaB3CEE15308998868ca644e2e3be5C59 |
dfxCAD / CADC Staking Rewards | 0xd6Bf24685e1754b24cFbB4277B07a4A28E9d0Da7 |
CADC / USDC DFX Curve | 0xa6c0cbcaebd93ad3c6c94412ec06aaa37870216d |
dfxCAD / CADC TWAP | 0x5172ADF501cbC4118Ebcb240cC0F95C87BF858BC |
Two articles to give you a better understanding of dfxCAD.
dfxCAD The Time is Now: https://medium.com/@dfxfinance/dfxcad-the-time-is-now-463a206d0536Last modified 9mo ago