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- Introduction
- Steady DAO Mint Economic Model
- Benefits to the Steady DAO holder
- Dynamic Fees
- How to list your chyme
- Alchemist Rules
- How we used Steady DAO Dynasty tokens
- Architecture
- Steps
The inspiration for Steady DAO is from the fact that in today's crypto landscape there are multiple stable coin implementations that are not backed by real physical assets. This lends to increased risk, for eg see USDT and USDC both started out as redeemable and backed assets over time this has changed.
See DAI collateral types . DAI added USDC in March 2020, when ETH prices dropped 30%. Now USDC takes more than 27% of the pie. What happens when USDC crashes ?
Steady DAO creates Steady assets that are backed by real physical assets with great transparency. The model gives you the user an opportunity to split your tokens into the current USD value and another NFT, which represents the volatility of the underlying collateral. We believe that decentralization requires a strong foundation.
| Invest | Time | Gold Price | Steady ERC20 | Elixir | Elixir NFT | Ratio | Forge Price |
|---|---|---|---|---|---|---|---|
| Invest 1 | T1 | 50 | 37.5 | 12.5 | 1 | 0.25 | 50 |
| Invest 1 | T2 | 60 | 37.5 | 22.5 | 1 | 50 | |
| Invest 2 | T3 | 60 | 45 | 15 | 1 | 0.25 | 60 |
| Invest 1 | T4 | 65 | 37.5 | 27.5 | 1 | 50 | |
| Invest 2 | T4 | 65 | 45 | 20 | 1 | 60 | |
| Invest 1 | T5 | 30 | 37.5 | -7.5 | 1 | 50 | |
| Invest 2 | T5 | 30 | 45 | -15 | 1 | 60 |
- User does a split at T1 which is same as birth price = $50, user gets 37.5 Steady tokens and .25 of the original token if he is splitting 1 unit
- if User does a merge later at time T2 then if price appreciates to $60 the user will require 1 Elixir NFT with a value of 12.5 and 37.5 Steady tokens to get a Full GOLD GRAM token back, where price of GOLD GRAM Token = $60. The user has thus redeemed this for $50 and sold it for $60 and netted a payout of $10.
- If the user does a merge later at time T5 when price is gone down to 30 then the user requires 37.5 steady tokens and his 1 Leveraged token to get back 1 GOLD worth $30.
The DAO periodically invests and buys into the treasury the approved chymes/commodity assets.
Steady DAO Tokens are the limited supply governance tokens for the Steady DAO ecosystem. Steady Token Minting and stabilization of the Steady DAO, depends on the governance decisions taken via staking Steady DAO tokens. Protocol fees are accumulated into the Steady DAO token as well via various mechanisms.
- Fee basis points are decided based on the risk of the chyme itself and transparency in the underlying That is if the underlying is less transparent about its backing the chyme will be initiated with a higher fee
- Fees are charged for splitting and merging
- Upon merging fees are charged based on the current value of the underlying
- Rewards are only issued for closing mature chymes
In order to list your chyme, please create a pull request with ChymeList.json and mention the details required.
Tokens in each pool can only be split for a period of 1 month. After a period of 1 month from the launch of the pool. No more tokens can be SPLIT at that price.
Elixir tokens post the maturity date can be closed by any party that sends the Elixir token id and required amount of steady tokens to close it, for a reward. The underlying chyme is send to each party in the respective amounts. Till the maturity period however only the token owner can close it.
Our two way token linked with Steady DAO Dynasty - As part of the bigger project, we have a two token ecosystem wherein Steady DAO tokens can be exchanged for Steady DAO Dynasty "Play to earn tokens" and vice versa.
This allows us to integrate existing and future DeFi applications into our ecosystem in a meaningful way and pave way for building "Our Souq", wherein DeFi merchants can sell their wares in our ecosystem with a simple wrapped token concept.
CGT Master Contract Address Input
CGT Price Feed Address Input
Fees (set by DAO) Input
Rewards (set by DAO) Input
Approved (set by DAO) ? Input
SteadyRatio Input
YearsToMaturity Input
Underlying Information Input
AlchemistD (Auto Creation, 1 to 1 with price) Derived
Forge Price (Gold Price in USD Instance) Derived
Forge Price Given
AlchemistD Given
Split The Chyme
-- Amount (e.g. CGT)
Merge into Chyme
-- Amount (e.g. CGT)
Amount 1 Chyme Input
Output Steady tokens (Forge Price x ratio) Derived
Output Elixir - (1 NFT)
ELIXIR ID (Unique is AlchemistID + ElixirID) Derived
TimeStamp (decimal) Derived
Elixir Amount Derived
Amount to merger (1 Chyme) Input
SteadyTokensForMergeCost - Output Steady tokens (Forge Price x ratio) x amount 37.5
Commit Suicide of the NFT based on the value and create new if any remaining value
Release CGT 1 Chyme
MergeSteadyAddress (non-self allowed depending on maturity)
Prior to settlement -
ElixirCurrentSteadyValue (CurrentFeedPrice - (Forge Price x ratio)) x amountChyme
ElixirOriginalSteadyValue Forge Price x (1-ratio) x amountChyme
TimeToMaturity Current BlockTimestamp - (Timestamp + YearsToMaturity)
- For the contracts
cd steady-hardhat - Run yarn at the top level
- yarn add ts-node
- npx hardhat compile
- update .env.example -> .env
This alchemist requires the address of the base token and the chainlink oracle for deployment. This is a factory contract, use npx hardhat run scripts/deploy.ts followed by custom.ts
npx hardhat test
We had added coverage, but during the hackathon this is broken.
npx hardhat coverage