Visionary Patri Friedman joins TheStandard.io to create the ultimate DeFi stablecoin protocol
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BERLIN, Sept. 07, 2022 (GLOBE NEWSWIRE) — The cryptocurrency market has rocketed to new heights in recent years, resulting in a significant increase in demand for stablecoins. As a result, the market cap of the market’s most popular stablecoin, Tether USD, increased twenty-fold to over $82 billion in the second quarter of 2022.
Demand has also led to a spectacular growth of projects experimenting with other approaches to stability. The most notorious example is Terra Luna, which took a purely algorithmic approach. However, as has been widely reported, Terra Luna collapsed for a number of reasons, the main of which was the inherent flaws of a purely algorithmic model.
Coming from the team behind one of the oldest bitcoin exchanges, Vaultoro.com, TheStandard.io proposes a new global standard for decentralized stablecoins backed by tokenized physical assets as well as crypto assets. TheStandard.io uses an over-collateralized model where users “lock up” assets in individual smart contracts called “smart vaults”. The DeFi protocol then allows users to borrow against these assets by minting new stablecoins pegged to any fiat, with no interest. As with any loan, government inflation reduces the value of its liability over time.
As a result, TheStandard.io removes the need for a centralized entity to maintain a bond and leverages inflation in favor of stakers.
Patri Friedmann, consultant to TheStandard.iocommented:
“I’m very excited to advise TheStandard on building a system to unlock the vast potential liquidity of hard assets like precious metals and owning gold with the liquidity of bank deposits.”
josh scigala, CEO and Founder from TheStandard.io further commented:
“Patri Friedman is a true visionary bringing startup cities and seasteading to life. He comes from a family whose heritage is very much aligned with the philosophy and goals of the standard stablecoin protocol. Individual liberty, currency with rare assets and market forces as domination.”
Patri Friedman will help The Standard DAO create the blockchain infrastructure startup cities need to have functioning, central bank-agnostic currencies backed by rare assets. He will also help build connections with other influential thinkers, VCs and entrepreneurs in this exciting field.
A roadmap to a new standard
TheStandard.io will initially launch sEURO, a stablecoin that will retain a value of 1 EUR. This launch will come in the following phases called Operation Deep Liquidity:
- Initial bonding curve offer
- DEX Liquidity Bonding event
- TST (TheStandard.io’s native token) staking and rewards.
The Initial Bonding Curve Offering offers participants an incentive of up to 20% discount when purchasing the first sEURO stablecoin, thereby enabling the Protocol Controlled Value (PCV) build-up. The concept of a loyalty curve is intended to allow for the accumulation of reserve assets in exchange for minting sEURO with a discount for early entrants. Tokens that can initially be converted to sEURO are Ethereum, PAX Gold, Wrapped Bitcoin and Matic.
The second phase focuses on building deep liquidity for the sEURO/USDC trading pair (or any other paired stablecoin). This was inspired by Olympus DAO which allows the protocol to own liquidity in the pools instead of renting it from yield farmers. Users deposit their sEURO and USDT into The Standard DAO’s bonding contract, which gets locked in a Uniswap liquidity pool. The longer the term of the bond, the higher the yield. The aim is to ensure deep liquidity and stabilize sEURO while continuing to reward early participants.
Finally, the DeFi protocol will also be launched with a membership/governance token called TST (The Standard Token). Users can also use TST to earn rewards derived from the yield generated by the DAO when investing the liquidity from the PCV into safe yield farming activities. Users can vote on where and how much they want to allocate to a specific activity.
Learn more about this three-step process here.
About TheStandard.io
TheStandard.io is pioneering a new stablecoin infrastructure for the cryptocurrency market. His vision is to create a framework that will allow stablecoins to represent every “fiat currency on earth,” a milestone that no other stablecoin has been able to achieve to date. That ambition is evident in its branding, with ‘The Standard’ a nod to the infamous ‘Gold Standard’ which created a currency fully backed by government-held gold.
TheStandard.io is powered by experienced cryptocurrency enthusiasts who form the pioneering team. These include Protocol Lead Joshua Scigala, co-founder of Vaultoro.com (one of the world’s first bitcoin exchanges), Philip Scigala, CEO and co-founder of Vaultoro, which first entered space in 2010, Ecosystems Operations Manager Ana Valdes, a Master in Foreign Affairs and Head of Engineering, Simon Morley, CTO of Vaultoro.com.
This team has also attracted influential players in both TradFi and DeFi, including Patri Friedman, the father of smart contract review Hartej Sawhney, social development evangelist Dr. Jane Thomason, and ecosystem builder Faraj Abutalibov to name a few.
To read more about The Standard DAO and its mission to reshape the stablecoin space, visit their website here.
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Contact details for mediaContact email: [email protected]
THE STANDARD is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an investment offer.
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