Original Author: BlockTempo
MakerDAO founder Rune Christensen further introduced the design and implementation details of its new stablecoin PureDai on X. PureDai aims to be a fully decentralized stablecoin, featuring a floating target price and highly decentralized collateral.
Decentralized lending protocol MakerDAO founder Rune Christensen, after yesterday's release of the NewStable and PureDai stablecoin plans in the Endgame plan, further introduced the ideas and principles of the design and implementation of PureDai on X today.
BlockTempo previously reported details about NewStable (NST), which will serve as an upgraded version of Dai, still focusing on pegging to the US dollar, with RWA as reserve assets, and Dai holders can choose whether to upgrade to NST.
What is PureDai?
Returning to PureDai, Rune stated that its goal is to achieve an idealized Dai, desired by many Maker community elders (OG) and a broader Ethereum cypherpunk vision and idealists for a "truly decentralized" stablecoin.
To achieve this goal, Rune designed PureDai in an uncompromising manner, with the following features:
1. Floating target price
2. Highly decentralized high-quality collateral: Only extremely decentralized and thoroughly validated collateral will be accepted (such as ETH, STETH). In addition, PureDai will launch a lending platform to maximize the supply of PureDai.
3. Highly decentralized oracle
4. Minimal governance: No budget, no contributors.
5. Permanently positioned on the Ethereum mainnet: Layer 2 solutions and bridging will be maintained by the community.
6. Simple token economics: Promoting growth in the stablecoin supply side.
In addition, the name PureDai is currently tentative and will be finalized based on the opinions of the community and future users.
Floating Target Price
The most important feature of PureDai is the ability to achieve a floating target price. As it cannot guarantee a long-term peg to the US dollar, PureDai must achieve freely floating anchoring. In the case of supply exceeding demand, it is necessary to introduce negative target interest rates (meaning the cost of holding stablecoins will increase) to address sustained high demand exceeding supply. This will cause the target price to decrease over time, theoretically maintaining some form of price stability, but it does not guarantee a fixed ratio to any specific currency. This is the mechanism adopted by decentralized stablecoins such as RAI and HAI.
Rune stated that although the existing Dai will maintain its peg to the US dollar, users can choose to upgrade to PureDai to enjoy its high level of decentralization and resilience.
PureDai Governance Token Economics
Just as NewStable has its own governance token (code-named NewGovToken, NGT), PureDai will also have its own governance token (PureDai Governance Token), which has the following features:
Initial supply of 2 billion
The initial supply will be distributed in Ethereum mainnet mining for NewStable, lasting five years
Permanently distributed to PureDai vaults users to subsidize the generation of PureDai
Surplus of PureDai will be used to accumulate governance tokens, achieved through burning (Smart Burn Engine)
Governance tokens act as a backstop when PureDai encounters bad debt
The initial supply of governance tokens for PureDai will be distributed to NewStable users on the Ethereum mainnet, 4 billion tokens per year, lasting five years (subject to adjustment). Rune stated that this helps incentivize the Maker community to develop and release PureDai, and ensures widespread distribution of governance token owners. PureDai will not become a SubDAO, and its governance structure will be completely independent of Maker, with no permanent token release benefiting Maker.
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