Welcome to the new era of $MONEY
What is $MONEY | An Overview
Stablecoin Summary | $MONEY
$MONEY is a USD-denominated decentralized stablecoin.
$MONEY is natively cross-chain: it is interoperable with any EVM blockchain and can move seamlessly across different chains.
$MONEY is a permissionless and censorship-resistant stablecoin that is optimized for life on Layer 2 chains such as Optimism, Arbitrum, and Base - meaning it can be created and managed more cost-effectively.
$MONEY is a CDP-based stablecoin meaning it can be created using a wide range of collateral types such as altcoins, LP tokens, tokenized RWAs and more, making its ability to scale unconstrained.
Protocol Summary | defi.money
The Protocol that underpins $MONEY (defi.money) is built upon crvUSD architecture. It provides an elegant solution for protecting everyday users from price volatility.
The Protocol is EVM agnostic (aka Omnichain), meaning it lives on multiple EVM chains at once, which allows chain abstraction and a significantly better user experience.
The Protocol's user experience (UX) has been designed for beginners, making it trivial for anyone to mint $MONEY and to generate value with the assets they are already holding.
The Protocol is permissionless and censorship-resistant, which facilitates a truly global and free-flowing mechanism for value transfer.
Overview
The protocol is a licensed refactor of the Curve Finance crvUSD protocol, which distinguishes itself from other CDP collateral-based stablecoins via the innovative Lending-Liquidating AMM Algorithm (LLAMMA). We've aptly named it the Automated Loan Protection system 👇
Automated Loan Protection
When a user wants to mint $MONEY (open a loan) using an asset such as $ETH, they deposit it ($ETH in this example) as collateral in a liquidity pool, which is built to automatically manage the loan. The pool uses an automated market maker (AMM) system, that can convert the collateral into a stablecoin if needed to ensure the loan is still fully backed, and if the price of the collateral goes back up again it can convert it back into the original collateral type. This way users can be protected from losing their collateral due to short-term price volatility.
The Automated Loan Protection system ensures on a protocol level that your collateral is protected to the fullest extent, providing the most beneficial terms on your loans, all the while doing so automatically for you. Neat.
Protocol Advancements
At defi.money, we've taken the Automated Loan Protection system even further by greatly reducing the complexity of how to use such an advanced lending protocol, which otherwise requires lots of time and nuance to understand and set up correctly for your personalized needs.
All the contract settings and creation that normally would have to be done manually with care are instead bundled into a single simplified transaction (ZAPs), which you can easily complete with a single click. The user interfaces have been designed to highlight the most important information for you as well as displaying estimated risk levels, to empower your financial independence and ability to adjust your loans to your preferences and risk tolerance.
$MONEY is also natively deployed on multiple different Ethereum-based chains and L2s to ensure lower gas costs, which ensures that everyone can afford the setup costs in the first place, and saves everyone more money in gas fees. Very neat.
The major contributions of the protocol are the following:
Improved User Experience | We've built the UX from the ground up to be easier to use along with creating custom made ZAPs that abstract multiple transactions for the same action. Giving users one-click actions to generate $MONEY and ultimately opening up $MONEY to all members of the public (i.e. both crypto natives and newbies).
L2s & Efficient Collateral Conversion | By taking advantage of the speed of L2s, the Automated Loan Protection automatically rebalances collateral for users now at a much lower cost in terms of gas fees and at much faster confirmation times.
Exotic Collateral Types | $MONEY is purpose-built to utilize the advantages of Ethereum Layer 2s, accepting more exotic collaterals that would be unsuitable for Ethereum L1. This is also made possible by our custom arbitrage and peg-keeper system along with the faster confirmation times on L2.
Natively Cross-Chain | By deploying the whole protocol on multiple EVM chains and L2s and being able to deploy on new ones in the future, and natively supporting bridging between them, defi.money unifies liquidity across the entire EVM. It dissolves silos between chains and gives users the freedom to borrow outside of a single ecosystem. Purpose-built to seamlessly access capital anywhere, defi.money can even lock weights on different chains creating a new era in the Curve Wars, we've aptly named the #chainwars.
The demand for stablecoins is already insatiable, with a total addressable market of over three (3) trillion USD in the next five years. To further expand the adoption of stablecoins, we must reimagine the user experience of decentralized stablecoin solutions, especially as we conscript users who are increasingly less crypto-native.
The solution is here, so get started using it now👇
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