Hello, everyone! This is the AstridDAO team. Weeks after the launch, we would love to join dApp Staking and contribute to the ecosystem more!
AstridDAO aims to be the leading decentralized money market protocol and the dominant stablecoin, $BAI, in the Astar/Polkadot ecosystem.
AstridDAO is a decentralized borrowing protocol that allows users to draw interest-free loans against multiple collateral assets (e.g., ASTR, ETH, BTC).
Loans are paid out in BAI (a USD-pegged stablecoin) and users must maintain a minimum collateral ratio, which varies depending on the collateral assets they deposit.
In addition to the collateral, the loans are secured by a stability pool containing AstridDAO’s native stablecoin, $BAI, where borrowers collectively act as guarantors to ensure a fast and safe liquidation process in case of an account becoming under-collateralized.
These two mechanisms, that is:
- Borrowers’ ability to instantly redeem $BAI for their collaterals at face value (i.e., 1 BAI for $1 of ASTR) and
- Borrowers’ ability to instantly liquidate under-collateralized accounts from the stability pool
In combination, create an efficient demand/supply dynamic, which in turn hard-pegs $BAI to the US Dollar.
Furthermore, there are five key features that differentiate $BAI from other stablecoins.
- Over-collateralization = more stability. AstridDAO takes a conservative approach regarding its reserves and is, in fact, over-collateralized. Over-collateralization means that the value of its assets exceeds the value of borrowed BAI at any given time.
- High capital efficiency = more leverage & more liquidity. AstridDAO’s efficient liquidation mechanism allows users to get the most liquidity for their favorite crypto assets and maximize their leverage exposure.
- Native stablecoin = high APY. AstridDAO closely collaborates with other DeFi protocols in the Astar/Polkadot ecosystem to provide optimized yield strategies and higher APY.
- XCM bridge = Polkadot ecosystem exposure. As a DeFi protocol in the Astar/Polkadot ecosystem, AstridDAO will soon reap the benefits of the XCM bridge, which will permit it to interoperate with the entire Polkadot ecosystem and other parachains.
- DAO governance = more flexibility & decentralization. On-chain governance can adjust protocol parameters (e.g., liquidation ratio), add collateral assets, and improve proposals via veATID tokens.
Joe: Co-founder and CEO of the dev company behind AstridDAO. Crypto enthusiast, and former tech lead at Google HQ, with extensive tech management experience.
Other co-founders and team members include experienced Web3/Blockchain/Open-source enthusiasts with past experience at Stanford, UC Berkeley, UCLA, Google, Youtube, IBM, Nike, etc.
- Protocol Development
- AstridDAO single-collateral Launch
- Multi-collateral launch
- XCM Festival
- CEX listing
- Add more governance features
- More explorations! Stay tuned!
Please feel free to reply in the thread if you have questions. LFG, Astridians!!!