StableUnit DAO: DAO owned capital efficient stablecoin

Name of Project / DAO / Company

StableUnit DAO

Application type

Product Launch + new DeFi legos

Proposal overview

StableUnit is an unstoppable, community owned stablecoin that distributes system’s profit directly to your wallet. It’s overcollateralized, but restakes collateral and uses loan/liquidation profit to benefit every holder.

Most of the $130B value is in fiat-collateralized stablecoins like Tether and USDC. Decentralized stablecoins like DAI and sUSD make up only a small portion of the total supply, meaning the vast majority of stablecoins are centralized and can freeze funds at any moment. (proof: https://twitter.com/lebed2045/status/1426162635226157064?s=20)

Stablecoins are faster, programmable, and yield higher interest compared to the classical finance instruments. These advantages may result in substantial off-chain capital adoption on the blockchain. Right now, the market share of stablecoins is less than 6%, and is expected to grow significantly.

StableUnit protocol (https://stableunit.org/StableUnit-whitepaper.pdf) is a censorship-resistant CDP-based stablecoin with a multi-layered stabilization model secured by capital-efficient DeFi assets.

This approach unites the robustness of over-collateralized stablecoins (e.g.DAI) with the scalability of algo-stablecoins without compromising decentralization. Moreover, it uses collateral to generate profit and automatically distributes it to every wallet holding suUSD.

Core team

Architect – ex 1inch, xSigma, Amazon, FB, math degree, prizewinner ethBoston, ethDenver, ethNY, ethLisbon wrote ethereum contracts for more than a billion dollars

Front-End – Dapper Labs (cryptokitty), ethDenver

Product – Intel, Oracle, Uber

UX/UI - Uber, Nutanix, GoFundMe

Hi :penguin: to Harmony team https://twitter.com/adrianrobison/status/1452369230179934209?s=20

ADVISORS

Economy – Google DeepMind, MSU math degree

Simulation – bitTensor, Google, DARPA

Community – Award-winning journalist with 20y experience.

Proposal ask

Total $50k in ONE tokens

Justification

Overcollaterrisde stablecoin that uses collateral to generate profit and distribute half of it to currency holders is an immensely complicated project that requires lots of DeFi building blocks.

On Harmony, although fully evm compatible, lots of native ethereum tools needed to be adopted.

At the result of the proposal implementation, Harmony gets:

Documented and tested building blocks that can be reused in lots of new products to give the procol competitive advantage:

Oracles, collateral management, CDP registry, stake/loan code.

And much more important, 3 new DeFi lego pieces:

  1. collateral profit management block (super useful for any protocol with collaterals)
  2. erc20 with continuous linear passive dividends payment
  3. Gnosis Safe multichain vanity deployment code (right now Harmony supports custom https://multisig.harmony.one/ so it’s immensely complicated to get multisig with the same address on harmony and other chains. Our architect helped to rescue tens of thousands of dollars locked multisig money for different projects where people mistakenly sent funds to multisig but on a wrong chain so money gets stuck. One metaverse project has 100k USDC on polygon right now, a solution for Harmony that surely can save money and nerves).

Metrics for success

Milestone 1: Testnet launch

Milestone 2: 1 mil TVL

Milestone 3: 10 mil TVL

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This will be an amazing addition to the Harmony ecosystem. Please reveal the team’s profile without necessarily doxxing the team as we’d like to welcome them into the ecosystem


Approved for $50K Launch grant. Congratulations! Looking forward to seeing this built out on the with the first milestone for a Testnet Launch built on Harmony :tada:

“Testnet Launch” means launching a feature-complete product on Harmony Testnet. We define feature complete to include a user interface, connection to a wallet (Metamask, Harmony ONE Chrome Extension, etc.) on Testnet, and can be tested end-to-end by at least 100 users.

Funds will be released upon completing these milestones

$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with a detailed roadmap, governance process)

Meanwhile, to prepare receiving funds, email your identification documents to kyc@harmony.one and create a Gnosis Safe MultiSig wallet at https://multisig.harmony.one and using instructions below
:arrow_right: Setup Gnosis Safe with MetaMask & 1Wallet

Checkout the Funding FAQ for further info at Harmony Funding FAQ. Join the Harmony Grants Telegram channel to share your story and to gain partnerships there by growing your own ecosystem.

Please join the Harmony Grants Telegram channel and Harmony’s Discord server.

We’d love :blue_heart: to see weekly updates on this thread here, to keep the community posted on this proposal’s progress!

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