goStables - Decentralized Stablecoins for the Caribbean

Project Name: goStables Protocol
Project Track: DeFi
Team Name: goStables Team
Team Member(s): 2 - @wescosmic @Mypt
DevPost URL: goStables | Devpost

Project Goal: To enable new business models and opportunities for many on Tron through the creation of decentralized, collateral backed stablecoins for countries within the Caribbean.

Project Info: PDF Overview:
goStables Overview.pdf (2.2 MB)
The goStables Protocol enables anyone to mint, trade and earn from gStables which are a collection of USDD backed, Caribbean stablecoins pegged to their real world exchange rates using price oracles.

There are many in the Caribbean region experiencing difficulties to access foreign currencies due to foreign banking de-risking policies and other FX issues. However, using gStables pegged to the real world, allows anyone holding that gStable to redeem that USDD anytime at the market rate. The existence of such locally pegged stablecoins can also facilitate greater blockchain user onboarding, by bridging the gap between digital currencies and national/cultural familiarity and context.

While CBDCs may expand further within the region in the near future, there is still a need Now, for decentralized stablecoins as they can provide many, with options for economic growth and inclusion along with a greater propensity to fuel an innovation and adoption wave on publicly accessible blockchains. Tron Blockchain, known for its speed and very cost effective transactions is already home to many US dollar pegged stablecoins. The introduction of USDD enabled a means for us to ideate/develop solutions like goStables Protocol on top of this over-collateralized stable asset (USDD).

Project Website: https://gostables.org | https://app.gostables.org

Project Test Instructions:


Contract Address:

Project Details:

The protocol has 3 core features for users:

  • Swap - Users can swap USDD to mint a variety of gStables - gXCD, gTTD, gBBD, gJMD with more options in the future. Swap them back at anytime to USDD at real world market rates. The latter action burns the gStable.

  • Vaults - Users can stake USDD in vaults to support their favourite gStable to proportionally earn 40% of protocol fees. Deposits are frozen for 72 hours and can be unstaked anytime after.

  • Wallet - Users can view their gStable and Vault balances as well as claim gStable Vault rewards every week.

The protocol has 2 core means of generating revenue and strengthening its USDD collateral reserve over time:

  • Protocol Fees: There is a fee of 0.3% in USDD per swap. 40% of this is distributed in gStables to Vault users every week.

  • JustLend: USDD received via Swap and Vaults are supplied via their respective smart contracts, to JustLend’s USDD Market. 70% yields generated are provisioned to the goStables swap to increase collateral beyond 100% to cover more USDD redemptions during possible exchange rate fluctuations due to real world market forces.

Additional strategies will be employed in the future.

Project Milestones:
The following will be completed for the hackathon:

  • Landing page + Dapp UI/UX design - Completed
  • Smart Contract development - Completed
  • Onchain price data for 11 gStables - Completed
  • Dapp frontend integration + Testing - Completed
  • Fully functional MVP on Nile Testnet - Completed
  • Docs with Getting Started Guide - Completed
  • Video Guide - Completed

Post-hackathon:

  • Mainnet Launch (gTTD, gXCD, gBBD, gJMD…) - Q1 2023
  • Integrating gStables with existing projects - Q1 2023
  • Dashboard UI - View gStable info on one page - Q1 2023
  • Building and promoting new products/use cases for gStables - Q2 2023
  • Protocol governance - Q2 2023

Please comment if you have any questions or suggestions for us! Thanks and Cheers!

18 Likes

Hi :wave:
Why would Caribbean companies/individuals mint your stable coin instead of just using USDD directly?

Thanks!

2 Likes

Heya
Thanks for the question!

  1. The entire world doesn’t use USD in localised contexts. This would also extend to the internet. While there are many choices of US pegged stablecoins like USDD, USDT, USDC, USDJ etc, this isn’t representative of everyone that would be using blockchain technologies in the future. So we’re creating an option for Caribbean folks to use crypto in a currency language they can better relate to ie - local pegged currencies.

  2. Non USD stablecoins would open opportunities to create many possibilities such as onchain forex, localised p2p services, fintech apps with multi-currency accounts, localised defi solutions, web3 commerce etc.

  3. gStables enables anyone holding it to swap it to USDD if they wish to, thus enabling access to foreign currencies, something that’s a challenge to access in some parts of the Caribbean. So our protocol can provide a bridge for many.

  4. When you consider how USDD could grow globally in both circulation and utility, what we’re doing is also contributing to such growth, while not diminishing the importance and relevance of a country’s local currency to an individual, community.

Hope this answers your question. Let me know :slight_smile:

Cheers

3 Likes

is it finished soon? 2 weeks til deadline

It’s going to be tight as we had a late start. However, we’re aiming to have the functional MVP on Nile testnet before deadline (between 10 - 12th Nov).

  • gStable token contract is completed
  • Swap contract is completed
  • Vault contract will be completed this week
  • Price oracle node will be next week

The landing page will be shared in a few days.

1 Like

Loved the post-hackathon details, ı hope u guys succeed

1 Like

That will help for sure giving more utility to USDD. But I’m wondering why it is done on a regional (Caribbean) ground and not national then? Are you planning to launch one stable by country? What if each country decides in the future to have their own public stable coin?

Sorry if the questions are stupid :smiley: just trying to understand your vision of the crypto future for those countries.

Good questions. You can consider me as 1 from the public of T&T deciding to create a local gStable pegged to the local TTD. We’re launching with gTTD (Trinidad & Tobago) first but the intention is to deploy gStables for other Caribbean countries - gXCD, gBBD, gJMD, gBSD, etc - next year. This brings blockchain/defi inclusion for the many countries in the region via their own native stablecoin.

I was going to wait until tomorrow when we had an image for the hero section of our landing page ready, but considering it’s a short time til the hackathon deadline, and it’s better for folks to familiarise themselves with our project and to see progress, I’ll share it now (also updated my OP with link):

Tron is one global public “computer” - a great platform to build shared online->offline experiences with powered by web3. We see the goStable protocol as a necessary defi component for more from the Caribbean to onboard to the blockchain space. This could enable others to organise online to buidl and use their varied gStables (like a basket of collateral) to mint a new Unified Caribbean settlement stablecoin, if they/we decide to. We could experiment with various online micro-economies and social-defi with stuff like this.

1 Like

Hey all, if our protocol interests you, please follow us:

Telegram

Twitter
https://twitter.com/gostables

Github (more repos soon)

Youtube (videos soon)

Landing Page Overview

Here’s some screens of our progress:

Swap - Mint gTTD with USDD, Burn gTTD for USDD

Vaults - Stake USDD to earn a share of the protocol fees

1 Like

Greetings wecosmic! Your project seems to be missing details on the following. Please add them to your project. Thank you!

Please Include:
Project Test Instructions
Contract Address

Hey all

I’ve updated my OP with:

  • Docs with test instructions
  • Links to contracts on Nile and Github

We’re currently working on setting up the price oracle to get reliable offchain prices of Caribbean currencies.

Video will be coming soon as well as the link to the frontend dApp.

I love the post-hackathon details, I pray you guys succeed…

2 Likes

Nice project but i would want some clarifications into these questions.
Will the gstable be backed by something as we know some stablecoins to be backed by real dollars, gold etc.

Also will it have a max supply like bitcoin.?

@Nana66419 gStables are crypto native stablecoins which are backed by USDD, which in turn is backed by other foundational crypto assets such as BTC, TRX etc. You can read more about this on our landing page (link above).

There will be no max supply, new gStables only comes into existence on-chain due to demand+collateral. It is decentralised so anyone can mint them with the requisite crypto asset (USDD in this case).

There will however, be a debt ceiling that would be a protocol governance aspect in the future that would limit minting gStables when the protocol begins using non USDD assets as collateral.

Also key to note: The gStable token smart contract (see docs+Github links above) has a “whitelisting” setClient function which enables us to add approved contracts using collateral beyond USDD (onchain or offchain) to mint gStables. This is particularly useful for new vault mechanics In the future, post hackathon+funding+usefulness, where we can enable anyone to mint X% of gStables by depositing BTC, TRX or ETH into those new vaults (this is where the debt ceiling aspect comes into play).

Many other highly experimental possibilities can come into play here if there’s enough protocol traction and usage, for instance with hybrid on/offchain collateral. What if someone decides to seriously fund/setup a goStables neo atm/remittance network regionally that “uploads” local fiat into gStables . That someone could stake X - BTC or TRX to a private vault that provides them minter access. Their debt ceiling starts at a base value and grows dynamically based on offchain ATM data brought onchain verifiably + other set parameters.

2 Likes

This is very great. Cant wait for it to be successful and run on a full scale to be able to use in my country too. If all monies were in this format, for me personally it will help curb this super high inflation we are facing. Wishing you the best in this hackathon and will be checking you guys from time to time for updates.

2 Likes

Appreciate your interest and questions :slight_smile:

The dapp link will be shared in a day or 2

1 Like

Hey all we’ve updated our OP Submission with the link to the dapp on Nile testnet. Have a look and tell us what you think?

You can check the docs link above for an easy to read guide on how to use it.

We’ll be adding a video guide soon.

:slight_smile:

3 Likes

Hey all OP is updated with video guide.
We have completed all the submission requirements and have successfully delivered an MVP.

goStables protocol currently supports the following Caribbean gStables on Nile Testnet:

  • Trinidad & Tobago Dollar (gTTD)

  • Eastern Caribbean Dollar (gXCD)

  • Barbadian Dollar (gBBD)

  • Jamaican Dollar (gJMD)

  • Bahamas Dollar (gBSD)

  • Aruban Florin (gAWG)

  • Dominican Peso (gDOP)

  • Cuban Peso (gCUP)

  • Cayman Islands Dollar (gKYD)

  • Hatian Gourde (gHTG)

  • Euro (gEUR)

ref:

I’m curious, what other regions would you like to have gStables for, in the future?

  • North, Central and South America
  • Middle East and Africa
  • Asia and Oceana
  • Europe
  • Network States

0 voters

2 Likes

Hey all, we’ve completed our submission on Devpost. OP updated with link.

Here’s a preview of what’s to come in the future, post hackathon:
*Update we’ve switched to Wallet v0.6 check it out:

1 Like