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 Test Instructions:
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.
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
- 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!