As of today, we will start the development of Aeternity Stablecoin. The idea is to have a token that represents 1 USD. I will use this topic to post regular updates on the progress.
The plan is simple, but yet effective.
- Build AEX9 token - AES (Aeternity Stablecoin)
- Build HTLC contracts compatible with Jelly Swap ->
- Build Jelly Swap AEX9 typescript package to allow easy development
- Integrate AES on Jelly Swap
The stablecoin will be backed by DAI (learn more about DAI here https://makerdao.com/en/whitepaper#abstract).
Having Jelly, allows us to use everything that Maker DAO have already build, so we can use the whole infrastructure and simply expand it to be compatible with the Aeternity network.
A multisignature contract on Ethereum will hold the collateral (in that case DAI). We are considering different options about the collateral ratio e.g. 1 DAI = 1 AES or 1.25 DAI = 1 AES or 1.5 DAI = 1 AES. Maybe, we as a community may discuss on that matter?
To keep things simple, at first we (Jelly) as an entity, will mint the AES tokens. We will assure that every AES is collateralized by the appropriate amount of DAI. At any point, one can verify that the total amount of AES are in fact collateralized by the appropriate amount of DAI, since everything is on chain. We will provide a separate website to track in real time all available AES and all locked DAI in the multisig contract.
If we see a real demand on AES, we will take things further into putting more effort by “decentralizating” the minting process and keeping the collateral ratio intact. By building either a network of “operators” that will take care of that or a DAO.
So, in order to create the first AES tokens, we will put initial collateral of DAI (few thousand dollars) into the multisig contract. Once the DAI is in the contract, we will mint the corresponding amount of AES.
If one wants to acquire AES, he has 2 options:
- Go to Jelly and swap DAI/AE for AES.
- Deposit DAI into the multisig contract and receive the newly minted AES tokens.
About the progress:
The HTLC smart contract for AEX9 is ready and can be found here: https://github.com/jelly-swap/jelly-aex9-htlc - tests are about to be implemented
The AEX9 typescript package is being developed as we speak. You can track the progress here:
Once both of the above points are completed, we will start the integration in Jelly Swap which could take UP TO a week.
If you have any questions or suggestions, please ask them in this topic.