We will begin a comprehensive transformation of the system to support “Multi-Collaterals.”
As everyone knows, we do not have any admin keys to directly modify or upgrade the PolyQuity contract.
As such, so our team will adopt a new mechanism to support the “Multi-Collateral” version. Here, we would like to thank the Stabilize Protocol team as they provided important theoretical and technical support to PolyQuity.
Working principle
In the Multi-Collateral version, we will open a new Trove contract for each collateral. These Troves are independent of each other.
For example: when the system supports USDC and WBTC as collateral, users can stake USDC and WBTC to trove.usdc and trove.wbtc in order to mint PUSD.TOKEN.
What is PUSD.TOKEN
When users use different collateral to mint, they will get PUSD.TOKEN, which is equivalent to PUSD. Hence, we decided to name them this way.
For example:
- User A stakes Matic to mint PUSD (We cannot modify the current contract so we cannot name it PUSD.Matic, but it belongs to PUSD.TOKEN.)
- User B stakes USDC to mint PUSD.USDC,
- User C stakes ETH to mint PUSD.ETH,
Although different collateral operates independently, they are all minted using the same mechanism. No matter how much the value of the collateral is or how it fluctuates, the value of any PUSD.Token is always the same.
1 PUSD=1 PUSD.USDC=1 PUSD.ETH=1 PUSD.TOKEN
PolyQuity Dollar (PYD)
PYD will be the new Stablecoin of “Multi-Collateral" version.
Any PUSD.TOKEN holder can wrap any PUSD.TOKEN in a fixed ratio of 1:1 into the PYD through the contract named Basket Contract.
At the same time, users can also convert PYD into PUSD.TOKEN at any time.
PYQ
PYQ is still the secondary token issued by PolyQuity. Users can still obtain PYQ tokens by staking any PUSD.TOKEN into the Stability Pool.
PYQ Pool
Once upgraded to the “Multi-Collateral.” version, PYQ stakers will get:
- Matic (not changed)
- PUSD (not changed)
- PYQ (not changed)
- New PUSD.TOKENs (new borrowing fee)
- New Collaterals (new redemption fee)
Timeline
This upgrade will be a fresh start. We will split into 3 stages for deployment:
- Phase 1: Create a PYD stablecoin — allowing users to encapsulate the current USD into PYD.
- Phase 2: Upgrade PYQ stake pool — when the “multi-asset” version is launched, stakers would be allowed to receive the agreement income generated in the new trove.
- Phase 3: Launch “Multi-Collateral” version.
We expect to complete the above three deployments before mid-September! Stay tuned!
