An oracle update
Serenus Coin doesn’t get off-chain access to ETH/USD prices. How then does it maintain a stable peg to the US dollar? Active on-chain swap markets now exist in multiple stable coin denominations. The market cap of coins like MakerDAO’s Dai, Centre’s USDC, Paxos, True USD and so on — all ERC20 tokens — collectively run into the hundreds of millions.
The oracle contract on Serenus is now setup to use Uniswap and Kyber Network to get prices for ETH entirely on-chain for the Dai, TUSD and USDC. These are real, live, market-driven prices. Any discrepancy between prices on those platforms and centralised exchanges like Coinbase or Binance can and are arbitraged away. More coins will be added as on-chain swaps like Uniswap and Kyber continue to expand.
This approach provides a much nicer set of trade-offs than pursuing a centralised oracle system to get off-chain prices. In time, however, if a truly decentralised approach to the oracle problem develops it would be easy to switch to that approach. In the meantime, Serenus Coin is in effect pegged to an average of other stablecoins. This should be sufficiently stable for the use of Serenus for hedging and as a means of payment.
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