Serenus Coin launch
Today marks the alpha launch for my
bootstrapped solo-founder side project on Ethereum. It’s a
crypto-collateralized, scalable, dollar-pegged stablecoin called
Serenus Coin.
Serenus: A fourth type of stablecoin
Most people think there are only three types of stablecoin design:
1. Tether, Circle USD, etc.: a dollar collateral one-for-one peg held
in a bank
2. NuBit, Basis, etc.: algorithmic token supply management (failed projects!)
3. MakerDAO and Synthetix: crypto-collateralized loans of stablecoins
When viewed through the lens of price volatility these types look like
this:
1. Submerge crypto-volatility in the relative calm of the US dollar
2. Attempt to push price volatility in the present out to the future
through a seignorage share system
3. Dilute the volatility of crypto by radically over-collateralizing
it
What does Serenus Coin do differently?
Serenus Coin is a stablecoin on the Ethereum mainnet. It allows people
who are willing to take on the price volatility of ether to produce a
token that has had that volatility removed. They gain a fee for that
service. It sells volatility onto those willing to bear it.
There are two primary participants: issuers and users. Issuers stand
willing to go leveraged long ETH/USD and collect a 20 bips (0.20
percent) rebate for doing so. This is far more attractive than
attempting to go leveraged long on centralized exchanges. Users are
anyone wishing to mint a dollar stable ERC20 token for themselves to
use as a means of payment or a store of value. Users can cash out
their tokens back into ether at any time.
By separating out these two activities, unlike the MakerDAO Dai
system, Serenus Coin is fully scalable and therefore able to take on
the heavy weight fiatcoins like Tether, Circle USD and Paxos.
It consists of five smart contracts working together to produce a
stablecoin: ERC20 Token, Oracle, Governor, Factory, and Issuer
contracts. They are written in Vyper and are on Github.
The website contains a DApp for trying out the system and has an
FAQ. The obligatory white paper is also available.
