AstridDAO: the Astar-native Multi-collateral Stablecoin

GM, world!

Today, we are excited to announce AstridDAO, the native multi-collateral stablecoin on Astar Network and for the Polkadot ecosystem.

AstridDAO allows users to easily deposit various assets including $ASTR, $BTC, $ETH, $BNB, $DOT, etc. as collaterals and borrow $BAI, the stablecoin hard-pegged to 1 USD, on Astar Network.

Astar Network is the №1 smart contract parachain for WASM + EVM on Polkadot in TVL, aiming to be the multi-chain hub for Web3. We decided to start the journey on Astar and expand our ecosystem to Polkadot and other L1s in the coming year.

AstridDAO 🏦

AstridDAO is a decentralized money market and stablecoin platform on Astar Network. People can lock up riskier assets as collateral and borrow stablecoin assets in return. People can use the borrowed stablecoins to add liquidity to AstridDAO’s stability pool and earn $ATID rewards in return, or farm on other protocols to earn higher interest without selling the riskier assets.

AstridDAO utilizes an Instant Liquidation mechanism, allowing the system to run with a 0% interest rate and a low minimum collateral ratio while remaining safe. AstridDAO can achieve higher capital efficiency compared with existing CDP projects.

Roadmap in 2022 🚄

AstridDAO is scheduled to be released on Astar mainnet by the end of April 2022. In the initial phase, AstridDAO will only be supporting $ASTR as the collateral to promote the ecosystem. After the multi-collateral launch in later Q2, AstridDAO will support other assets including $BTC, $ETH, $DOT, and native tokens of other parachains as well.

We are also planning various events that we cannot disclose at the moment, and we will be posting information about them on Twitter and Discord soon.

Stay Tuned 🚀

Twitter: https://twitter.com/AstridDAO

Discord: https://discord.gg/FxbbBNAvEy

Telegram: https://t.me/+YXG1yvbTEiAyYmE1

Medium: https://medium.com/astriddao