Project Spotlight: ImmortalDAO (IMMO)- decentralized reserve currency protocol on Celo
Visit Ubeswap to checkout the IMMO-mcUSD pool! Note the ‘Project Spotlight’ is an Ubeswap community initiative and the ImmortalDAO team is primarily responsible for the information contained in this article. The information in this post is for educational purposes only and should not be taken as financial advice.
ImmortalDAO is a decentralized reserve currency protocol on the Celo blockchain based on the IMMO token. Each IMMO token is backed by a basket of assets (e.g. mcUSD) in the Immortal treasury, providing an intrinsic value, which increases over time if more bonds are purchased. ImmortalDAO Finance intends to integrate further with other protocols to ensure the growth of Celo, adding CELO as well as wETH to the treasury through bonds.
ImmortalDAO is also considered an algorithmic currency protocol with the goal of becoming a stable, crypto-native currency within the Celo ecosystem. Unlike other stablecoins, ImmortalDAO uses a variety of assets to maintain price stability while creating a floating market-driven price. This is meant to create a manageable volatility that can outpace inflation and maintain purchasing power.
IMMO is different than a stablecoin like cUSD; cUSD is backed and pegged to the price of USD, whereas IMMO is backed by a treasury but is not pegged to a certain price. The price floor of the IMMO token is intended to be 1 mcUSD, but a premium along with the treasury value is considered by market participants.
Q&A w/ ImmortalDAO:
What’s the goal of this project?
Our goal is to build a financial tool that can be used on the Celo blockchain, leveraging low transaction fees.
Why did you decide to build on Celo?
Our team believes that Celo blockchain has potential in the future as a mobile DeFi platform with fast and cheap transactions.
How is the protocol designed?
ImmortalDAO is a decentralized reserve currency protocol, which is known as DeFi 2.0 protocol. Our protocol mechanism is designed based on the OlympusDAO and Wonderland protocols.
What inspired your team to work on this project?
Our project is inspired by OlympusDAO. After researching other OHM forks, we were really surprised that there was still no OHM fork on Celo blockchain yet. Therefore, we decided to build a decentralized reserve currency protocol on Celo for the community, especially since we are Celo enthusiasts ourselves.
How can the community help or join?
By staying active and participating in our Discord group! The team and moderators are open to any ideas or suggestions and we will look into them during our team discussions. We often take note of what is written down in the servers and discuss later in the day regarding its feasibility for the protocol
The community can also help promote Celo and ImmortalDAO to more people. Who doesn’t like memes? Create ImmortalDAO memes and we will post them on our Twitter! The team welcomes our community to draw fan arts because we love artwork.
Roadmap
https://immortaldao-finance.gitbook.io/immortal/roadmap
Team
Our team consists of 3 members currently, who are Leonard, Josh and Tom. Our team is looking to recruit more team members in the future as the protocol grows!
Introducing $IMMO
The team set up the initial Ubeswap Liquidity Pool of the pair IMMO-mcUSD by using 40k mcUSD from presale and 1k IMMO tokens. Investors can also add liquidity to the pool and use the LP tokens to bond through the Immortal website.
IMMO tokens are the main currency tokens of ImmortalDAO protocol. IMMO tokens can be used to stake at Immortal dApp website. Stakers will be getting IMMO tokens as staking and bonding rewards. IMMO stakers can also join the ImmortalDAO governance through voting using sIMMO tokens.
Reward for staking will be updated in staker’s wallet every epoch (8 hours) according to the current APY. APY varies based on the reward rate, amount of IMMO staked and the total supply of the IMMO tokens.
Team Disclaimer: Swap IMMO tokens at your own risk. Since ImmortalDAO is a long term project, there will be plenty of opportunities to participate in the future.
Token Allocation
- Token Symbol: IMMO
- Contract Address (Celo): 0xE685d21b7B0FC7A248a6A8E03b8Db22d013Aa2eE
- Token Supply and Distribution Schedule
- Audit
- Fundraising
