After careful consideration, the team decided to take the following two measures.
About Pegs Cash v2
The existing algorithmic stablecoin models are encountering some difficulties. We are still doing more exploration and will upgrade to v2 when appropriate. If there is a better idea for the design of algorithmic stablecoins, welcome to leave us a message: firstname.lastname@example.org.
Users of the Pegs Cash community:
Since the release of Pegs Cash, TVL has gradually increased and once exceeded 20 million U.S. dollars. The price of PUSD has been stable at around 1 U.S. dollars for a long time. We have iterated multiple versions of our product, and everything is proceeding in an orderly manner. In order to further increase the use of PUSD, we began to try to cooperate with more projects
But as you see, the algorithmic stable currency market is facing huge challenges, and Pegs Cash is facing severe difficulties.
Compared with algorithmic stablecoins, we thought that…
We are starting the first Pegs Cash proposal voting
[PIP#1] Converted 70% of seigniorage income from dividends to system repurchase vault
Pegs Cash is exploring decentralized governance. Proposal #1 is proposed by the community and created by developers
Option A: 70% of the seigniorage will be transferred to the repurchase vault. When the price of PEGS drops by more than 50%, the vault will be activated for repurchase, and the repurchased PEGS will be directly burned.
Option B: Keep dividend function
Dividends on January 21st and 22nd, 2021 will not be deposited in the dividend pool for the time being…
PegsCash is a partially collateral algorithmic stablecoin. Through unique mint and redemption functions, the collateral rate is adjusted according to market consensus, making PUSD pegged with the U.S. dollar.
2. How many types of tokens does PegsCash have? What do they use for?
Pegs cash has two tokens, including the stablecoin PUSD and the governance token Pegs share (PEGS). PUSD is a stablecoin pegged with the U.S. dollar, while PEGS is a system governance token, responsible for all over-collateralization of the system
In the near future, we will introduce a bond mechanism and Peg stablecoins…
We are happy to announce a series of upgrades to the community. This upgrade will take place at 0:00 (UTC time) on January 19th, 2021, and the website may not be accessible for several minutes. The specific upgrade details are as follows
1. Rebalance function will be launched in this update, including Buyback function and Recollateralize function
The Rebalance function is not a function commonly used by ordinary users, so ordinary users do not need to pay special attention to it. Generally speaking, the Rebalance function is used to adjust the collateral in the Pegs Cash Pool.
When the stock…
We are very happy to announce that Pegs.Cash will be launched on 0:00 AM UTC on January 11.
PEGS rewards will be claimable for users who deposit Uniswap LP tokens to incentivized pairs, which can be attained by adding liquidity to token pairs on Uniswap.
The total amount of PEGS is 30,000,000, 80% (24,000,000) are produced through mining, and the output of the first year of mining is 12,000,000 and then halved every year thereafter. PEGS only supports two trading pairs for mining, PUSD (stablecoin)/USDC, PEGS /PUSD, each accounting for 50%.
PUSD/USDC LP mining will start with the launch of…
With the continues growth of the cryptocurrency market and the increase of overall market value, the demand for stablecoins is growing drastically. Compared with a high-volatility cryptocurrency like Bitcoin, stablecoins are more applicable in cross-border exchange scenarios.
USDT is already ranked third place in terms of the market value, while USDC, DAI, and BUSD are within the top 50. Different from traditional asset-collateralized stablecoins, a new kind of stablecoins-algorithmic stablecoins are undergoing further exploration, such as AMPL, ESD, BAC and FRAX.
We are obsessed with the ingenious design of stablecoins, among which FRAX is a protocol we admire and participated…
Pegs Cash is an algorithmic bank backed by real assets.