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Stable coins on EOS
As some of you might have noticed, most of the cryptocurrencies have declined in value this year, including EOS which is falling down frequently. Also, risk and as per reports millions of fake transactions are occurring on EOS.
For traders and speculators this is a good thing, they can sell their tokens and buy back later. But currently EOS doesn’t have any internal exchanges with fiat or fiat-pegged currencies, so people have to transfers their tokens to centralized exchanges and trade there.
Vigor stable coin repository: Vigor
The great thing is that it requires users to set collateral for newly-created stablecoins which guarantees the price stability. This has some nice benefits for the whole ecosystem.
According to CoinMarketCap.com, Tether is tenth biggest cryptocurrency. That means there is huge demand for stablecoin. If we have a stablecoin that requires EOS tokens as collateral, this will create a big demand for EOS. Every time somebody wants to create more stablecoins (because there is lots of demand), EOS needs to be locked as collateral.
This reduces the amount of liquid EOS tokens, which means less supply. Usually that means the price will go up. So if we can create a successful stablecoin, in the times of bear market, hodlers of other cryptocurrencies will buy it and create demand for EOS. The bigger is the crash for other cryptocurrencies, the more there is demand for stablecoin, which will have direct impact on demand for EOS.
Market going down -> Demand for EOS-stablecoin -> More demand for EOS as collateral -> EOS price goes higher when everything else goes down.
Of course stablecoin will become useful later when the ecosystem gets more users. It’s better to use stablecoin for normal purchases because there is no risk of price fluctuation.
So, at what points does the system issue stable coins?
Stablecoins are issued by the contract when a loan is taken.This happens when the borrowers lock up tokens as collateral.The tokens can either be EOS or a portfolio of crypto tokens supported by the system.
Can a borrower get their crypto back?
Yes, by paying off their debt with stablecoins which are then retired.
What can we do in order to secure/ get a loan in stablecoins ?
For a borrower to receive a stable coin loan, the borrower needs to lock in their crypto collateral and deposit the appropriate amount of stable coin tokens, calculated as a percentage of stable coin debt to be used as premiums to insure the loan collateral.
The system requires that your collateral contains some stable coin so it can take premiums every period.
VIGOR Stable Coin
The VIGOR stablecoin is a financial engineering innovation with regards to a decentralized stable unit of account.
This project creates a crypto-backed stablecoin without a central counterparty by enabling participants to separate and transfer both volatility risk and price event risk through
open source escrow smart contracts. Stablecoins are created and loaned out when EOS native crypto tokens are put into escrow as collateral and backed by insurers. This project
introduces a decentralized system of borrowing & insuring; a crypto credit facility with only two distinct independent participants:
- Borrowers
– escrow EOS native tokens as collateral
– take stablecoin loans, maintaining collateral level
– pay premiums over time to insure their collateral
- Insurers
– escrow EOS native tokens as insurance assets
– earn premiums based on contribution to solvency
– bailout: take-over & recap undercollateralized loans
What’s the main differentiators between VIGOR and MakerDAO?
VIGOR improves on what we think are shortcomings to legacy MakerDAO:
- On Makerdaos’s system borrowers are slaves with no voice ruled by MKR whales,
and the role of insurers/governor is entangled into one, same as traditional lenders. On
VIGOR we have two user types both with voting rights. Borrowers pay a premium to
take stablecoin loans against collateral and another type of user, insurers, also post
collateral to back those loans to earn the premium. Both of our user groups have voting
rights and delegate their desires to custodians. Like the idea of bank run by both
borrower and lender? That’s the VIGOR model.
- VIGOR will extend into letting users borrow EOS tokens against stablecoin collateral
(for short selling). Makerdao system cannot do that.
- Makerdao does not measure risk, and pricing is arbitrarily chosen which leads them
to set overly conservative leverage limits. This limits scale since their only user base is
low leverage hodlers. We recognize that stablecoins are about price jump risk (default
risk) and the need to transfer/insure against jumps. Projects that ignore jump to default
risk are playing a dangerous game. We designed our smart contracts with clearly
defined on-chain risk and pricing based on equity default swaps and Solvency II risk
based capital requirements. Our market determined price discovery unlocks the ability
to set higher more efficient leverage limits and onboarding short term traders who want
higher leverage.
- MKR governance is intractable. Voter participation is near zero (expect for whales
who dominate and push their agendas thru easily). MKR voters are supposed to vote on
risk and pricing, which is laughable because MKR holders are not necessarily skilled in
those areas, and agreeing on complex model/price is impossible. VIGOR governance is
more tractable because risk and pricing is built-in (on-chain) and voters simply delegate
their interests to elected DAC custodians who are experts or can hire experts.
- Makerdao bailouts are high friction. They must auction collateral and MKR into
distressed markets, precisely when there will be no buyers. VIGOR bailout mechanism
is low friction. Backers post collateral ahead of time, and is ready to recap loans. Also
with maker it is unclear if there is a reserve available during a black swan (rumor is that
founders will pony up to save the day), we explicitly have a reserve that backs the
backers.
- Makerdao MKR holders have no idea what their risk/return profile looks like. The
VIGOR system is run like an insurance business with a solvency measure used by
regulators in the insurance world (Solvency II), the risk and pricing is explicitly specified
in the whitepaper (equity default swaps) and calculated on-chain for unprecedented
transparency. VIGOR may tranche the insurers into junior (takes first loss) and senior
for better user experience. Performance measures are also on chain such as RAROC
(risk adjusted return on capital)
- Our platform is multi collateral, but Makerdao is fake-multi collateral. Makerdao is
really just allowing to have separate single-collateral backed loans, for each loan you
can choose a different collateral type, they didn’t design for portfolio risk). VIGOR
considers the user total portfolio of collateral backing a single loan.
Risk Premia
How much should it cost a user to borrow stablecoin against crypos?
VIGOR uses a risk premia (RP) approach to account for the risks embedded in such a proposition:
R = risk free rate + credit RP + volatility RP + price jump RP + liquidity RP + maturity RP
Risk free rate: consider covered interest parity and cross currency swap spreads
Credit RP: borrowers build a credit score which is based on the amount and timeliness
of VIG paid-in to cover payments due over time.
Conclusion
Stable coins is something that gets it real life value in dapps where price fluctuation should not be quite often. Vigor is the first stablecoin based on EOS, it uses stablecoins itself to get back your cryptos lent to receive stable coin. The risk premia approach and calculation of debt & self sustained system allows everyone to get benefit from them.
At QuillHash, we understand the Potential of Blockchain and have a good team of developers who can develop any blockchain applications like Smart Contracts, dApps,Smart Coins, DeFi, DEX on the any Blockchain Platform like Ethereum, EOS and Hyperledger.
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