COAST team here. We would like to share for discussion our stablecoin idea for the COSMOS ecosystem.
COAST is a stablecoin enforcer of crypto and real world assets (RWA) collateralization. We are proposing to build a 1:1 stablecoin on the Cosmos ecosystem - and that includes L1s connected to Cosmos Hubs.
The stablecoin is generated via effective collateralization of various crypto, and future RWAs. It should be redeemable anytime.
COAST is a fork of MakerDAO and we plan to make changes to the chain configuration (https:// github(dot)com/makerdao/dss-deploy-scripts#chain-configuration). MakerDAO is the best on-chain collateral system and its auction system and peg have performed exactly as wished during the most intense market turmoil. The key differentiator for COAST is it focuses on assets in the Cosmos ecosystem.
COAST consists of
- an on-chain collateral system for coUSD (co representing Cosmos, Collateral and Coast)
- a collateral monitoring system with oracle
- A auction system for fair liquidation
Benefits for COSMOS?
- This will unlock considerable liquidity in COSMOS that can fuel DApps usage. Imagine coUSD going into an NFT Marketplace to buy NFTs or become the liquidity for DeFi DApp trades.
- Secondly, COSMOS will further strengthen its standing as an L1 that is strong in financial assets (replacing Terra) , eg: buy OIL using crypto. If done successfully, the derivative narrative can be built without users crossing into source L1 (say COAST is launched in COSMOS) as derivative assets can move from one chain to another.
- Utility of various L1 tokens $ATOM, $JUNO, $EVMOS etc will increase as they can be locked up to generate coUSD.
- Low debt ceiling (vaults evaluated based on liquidity)
- No collateralization of $COAST. (MakerDAO is proposing this)
- High CR-ratio with low collateralization ceiling.
Our asset types
Asset type 1: BTC, ETH, USDC, DAI, USDT etc
Asset type 2: Cosmos tokens $OSMO, $ATOM, $CRO etc
Asset type 3: LPs of asset types above
Our question to the community.
- Are you interested in COAST
- Is anyone interested in collaborating? We are looking for
- Community manager (Well verse in Maker’s MIP/ecosystem, Cosmos’ CIP/ecosystem)
- 3rd party Collateral Auction tracker builder (Similar to daiauctions(dot)com and makerburn(dot)com?)
- 3rd party Auction Keeper engineers (Traders from market making teams perhaps Cronos?)
1m $COAST token will be generated and function only as a signalling token in the smart contract. $COAST will have governance voting power.
Looking forward to your comments and questions from both the COSMOS team and the community! Open for discussion.