Nyanswop — the first algorithmic stablecoin with built-in AMM support (provided by Nyanswop).
Contents:
Description of the Nyanswop project
As a fork of Basis Cash, Nya Cash has a similar structure of three tokens: nyacash (NYAC, an algorithmic stablecoin), nyashare (NYAS, an ownership token that receives inflationary rewards) and nyabond (NYAB, which you can buy at a discounted rate when the network shrinks). The aforementioned NYAS and NYAB are meant to increase the value of NYAC to $ 1.
Some features:
| 1 | When NYAC trades above $ 1, which is called the Expansion Phase, users will be able to buy back NYAB for NYAC at a 1: 1 ratio, which will increase demand for NYAC. |
| 2 | Thus, new NYAC tokens are minted and distributed to NYAS holders. |
| 3 | For example, assuming that NYAC trades at TWAP> $ 1.01 for a specified time (every 6 hours), the Nya Cash protocol mints a new NYAC. |
Every 5% of the fund is held in a bond fund. These funds will help to buy NYAB when NYAC drops below $ 1. Another 3% of the fund will also help if NYAC still falls below $ 1. A total of 8% of the fund are ready to be bought out by NYAB.
The stabilization mechanism is triggered whenever the token price is above / below (1 + ε) USDT, where ε is a parameter that determines the range of price stability for the NYAC token. At startup, ε - 0.05.
Additional information
At the moment, there is no White Paper. Instead, the developers provide a blog on the Medium site. You will find news articles as well as RoadMap.
If you want to stay up to date with all innovations, subscribe to the community on the following social networks:
- twitter;
- telegram.
The smart contract doesn't have an audit.