Pegasusdollar.finance — an METF algorithmic peg, running on the Cronos network. The Pegasus Dollar protocol was created by the Pegasus team as Cronos Chain, an algorithmic token, pegged to METF.
About Pegasusdollar.finance project
Pegasusdollar.finance — the first algorithmic token, pegged to the METF. The protocol helps to expand and contract supply in a manner similar to how central banks trade fiscal debt to stabilize purchasing power, without any rebasing or collateral risk.
Inspired by Basis and its predecessors, Pegasus Dollar is a multi-token protocol that consists of the following tokens:
| 1. | Pegasus Dollar (PES) . |
| 2. | Pegasus Shares (SPES). |
| 3. | Pegasus Bonds (BPES). |
The protocol's built-in stability mechanism deterministically expands and narrows the PES offering to support PES pegging to a single $METF token. Pegasus Shares (SPES) broadly represents the value of the Pegasus protocol and the credibility of its system-wide ability to keep PES on the peg. During an epoch extension (when TWAP is the time-weighted average price of PES above the pegging $1 METF), the protocol mints PES and distributes it pro rata to all SPES holders who have staked their tokens in the boardroom.
The main purpose of Pegasus Bonds (BPES) - to stimulate fluctuations in the supply of PES throughout the era of growth and contraction. When the TWAP (Time Weighted Average Price) of PES falls below 1 METF, BPES is issued, which can be exchanged for PES at the current price.
These BPES can be exchanged for PES in the future if the price is above the peg, with a bonus if they are held above the peg for a longer period of time. When the PES rises above the peg, it leads to inflation and selling pressure, which helps to push it back towards 1 METF.
Safety of using defi app
With PegasusDollar, one of the first principles behind the development of Pegasus was to guarantee a secure environment that served the interests of both players and Pegasus smart contracts. Therefore, after the completion of the smart contract, the team also worked with 2 very reputable audit partners. These are PeckShield and SolidProof, all of which gave very positive results.