PickUpDao was created by a team of professionals who have been working in the crypto industry for 9 years. The team believes that the DeFi marketplace can be more efficient and effective for everyone. The main goal - the financial independence of clients, despite the prices of other cryptocurrencies (such as BTC, ETH, etc.).
Basic information about DeFi PickUpDao
PickUpDao — the first decentralized reserve currency protocol, available on the Polygon network, based on the PICK token. Each PICK token is backed by a basket of assets (e.g. PICK-MATIC LP tokens) which gives it an intrinsic value below which it cannot fall. PickUpDao also brings economic and game-theoretic dynamics to the market through staking. The goal - to create a community controlled currency system, built into the MATIC network. The team believes that in the long term, this system can help to optimize stability and consistency so that PICK can function as a global unit of account.
There is one strategy for market participants. This is staking. Stakers stake their PICK tokens in exchange for additional PICK tokens.
Benefits for stakers:
| 1 | The main benefit for stakers comes from increased supply. The protocol mints new PICK tokens from the treasury, most of which go to the stakers. |
| 2 | Thus, profits for stakers will come from their auto-adding balances, although price risk remains an important factor. |
| 3 | That is, if the increase in the balance of tokens outpaces the potential drop in price (due to inflation), the stakers will profit. |
PickUpDao — an offshoot of Olympus on the Polygon network. The team is mostly anonymous, created in the DeFi community. PICK is not a stablecoin. Rather, PICK aims to become an algorithmic reserve currency, backed by other decentralized assets. Much like the idea of a gold standard, PICK provides a free floating value that its users can always count on, simply because of the fractional treasury reserves from which PICK derives its intrinsic value.
How is project stability ensured?
At a high level, PickUpDao consists of a protocol-driven treasury of liquidity, a protocol-owned token mechanism and high-stake rewards that are designed to control supply expansion. The pegging brings profit to the protocol, and the treasury uses the profit to distribute the PICK to the stakers. With LP tokens, the protocol can accumulate liquidity to ensure system stability.