NYV bootstraps liquidity for innovative, low cap stablecoins - by: Incentivising liquidity with our own platform tokens of the same peg, on Uniswap V2 Providing a foreign exchange with infinite liquidity. Open up the stablecoin market and bring DeFi to the world!
(Copy pasted from the project's Github page) NYV (pronounced Naive) aims to serve as a platform to bootstrap liquidity for innovative, low cap, niche stablecoins. NYV does this by : Incentivising liquidity with our own platform tokens of the same peg, on Uniswap V2 Providing a foreign exchange simulating infinite liquidity depth The aim is to open up the stablecoin market and bring DeFi to the world! ##NYV Assets NYV Assets aim to securely match their peg by maintaining 1:1 pricing with a wide range of stablecoins of the same class. This is done by incentivising the maintaining of Uniswap (v2) reserves close to a target ratio. ## Depositors Depositor contracts receive source assets (e.g. UMA Derived Euro Synthetics, Dai, community fiat backed coin etc), and debit the caller with the same amount of relevent NYV asset (NYV$,£,€,₹ etc). The source asset capital is then used to trade on uniswap. For this POC the depositor, SimpleDepositor.sol, simply takes the source capital and adds liquidity to the source asset | NYV asset pair - reverting if the source asset | NYV asset ratio < target. This is a really basic stability measure - we'll have to improve to go to production. Depositors are modular, and one source asset's depositor contract can be completely different to another. As most of DeFi is USD driven, and a huge use case for DeFi is remittances. NYV is being BUIDLed with a "Foreign Exchange" that has zero slippage. Right now this being done by exchange.sol using a chainlink oracle to accordingly mint and burn NYV assets. ##Moving Forward NYV needs much more comprehensive stabilisation measures to hold its peg. In addition, we would need a trusted decentralised organisation to assess the suitability of source assets. Many problems can be solved via the provision of a DAO; algorithmic burning & slashing of DAO tokens to hold pegs; and also via different depositor and exchange design. This research will be discussed in the upcoming whitepaper.
Coded in Solidity, with help from BUIDLer. Leveraged Open-Zeppelin smart contract libraries as the base of our ERC20 tokens, access control, and safe mathematical operations. We source oracles from Chainlink and trade direct on Uniswap.