← click here to see all projects

NYV (Naive)

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!

Description

(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.

How It's Made

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.

← click here to see all projects