• Is StableCredit Another Elastic Currency?

  • davoice321

    Administrator
    September 11, 2020 at 21:41

    From yEarn Finance.

    StableCredit is a protocol that combines tokenized debt stable coins, lending, AMMs, and single sided AMM exposure to create a completely decentralized lending protocol.

    You can provide any asset and create tokenized credit called StableCredit USD (can also support EUR, JPY, etc).”

    It’s hard to understand what its, but DC Investor described it this way.

    “Bottom-line: there’s no on-chain protocol in existence capable of
    meeting the demand for the level of assets being deposited into Yearn,
    so Andre created one.

    IMO, if this works, it will probably become a blackhole for assets, and
    the world’s most liquid stablecoin & AMM.”

    @cloudedlogic corrected him on his assumption that there’s no on-chain protocol that can handle the liquidity needs, but is this another elastic currency? Based on what I’m seeing, I’m not sure, but I don’t really understand what it is yet. @cloudedlogic your thoughts?

    David Hoffman tries to explain:

    • This discussion was modified 1 year, 1 month ago by  davoice321.
  • cloudedlogic

    Member
    September 11, 2020 at 21:57

    Hi @davoice321 .. yeah I corrected him because for some reason many of the ethereum influencer community try to leave out AMPL.. meanwhile, its 2 years ahead of everyone… all fully audited and secure contracts and IS THE FIRST scalable collateral. So really want to bring home this message…

    • davoice321

      Administrator
      September 11, 2020 at 22:09

      Thanks! Yeah. I’m trying to figure out what it is.

      Here’s another post that he wrote (I think you mentioned this), where he is basically talking about a currency that rebases on a block by block basis.

      So, the thing is that these folks want to use some sort of rebase mechanic .. but don’t want to use the original asset?

      Is that what we’re seeing? Use the mechanic but leave out the base asset (#Ampl)?

      Thinking

      • This reply was modified 1 year, 1 month ago by  davoice321.
      • cloudedlogic

        Member
        September 11, 2020 at 22:24

        yeah that’s what I’m seeing as well. Will read up

        More as well. Please share whatever else you find. Cheers

        • davoice321

          Administrator
          September 11, 2020 at 22:27

          Yeah. I’ll listen to that video too from Bankless. But yeah, the reluctance to discuss Ample as a legit asset is something that needs to change.

          • Kiry

            Member
            November 10, 2020 at 01:04

            Very interesting stuff, thanks!

            • This reply was modified 11 months, 1 week ago by  Kiry.
  • xraymikek

    Member
    September 11, 2020 at 22:08

    It’s not elastic, but a sort of universal credit of sorts. Deposit anything in their AMM get a permissionless stablecoin in return.

    Add a billion of assets, get a billion mcap of new stablecoins.

    • davoice321

      Administrator
      September 11, 2020 at 22:13

      Hey! Good to see you here! Thanks for joining us. Wink

    • FudBuster

      Member
      September 12, 2020 at 03:47

      That’s what I figured, and it’s going to do just that, billions of stable coins. What’s the best for Ample to catch that flow? Pair up with it?

  • davoice321

    Administrator
    September 12, 2020 at 03:59

    So it looks like some kind of automated swap system where the asset always balances back to one because other assets are traded for it.

    So basically the stablecredit asset is always worth $1 because it is collateralized by the underlying asset.

    So it’s not comparable to ample because ample is a primitive (backed by nothing).

    The interesting thing would be to include ample as one of the underlying assets that can back the credit dollar.

    More here: https://twitter.com/andrecronjetech/status/1304434767182659584?s=21

  • davoice321

    Administrator
    September 12, 2020 at 12:24
  • davoice321

    Administrator
    September 14, 2020 at 12:50

    Confirmed: stablecredit is a collateralized stablecoin. Here are the initial assets supported.

    https://twitter.com/iearnfinance/status/1305476091918901249?s=21

  • davoice321

    Administrator
    September 14, 2020 at 12:54

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