Stablecoin adoption isn’t easy. People want liquidity before committing their funds to a particular asset, even a stablecoin. It needs to be available for exchange on the platforms the users frequent. It’s a classic chicken and egg conundrum. We plan to tackle this in stages.
Given the DeFi ecosystem moves at breakneck pace, we have come up with milestones to achieve instead of a rigid roadmap. This allows us flexibility and room to experiment with the trends that are prevalent and provide the best value for the users of the protocol.
Short term: To provide a trusted and stable index that allows users to hedge risk and generate yield
Aim: To iterate and achieve the right product market fit and having a small but loyal bunch of users. We aim to generate reasonable yield from our peak integrations (underlying DeFi protocols) and also our Liquidity Mining program.
Medium term: DUSD Becoming synonymous with stable assets and the stablecoin of choice for DeFi
Aim: To be integrated with the leading DeFi protocols & subsequently being used as a building block for on chain applications looking to have a stable asset component
Long term: Be used for broader applications outside of DeFi and to onboard users to digital assets
Aim: become the medium of exchange for digital assets and wrt adoption in retail: what Terra is currently to Korea but on a global scale.
In the short span that DefiDollar has been live since Aug 27,2020, A lot has happened with respect to development and iteration of the protocol:
Launched with the sUSD pool & DUSD staking
Launched a fork on Swerve — Swervy swDUSD to test yPool integration
Introduced the yUSD integration while deprecating the sUSD peak & DUSD staking
Conducted the ILMO - to distribute the token to the community
Currently the team is actively working towards:
Reinstating an improved and robust Staking mechanism
Building a sUSD/DAI peak to provide a peak with only decentralized stablecoins
Governance and stability modules
This has been in line with our development goals that are to achieve product market fit and implementing early user feedback before taking the protocol ahead. Here is a Dashboard to track some of the key metrics of the DefiDollar Protocol: https://explore.duneanalytics.com/dashboard/defidollar