Dear fellow optimistic friends
The need for a trustworthy and decentralized stablecoin has never been greater in these times.
We just recently watched FTX.com the second largest exchange fall, so I believe I speak for many of us when I say nothing surprises us anymore in this space and that we must prepare for the unthinkable black swan.
As most of us know stablecoins are a specific utility token designed to enforce a stable value rather than be subject to the volatile price movements that most other crypto experiences. Stablecoin has greatly enhanced and helped the space grow, but they remain a threat to us considering that both Tether and USDC are controlled by centralized entities that have amassed critical power and influence in crypto. We need an alternative stablecurrency that combines the best properties of centralized stability and integrity with the decentralized nature crypto is meant for. The most common use for stablecoins is transferring money between crypto exchanges, but today this has expanded heavily to between non-custodial wallets peer 2 peer and different layers. Stablecoins have become the blood of crypto, and that blood can be frozed anytime.
I am familiar with DAI and DAI is perhaps the closest we got to a decentralised stablecoin, trouble is that the biggest share of DAI’s backing consists of centralized stablecoins USD Coin (USDC ) and Pax Dollar (USDP). This is not good at all and should something happen to CIRCLE it will impact DAI value.
It is in this regard I would like to propose again a simple idea that we explore a new utility for OP token. Any ideas how this can be implemented? Shall there be guarantors/validators that can stake and earn?
I would like to hear other ideas.
