ChocoDoge, an NFT Gamefi project, has announced the launch of USCD, a seigniorage stablecoin on Dogechain.
ROAD TOWN, British Virgin Islands, Sept. 7, 2022 (GLOBE NEWSWIRE) — ChocoDoge, an NFT Gamefi project, has announced the launch of USCD, a seigniorage stablecoin on the Doge chain. Stablecoins bring important stability to investors and users in the volatile crypto market, especially in his DeFi sector. Currency-linked stablecoins are pegged to 1 USD and held by a centralized third party. This goes against the basic principles of the world’s first cryptocurrency. Its main purpose was to create an unruly decentralized monetary system.
An innovative algorithmic currency uses proprietary algorithms and codes to change its total amount and maintain a constant value forever by not requiring a reserve to maintain its base value. .
Challenges that exist in the GameFi industry
Traditional yield farming projects rely on user trust. Also, if anything goes wrong with these platforms, subjectively or objectively, it sets in motion a snowball effect that makes the protocol less attractive and, as a result, the majority of these platforms tend to fail.
Most GameFi projects use a model to help big investors and venture capitalists get back on track as quickly as possible (thus earning trust and bringing more money to development). In most cases, this will lead to a quick sell once the investment phase begins.
The amount of premint/presale is so large that it can ruin the economy of the whole game. Big investors and venture capitalists walk away with money, and developers and players leave broken, unfinished games with no money to finish them.
The vision behind ChocoDoge’s approach
ChocoDoge decided not to pursue profit and useless metrics such as high TVL and unreasonable APR. The goal of the development process is to come up with a protocol that is long-lived, has a high return on investment, and is secure.
The way game studios think, most of the money they make from the protocol goes into making games. ChocoDoge sticks to its roadmap development milestones and hosts events and incentive programs to help spread the word about its products.
As the first GameFi project to use the Segnorage Stablecoin Algorithm on Dogechain, ChocoDoge will constantly monitor and improve the economy of ChocoDoge’s ecosystem to control inflation, which is the main problem of most GameFi projects on the market. We are working to avoid losing .
ChocoDoge takes special care to enhance security
When it comes to security, ChocoDoge is audited by market leaders. This ensures that smart contracts are secure and protects you from possible risks. Some programs reward people who find bugs.
Technically, ChocoDoge has a time lock. This means that you have to go through several epochs (in this case four) before you can change your smart contract. Masterchef addresses have no mints or withdrawal buttons.
As for being open and honest, the project documentation at docs.chocodoge.dog contains all the information about the project including technical details, smart contract addresses, tax rates, etc. Important Terms of Service changes will also be shared on our official social media pages.
Key components of the protocol
1. Token
There are three types of tokens. Let’s see them:
The USCD Cash Token is intended to be used as a way to buy and sell things. is built in.
Also, USCD actively pegs the algorithm, but it is not always worth 1 USDC due to the lack of collateral. USCD is not a cryptocurrency or fiat currency backed stablecoin.
As more games and apps are added to ChocoDoge’s ecosystem, USCDs can also be used to easily purchase items within games and apps.
The ChocoDoge Share is one way to capture the value of the ChocoDoge Protocol and how confident investors are in getting the USCD closer to the peg (CD). Each time the epoch grows, the protocol will create her USCD and distribute it proportionally to all CD holders who put tokens in their BANK.
The main purpose of ChocoDoge Bonds (USBD) is to facilitate changes in USCD supply during periods of epoch contraction. When the TWAP (Time Weighted Average Price) of USCD falls below 1 USDC, a USBD is created and can be purchased on USCD at the prevailing rate. When the USCD token goes out of circulation (deflation), the price of 1 USDC increases when it is exchanged for USBD.
If the price rises above the peg in the future, these USBDs can be exchanged for USCDs, with additional incentives added the longer the price stays above the peg. If the USCD rises above the peg, this means there is inflation and selling pressure, pushing it down towards 1 USDC.
2. Bank
All CD token holders (as long as their $USCD TWAP value exceeds $1 USDC) can stake their CD tokens here to earn USCD at the end of each epoch. Hedge funds use newly created USCDs as operating capital, while banks use them as incentives whenever there is an expansion.
One epoch lasts 4 hours. If the user performs any action, CD withdrawals are frozen for 12 epochs and USCD reward claims are frozen for 6 epochs.
At the start of each new era, BANK will conduct a sweep to verify availability across the USCD.
What BANK does next depends on the state of the USCD market.
3. Coupling mechanism
If the initial value of USCD is less than 1 USDC ($1) at the start of the cycle, BANK will stop issuing new USCDs and USBDs will be available for purchase. USBD can only be purchased in combination with USCD.
Each USBD token represents at least one USCD token burned each time the price falls below the peg. When exchanging USBD to USCD, please use the following exchange rates:
1 USBD = [min(1.3;p)]^2 USCDs
p = USCD price at swap.
By comparing the current price of USCD to 1.3 and choosing the lower of the two values, consumers are guaranteed to be able to exchange their USBD for USCD using the above method with a bonus percentage of up to 69%. increase.
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ChocoDoge is committed to maximizing profits and avoiding the pursuit of meaningless metrics such as high TVL and APR. The goal during the development phase is to provide a method that is sustainable over the long term, with a good return on investment and safety. They do a great job of meeting our roadmap milestone timelines and coming up with event and incentive plans to help transition our products. They are constantly monitoring and working to improve the economy of the ecosystem in order to avoid losing control over inflation, a major weakness of most GameFi projects on the market, and have launched the Seignorage Stablecoin on Dogechain. Being the first to use Algorithm, it deserves support.
For more information on ChocoDoge, please visit https://chocodoge.dog/.
twitter: https://twitter.com/ChocoDoge_
Telegram channel: https://t.me/chocodogechannel
Telegram Chat: https://t.me/ChocoDogeChat
Disclaimer: This article does not constitute an offer to sell, a solicitation of an offer to buy, or an endorsement of security or other products or services. This is not investment advice. Please do your own research.
Media contact:
Contact Person: Isaac Smith
Company name: Choco Doge
Email: support@chocodoge.dog
City: Toronto, Canada
Website: https://chocodoge.dog/
Newsroom: socials.submitmypressrelease.com
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