Leviathan News10 Jan 2024

Clash of the Stablecoins with DYAD and QiDAO

Summary In this conversation, Benjamin from QiDAO discusses the governance efforts to re-peg the stablecoin My after a multi-chain hack. They explore the impact of governance decisions on stablecoin stability and the importance of unit economics. The conversation also delves into different approaches to capital efficiency and the challenges of incentivizing liquidity. The design of CurveUSD and the concept of hedging collateral are also discussed. The conversation explores various aspects of the DeFi ecosystem, focusing on the limitations of the system, the use of LP tokens as collateral, liquidation mechanisms, and the role of off-chain market makers. It also discusses the importance of capital efficiency, the concept of single-sided staking, and the potential of the kerosene token to capture value. The participants emphasize the need for slow and methodical development and highlight the benefits of incentivizing stablecoin holders. Overall, the conversation provides valuable insights into the technical and nuanced discussions surrounding DeFi. Takeaways Governance decisions play a crucial role in re-pegging stablecoins and ensuring stability. Unit economics are essential for the success of stablecoins, and capital efficiency is a key consideration. Incentivizing liquidity and managing risk are important factors in stablecoin design. Controlling liquidity and building momentum can help stabilize stablecoins. The design of CurveUSD and the concept of hedging collateral are innovative approaches to stability. External liquidity is required to facilitate transfers and ensure the functioning of the system. LP tokens can be used as collateral for loans, allowing users to borrow from the liquidity pool. Liquidation mechanisms, including soft liquidation, can help protect against losses and maintain the stability of the system. Off-chain market makers can play a role in hedging and facilitating liquidations. Capital efficiency and single-sided staking are important considerations for building a sustainable DeFi ecosystem. Incentivizing stablecoin holders can help maintain the peg and create a dynamic ecosystem. The kerosene token has the potential to capture value as the system grows. Slow and methodical development is crucial to avoid pitfalls and ensure long-term success in DeFi.

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2 Maj 202326min