Andre Cronje finally releases a new stablecoin: tokenless, unaudited, purely experimental.
Yearn founder Andre Cronje has been quietly developing for a long time. He previously stated that he would release a new project once the Ethereum Gas Price dropped to single digits. Finally, on the 2nd day, AC released his latest work, emphasizing that it has no token, is unaudited, and purely experimental.
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New Stablecoin Release: Fixed Forex - Zero Fees, Zero Governance
In a concise blog post, Andre Cronje mentioned that "Fixed Forex" is a decentralized stablecoin framework that is immutable, zero-cost, and zero-governance. The final version will be launched based on Curve's liquidity pool.
He described a mechanism called "LTVs Loan-to-value ratios," derived from Compound, Aave v1, Aave v2, and Iron Bank. "Fixed Forex" will sync with the collateral assets accepted and set up by these protocols.
Users' liquidity obtained through collateral assets will depend on on-chain liquidity, with more on-chain liquidity resulting in a mint cap. Additionally, it is claimed that Fixed Forex has a more lenient liquidation mechanism.
AC also disclosed the contract address and Application Binary Interface (ABI) for interaction between contracts.
0x92FC8E6EfdF389e2527d14393b15F543f9a03420
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