PR Newswire
22 Feb 2023, 18:30 GMT+10
DUBAI, UAE, Feb. 22, 2023 /PRNewswire/ -- AugmentLabs DAO is launching the world's first algorithmic stablecoin with multi-prong fail-safe mechanisms. This comes on the back of a successfully completed multi-million dollar seed token sale and an ongoing private token sale.
A decentralised stablecoin is an absolute necessity for the cryptocurrency space given the collapse of trusted, centralised systems in 2022. Stablecoins are the medium of exchange which drives Decentralised Finance (DeFi). Centralised stablecoins suffer from third-party risks, and major algorithmic stablecoins fail during periods of duress due to attacks, exacerbated by bank runs. AugmentLabs is here to majorly disrupt the stablecoin space by reducing centralisation risks and offering a transparent and open alternative.
AugmentLabs has designed a decentralised stablecoin system with two components: AGC token, which functions as the collateral and DAO, as well as USC, which is the algorithmic stablecoin. Of note, the Automated Marketcap Comparison Framework (AMCF), which is an oracle, provides the fail-safe mechanism that underpins the entire protocol.
The key feature in the AMCF oracle is that it is proprietarily designed to make the stablecoin protocol antifragile and maintain stability, with the ability to halt mint/burn during duress and to cap the supply side of USC depending on usage. This ensures the sustainability and survivability of the algorithmic stablecoin ahead of all its competitors and predecessors.
The concept was worked-on and established since 2017 by an international team of cryptocurrency experts looking for alternatives to obsolete and flawed designs of decentralised stablecoins. The team spent 5 years researching and running data modelling on major stablecoins before establishing a DAO. With each failure observed in the industry, the AugmentLabs DAO strengthened the design of the protocol.
Having spent the last 5 years being researched upon and tested robustly, USC is the most advanced stablecoin to date, and the AGC protocol forms the safest form of algorithmic collateralising, with dynamic fail-safe mechanism in the AMCF oracle coupled with swift decision-making by the AGC DAO.
Alongside state-of-the-art design in the AGC Protocol, the token sale proceeds from the seed and private sales are entirely used to provide additional collateralisation in terms of open liquidity in the decentralised markets. This builds a deep and solid foundation in early liquidity pegging USC.
AugmentLabs DAO has prioritised use-cases for the stablecoin ahead of launch, with a planned roll-out of multiple games, marketplaces and defi-protocols which will focus primarily on USC usage in Q1 2023. At launch, there will be an organic yield-driven protocol providing significant rewards for staking of USC. Users of USC will also be able to look forward to a debit card partnership at launch that will allow them to spend using Visa cards and withdraw fiat at a wide network of ATMs.
AugmentLabs DAO aims to establish USC as the top and primary algorithmic, decentralised stablecoin of the entire cryptocurrency space by the year 2025. This will be achieved by building aggressively on use-cases, combined with the robust and sustainable design with fail-safe processes.
Get a daily dose of Malaysia Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.
More InformationNew Delhi [India], July 2 (ANI): Kerala BJP President Rajeev Chandrasekhar on Wednesday launched a scathing attack on the Congress...
Tashkent [Uzbekistan], July 2 (ANI): India's Divyanshi Bhowmick scripted history at the 29th Asian Youth Table Tennis Championships...
Islamabad [Pakistan], July 2 (ANI): The Pakistani government has not met its export target for the fiscal year 2024-25, ARY News reported,...
Washington DC [US], July 2 (ANI): The Secretary of State of the United States and the Foreign Ministers of Australia, India, and Japan...
New Delhi [India], July 2 (ANI): Bharatiya Janata Party (BJP) National Spokesperson Shehzad Poonawalla on Wednesday sharply criticised...
Taipei [Taiwan], July 2 (ANI): Taiwan's Ministry of National Defence (MND) detected 53 Chinese aircraft and eight Chinese naval vessels...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...