VenomStable

VenomStable is an over-collateralized stable coin backed by a single collateral VENOM. We are developing a fully-decentralized stable coin to serve as a backbone for DeFi and CeFi ecosystem that will help to onboard the subsequent billion users with VENOM.

MVP will include all the main modules of the over-collateralized stablecoin based on the maker DAO DAI mechanics completely redesigned for asynchronous execution on VENOM.

MVP will include

1. stablecoin contracts
2. web bot-based user interfaces
3. offchain/onchain fixed spread (instant) liquidation modules

In the next iteration (post-MVP), we will introduce additional modules to support price stability (collateral, surplus mechanism, bad debt actioning, stable savings rate), and management through governess.

Building an MVP is just the first step. Getting users will follow after we add governance and complete the security audit. On the user metrics side, our first milestone will be Stablecoin market cap (# of stablecoins issued) and the first milestone will be $1 m. To make this happen we will partner with various DeFi protocols on VENOM and wallets and work towards building ecosystem Dapps around stablecoin usage (lending /borrowing, remittances, trade finance, derivatives)

Hackathon scope: For hackathon, we aim to accomplish an MVP which includes issuing stablecoin upon depositing collateral; Redemption - process of redeeming collateral and returning stable coin. Bad debt liquidations - once position collateral ratio falls beyond 150% position is subject to liquidation.