Detailed analysis of the project Gyroscope Protocol

• Gyroscope Protocol project overview
• Mechanism of action
• Development roadmap
• Development team
• Investors
• Tokenomics
• Epilogue

Gyroscope Protocol project overview

Gyroscope Protocol is an Ethereum-based Stablecoin protocol that allows the use of existing Stablecoin assets to exchange for P-GYD, a USD-denominated stablecoin that is secure and decentralized through the use of gyroscopes. using multiple mechanisms.

Mechanism of action

P-GYD is Stablecoin backed by 100% other Stablecoin assets and users can use USDT or USDC to buy P-GYD. When needed, the protocol will print more P-GYD and sell it on the market to ensure its value is not less than USD. If the value of P-GYD is less than USD, the reserve fund will be used to buy back P-GYD in the market. If the reserve fund is not secure, other lines of defense will be applied to ensure the stability of P-GYD.

To ensure the stability of P-GYD, Gyroscope Protocol has established lines of defense. Route 1 is the reserve fund, which ensures the stability of the P-GYD price according to the mentioned stabilization mechanism. If the reserve fund does not guarantee 100% of assets to buy back P-GYD in the market, Gyroscope Protocol will use route 2 and 3 respectively until the peg is recovered.

Route 2 is automatic price control, P-GYD is acquired at a lower price than USD to ensure stability. 

Route 3 is the recovery of the reserve through an auction of the project's governance token.

Development roadmap

The Gyroscope protocol will be introduced in 2023 and deployed on Ethereum. At the same time, they will also launch the SAMM system on L2 to improve the user experience.

Development team

Lewis Gudgeon is one of the founders of the Gyroscope Protocol. In 2014, he graduated with a BA in Philosophy, Economics and Politics from the University of Warwick. He then completed a Master's degree in Philosophy and Economic Studies at the University of Cambridge. Prior to joining the founding of Gyroscope Protocol in 2020, Lewis worked as an analyst for Oxera Consulting LLP, a dispute consulting firm focused on the energy sector, and providing legal advice to energy regulators. all around the world.

Daniel Perez is also one of the founders of Gyroscope Protocol. In 2013, he successfully obtained a Bachelor's degree in computer science from Waseda University and went on to successfully obtain a Master's degree in the same discipline from The University of Tokyo. In 2022, he also successfully obtained a PhD in Computer Science from Imperial College London. Before joining the founding of Gyroscope Protocol, Daniel worked at Claude Tech, managing projects in teams of 4-5 people, frontend development in JavaScript, deployment and release management. He then worked as a Machine Learning Engineer at UZABASE Inc, doing various Natural Language Processing related tasks. Currently, Daniel is the Co-Founder of Gyroscope Protocol.

Investors

The project's Seed round took place on March 9, 2023 successfully reached 4.5 million USD led by Galaxy and Placeholder Ventures, and also had the participation of funds such as Maven 11 Capital, Robot Ventures, Archetype Ventures and Fernando Martinelli.

Tokenomics

Currently, the project has not announced Tokenomics, we will update information to readers when there are new updates from the project.

Epilogue

Although stablecoins have been widely used in the DeFi market, their safety cannot be fully guaranteed. Currently, the DeFi market is in need of new solutions to meet the demand for stablecoins. Gyroscope Protocol is one of the newly launched solutions, however, it is not yet optimal in meeting the market requirements. To sum up, Gyroscope Protocol is a cryptocurrency that was developed to provide a stablecoin solution in the DeFi market, but still has to go through many challenges to achieve optimal performance.

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