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.
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.
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.
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.
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.
Currently, the project has not announced Tokenomics, we will update information to readers when there are new updates from the project.
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.
Ngoài PancakeSwap, hệ sinh thái BNB Chain còn có một AMM khác có TVL đạt 150 triệu USD chỉ sau hai tháng ra mắt, dự án này được gọi là Thena.
UNQ Club is a project that provides a blockchain platform that allows investors to collect and manage existing NFT assets.
Blockade Games provides a platform that allows developers to create blockchain games. In addition, Blockade Games also creates many interesting free games.
In addition to a cryptocurrency storage wallet, SafePal is also known to many investors for its SFP tokens and airdrop events with attractive rewards.
BENQI is one of the important pieces of the Avalanche ecosystem. Join TraderH4 to find out what BENQI (QI) is as well as detailed information about the QI token.
What is IoTeX? This is a blockchain built and developed in conjunction with the Internet of Things (IoT). Join TraderH4 to learn this article.
What is OKB? OKB is an exchange coin of OKX and the OKX Chain blockchain. Let's learn about OKX and OKB exchanges with TraderH4 in this article.
The fever from Akita Inu in the Crypto market in the past time has created a great buzz along with the rapid development of the "dog house token".
DROPP GG brings an innovative and novel idea to provide an NFT mint platform based on geographies outside of the real world.
CronaSwap is a DEX built on Cronos Chain, which has a similar model to Uniswap.
