What is Coffin Dollar (COUSD) ?
Coffin Dollar (COUSD) will be the first of its’ kind, fully decentralized, capital-efficient, partially collateralized stable-token protocol on the Fantom Opera Network. Stable coins are a type of cryptocurrency with an exchange rate pegged to an existing fiat currency (such as the United States dollar), or any fiat-related index, thereby drastically increasing their usefulness as a medium of payment for members of the crypto-space.
Coffin Dollar (COUSD) volatility associated with cryptocurrencies has proven to be a major issue for mass adoption. Especially in the case of Fantom, protocol is designed to bring much more comfort in price stability with the hopes to ease the minds new user’s for across the field.
Coffin Dollar (COUSD) protocol aims to not only increase liquidity, while creating a way to store value on Fantom Opera Network, but also want see its’ implementation as a medium for more advanced use-cases after a successful launch.
Coffin Dollar (COUSD) Coin Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Coffin Dollar |
| Short Name | COUSD |
| Fully Diluted Market Cap | $24,016 |
| Total Supply | 49,960 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
The Basics CoUSD Stability
The Coffin Finance has Many Options to Support CoUSD Stability
Coffin Dollar (COUSD) One of these mechanisms to achieve price stability is the ability to mint and redeem CoUSD tokens for approximately one $1.00 (USD).
When CoUSD is Above Peg
Coffin Dollar (COUSD) If the market price of the CoUSD token is higher than $1.00 (USD), there is an arbitrage opportunity to mint tokens by placing approximately one $1.00 (USD) of value into the system per and sell the minted for over $1.00 (USD) in the open market. In order to create new CoUSD tokens, users need to place COFFIN and FTM in the mint. Coffin Finance uses FTM/wFTM as collateral. The COFFIN token will be burned through this minting process.
When CoUSD is Below the Peg
Coffin Dollar (COUSD) If the market price of CoUSD is less than $1.00 (USD), there is another opportunity for arbitrage to redeem CoUSD tokens. Buying them cheaper on the open market and redeeming the CoUSD for $1 (USD) worth from the system.
Coffin Dollar (COUSD) equivalent of $1.00 (USD), or CoUSD, consists of a collateralized token and COFFIN. The collateral the use now is FTM, though they plan to diversify a number of decentralized tokens for us as collateral.
Types of Stable Coins
Coffin Dollar (COUSD) Such custodians as these choose to escrow USD and issue the stable coins onto different blockchains. They are always able to be redeemed for for their underlying assets via collateralization. However, there are some risks.
Coffin Dollar (COUSD) One being, it is not convenient for users to confirm that a centralized authority has enough of that currency to reflect the collateral that has been reported. Another, is that such fiat-collateralized stable coins are subject to the risk of ever-changing regulatory institutions. It is for these reasons we believe such coins are not suitable for an truly decentralized culture.
Coffin Governance Token (xCOFFIN)
Coffin Dollar (COUSD) Users can stake COFFIN here and receive xCOFFIN as a receipt for your portion of the xCOFFIN pool. The pool is automatically compounded by using a percentage of all transfer tax fees on COFFIN after voting result. The protocol fee will be used to buy back COFFIN and stake COFFIN for XCOFFIN and burn XCOFFIN, implying that the xCOFFIN to COFFIN ratio will increase.
Transfer Tax and Burn for COFFIN Occurs only When the CoUSD price is Below Peg
Coffin Dollar (COUSD) makes COFFIN supply decrease and keep its price. When CoUSD price is below peg, there is an opportunity to buy CoUSD and redeem CoUSD for arbitrage. The burning mechanism takes CoUSD out of circulation thus increasing its value. At the same time, there is a tax involved in the transfer the COFFIN token.
Coffin Dollar (COUSD) price COFFIN has the potential to increase due to supply that is burned discouraging users from selling COFFIN and critically affecting the price. To be clear, there is no tax to mint, redeem, LP-ing, or stake COFFIN. There are some exceptions/whitelist. On the other hand, Withdraw tokens from LP might be tax occurs when CoUSD price is below peg.