What Is Publish (NEWS)?
Publish is a global technology media company founded in 2018 as a response to declining newspaper revenues and newspaper closures. Having worked for several years in the newspaper industry, Sonny Kwon had an intimate understanding of the problems facing the newspaper industry. In 2017, just as blockchain technology was starting to gain widespread attention, he founded Token Post, a niche media outlet covering the blockchain industry.
Token Post would later go on to issue a cryptocurrency to incentive subscribers to participate in a national survey. The initiative, which was met with much success and accolade, inspired Sonny to create PUBLISH, a technology media company with the mission of solving the challenges faced by the newspaper industry. Today, PUBLISH has grown to become a leader in its field with a growing portfolio of state-of-the-art solutions for the media industry.
Publish Storage Key Points
|Circulating Supply||199,387,431.00 NEWS|
|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|
|Official Project Website||Click Here To Visit Project Website|
Publish strive to foster a media ecosystem in which a multitude of independent digital news media organizations can co-exist and flourish. This one-to-oneness in the value of mUSD or mBTC compared to the value of the assets in the underlying basket is in contrast with other Automated Market Maker LP tokens, which accrue swap fees implicitly and appreciate in value. This means that assets can be used as pegged-value crypto asset in their own right, whereas LP tokens cannot.
Publish mission is to give publishers the tools necessary to secure their financial and editorial independence, and to foster a more transparent and accountable internet. These interest bearing tokens will not have a one-to-one relationship to the value of the underlying peg, but will appreciate in value over time. They can be redeemed for the underlying mUSD or mBTC at any time, resulting in the user receiving their original deposit plus accrued interest.
A basket with a total value of 1000 mUSD, comprised of equal parts DAI, USDC, USDT, and TUSD earns interest at the following APY derived from the mStable smart contracts autonomously lending deposits onto decentralised lending protocols, currently AAVE and Compound.
Publish assets are designed to generate a native interest rate for users who deposit mUSD or mBTC into the Save contract. This is achieved through the mStable smart contracts programmatically depositing the underlying assets to decentralised lending markets such as Compound or AAVE to generate yield. In addition, the value of token rewards from those lending platforms, as well as swap and redemption fees generated through mStable will be passed on to the users who deposit to the Save contract. As interest and fees accrue, new mUSD or mBTC is minted and sent to the relevant Save contract.
This means that the Publish asset is always close to being fully-backed by underlying assets, with very little deviation. Minor deviation can occur when the basket does not have an equal weight distribution, due to the nature of the bonding curve used to determine the prices for minting or redeeming assets. The parameters of this bonding curve are set in such a way that the deviation is smaller than 1%, 99% of the time. Weight limits ensure that the backing ratio will never drop below 95%.
During this period, the protocol also received $10 worth of Compound tokens from lending on that protocol and $10 worth of AAVE tokens from lending on that protocol. These $20 worth of tokens are autonomously liquidated into Publish, which brings the total USD value accrued in the savings contract to 47.5 USD.
Publish user, having contributed one fifth of the total USD in the savings contract over 6 months, earns a corresponding 9.5 mUSD in interest. NB – This example assumes most of the system to be static over this 6 month term. Realistically, the mStable system is a dynamic one, and returns will be influenced by multiple factors in the system changing on a regular basis, such as users minting and redeeming every day.