Designing Autonomous Markets for Stablecoin Monetary Policy | Devcon Bogotá

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We discuss the design of primary (i.e., minting and redemption) market mechanisms for non-custodial stablecoins. We first introduce a new analytical tool, the *redemption curve*, which represents the redemption price as a function of redemption pressure. We use it to discuss historical de-peggings (e.g. in DAI, UST). We then describe a new dynamic redemption curve with desirable robustness properties and show how to implement a primary market based on this curve. The system is part of Gyroscope.
Speaker(s): Ariah Klages-Mundt, Steffen Schuldenzucker
Skill level: Advanced
Track: Cryptoeconomics
Keywords: Stablecoin Design,AMMs,Protocol Controlled Value
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Devcon is the Ethereum conference for developers, researchers, thinkers, and makers.
Devcon 6 was held in Bogotá, Colombia on Oct 11 - 14, 2022.
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