DUBAI, UAE, Feb. 22, 2023 /PRNewswire/ — AugmentLabs DAO is launching the world’s first algorithmic stablecoin with multi-prong fail-safe mechanisms. This comes on the back of a successfully completed multi-million dollar seed token sale and an ongoing private token sale.
A decentralised stablecoin is an absolute necessity for the cryptocurrency space given the collapse of trusted, centralised systems in 2022. Stablecoins are the medium of exchange which drives Decentralised Finance (DeFi). Centralised stablecoins suffer from third-party risks, and major algorithmic stablecoins fail during periods of duress due to attacks, exacerbated by bank runs. AugmentLabs is here to majorly disrupt the stablecoin space by reducing centralisation risks and offering a transparent and open alternative.
AugmentLabs has designed a decentralised stablecoin system with two components: AGC token, which functions as the collateral and DAO, as well as USC, which is the algorithmic stablecoin. Of note, the Automated Marketcap Comparison Framework (AMCF), which is an oracle, provides the fail-safe mechanism that underpins the entire protocol.
The key feature in the AMCF oracle is that it is proprietarily designed to make the stablecoin protocol antifragile and maintain stability, with the ability to halt mint/burn during duress and to cap the supply side of USC depending on usage. This ensures the sustainability and survivability of the algorithmic stablecoin ahead of all its competitors and predecessors.
The concept was worked-on and established since 2017 by an international team of cryptocurrency experts looking for alternatives to obsolete and flawed designs of decentralised stablecoins. The team spent 5 years researching and running data modelling on major stablecoins before establishing a DAO. With each failure observed in the industry, the AugmentLabs DAO strengthened the design of the protocol.
Having spent the last 5 years being researched upon and tested robustly, USC is the most advanced stablecoin to date, and the AGC protocol forms the safest form of algorithmic collateralising, with dynamic fail-safe mechanism in the AMCF oracle coupled with swift decision-making by the AGC DAO.
Alongside state-of-the-art design in the AGC Protocol, the token sale proceeds from the seed and private sales are entirely used to provide additional collateralisation in terms of open liquidity in the decentralised markets. This builds a deep and solid foundation in early liquidity pegging USC.
AugmentLabs DAO has prioritised use-cases for the stablecoin ahead of launch, with a planned roll-out of multiple games, marketplaces and defi-protocols which will focus primarily on USC usage in Q1 2023. At launch, there will be an organic yield-driven protocol providing significant rewards for staking of USC. Users of USC will also be able to look forward to a debit card partnership at launch that will allow them to spend using Visa cards and withdraw fiat at a wide network of ATMs.
AugmentLabs DAO aims to establish USC as the top and primary algorithmic, decentralised stablecoin of the entire cryptocurrency space by the year 2025. This will be achieved by building aggressively on use-cases, combined with the robust and sustainable design with fail-safe processes.
SOURCE AugmentLabs
