Often wished there was a stable Privacy coin designed by the incognito team that didn’t really on outside coins. I know this idea was floated awhile ago and fizzled out, thought I’d bring the idea back around.
Would anyone be interested in a PUSD stable coin?
Idea on how to implement it?
With the recent Terra’s popularity, the team’s also considered what if we apply a similar mechanism for a stable privacy coin in Incognito. Assume that the mechanism works (aka it can actually stabilize a coin’s price), the questions were given are what makes people to use the Incognito’s stable privacy coins rather than Terra’s and how this will compete with a pegged stable privacy coin (e.g., pUST of Terra) shielded through a bridge.
So could you please elaborate your thoughts of those @brico84?
In all honesty that is over my head.
My thought process is, most of the stable coins incognito supports, have varying levels of risk. Since incognito is focused on privacy and decentralization, i think the first risk to be considered is, centralization.
Ok, so then just use DAI right?
Except that has major risks too as I believe there was an issue last year when ETH price dropped significantly right?
I thought I would pose the question. Maybe the devs or community members have a good idea to create and support an internal, incognito usd based stable coin?
Given the recent issues with UST… its even more important incognito comes up with an internal stable coin on the incognito chain. @abduraman, any ideas?
It looks like this was discussed in 2020 here…
but then nothing happened…
The incognito stablecoin is coming but with different approach, please share your thoughts in the topic. Thanks.