A proposal from the QIAN community to create a Curve Metapool for QUSD and the 3Pool stablecoins (USDC, USDT, and DAI).
QUSD is the first stablcoin issued by QIAN protocol, which was launched in September 2020, it has 19,821,684.1677 circulations in Ethereum and Binance smart chain market at the time of proposal.
QIAN has made innovations based on the design of stablecoins such as MakerDAO and KAVA, introducing price balance and exchange rate arbitrage mechanisms to reduce risks under extreme market conditions.
QUSD community is rapidly growing, creating an QUSD metapool would attract more liquidity to the Curve platform and lead to increased trading fees.
QIAN is a stablecoin protocol based on Ethereum. It provides a one-stop liquidity solution for mainstream cryptoassets. It is committed to providing users with immediate access to liquidity by the assets they hold with low risk, no cost, and no loss of ownership. Users can lock their cryptoassets (such as ETH, HBTC, WBTC, USD stablecoins, mainstream exchange platform tokens, etc.) to the protocol and mint the stablecoin QUSD, the stablecoins can also be returned to smart contracts to redeem their assets.
QIAN has made innovations based on the design of stablecoins such as MakerDAO and KAVA, introducing price balance and exchange rate arbitrage mechanisms to reduce risks under extreme market conditions. In addition, the QIAN series of stablecoins are based on excess cryptoassets and are issued completely on the chain without compliance risks. Due to the diversification of the underlying assets of the QIAN protocol and mainstream consensus, coupled with the internal stability mechanism of the system and the dynamic balance of the external exchange rate market, the security of its minted assets is relatively high.
When the price of QUSD deviates from its value scale USD, there is room for arbitrage, the following process shows how the automatic price balance arbitrage mechanism works based on the trading market such as Curve:
If the value of QUSD in the market depreciates, for example, the market price becomes 1 QUSD=0.9 USD, QIAN minters will buy QUSD from the market, and then redeem the locked assets from the contract at a price of 1 USD to obtain a difference of 0.05 USD. In the course of this transaction, QUSD is recycled, the number of QUSD circulating on the market decreases, and demand increases, so its price will rise accordingly.
If the demand for QUSD in the market rises, for example, it becomes 1 QUSD=1.1 USD, minters will mint QUSD with the value of 1 USD, and then use the minted QUSD to sell it in the market to obtain a difference of 0.1 USD. During this transaction, the quantity of QUSD will increase and the price will return to the target value.
In addition, based on the price of QUSD and the exchange rate changes between USD and various foreign exchanges, various types of arbitrage opportunities will appear, providing investors with new trading targets.
Details about QUSD:
QUSD is the first stablcoin issued by QIAN protocol and has 19,821,684.1677 circulations in Ethereum and Binance smart chain market at the time of proposal. Assets obtain immediate liquidity while users inject encrypted assets into the protocol and lock them in order to mint the QUSD in the QIAN protocol. Besides, QUSD can also be returned to smart contracts to redeem crypto assets.
QIAN protocol was developed and constructed by the QIAN governance committee, which has complete community-driven governance.
QIAN has made innovations based on the design of stablecoins such as MakerDAO and KAVA, and introduced automatic risk control adjustment and smooth debt liquidation mechanism to reduce risks under extreme market conditions.
QUSD was launched in September 2020 with over $55.91M circulating at its peak. The supply of QUSD is currently ~$19.82M. QUSD can be traded on Balancer, s.finance on Ethereum, and on bStable, Equator on BSC network.
Effectively expand the popularity and utilization rate of Curve among Asian users.
Effectively expand Curve’s performance and revenue.
Effectively enter into a huge potential DeFi market obviously.
White paper: https://qian.finance/qian_whitepaper_en.pdf
Audit report: https://qian.finance/PeckShield-Audit-Report-QIAN2-v1.0.pdf
Source Code: https://github.com/QIAN-Protocol/
Governance Forum: https://forum.qian.finance/
DeBank - QIAN: https://debank.com/projects/qian
DeBank - QUSD: https://debank.com/projects/qusd
DAO belongs to community - Qian stable coin new generation of crypto stable coin: https://shorturl.at/lpLU7
QUSD is a decentralized asset-backed stablecoin, which is fully issued on-chain, with traceable information.
QUSD has passed the code audit of PeckShield -a well-known security audit company.
QUSD has made innovations based on the design of MakerDAO and Kava, and introduced price balance and exchange rate arbitrage mechanism to reduce the risk under extreme market conditions.
Currently, QUSD has relatively low on-chain usage and liquidity. The issuing is largely influenced by liquidity mining incentives.