Fellow Degens,
Allow me to introduce our Swimming Pool protocol: https://swmpool.xyz. Swimming pool is an onchain permission-less stablecoin protocol, where you are able to collateralise your BTC, ETH and other crypto assets.
We have been awarded the ICP Developer Grant to deliver a PoC. We are aiming to continue our development on ICP in the nearest future.
Our protocol envisions a dual stablecoin issuance, allowing users to borrow against their crypto assets by issuing single-asset backed stables. As a next step users are able to either spend/repay their existing loans or exchange their single asset-backed stables for Meta stable coins – a basket of loan obligations.
We are using canister functionality to create unique single asset loan-to-value parameters for each individual crypto, starting with ckBTC, moving to ckETH and ICP. In essence, we want to create a DAI 2.0 where instead of a basket of crypto, underwriting DAI users will have a basket of loans, each individually underwritten by unique LTV rates.
We have built the PoC with use of Motoko.
Canisters can be checked here:
– borrow: DFINITY Canister Candid UI
– collateral_token: DFINITY Canister Candid UI
– stable_token: DFINITY Canister Candid UI
Our go-to market is liquidity pull once the test protocol will go live. We will power up a number of social mining campaigns to ensure that our protocol has sufficient liquidity to execute on orders. As a next step we will work with market makers and other liquidity providers, allowing them to hedge their positions and holdings.
The protocol will have a dedicated token, which will act as a fee conduit for transactions and will act as a governance tool via our stake-vote mechanics, primarily focusing on single-asset stablecoin allocations in the meta stablecoin.
Our current project status is PoC, as we dive deeper into multi-asset functionality.
We loom to raise pre-seed and seed rounds once testnet is up and running.
Check our git here: GitHub - SWMPool/SwimmingPool