Zephyr Protocol
What is the project about? Zephyr Protocol is an over-collateralized private stablecoin protocol inspired by the Djed Protocol, built on a native Monero-based chain and inheriting privacy features for all assets. Zephyr Protocol uses a three-asset model: ZEPH, ZephUSD, and ZephRSV. What makes your project unique? The first native-chain implementation of the Djed Protocol. The first private over-collateralized stablecoin protocol. History of your project. Launched on 29/05/2023. Grassroots community with no VC funding. What’s next for your project? A public testnet for the Djed implementation is coming soon. Q4 2023 mainnet hard fork for Djed implementation. What can your token be used for? ZEPH is the base coin used as collateral in the stablecoin protocol and for minting ZephUSD and ZephRSV by adding the equivalent ZEPH value to the reserve. ZephUSD is a private stablecoin backed by at least 400% equivalent value in ZEPH at the time of minting. ZephRSV is the reserve coin. Users are rewarded with ZephRSV when they add ZEPH to the reserve. ZephRSV coins act as shares of the reserve equity, and the value of ZephRSV is calculated formulaically by the protocol. In simplified terms, the value of ZephRSV correlates with the reserve ratio, declining when reserves are low and increasing when reserves are high. To avoid dilution for ZephRSV holders, the maximum reserve ratio is 800%, at which point no further ZephRSV can be minted. Reserve Provider Incentives Leveraged Position: As ZEPH's value increases, the amount of ZEPH for which each ZephRSV can be redeemed increases. Collect Fees for Actions: When users mint or redeem ZephUSD, they incur a fee that is added to the reserve. Spot and MA Price Deviation: The value returned for completed actions is calculated using the worse price between the Spot and MA. This value discrepancy is added to the reserve. Block Reward: A portion of the block reward is added directly to the reserve, serving as a pseudo-staking reward mechanism.
Overview
What is the project about? Zephyr Protocol is an over-collateralized private stablecoin protocol inspired by the Djed Protocol, built on a native Monero-based chain and inheriting privacy features for all assets. Zephyr Protocol uses a three-asset model: ZEPH, ZephUSD, and ZephRSV. What makes your project unique? The first native-chain implementation of the Djed Protocol. The first private over-collateralized stablecoin protocol. History of your project. Launched on 29/05/2023. Grassroots community with no VC funding. What’s next for your project? A public testnet for the Djed implementation is coming soon. Q4 2023 mainnet hard fork for Djed implementation. What can your token be used for? ZEPH is the base coin used as collateral in the stablecoin protocol and for minting ZephUSD and ZephRSV by adding the equivalent ZEPH value to the reserve. ZephUSD is a private stablecoin backed by at least 400% equivalent value in ZEPH at the time of minting. ZephRSV is the reserve coin. Users are rewarded with ZephRSV when they add ZEPH to the reserve. ZephRSV coins act as shares of the reserve equity, and the value of ZephRSV is calculated formulaically by the protocol. In simplified terms, the value of ZephRSV correlates with the reserve ratio, declining when reserves are low and increasing when reserves are high. To avoid dilution for ZephRSV holders, the maximum reserve ratio is 800%, at which point no further ZephRSV can be minted. Reserve Provider Incentives Leveraged Position: As ZEPH's value increases, the amount of ZEPH for which each ZephRSV can be redeemed increases. Collect Fees for Actions: When users mint or redeem ZephUSD, they incur a fee that is added to the reserve. Spot and MA Price Deviation: The value returned for completed actions is calculated using the worse price between the Spot and MA. This value discrepancy is added to the reserve. Block Reward: A portion of the block reward is added directly to the reserve, serving as a pseudo-staking reward mechanism.