Elysian Finance — Next Gen Reserve Backed Token for DeFi 3.0
MakerDAO is the platform that first introduced stable coins to the crypto market. The stable coin designed by MakerDAO has a smart system built into its smart contract which will keep the value of the DAI stable coin which is their token at around $1 USD regardless of the conditions. The system designed by MakerDAO will keep the value of the DAI token stable according to the dollar exchange rate. MakerDAO’s method of 1:1 peg with the US Dollar by manipulating demand and supply through loan interest rates is an innovative solution and an answer to the crypto market. However, with the increasingly complex crypto market, improvements are needed for this stable coin system.
Introducing Elysian Finance
Seeing that the development of stablecoins in the crypto market continues to increase significantly, Elysian Finance is moved to be able to present a next-generation reserve backed token designed using a more innovative and modern architecture for users globally. Elysian Finance offers users a reserve backed token that will be used by users on Defi 3.0 and the decentralized web. This is a token designed using algorithmic assets emission and advanced on-chain asset management designed using a unique approach that is inspired by OHM with upgradeability (EIP-1822 proxy pattern) and modularity to the smart contract architecture so that it will become a stable coin. with smart architecture and also best for the users. Elysian Finance designed this smart contract to remain transparent and that it can be used in more use cases, such as bonds and inverse bonds, on-chain governance, and NFTs.
Elysian Finance has various features that are needed by global users. The features of Elysian Finance consist of non-custodial protocols, protocol automation, on-chain governance, and NFTs.
The stablecoins developed by Elysian Finance are controlled using a smart smart-contract system that manages supply and distribution to users. And this will later be backed by the basket of assets in the treasury, which combined with risk-free value, protocol-owned liquidity, compounded returns, and second tier of staking rewards. Thus this will not eliminate the characteristics of the smart contract for Defi.
Later the stablecoin developed by Elysian Finance will have a stable valuation following the dollar price. In the future, 1 LYS minted is always backed by $1, so that it will be a truly honest and fair stablecoin whose value will not go down or increase easily and certainly it will be very safe to keep in the long term.
Developed by a team of professionals and experienced in their field, this project will surely provide users with a stablecoin that can be relied on for various needs of users. Elysian Finance does not intend to make this project closed to users, because it is still in early development so users are allowed to become investors and be involved in the development of this project so that this will be an open and potential project in the future.
LYS is a product of Elysian Finance and it will be a stablecoin where every minted token will always be backed by $1. Launched using the Elysian Finance protocol, users will be able to use this token just like any other stablecoin, but with an innovative and modern architecture. It is a token that will have an important role in the crypto market, and because of this, it has the prospect of growing in the future. So investing in this token is a good decision.
To sum up, Ampleforth and Olympus DAO are examples of algorithmic stablecoins developed using a smart and innovative smart-contract system. And Elysian Finance will be able to become the next generation reserve backed token for Defi 3.0 and the decentralized web, which will be used by users globally. By being designed using a smart-contract system, this will of course become a reliable and stable stablecoin in the future.
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