Empty Set Dollar Basics
Empty Set Dollar (ESD) is an algorithmic stablecoin built to be the reserve currency of Decentralized Finance. It has three key features:
- Stability - ESD uses an algorithmic approach to maintaining price stability around a 1 USDC target. This approach relies on a tuned incentivization mechanism to reward actors who promote stability within the protocol.
- Composability - Even with a dynamic system supply, Empty Set Dollar adheres to the ERC-20 token standard. This makes it work seamlessly across the decentralized finance infrastructure and reduces the likely hood of unforeseen bugs in integrated protocols.
- Decentralisation - Since day one Empty Set Dollar has had completely decentralized on-chain governance. Additionally, the protocol launched with 0 initial supply and no pre-mine for the anonymous founding team.
Empty Set Dollar's protocol was designed by taking elements from numerous pre-existing protocols to produce a balanced protocol that avoids the pitfalls of other protocol designs.
The resulting protocol sidesteps the centralisation risks of USDC, USDT, & TUSD, attempts to avoid AMPL & BASED’s "death spirals", the over-collateralisation requirements of sUSD & DAI, and, most importantly, it integrates seamlessly with existing DeFi protocols.
For ESD to become a sustainably useful stablecoin like USDT or DAI, it must begin to be accepted as currency by DeFi and other applications on the Ethereum protocol. In periods of volatility, the token's utility may be diminished. However, as the protocol matures the volatility will reduce increasing its utility.
The original founding team is anonymous. However, if you'd like to contact them you can email them here: [email protected]
Since launch Empty Set Dollar has had on-chain governance. This means that any changes or upgrades to the protocol need to be voted on by the community of token holders before they are enacted.