⚡️PEGZ - How far have we got? [#1 Lightning Stablecoin]
🔙 In the previous épisodes:
Here we announced that we're back for this Legends of Lightning edition : https://bolt.fun/story/10101-is-back--1085 (TL,DR : We'll be making a synthetic USD using Lightning and DLC, with a strong focus on UI/UX)
Here we get more in depth on the "what", "why" and "how" : https://bolt.fun/story/exploring-synthetic-lightning-native-stablecoins--1092 (TL,DR : We can handle it technically but we WILL NEED YOUR HELP on UI/UX!!)
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🤏 A smol story
Okay, first of all, let me explain why we call it PEGZ:
Well, the stable balance we described is indexed (or pegged) to the value of the US dollar, which is why it's called USDP (USD-PEGZ). Note that we can reproduce this for any FIAT currency.
At first, I suggested to the team that we call it SHIAT, as it's a synthetic FIAT using a SHORT position...
🤔 The team had fun and discarded this option for mysterious reasons (💩), arguing that this name would not be very attractive from a marketing standpoint. If you disagree with this decision, let us know in the comments!
Or you can just answer this poll to convince our CEO
😼 Getting serious again, what has been done so far?
At 10101 we focused this year on using DLC (Discreet Log Contracts) to create a self-custodial Lightning Wallet from which you can trade leveraged FUTURES peer-to-peer, in a trustless way eliminating counterparty risks.
We later released a feature enabling the first-ever PERPETUALS by allowing people to renew their DLC during the "Rollover weekends"
Everything is of course open-source because we #BuildInPublic. Find us on GitHub
Wanna know more? Visit our blog
In the development of our application we use RUST language for the backend
〰️ The stabilize feature
As a side product, we released the first synthetic stable balance : traders are able to hedge their assets against USD.
NGL, it's a pretty cool proof of concept that we implemented successfully, however pure hedging is not that useful if you can't use the balance and isn't much fun either.
⚡️Legends of Lightning⚡️: Here we go!
We want to push the boundaries of what's possible to the max. We want our PEGZ to be divisible and transferable.
The ultimate goal would be to have the possibility to send USDP to a friend, whether it's the full balance or not, or just be able to pay a merchant with a fraction of your USDP balance
https://github.com/get10101/10101/issues/1278
Our biggest challenge will be UI/UX : it needs to be easy to use and to understand. We want a fun experience.
In the development of our application we use FLUTTER for the frontend
🫵 We need your help!
👨🎨👩💻 Are you a UI/UX designer? Do you know someone that would help us designing this small revolution? Do you know flutter or are you ready to learn while hacking with us? GET IN TOUCH!
💬 Do you have any suggestions? Where should we start? What the user experience should feel like in your opinion? LET US KNOW!
🧡 You like the project but don't know where to start? FOLLOW US!
We are open to your comments and insights so we can build together and in public a project everyone would enjoy testing, and using!
🔗 Links
Help us design a product that even your grandma could use!