Dubai, Vae (ots/PRNewswire) – AugmentLabs DAO launches the world’s first algorithmic stablecoin with multi-level failover mechanisms. This is the result of a successfully completed multi-million dollar seed token sale and an ongoing private token sale.
A decentralized stablecoin is an absolute necessity for the cryptocurrency space given the collapse of trusted, centralized systems in 2022. Stablecoins are the medium of exchange driving decentralized finance (DeFi). Centralized stablecoins suffer from third-party risk, and large algorithmic stablecoins fail during tough times due to attacks compounded by bank runs. AugmentLabs aims to fundamentally change the stablecoin space by reducing centralization risks and offering a transparent and open alternative.
AugmentLabs has developed a decentralized stablecoin system with two components: AGC token, which acts as security and DAO, and USC, the algorithmic stablecoin. Notably, the Automated Marketcap Comparison Framework (AMCF), an oracle, provides the fail-safe mechanism on which the entire protocol rests.
The key feature of the AMCF oracle is that it was purpose-built to make the stablecoin protocol antifragile and maintain stability, while being able to dull coin minting and burning, and USC’s supply ever to limit following use. This ensures the sustainability and viability of the algorithmic stablecoin from all its competitors and predecessors.
The concept has been devised and established since 2017 by an international team of cryptocurrency experts who were looking for alternatives to outdated and flawed decentralized stablecoin designs. The team spent 5 years researching and data modeling the major stablecoins before founding a DAO. With every outage seen in the industry, AugmentLabs’ DAO has improved the protocol’s design.
USC is the most advanced stablecoin researched and tested on in the last 5 years. The AGC protocol is the most secure form of algorithmic collateralization with a dynamic, fail-safe mechanism in the AMCF oracle and fast decision-making by the AGC DAO.
In addition to the state-of-the-art design of the AGC protocol, the token sales proceeds from the seed and private sales are fully used to provide additional collateral in the form of open liquidity on the decentralized markets. This creates a solid foundation for USC’s early liquidity tie-in.
AugmentLabs DAO prioritized the use cases before launching the stablecoin. The plan is to launch multiple games, marketplaces, and defi protocols that will primarily focus on USC usage in Q1 2023. At launch, there will be an organic yield-oriented protocol that will provide significant rewards for using USC. USC users can also look forward to a debit card partnership at launch, allowing them to spend with Visa cards and withdraw cash from a broad network of ATMs.
AugmentLabs DAO aims to establish USC as the first and most important algorithmic, decentralized stablecoin in the entire cryptocurrency space by 2025. This is achieved by aggressively building on use cases combined with a robust and sustainable design with fail-safe processes.
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Questions & contact:
Samantha Goh,
samantha@augmentlabs.io
