What is Gyroscope Protocol? Gyroscope Protocol is a Stablecoin protocol, existing Stablecoin assets can be exchanged for P-GYD, a stable coin pegged to USD. The protocol uses multiple mechanisms to ensure security and decentralization for P-GYD.
So what is Gyroscope Protocol? How does it work? Let’s find out in this article!
To know more about the Stablecoin segment, you can read the following articles:
- What is Liquity Protocol? Overview of Liquity Protocol Cryptocurrency
- MakerDAO (MKR) Operating Model
- What is Venus Protocol (XVS)? Venus Protocol Cryptocurrency Overview
What is Gyroscope Protocol?
Gyroscope Protocol Overview
Gyroscope Protocol is a Stablecoin protocol, existing Stablecoin assets can be exchanged for P-GYD, a stable coin pegged to USD. The protocol uses multiple mechanisms to ensure security and decentralization for P-GYD.
Mechanism of action
In essence, P-GYD is a Stablecoin backed by 100% of other Stablecoin assets. When the market has demand to use this Stablecoin, just use USDT or USDC to buy P-GYD, then the protocol will Mint P-GYD to pay the user and take the USDT or USDC assets and transfer them to the guarantee fund. P-GYD.
Core stabilization mechanism:
- In case P-GYD is valued higher than USD: More P-GYD will be printed and sold to the market.
- In case P-GYD is priced lower than USD: Use money in the reserve fund to buy back P-GYD in the market to raise the price on the condition that the reserve fund is 100% guaranteed. If the reserve fund is not guaranteed, the next lines of defense will be used.
Lines of defense:
- Route number 1: The reserve fund will ensure the stability of P-GYD price according to the above stabilization mechanism. But if the reserve fund is no longer 100% guaranteed to buy back P-GYD on the market, it will use lines 2 and 3 in turn until Peg is recovered.
- Route number 2: The protocol will automatically control the price according to a curve where P-GYD is bought back at a lower price than USD.
- Route 3: Recovering reserve funds through the auction of the project’s governance tokens.
Development Roadmap
2023
- Launch of Gyro protocol
- Deployed on Ethereum
- Launch SAMM on L2
Core Team
Lewis Gudgeon: Co-Founder
- In 2014 Lewis graduated with a Bachelor’s degree in Philosophy, Economics and Politics from the University of Warwick. And then continued to complete a Master’s program in Philosophy and Economic Studies at the University of Cambridge.
- In 2017, Lewis became an analyst for Oxera Consulting LLP, consulting on disputes focusing on the energy sector (commercial disputes, international arbitration) and providing legal advice to regulatory agencies. energy worldwide.
- In 2020, Lewis joined the founding of Gyroscope Protocol, an autonomous, asset-backed stablecoin and long-term platform for liquidity in DeFi.
Daniel Perez: Co-Founder
- In 2013, Daniel successfully obtained a Bachelor’s degree in computer science at Waseda University. Then, he continued to successfully obtain a Master’s degree in the same major at The University of Tokyo. But for Daniel, that didn’t seem enough, so in 2022 he successfully earned a PhD in Computer Science at Imperial College London.
- In 2014, Daniel joined the founding of Claude Tech, making the company’s Buildy product profitable after 2 years, project management in a team of 4-5 people, frontend development using JavaScript, deployment and development management. onion. But after 4 years working here, Danial left to find another opportunity.
- In 2018, Daniel worked as a Machine Learning Engineer at UZABASE Inc, working on various natural language processing related tasks. Extract entities, such as company names, from raw text.
- Currently, Daniel is a Co-Founder of Gyroscope Protocol.
Investors
March 9, 2023: Seed round successfully raised $4.5M led by Galaxy and Placeholder Ventures, with participation from funds such as Maven 11 Capital, Robot Ventures, Archetype Ventures, Fernando Martinelli.
Tokenomics
Updating…
Exchanges
Updating…
Gyroscope Protocol Information Channel
- Website: https://gyro.finance/
- Twitter: https://twitter.com/gyrostable/
- Discord:
Summary
Stablecoins have not really brought absolute safety to the DeFi market and it still needs solutions to meet that requirement. The need for Stablecoin is very necessary in this market, Gyroscope Protocol also offers a new but not really optimal solution.
So I have clarified what Gyroscope Protocol is? Overview of Gyroscope Protocol cryptocurrency. Hope this article brings you a lot of useful information!