We launched ESD with the goal of creating the algorithmic stablecoin. Rather than betting on a single model, it was more important to build an open platform for collective experimentation. Through our first iteration, and by learning side-by-side with our peers, we’ve collected a host of insights converging us towards an optimal model that can be used as the reserve currency for decentralized finance.

ESD is our dollar.


Since launching six months ago, we’ve been able to collect a wealth of insights on what works and what does not in algorithmic stablecoin models:

It’s with great pleasure that we, the empty set squad, introduce døllar: a fully decentralized elastic-supply stablecoin. Its construction is an iteration on Basis and its predecessors, aiming to solve core issues within their mechanics. To translate to Ethereum, we incorporate ideas from 0x Staking, Rho, and build on top of Uniswap V2 oracles.


Collateral-based stablecoins are both capital inefficient and carry risk to the underlying collateralized assets. Additionally, the total supplies of these stablecoins are constrained to strictly less than the available reserve assets on-chain. …


rebuilding finance from the ∅. 💔

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