@muselaunch
Name: Ubiquity
Symbol:
$UBQTY
Dreamer: 0xFa760444A229e78A50Ca9b3779f4ce4CcE10E170
Description: A Liquity fork that starts at $1 USD and adjusts based on changes in the top 7 currencies, weighted by their dominance in forex reserves (e.g. EUR is ~20% of forex reserves, so a 10% increase in EUR:USD price leads to a 2% increase in UBIQ:USD price). The goal of Ubiquity is to create a fiat stablecoin that does not rely on a single currency, further stabilizing the stablecoin while ensuring it maintains the economic benefits of fiat.
Specifications:
1. Oracle contract that adjusts price through Chainlink based on fluctuations of USD, EUR, CNY, JPY, GBP, AUD, CAD, and CHF. Adjustment is weighted based on IMF COFER data of how much of the currency is held in reserves. It starts at a certain dollar amount then adjusts price based on changes of currency prices compared to USD.
2. Rebalancing of the weighting quarterly either through centralized means or voting with the
$UBQTY token. Ideally a Chainlink feed can be created for COFER in the future.
3. Fairly direct Liquity clone with only the oracles changed. May need a wrapper for the
$UBQTY token to act the same as
$LQTY.
4. Full Liquity frontend.
Longterm Potential: Further decentralization and less reliance on Chainlink. In the future it could evolve into a variation with fully collateralized backing in each of the currencies.
Token Utility: Profit from fees in the system like
$LQTY does