I have read a few comments on SyntheticRebaseDollar and I do not think they are on the same page with Andre.
I will try to explain what is SyntheticRebaseDollar (Introducing SyntheticRebaseDollar a credit based rebase index).
Definition: SyntheticRebaseDollar is a price-inelastic, supply-elastic, stable coin whose value is based on its underlying collaterals.
SyntheticRebaseDollar ≈ Near-Real-Time $AMPL based on collaterals.
(If you do not know how $AMPL works, here is the white-paper)
The differences between $AMPL and SyntheticRebaseDollar are
- Near-Real-Time: SyntheticRebaseDollar rebases every block, while $AMPL rebase every 24 hours.
- Synthetical: SyntheticRebaseDollar’s value is based on its underlying collaterals (USDC etc.), while $AMPL is not.
Why Near-Real-Time? It is supposedly and hopefully bring the price SyntheticRebaseDollar to the equilibrium, if exists, sooner.
Arguably, some of the goals of SyntheticRebaseDollar are
- providing a stable and solid foundation for the DEFI world
- providing a proxy for all other coins classical coins (BTC/ETH etc.) 2. DEFI coins (YFI etc.) 3. stable coins (USDC etc.)
Comment 1: SyntheticRebaseDollar looks like an index, but calling it “Vanguard of DEFI” is misleading and it does not lead us to somewhere we do not know yet.
Comment 2: It is way too early to discuss details including but not limited to governance, weights, etc., because it is a coin we have not defined yet.
I admit I have not figured out everything yet, but I feel a new empire is building on the SyntheticRebaseDollar. I have a few questions left for everyone to discuss.
The Ultimate Question: To define SyntheticRebaseDollar, we must figure out what is the “ideal” DEFI world we want first. Otherwise, there is no direction at all and all other questions do not make any sense.
However, this question is too vague and it is probably unanswerable. I propose several answerable questions and hopefully, it can help shed some light into the ultimate question.
Question 1: Andre proposes to track 3 types of coins 1. classical coins (BTC/ETH etc.) 2. DEFI coins (YFI etc.) 3. stable coins (USDC etc.). What would happen if we only track stable coins? What would happen if we only track classical coins and stable coins?
Question 2: Is rebase a really good idea? Why or why not? Is rebase every block a good idea compared to rebase 24 hours?