Carefully transition DOLA into a decentralized and reliable stablecoin
Ensure sufficient DOLA liquidity for liquidations before Anchor is open for borrowing
Reduce Anchor’s risk of insolvency due to ETH price fluctuations during launch
Phase 0 - complete
Borrowing on Anchor is disabled. DOLA is temporarily pegged to Dai and can be purchased or sold 1:1 (for a 0.1–0.2% fee) in exchange for Dai using the Stabilizer contract (similar to Maker’s PSM).
The goal of this phase is to start building up liquidity of the DOLA-ETH Uniswap pool which is required for efficient liquidations when Anchor borrowing is enabled later.
Phase 1 - in progress
Inverse DAO votes for INV rewards for
DOLA-ETH Uniswap LPs
DOLA-3CRV Curve Metapool LPs (may be replaced by a dutch auction)
This will slowly boost DOLA demand and liquidity.
Curve Metapool liquidity will further strengthen Dola dollar peg in preparation for removing the 1:1 DOLA:DAI peg as well as increasing the likelihood of being added to the main Curve.Fi and being eligible for CRV Gauge rewards - all increasing DOLA liquidity
Phase 2 - in progress
In addition to the existing supply minted via the Stabilizer, borrowing Dola on Anchor is enabled with a relatively small debt ceiling. Only ETH can be used as collateral initially. Collateralization ratio will be set to 200% for launch safety but quickly lowered in later phases.
INV rewards for Anchor lenders and borrowers are activated.
DOLA holders can deposit to Anchor to generate yield.
The Stabilizer still allows buying and selling DOLA for Dai. However, DOLA becomes an independent stablecoin, pegged to the dollar instead of Dai.
ETH collateral ratio is decreased to 130%.
More assets are added to Anchor.
Borrowing ETH using DOLA as collateral is enabled.
DOLA borrowers using ETH as collateral earn yield on their collateral.