Anchor launched on the 25th February 2021
The primary goals of the launch plan are:
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
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.
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
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. ✅