🔷Phase 3. Sky Dollar
SkyUSD is a convertible coin that could rewrite the conventional wisdom
Anyone can add a gauge to the pool, even if they do not hold veSKYs. Adding a gauge allows you to deposit bribes for a given pool.
The only gauges that can be added are token pairs whitelisted by SKY STOCKS.
What is Sky Dollar?
Sky Dollar is, in a nutshell, a seigniorage protocol (also known as a money printer) that issues SkyUSD, a convertible currency with a guaranteed redemption rate of $1. The coin issued in SKY Dollar is SkyUSD.
While SkyUSD is not a stable coin and can trade above $1 in the market, if it falls below $1, it can be redeemed for $1 through a redemption process. This simple mechanism is the cornerstone of the SKY hedge fund and all other services.
Why convertible?
For a convertible currency to function properly and stably, a stable operating entity is essential. Looking specifically at the cryptocurrency market, with all the altcoins and stablecoins swarming the market, only a few companies have a long-standing background.
Many projects have returned to Earth (Terra) after initially taking off for the moon (Luna) at breakneck speed. Many people believed that the foothold they were standing on was the solid Ayers Rock, but in fact it was an air mattress.
On the other hand, SkyUSD has the potential to overcome this natural law.
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