SigmaUSD Improvement Proposals (SIPs) specify and/or describe standards for SigmaUSD.
Please check out EIP-0015: SigmaUSD Contracts Standard, to understand the general expectation of how EIPs are supposed to be formatted.
| Number | Title |
|---|---|
| EIP-0015 | SigmaUSD Contracts Standard |
- Reserve Draining Attack: See the Bearwhale Saga & Ideas for improvement of the Djed Protocol - Dr. Bruno W Paleo | Ergo Summit 2022
- Wholesale Discount: Buying in one transaction is cheaper than the same amount with multiple tx, because the price changes in between
- Zero Equity: At 100% reserve ratio, SigRSV is worthless.
- Capital Inefficiency: The incentives for SigRSV holders are too small - at least in persistant downtrend.
Potential SIPs
- Dynamic fees (many versions).
- Simultaneous Minting
- Non-matching lock %. E.g. mint usd until 500%, cant sell rsv at 400%.
- Circuit Breakers (max amount of mint per block)
Contributing
- Please contribute directly to this repository in the Issues tab, or join the SigmaUSD Telegram, #sigmausd on Discord, or respond on the forum
- Djed: A Formally Verified Crypto-Backed Pegged Algorithmic Stablecoin
- Lessons for sigmausd from the DJED paper
Improvements based on extended-Djed
- When stablecoin is close to losing peg, e.g. 150%, then ERG is moved from liabilities (stablecoin holders) to equity (reservecoin holders). Effectively losing the peg starts at 150% in this case. This solves the zero equity problem.
- When stablecoin starts to lose its peg, then the stablecoin holders are compensated by printing them reservecoin (debt for equity swap). This solves the stablecoin loss of peg at <100% problem.
- Dynamic fees for buying and selling reservecoin and stablecoin. E.g. when reserve ratio is below 600%, then minting fee of stablecoin and redeeming fee of reservecoin go linearly up to 100%. This solves the rigid fees and bank runs problems.
While SigmaUSD v1 was originally immutable, after the Bearwhale attacks a governance token was added to allow modifications for any vulnerabilities that could appear.
Stablecoin Bank Quorum
The smart contract takes a token as input to change the script. This can be seen on EIP-0015: SigmaUSD Contracts Standard and the ergoforum
- cymatic
- Armeanio
- ponte
- Spire Staking
- anon2020s
- 0.5% change every 12 minutes
Governance for oracle pools and the SigmaUSD bank
- greenhat - ergo-lib (aka sigma-rust) developer
- scalahub - core R&D fellow
- andyceo - small miner, worked as sysadmin for testnet and other servers in 2017-19
- spirestaking - Cardano stake pool operators
- psychomb - Cardano stake pool operators (https://stakhanovite.io/ 3)
- Moein Zargarzadeh - reference miners developer
- Kst20 - guy made video tutorials on running the node and the ErgoMixer on Windows
- ollsanek - notable Russian community member
- Marek Mahut from Five Binaries