Introducing SlnUSD

Updates from Selenian

Selenian staking derivatives module went on prod on Secret Network mainnet last week. We can’t thank Secret Network community and IBCGang enough for the warm welcome. Give us a visit, test our modules, and create issues in this repo, jump on the feedback channel on discord and follow us on twitter if you have any comments. Always happy to get your feedback.

Taking WAGMI to the heart of everything we do, we believe in the contribution of every single user and developer to the Cosmos ecosystem. We’re setting our basecamp here, aiming to contribute to the success of the internet of Blockchain vision.

Leveraging the Inter-Blockchain Communication Protocol (IBC) to provide the most fluid DeFi experience, we will continue what we know best. Shipping highly usable products. As we announced in the latest Medium Post, we’re working on a stablecoin that would safely sit at the core of an array of DeFi products.

Built on the foundational staking derivatives module, we’re working on a collateralized debt position (CDP) module. This protocol will mint SlnUSD, an on-chain collateralized stablecoin for the Cosmos ecosystem.

Introducing SlnUSD:
Selenian Protocol’s CDP based stablecoin for the IBC ecosystem

We wanted to focus on the main challenges and underserved needs in DeFi while designing Selenian Network’s initial product suite. And we thought three of them stood out:

1.DeFi Liquidity / Network Security Dilemma

Staked native tokens are important for network security. However, this also prevents DeFi on Secret Network to reach its full potential as the larger asset in the ecosystem cannot be used in DeFi liquidity.

With the use of staking derivatives, native token holders will be able to both use their assets in protocol security & governance, and other protocol applications such as DeFi.

We previously launched Derivative Management Module to manage the derivative creation and also fee and reward management. It creates a safe foundation for SlnUSD, Selenian Network’s stablecoin.

2. Lack of an on-chain collateralized stablecoin for IBC:

Selenian Protocol creates a CDP based stablecoin for the IBC ecosystem. Using staking derivatives as collateral, from Secret Network and other IBC networks, Selenian Protocol allows the users to both secure underlying networks and access a collateralized decentralized stablecoin. This is a big vacuum to fill following Terra’s collapse.

Collateralized Debt Position module will be responsible for managing the entire life cycle of the collateralized debt position of the users. The module has two main sub-modules: collateral module and liquidation module.

3. Ease of Use and Navigation

While primarily focusing on power users, we take a IBC-wide view to provide the best user experience. Selenian protocol will offer users yield on their collaterals based on their risk appetite ie. stablecoin yield for the risk averse or leveraged crypto-asset yield for power users.

We use IBC Module to deliver a fluid and seamless customer experience. The team is already working with IBC teams to leverage interchain queries and interchain accounts standards (ICS27). We strongly believe that cross-chain composability that IBC is enabling is a game changer for user experience in the blockchain ecosystem.

We’re targeting the third quarter for the launch of SlnUSD, and working hard to deliver the best user experience. We will keep shipping products and we’re looking forward to serve #IBCGang with our safe and secure DeFi tools.

Next Up:

SelenianDAO & Selenian Token (Utility, Tokenomics & Airdrop)

Join Us

If you’d like to help build the Selenian Protocol and future of secure & private DeFi on IBC, please don’t hesitate to hit us up and say hi!

Follow us on Twitter / Discord

Read about latest updates on our Medium

Or just send a cute cat photo to info@selenian.network