Kaspa: towards a first decentralized stablecoin?

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https://cryptoast.fr/kaspa-kas-kaspadollar-stablecoin-decentralise-collecte/

The Kaspa (KAS) network could soon welcome its first decentralized stablecoin. On Saturday, developer Alexander Saefstroem unveiled KaspaDollar, a digital dollar project backed by cryptocurrencies. To finance it, it is calling on donations from the community, with a goal of 5 million KAS to be raised by January 2027.

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The initiative comes after Toccata, a major update that expanded the programming possibilities of the Kaspa blockchain. According to the team, the absence of a native stablecoin today constitutes an obstacle to the development of decentralized finance (DeFi) on the network, which remains dependent on assets issued on other blockchains.

Today we are introducing KaspaDollar, an initiative led by core developer @asaefstroem to build the first decentralized stablecoin on the $KAS network.

The developments around @kccforum and the Toccata hardfork have considerably expanded what Kaspa is capable of. Capability…

KaspaDollar will be based on an over-collateralized stablecoin model, already used for several years in DeFi. Users will have to deposit more cryptocurrencies as collateral than the value of the dollars they wish to obtain. For example, by locking up the equivalent of $150 in KAS, they could issue $100 worth of stablecoins.

If the KAS price falls too sharply, part of the collateral is liquidated in order to protect the value of the tokens issued. This is notably the principle retained by the Aave GHO on Ethereum. For Kaspa, the challenge is to lay the foundations of a still embryonic DeFi ecosystem.

To make this project a reality, the team hopes to raise 5 million KAS. The funds are to support protocol development, research, an independent security audit and its launch. The roadmap provides for a first version on the testnet in May 2027, then production in September.

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Contributions are sent directly to an address published on the KaspaDollar website. If the goal is not reached by January 1, 2027, the team promises to reimburse donors. However, it specifies that transfers made from exchange platforms will require a special procedure and that reimbursements are not guaranteed.

For the moment, the collection totals 103,977 KAS, or barely 2% of the objective. At around $0.035 KAS, the 5 million KAS is almost $175,000. The cryptocurrency has lost around 18% of its value in one month and is trading at 83% of its August 2024 record.

Machine-translated from French