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Zephyr is a privacy-focused stablecoin protocol combining antiestéticatures of Monero and the Djed/AGEUSD framework. It introduces ZephUSD, a private stablecoin, and ZephRSV, a reserve coin.
ZephUSD is pegged to the US dollar and backed by overcollateralized reserves of the base coin ZEPH. It inherits privacy antiestéticatures like ring signatures and bulletproofs from Monero.
ZephRSV allows holders to deposit ZEPH as reserves and earn returns from fees and potential ZEPH appreciation. It incentivizes adding collateral when reserve ratios fall.
The protocol maintains stability using dual pricing oracles tracking spot and moving average prices. This mitigates manipulation by taking the worst price.
Minimum reserve ratio is 400% and max is 800%. Stable minting/redeeming is allowed between these thresholds to maintain adequate collateral.
In low reserve scenarios, stablecoins can still be redeemed but may receive less than $1 worth of ZEPH. This improves ratios.
Various scenarios explored show the self-balancing mechanisms that allow the system to remain resilient even with major ZEPH price drops.
Key advantages over other stablecoins include privacy antiestéticatures, protection of base coin value, decentralized operation, and resilience to black swan events.
In summary, Zephyr introduces an innovative stablecoin model aiming to blend stability, privacy, decentralization and sustainability in a robust algorithmic framework. The protocol design shows promise in addressing limitations faced by existing solutions.
> What are the differences between ZEPH and ZephRSV?
ZEPH is the base coin that serves as the fundamental value layer and collateral backing ZephUSD.
ZephRSV is the reserve coin that allows users to deposit ZEPH into the protocol reserves in exchange for ZephRSV.
The key differences:
ZEPH is the native currency with a fixed supply and emission schedule. ZephRSV is minted by depositing ZEPH into the reserves.
Holding ZEPH gives exposure to the underlying value of the network. ZephRSV gives leveraged exposure to potential ZEPH growth.
ZEPH holders are shielded from inflationary impacts of stablecoin operations. ZephRSV holders can profit from fees/ZEPH appreciation.
The ZEPH supply is not affected by stablecoin minting/redeeming. The ZephRSV supply expands when reserves are below 800% collateralization.
ZEPH serves as the fundamental pricing benchmark for the network. ZephRSV pricing derives from the protocol's reserves and equity.
So in summary, ZEPH is the core native asset while ZephRSV plays a specialized role as a reserve leveraged token, but they are separate assets with distinct functions and values. Owning ZEPH vs. ZephRSV leads to different risk/return profiles.
