Problems
- Stablecoins are getting worse: Stablecoins have deviated from the ethos of Ethereum: permissionlessness, censorship resistance, transparency and trustlessness. Monolith is designed in the image of Ethereum.
- Stablecoins are hard: Deploying a stablecoin should be as simple as deploying a Uniswap pair or Morpho pool.
- Stablecoins are risky: Stablecoins have become too risky: custodian risk, freezing risk, bank insolvency risk, governance risk. An ultra low-risk alternative is needed.
Why Monolith is different
Permissionless Deployment
Anyone can deploy a Monolith stablecoin on any supported chain without permission in few minutes.
Redeemable
All Monolith stablecoins are redeemable for their underlying collateral.
Redemption Protection
Borrowers may avoid redemptions by paying a variable borrow rate.
Interest-Free Loans
Borrowers may avoid paying interest by allowing their loans to be redeemed.
Peg Stability Module
A temporary PSM may use an existing stablecoin to bootstrap supply.
Immutability deadline
All Monolith stablecoins either start immutable or become immutable within four years.
Our Vision
Monolith aims to democratize access to decentralized stablecoins:- Low barrier to entry: A user-friendly interface for creating a stablecoin in minutes.
- Sound Economics: A carefully-designed stablecoin protocol that maintains the peg no matter what.
- Discoverability: A list of user-created stablecoins for lenders and borrowers to find new opportunities.
- Immutability: Stability requires certainty. Immutability protects stablecoin users from human mistakes.