Description: HuskyDao is a decentralized reserve currency protocol based on the HUSKY token. Each HUSKY token is backed by a basket of assets (e.g. DAI, DAI-HUSKY) in the HuskyDao treasury, giving it an intrinsic value that it cannot fall below. Different from other reserve currencies, HuskyDao focuses on POL (Protocol Own Liquidity) by collecting liquidity tokens from various AMM and using them for yield farming. By owning liquidity tokens, HuskyDao can earn rewards and trading fees over time and lock them into HuskyDao treasury, increasing the intrinsic value of HUSKY tokens.
Why do we need HuskyDao in the first place?
Dollar-pegged stablecoins have become an essential part of crypto due to their lack of volatility as compared to tokens such as Bitcoin and Ether. Users are comfortable with transacting using stablecoins knowing that they hold the same amount of purchasing power today vs. tomorrow. But this is a fallacy. The dollar is controlled by the US government and the Federal Reserve. This means a depreciation of dollar also means a depreciation of these stablecoins. HuskyDao aims to solve this by creating a free-floating reserve currency, HUSKY, that is backed by a basket of assets. By focusing on supply growth rather than price appreciation, HuskyDao hopes that HUSKY can function as a currency that is able to hold its purchasing power regardless of market volatility.
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