Description: Degen utilizes multiple bonding mechanisms at the DAO as well as seigniorage. Much like Tomb and Basis our protocol uses three tokens (DEGEN, DSHARE, DBOND) to maintain a 1:1 peg to TOMB. Stake your DEGEN-TOMB LP in the Graveyard to earn DSHARE rewards. Then stake your earned DSHARE in the Mortuary to maximize profits!
DEGEN - TOMB Pegged Token
DEGEN is designed to be used as a stablecoin for things such as exchange, lending, borrowing etc. The protocol's algorithm aims to maintain DEGEN's peg of 1:1 DEGEN:TOMB in the long run. Note that DEGEN actively pegs via an algorithm, it does not mean it will be valued at 1 DEGEN: 1 TOMB at all times as it is not collateralized. DEGEN is not to be confused for a crypto or fiat-backed stablecoin.
DSHARE - Protocol Shares
DSHARE are one of the ways to measure the value of the DEGEN Protocol and shareholder trust in its ability to maintain DEGEN close to peg. During epoch expansions the protocol mints DEGEN and distributes it proportionally to all DSHARE holders who have staked their tokens in the Mortuary. DSHARE holders have DAO voting rights on proposals to improve the protocol and future use cases within the Degen Finance ecosystem.
DBOND - Degen Bonds
DEGEN Bond's (DBOND) main job is to help incentivize changes in DEGEN supply during an epoch contraction period. When the TWAP (Time Weighted Average Price) of DEGEN falls below 1:1 TOMB, DBONDs are issued and can be bought with DEGEN at the current price. Exchanging DEGEN for DBONDs burns DEGEN tokens, taking them out of circulation (deflation) and helping to get the price back up to peg. These DBONDs can be redeemed for DEGEN when the price is above peg in the future, plus an extra incentive for the longer they are held above peg. This amounts to inflation and sell pressure for DEGEN when it is above peg, helping to push it back toward 1 DEGEN to 1 TOMB ratio. Contrary to early algorithmic protocols, DBONDs do not have expiration dates. If your DEGEN is below peg exchange it for DBOND and redeem after peg is above 1.1 to receive bonus DEGENs! All holders are able to redeem their DBOND for DEGEN tokens as long as the Treasury has a positive DEGEN balance, which typically happens when the protocol is in epoch expansion periods.
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