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Merge pull request #14 from boardroom-inc/add/dfdcontent
Adding DeFi Dollar FAQs and Docs
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defidollar/.DS_Store
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defidollar/Documentation/1. Getting Started.md
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🐇 Getting Started
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==================
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Welcome to the DefiDollar docs. Join us on a journey to build a resilient stablecoin index backed asset. We aim to provide a high-level understanding of the DUSD ecosystem through these docs.
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These docs are a work in progress. A few particulars may be pending updates. Please reach out to the team on [Discord](https://discord.com/invite/zGmC547) for clarifications.
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What is DefiDollar ($DUSD)?[](https://docs.dusd.finance/#what-is-defidollar-dusd)
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-------------------------------------------------------------------------------------
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DefiDollar (DUSD) is a stablecoin that uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying your stablecoin holdings to hedge against an event where the underlying stablecoins e.g Tether (USDT), DAI deviate from their peg. DUSD is collateralised by [Curve Finance](https://www.curve.fi/) LP tokens. For more details, please refer to our introduction blog [here](https://medium.com/defidollar/a-curvy-defidollar-c249438c154a).
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Why use DUSD?[](https://docs.dusd.finance/#why-use-dusd)
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------------------------------------------------------------
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1. Risk diversification: Diversify your stablecoin portfolio by owning a meta asset, backed by multiple stablecoins.
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2. Volatility cushion: DUSD comes with a native staking mechanism that cushions the day-to-day stablecoin deviations from their peg.
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3. Modularity: DUSD is built with modularity in mind. It is super easy to integrate with DUSD smart contracts and hence help in driving wider adoption of the DefiDollar protocol.
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4. Yield farming: Earn yield rewards by staking and adding DUSD liquidity to various DEXs and DeFi Protocols. The specifics of the reward distribution will be announced soon.
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Who do we expect to be the primary users of DUSD?[](https://docs.dusd.finance/#who-do-we-expect-to-be-the-primary-users-of-dusd)
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------------------------------------------------------------------------------------------------------------------------------------
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- Crypto investors: People & funds who want to diversify and de-risk their stablecoin holdings in the simplest possible manner.
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- Businesses: Institutions who want to keep a much more stable crypto dollar in their wallets.
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- Arbitrageurs: Seek to maximize returns based on the surfacing market inefficiencies, and hence help in keeping DUSD closer to its peg.
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- DeFi enthusiasts and yield farmers: DeFi natives who like to play around with new protocols and/or fellow farmers who want rewards for a good harvest.
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- Developers: DeFi devs and protocols who would like to integrate with DUSD.
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Get In Touch[](https://docs.dusd.finance/#get-in-touch)
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-----------------------------------------------------------
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Feel free to reach out to us on [Discord](https://discord.gg/zGmC547) for questions, discussions, feature requests or just banter on the future of stablecoins. Follow us on [twitter](https://twitter.com/defidollar) for updates.
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defidollar/Documentation/2. Interacting with DUSD.md
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defidollar/Documentation/2. Interacting with DUSD.md
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👩💻 Interacting with DUSD
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===========================
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Interactions with the DefiDollar App explained in a step by step fashion.
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Jump to the DUSD [app](https://app.dusd.finance/).
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Connecting your Web3 wallet[](https://docs.dusd.finance/interacting-with-dusd#connecting-your-web3-wallet)
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--------------------------------------------------------------------------------------------------------------
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Connect your Web3 wallet on the DUSD web app. We currently support Metamask, Fortmatic and Portis. It is possible to use your hardware wallets by connecting them through Metamask. Jump to our [discord](https://discord.gg/zGmC547) if you'd like us to integrate another wallet of your choice.
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How do I mint DUSD?[](https://docs.dusd.finance/interacting-with-dusd#how-do-i-mint-dusd)
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---------------------------------------------------------------------------------------------
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- Select assets: Currently you can use either of DAI, USDC, USDT, TUSD or a combination of those to mint DUSD. In case you want to mint using multiple assets click on "Add more tokens". You can also use yCRV & yUSD directly to mint DUSD. This operation is also very gas efficient and doesn't incur a fee.
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- Approve assets: You have to approve the coins before you can initiate the mint transaction. Single approval is needed if one coin is selected and multiple if otherwise.
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- Initiate minting: Post granting approvals click on the "Mint" button and confirm the transaction, upon the transaction getting mined on-chain your DUSD balance will be reflected in your wallet and on the web-app. We currently support the sUSD pool on Curve, once we add more peaks, support for additional stablecoins such as sUSD, BUSD, PAX etc can be added.
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How do I Stake / Unstake my DUSD?[](https://docs.dusd.finance/interacting-with-dusd#how-do-i-stake-unstake-my-dusd)
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-----------------------------------------------------------------------------------------------------------------------
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Staking is currently disabled!
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Stakers contribute to the overall security of the DUSD ecosystem and are rewarded for bearing risk. They are also eligible to claim the protocol income generated: trading fee and lending interest from the underlying protocols. We launched the protocol with staking enabled via DUSD , on collecting data points since launch we decided to revamp the staking mechanism. Staking will be enabled via DefiDollar's governance token - DFD. We are currently evaluating a hybrid model that can having staking via a combination of DFD and DUSD to have a more robust protocol.
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How do I redeem my underlying Stablecoins?[](https://docs.dusd.finance/interacting-with-dusd#how-do-i-redeem-my-underlying-stablecoins)
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-------------------------------------------------------------------------------------------------------------------------------------------
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If you decide that you want to forgo the safety of holding your assets in DUSD, you can always redeem your assets in the underlying Stablecoins.
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- Navigate to the "Redeem" tab.
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- Selecting a Stablecoin: You can choose to withdraw some or all of your DUSD balance. DUSD can be redeemed in either: USDT, TUSD, USDC, DAI or a combination of those. You can also choose to withdraw in yCRV or yUSD. Enter the amount you want to withdraw. Click on "Add more tokens" if withdrawing into multiple assets.
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- Initiate redemption: Click on the "Redeem" button and confirm the transaction, upon execution on-chain your DUSD balance will be updated and the Stablecoins will get credited to your wallet.
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defidollar/Documentation/3. Audits.md
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defidollar/Documentation/3. Audits.md
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📃 Audits
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=========
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We promptly fix all issues identified during audits and have them re-audited. Although audits reduce the risk by virtue of having dedicated professionals review the code but they do not eliminate the risks altogether. Please exercise your discretion before putting any funds in Defidollar.
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[Audit Log](https://docs.dusd.finance/audits#audit-log)
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-----------------------------------------------------------
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- [Aug 21, 2020 - Pre-launch] Quanstamp concluded a full system audit at commit [b6a77bd](https://github.com/defidollar/defidollar-core/tree/b6a77bda4a27f79e76cfc9194197ee9c4933e8a5).
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[Quantstamp Audit Report - b6a77bd](https://firebasestorage.googleapis.com/v0/b/gitbook-28427.appspot.com/o/assets%2F-MDsAKWIoRH4LJ60z-Or%2F-MFakgNevO4Dq0Lg61XN%2F-MFam3jhtiF9JIYb-9DN%2FQuantstamp-Audit-DeFiDollar.pdf?alt=media&token=d27054d4-089f-45de-b9fe-ac572c32b1af)
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- [Aug 25, 2020 - Pre-launch] PeckShield concluded a full system audit at commit [185b4dd](https://github.com/defidollar/defidollar-core/tree/185b4ddd9e7b2e35a31f5a8cd072bea1ad7b29d7).
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[PeckShield Audit Report - 185b4dd](https://firebasestorage.googleapis.com/v0/b/gitbook-28427.appspot.com/o/assets%2F-MDsAKWIoRH4LJ60z-Or%2F-MNh07SLvadHTorL7l8M%2F-MNh2U-Me6Um7cQDST0j%2FPeckShield-Audit-Report-DefiDollar-v1.1.pdf?alt=media&token=d1b759ca-a894-4e27-9bf3-1a543d1ed537)
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- [Oct 24, 2020] Peckshield concluded the audit of the ILMO contracts.
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[PeckShield Audit Report](https://firebasestorage.googleapis.com/v0/b/gitbook-28427.appspot.com/o/assets%2F-MDsAKWIoRH4LJ60z-Or%2F-MNh07SLvadHTorL7l8M%2F-MNh6sEv4rkJ6AreamiK%2FPeckShield-Audit-Report-DefiDollar-Genesis.pdf?alt=media&token=a422cb58-9c26-4662-88b7-b93d131d6972)
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- [Dec 4, 2020] Monoceros Alpha (led by [Daniel Luca](https://twitter.com/cleanunicorn), ex-consenSys Diligence) concluded a full system audit including the ibDUSD savings contract at commit [857a90d](https://github.com/defidollar/defidollar-core/tree/857a90daab1d9d377303c7cb3ee7a1cb9b11d8be). This was the third full system audit and no issues were identified. Some recommendations for improving code quality and gas optimizations were made - they have been implemented. As of Dec 4, the changes will be deployed during the next protocol upgrade. A broader recommendation for the use of oracles was also made - this is already on our roadmap.
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[Monoceros-Alpha Audit Report](https://firebasestorage.googleapis.com/v0/b/gitbook-28427.appspot.com/o/assets%2F-MDsAKWIoRH4LJ60z-Or%2F-MNh07SLvadHTorL7l8M%2F-MNh8bv8qDomlc9cv-QJ%2FMonoceros-Alpha.md.V2.2.pdf?alt=media&token=87a10d2c-ccda-4c9c-96ab-751081f2f7ea)
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- [Dec 25, 2020] Monoceros Alpha and Peckshield concluded the audit of the DFD buyback vault (ibDFD) at commit [99e2dc3](https://github.com/defidollar/defidollar-core/tree/99e2dc3c0376014cdfeebc1030d2b685c75c60e8). Peckshield also audited the ibDUSD savings contract.
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[PeckShield Audit Report](https://firebasestorage.googleapis.com/v0/b/gitbook-28427.appspot.com/o/assets%2F-MDsAKWIoRH4LJ60z-Or%2F-MPOJ63-m5bh6bSRHNqj%2F-MPOK0LXzVA2V2VUwtdC%2FPeckShield-Audit-InterestBearingDefiDollar.pdf?alt=media&token=9c74cd5a-1816-494a-bd1d-0ae8ba52418f)
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[Monoceros-Alpha Audit Report](https://firebasestorage.googleapis.com/v0/b/gitbook-28427.appspot.com/o/assets%2F-MDsAKWIoRH4LJ60z-Or%2F-MPOJ63-m5bh6bSRHNqj%2F-MPOK6zcIphCdLjKbTWf%2FMonocerosAlpha-DefiDollar-InterestBearing.pdf?alt=media&token=bc84c070-cf3b-465a-8d86-4b6ef6ff4247)
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defidollar/Documentation/4. Roadmap.md
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🛣️ Roadmap
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===========
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The way forward and why.
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Stablecoin adoption isn't easy. People want liquidity before committing their funds to a particular asset, even a stablecoin. It needs to be available for exchange on the platforms the users frequent. It's a classic chicken and egg conundrum. We plan to tackle this in stages.
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Given the DeFi ecosystem moves at breakneck pace, we have come up with milestones to achieve instead of a rigid roadmap. This allows us flexibility and room to experiment with the trends that are prevalent and provide the best value for the users of the protocol.
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Short term: To provide a trusted and stable index that allows users to hedge risk and generate yield
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*Aim:* To iterate and achieve the right product market fit and having a small but loyal bunch of users. We aim to generate reasonable yield from our peak integrations (underlying DeFi protocols) and also our Liquidity Mining program.
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Medium term: DUSD Becoming synonymous with stable assets and the stablecoin of choice for DeFi
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*Aim:* To be integrated with the leading DeFi protocols & subsequently being used as a building block for on chain applications looking to have a stable asset component
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Long term: Be used for broader applications outside of DeFi and to onboard users to digital assets
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*Aim:* become the medium of exchange for digital assets and wrt adoption in retail: what Terra is currently to Korea but on a global scale.
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In the short span that DefiDollar has been live since Aug 27,2020, A lot has happened with respect to development and iteration of the protocol:
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- Launched with the sUSD pool & DUSD staking
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- Launched a fork on Swerve --- Swervy swDUSD to test yPool integration
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- Introduced the yUSD integration while deprecating the sUSD peak & DUSD staking
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- Conducted the ILMO - to distribute the token to the community
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Currently the team is actively working towards:
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- Reinstating an improved and robust Staking mechanism
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- Building a sUSD/DAI peak to provide a peak with only decentralized stablecoins
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- Governance and stability modules
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This has been in line with our development goals that are to achieve product market fit and implementing early user feedback before taking the protocol ahead. Here is a Dashboard to track some of the key metrics of the DefiDollar Protocol: <https://explore.duneanalytics.com/dashboard/defidollar>
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❓ FAQ's
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=======
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Collection of frequently asked questions pertaining to the DefiDollar ecosystem
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[Does DefiDollar charge any fees at the protocol layer?](https://docs.dusd.finance/faqs#does-defidollar-charge-any-fees-at-the-protocol-layer)
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==================================================================================================================================================
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DefiDollar users incur a fee at the following steps during various user journeys:
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1. Minting DUSD Minting with yCRV or yUSD doesn't incur a fee and doesn't cause slippage. We use the curve pricing function to give an exact amount of DUSD. While minting with stablecoins (Dai/Tether/USDC/TUSD), since these are deposited to curve, a 0.04% fee is charged. This is reflected in the amount of DUSD that the user receives. The DefiDollar protocol doesn't charge a separate fee.
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2. Redeem DUSD The DefiDollar protocol charges a 0.1% fee regardless of what you redeem in. This fee is directed towards the ibDUSD LPs.
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In addition to that:
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- Redeeming in yUSD doesn't charge a fee.
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- Redeeming in yCRV or stablecoins MAY charge an extra 0.5% fee. This is charged by the vault. That depends if there is enough yCRV in this [contract](https://etherscan.io/address/0xa89bd606d5dadda60242e8dedeebc95c41ad8986) to cover your withdraw. The protocol currently tries to maintain a 10% buffer in yCRV to keep small withdrawals cheap but the buffer may have run out.
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- Redeeming in yCRV or yUSD doesn't incur slippage.
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- Curve will charge an additional 0.04% fee if redeeming in a single stablecoin.
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*The expected output amount shown on the UI while redeeming has fee deductions factored in.*
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3. Redeem ibDUSD - The savings vault There is a 0.5% redemption fee that is used to guard against malicious actors trying to frontrun the rewards by deploying capital to the ibDUSD just before rewards are claimed periodically. It is similar to the exit load currently being implemented in yVaults.
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What are the rewards that accrue in the DefiDollar protocol?[](https://docs.dusd.finance/faqs#what-are-the-rewards-that-accrue-in-the-defidollar-protocol)
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==============================================================================================================================================================
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Different peaks earn different rewards, we have tried to detail them below: We launched DefiDollar with the [Curve susdV2 pool](https://www.curve.fi/susdv2/). Since then we have added support for the Curve y Pool via the yVault integration. Peak #1 | [Curve susdV2 pool](https://www.curve.fi/susdv2/) (Deprecated) - Curve trading fees - Earns CRV and SNX liquidity mining rewards Peak #2 | [Curve Ypool](https://www.curve.fi/iearn/) (Active) We have added support for the Curve Y pool integration in tandem with the yearn [yCRV vault](https://etherscan.io/address/0x5dbcf33d8c2e976c6b560249878e6f1491bca25c#code). This enables the LP funds to draw income from Curve and the *harvested* rewards depending on the vault [strategy](https://feel-the-yearn.app/). Peak #3 | [DAI/sUSD Balancer Smart Pool ](https://forum.dusd.finance/t/decentralized-stablecoin-index-dai-susd-peak/18)(Proposed) We are exploring adding a dedicated decentralized stablecoin peak to ensure that the protocol can offer exposure to decentralized stablecoins to help keep the index diversified. Do check out the proposal below:[ https://forum.dusd.finance/t/decentralized-stablecoin-index-dai-susd-peak/18](https://forum.dusd.finance/t/decentralized-stablecoin-index-dai-susd-peak/18) We are actively exploring adding more peaks to the protocol.
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[Is there a Governance token?](https://docs.dusd.finance/faqs#is-there-a-governance-token)
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==============================================================================================
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DFD will be the governance token for DefiDollar. It will be used to govern the following protocol decisions :
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- Whitelist & remove peaks.
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- Assign peak ceilings similar to the ones in Maker Vaults to balance the index.
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- Fine-tune parameters like redemption fee within a peak.
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- Decide on the distribution of the protocol income
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For more details please refer to the blog post below: <https://medium.com/defidollar/the-next-chapter-of-defidollar-b227935f10e7>
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[How is DUSD kept stable ~1 Dollar?](https://docs.dusd.finance/faqs#how-is-dusd-kept-stable-1-dollar)
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=========================================================================================================
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Let's consider two scenarios, one where the protocol is sufficiently collateralized but the value of DUSD fluctuates in the secondary markets and the other when the protocol becomes under-collateralized due to peg fluctuations of underlying stablecoins.
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1. DUSD >$1 Arbitrageurs mint more DUSD to sell in the secondary markets thereby increasing the DUSD supply and returning DUSD to $1.
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2. DUSD <$1 Arbitrageurs buy DUSD from secondary markets to redeem DUSD from the protocol in order to get a discounted price for the underlying stablecoins. This reduces the overall DUSD supply and returns the DUSD value to $1.
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DUSD is sufficiently collateralized but the value of DUSD being traded on the secondary market fluctuates:
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