# Stability Nexus **The Stability Nexus is an ecosystem for people who care about a more stable world.** Everyone is welcome, regardless of one's opinions about stability! ### Official Links **Home Page:** **GitHub:** **Medium:** **Discord:** **Telegram:** **Twitter:** **LinkedIn:** # The Stable Order The Stable Order is a global decentralized cooperative order on a mission to make the world stable. Membership is exclusive to those who have actively contributed to endeavors that improve the world's stability and that adhere to the order's code of honor. Members have the *@Member of The Stable Order* role in the Discord server of the Stability Nexus. There are currently more than 80 members. ### Official Links **Discord:** # The Meaning of Order ### What is an order? It is easier to start with a funny yet useful example. The most well-known example of order is the Jedi Order from Star Wars. Whereas the Jedi knights used the Force to keep peace and justice in the planets of the Galactic Republic, the knights of The Stable Order use their knowledge and skills to bring and maintain reliable stability in the ecosystems in which we are present. In contrast to other forms of social organization, orders are driven primarily by their purposeful mission. Their members are guided by their code of honor, and above all, by their noble principles. ### Why an order today? Leaving the fictitious universe of Star Wars aside and looking into the real world, orders were particularly popular as a form of social organization for military and religious organizations in the end of the middle ages. They transcended infighting feudal silos, uniting them towards common causes. We conjecture that they contributed to bringing "light" to the "dark" ages, triggering a renaissance. Today, despite (or perhaps because of) all the technological progress, the world is at a dark age of mistrust, misinformation, disinformation. Today, the world is again driven by greed and by naive irrational selfishness, which lead to wars of attrition between nations and unfair competition between corporations. It is a negative-sum game. And its consequence is that the world is facing a sustainability and stability crisis. An order upholding the principles that can take the world out of this crisis is what we need today to bring light to our current dark ages. ### Why an order dedicated to stability? An order as a social structure is particularly suitable for an organization dedicated to stability. Stability is not something that can be simply made into a product, though products (such as stablecoins) can certainly help. If such products were controlled by a single company, the company would, by definition, be prone to prioritize its own profit over the stability provided by the products. And the stable existence of such stability products would be subject to the financial health of the company. If the company were to fail, the products would fail. That is not a stable foundation on which to build stability. Furthermore, stability is not something that could be achieved by a single corporation or by a single nation, since the instability issues that arise in the world typically emerge from the interactions between these entities. Stability is an orthogonal concern that affects all these entities and, therefore, an organization dedicated to stability needs to exist within and across these entities, instead of being yet another separate entity. An order structure allows this. Medieval orders did not have their own feud; instead, their knights existed across feuds in Europe. The Jedi Order did not have its own planet; instead, the Jedi knights existed across planets in the galaxy. Nations come and go. Corporations are created and go bankrupt. But the basic principles that lead to stable co-existence are immutable. Their necessity is permanent. For as long as there are people in the world needing to co-exist stably in the world, there will be people for whom The Stable Order's code of honor resonates and who will take action to make the world more stable. These are the knights of The Stable Order. We are not yet-another startup company that will disappear when the seed capital runs out. We are forever, as we must be to be a stable source of stability. Above all, stability is a state of mind, embodied in our code of honor. # Code of Honor We abide by the following commandments: 1. Bring stability to the world. 2. Refrain from bringing instability to the world. 3. Do not free-ride on the work of other members. 4. Do not seek rent. 5. Protect the order's endeavors from free-riders. 6. Protect the world from rent-seekers. The last four commandments are corollaries of the first two, for free-riding and [rent-seeking](/about-us/the-stable-order/code-of-honor/what-does-it-mean-to-be-non-rent-seeking) are primary causes of instability in the world. # The Task Assignment Corollary: a Guideline As a corollary of our [Code of Honor](/about-us/the-stable-order/code-of-honor), we follow the guidelines below when deciding how we assign ourselves to tasks: * Whenever there is a task to be done and two or more people are interested in being assigned to the task, the more senior member of The Stable Order, as measured by [CAT](/about-us/the-stable-order/cats) balance, has higher priority. * Otherwise, if the task were assigned to a more junior (or even new) member, this could be considered a case of the junior member free-riding on the work of the senior members. * Conversely, senior members should not unreasonably block the assignment of tasks to junior members, especially if junior members are able to execute the task sooner or at lower cost. * Otherwise, this could be considered a case of rent-seeking by the senior members. # What does it mean to be Non-Rent-Seeking? Traditionally, organizations have been classified as either for-profit or not-for-profit. But this classification is too coarse. Objections and negative sentiments against profit are usually not really against profit itself, but against being purely and greedily profit-driven and about engaging in rent-seeking behaviors, which lead to the accumulation of wealth without the creation of new wealth. The expectation of proper profit is justifiable and necessary for any risky endeavor to make economic sense. For instance, if a project has only a 10% chance of success, it only makes sense to invest one's resources on it if the revenue in case of success is at least 10 times the value of the spent resources. The Stable Order is mission-driven. It is not profit-driven, but its activities can be profit-seeking. However, The Stable Order is *not-rent-seeking*. Its activities do not aim to generate revenue beyond what would be considered fair profit for the undertaken risk and into what would be considered economic rent. This is particularly important in the case of autonomous protocols. Since autonomous protocols can run by themselves on a blockchain, it is not justifiable to have a perpetual protocol-level fee going to any entity, because such a fee would be a form of economic rent imposed by this entity, since this entity is not needed for the operation of the protocol and in fact is not creating any new wealth in relation to the operation of the protocol. However, a temporary protocol-level fee that eventually becomes zero, to recover the risk-adjusted development costs of the protocol is an acceptable form of profit. We are, to the best of our knowledge, the first mission-driven, profit-friendly, non-rent-seeking organization in the world. We are pioneering new forms of social organization and their funding to achieve worthy collective goals for the benefit of all. We believe that, in hundreds of years, these new forms of social organization will lead to more stable civilizations. # Algorithmic Decentralization There are two ways of decentralizing control away from a single entity: * Governance-Based Decentralization: replace the single entity by multiple entities that govern together; * Algorithmic Decentralization: replace the single entity by an algorithm, thus having zero entities with governing power. Algorithmic decentralization is superior for many reasons, such as the following: * There is no guarantee that a set of multiple entities will not misbehave in the same way that a single entity could. In fact, if the incentives for misbehavior remain the same, it is quite possible that the multiples entities will collude to misbehave. An algorithm, on the other hand is bound to execute according to its rules. * Depending on how the multiple entities depend on each other, a governance-based decentralized system may be less resilient than a centralized one, because the failure or misbehavior of just one of the multiple entities may suffice to break the system. * There are many theoretical results showing that it is impossible to have perfect voting or preference aggregation procedures. Most procedures are, in fact, quite flawed and do not generate outcomes that correctly reflect the wishes of the whole group. * Truth is not a matter of opinion. It is better to rely on algorithms that provably or empirically achieve the desired outcome than to be subject to the opinions of others regarding what might or might not achieve the desired outcome. * Governance-based decentralization tends to be costly and slow. * Governance-based decentralization remains vulnerable to rent-seeking behaviour. For all such reasons, The Stable Order strongly prefers algorithmic decentralization, both in our protocols and in our own organization. # Types of Members There are primarily two types of members in our order (and a member may belong to both types): * [Knights](/about-us/the-stable-order/knights-and-benefactors/knights) * [Benefactors](/about-us/the-stable-order/knights-and-benefactors/benefactors) # Knights Knights are members who have volunteered their labour to the endeavors of The Stable Order. ## Becoming an Apprentice To become an **apprentice** of The Stable Order, make any contribution to a project of The Stable Order. Apprentices enter a journey to eventually become knights. ## Becoming a Knight To become a **knight** of The Stable Order: 1. Accept our code of honor. 2. Make any contribution to any project of The Stable Order, to become an apprentice. 3. Continue contributing substantially to any project of The Stable Order. * If you would like to start a new project, discuss it with members of The Stable Order first. * Contributions may be in the form of research, software development, marketing, business development, ... * If you don't know how to contribute, contact us in our Discord server. * A substantial contribution is roughly equal to a large summer of code project (about 340h) 4. Notify us of your completed contribution and of your interest to join The Stable Order by sending us a message in our Discord server. * You will be invited to join The Stable Order. Once you become a knight, you will gain access to our private channels, will be able to submit a Contribution Report to receive CATs and will be able to receive funding from benefactors. ## Becoming and Remaining a Paladin A **paladin** is a knight who has remained active in the last 6 months. To become a paladin, just become a knight. To remain a paladin, just continue contributing actively. # Benefactors Benefactors are members who have funded endeavors of The Stable Order. ## Becoming a Benefactor To become a **benefactor** of The Stable Order: 1. Accept our code of honor. 2. Notify us of your interest in becoming a benefactor by sending us a message in our Discord server. * We will jointly choose a task or project that needs funding. 3. Provide funding for the chosen task or project. * You will be invited to join The Stable Order. Once you become a benefactor, you will gain access to our private channels, will be able to submit a Funding Report to receive CATs and will be able to fund knights on projects that are related to stability. # Top Benefactors The Stable Order is grateful for the benefactions it receives. In this hall of fame, we acknowledge and support our top benefactors. ### Top Institutional Benefactors (In an arbitrary order.) * [Ergo Foundation](https://ergoplatform.org/en/) * The Gold Cooperative * [Bloxico](https://bloxico.com/) * [Sigmanauts](https://x.com/Sigmanauts) * [Thespian](https://thespian.eu/) * [SpireBlockchain](https://x.com/SpireBlockchain) * [Balance Analytics](https://x.com/BalanceData22) ### Top Individual Benefactors (In an arbitrary order.) * [filippounits](https://x.com/FilippoUnits) * XupEdd * [Jumei](https://x.com/jmeta) * [Volya](https://x.com/mrrodm1k) * [MGPai](https://x.com/shishirpai) * [error](https://x.com/error12358) * [$conrad](https://x.com/conraddit) And various other benefactors who chose to remain anonymous. # Roles for Members Apprentices and Members of The Stable Order may also obtain additional roles, such as: * [Evangelists](/about-us/the-stable-order/roles-for-members/evangelists) * [Paladins](/about-us/the-stable-order/roles-for-members/evangelists-1) # Evangelists The role of **Evangelist** is an honorary title given to any apprentice or member of The Stable Order who is active in promoting the mission of The Stable Order in social media. We, evangelists of The Stable Order, are never incentivized in any way besides the honorary title itself. This ensures that we are disseminating our message because we believe in it, and not because we are being paid to disseminate it. (Shilling is deceptive, contributes to instability in the world and is incompatible with our Code of Honor.) The role of evangelist can be claimed by any member who, in the past month, performed at least 5 eligible social media actions. The role of evangelist may be lost if the member does not perform at least 5 eligible social media actions in a period longer than 6 months.\ \ The eligible social media actions are: * like and repost/quote a post of our accounts. * post a positive post tagging our accounts. Our accounts are: [StabilityNexus](https://x.com/StabilityNexus), [DjedAlliance](https://x.com/DjedAlliance), [GluonStable](https://x.com/GluonStable), [hodlCoinStaking](https://x.com/hodlCoinStaking). To claim the role, contact the admin of the [Discord server](https://discord.gg/YzDKeEfWtS) of the Stability Nexus. # Paladins The role of **Paladin** is an honorary title given to any Knight of The Stable Order who has contributed at least once in the last 6 months. Our stealth projects are discussed in private channels that are only accessible by paladins. # Grantors, Sponsors and Donors The Stable Order is also open to and grateful for other forms of financial support besides benefaction. We distinguish 3 forms: * Grants - a grant provides funds for a specific project of The Stable Order and is part of a established and possibly competitive grant program. Apart from the execution of the project, which may be beneficial in itself to the grantor, the grantor does not receive anything in exchange for the grant. * Sponsorships - a sponsorship provides funds for an event (co-)organized by The Stable Order. In exchange for the sponsorship, the sponsor receives marketing exposure in the event. * Donations - a donation provides funds for activities of The Stable Order. In contrast to a grant, they are not part of a established grant program. Apart from the execution of the activities funded by the donation, which may be beneficial to the donor, the donor does not receive anything in exchange for the donation. In contrast to benefactions, which are accounted for through [CATs](/about-us/the-stable-order/cats) , none of the forms of financial support above entitle the respective supporters to receive CATs. Furthermore, donors, sponsors and donors, in contrast to benefactors, do not become members of The Stable Order. To support us as a grantor, sponsor or donor, please get in touch with us. # Top Grantors, Sponsors and Donors ### Top Grantors * [Catalyst](https://projectcatalyst.io/) (Cardano's Decentralized Community-Driven Treasury) * [ETC Grants DAO](https://etcgrantsdao.io/) * [Bitmain](https://www.bitmain.com/) * [Antpool](https://www.antpool.com/home?lang=en) * [ETC Cooperative](https://etccooperative.org/) * [Google Summer of Code](https://summerofcode.withgoogle.com/) * [Milkomeda Accelerator](https://www.milkomeda.com/accelerator/) * [dcSpark](https://www.dcspark.io/) * [dlab](https://dlab.vc/) * [Alephium](https://alephium.org/) ### Top Donors * [dcSpark](https://www.dcspark.io/) * [Bitmain](https://www.bitmain.com/) # CATs Contribution Accounting Tokens To ensure that we abide by the third commandment, we use CATs (Contribution Accounting Tokens) to track our contributions and distribute the outcomes of our endeavors fairly to ourselves.\ \ The only way to obtain CATs is by contributing to our endeavors and becoming a member of The Stable Order. Our CATs are not for sale. They are not for investors and speculators. They are pure units of account. {% hint style="info" %} If you are an investor disappointed by the impossibility to buy our CATs, consider becoming a Benefactor instead. {% endhint %} # Our CATs | Token Name | Token Symbol | Blockchain | Token Address or Id | | ------------ | ------------ | ---------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Gluon CAT | Gluon | Ergo | [956bcab1ea3ed40c91bf845fe4f2dee727fe130a95f244a41a6ee7a25f14e23f](https://explorer.ergoplatform.com/en/token/956bcab1ea3ed40c91bf845fe4f2dee727fe130a95f244a41a6ee7a25f14e23f) | | Clowder CAT | CLOWDER | Ethereum Classic | 0x85276E47A70d52eb892Bc92Dd6B87D12b0672E9B | | TNT CAT | TNT | Ethereum Classic | 0x4063c33B6eaAb67461b7a801352341fDa9AAc298 | | Hammer CAT | HAMMER | Ethereum Classic | 0x6F0229786c2d6B6f7a213Be51307Ab03bC3e8cD7 | | HackHub CAT | HACK | Ethereum Classic | 0x746027143cae3b066bA7E5aE8ac7BBF5a974C3A8 | | VouchMe CAT | VOUCHME | Ethereum Classic | 0x75f6aA02d1F0616Ff2C53F2E5Cfd0C060423c41a | | HodlCoin CAT | HODL | Ethereum Classic | 0x96e118995C96dCB3182ec1935AB3B881254C4aEa | For CATs on EVM chains, follow [Metamask's Tutorial on How to Display Tokens](https://support.metamask.io/manage-crypto/tokens/how-to-display-tokens-in-metamask/#how-to-add-a-custom-token) and use the token address provided in the table above. # Swapping CATs CAT holders are asked not to create, contribute to or use liquidity pools for CATs, for the following reasons: * Liquidity pools would cause the price of CATs to fluctuate widely, undermining their intended purpose as pure units of account. * Liquidity pools favor those who swap earlier (who manage to exchange at better prices) and harm those who swap later (who end up having to pay a worse price). Thus, if you use a liquidity pool to swap CATs for something else earlier than another member, you would be profiting more from that liquidity than the other member. This would be a case of free-riding on the other member's work and would be contrary to the third commandment of our code of honor. * Making CATs available in liquidity pools would make them available to investors. But CATs should only be available for knights and benefactors. So, CATs are, by definition and intentionally, very illiquid and difficult to swap. \ \ A Knight of The Stable Order working on a project that has been funded by a benefaction, by a grant, or by a donation may, at the moment of reporting a contribution, choose to immediately swap the CATs the he or she would receive by a corresponding amount from that project's funding. # Djed, the Djed Alliance and The Stable Order All 5 engineers who were part of the initial team that researched and developed the Djed Stablecoin Protocol since 2020 are knights of the Stable Order. Djed was the first collective stability-related endeavor of members of the Stable Order. The Stable Order is the guardian of the Djed Stablecoin Protocol. The Stable Order now has more than 60 members, many of which have joined the Order to work on various implementations of the Djed Stablecoin Protocol. The Djed Alliance is the open union of all people and entities working on stablecoins based on or inspired by the Djed Stablecoin protocol. Not all of them are members of the Stable Order, because some of them do not abide by our code of honor (yet). We strongly encourage them to abide by our code of honor and become members of our order. For users wondering which Djed-based stablecoins to use, The Stable Order strongly recommends preferring those developed by members of The Stable Order instead of those developed by people who choose not to be members of The Stable Order, for the following reasons: * By using a Djed-based stablecoin developed by people who have chosen to become members of The Stable Order: * you can be sure that the stablecoin was developed with the expertise of The Stable Order. This expertise goes beyond what others can learn by simply reading papers and copying code. * the researchers and developers who created the Djed Stablecoin Protocol, will be fairly rewarded for their work, thanks to the third commandment, and this will support the future evolution of the protocol. * By using a Djed-based or Djed-inspired stablecoin by people who have chosen not to become members of The Stable Order, you may be supporting free-riding and rent-seeking actions that ultimately contribute to instability in the world. The Stable Order's endeavors are not limited to Djed and the Order's scope is broader than stablecoins. # Join The Stable Order Join by: * [Becoming a Knight](/about-us/the-stable-order/knights-and-benefactors/knights#becoming-a-knight). * [Becoming a Benefactor](/about-us/the-stable-order/knights-and-benefactors/benefactors#becoming-a-benefactor). # Apprenticeship The Stable Order has an apprenticeship program for students. **Eligibility Criteria:** * To be a student enrolled in a high school, technical school or university. * There are no restrictions w\.r.t. the topics you are studying. * There are no restrictions on the level of studies. MSc and PhD students are welcome too. * To abide by our [code of honor](/about-us/the-stable-order/code-of-honor). * To be willing to dedicate a non-negligible amount of time to one of our projects. **What you can expect to get from The Stable Order during the apprenticeship:** * Mentorship * Members from The Stable Order who have been working on the projects one which you will work will discuss your tasks with you and will review your pull requests. * The "Apprentice of The Stable Order" role in our [Discord server](https://discord.gg/fuuWX4AbJt), granted after your first contribution is accepted (e.g. when you have a pull request accepted). * The opportunity to work on projects that are making the world more stable. **What you can expect to get from The Stable Order after successful completion of the apprenticeship:** * A certificate of completion, with all the information necessary to satisfy the requirements of your school or university. * The "Knight of The Stable Order" and "Member of The Stable Order" in our [Discord server](https://discord.gg/fuuWX4AbJt). * [CATs](/about-us/the-stable-order/cats) **Application Process:** * Join our [Discord server](https://discord.gg/fuuWX4AbJt). * Send a message there expressing your interest to participate. * Be patient waiting for a reply. # Would you like a job? We are frequently contacted in Telegram and in Discord by people wanting a job. We are not a company. We do not have jobs. We are an [order](/about-us/the-stable-order/the-meaning-of-order). We are a group of people working together for a cause, mostly without any funding. Some of our projects may generate revenue or may receive grants, donations or benefactions. When this occurs (as you can see in our list of [funded projects](/about-us/fund-us/funded-projects)), the funding goes to those who have been contributing to those projects. So, while it is not possible to have a job, it is possible though not guaranteed to receive liquid funding for contributions to our projects. In line with the [task assignment corollary](/about-us/the-stable-order/code-of-honor/the-task-assignment-corollary-a-guideline) of our [code of honor](/about-us/the-stable-order/code-of-honor/the-task-assignment-corollary-a-guideline), long-term contributors are more likely to work on funded projects. Therefore, if you would like to have a higher chance to receive liquid funding some day, start contributing to our projects, join [The Stable Order](/about-us/the-stable-order/join-the-stable-order) and work hard like the rest of us to obtain revenue, grants, donations and benefactions. # Are you a marketing agency interested in promoting our work? We are regularly contacted by marketing agencies in Discord and Telegram, interested in promoting our work. We appreciate the interest! Please note the following: * We value marketing activities. * Several of our [knights](/about-us/the-stable-order/knights-and-benefactors) contribute through marketing activities and are rewarded for such activities with [CATs](/about-us/the-stable-order/cats), which may be swapped for liquid cryptocurrencies in the case of [funded projects](/about-us/fund-us/funded-projects). * Some of our [benefactors](/about-us/the-stable-order/knights-and-benefactors/benefactors/top-benefactors) and [grantors](/about-us/the-stable-order/grantors-sponsors-and-donors) have funded marketing projects. * You are welcome to [join us](/about-us/the-stable-order/join-the-stable-order) and contribute and be rewarded as everybody else. * We don't have a central treasury and we don't have a "chief" who could decide to spend money from it to pay for your services. All our liquid money comes from funded projects and must be spent according to the funded project's constraints. * Making your services part of a funded project will require that we apply for a grant or a benefaction together. The easiest way to establish the trust necessary for a successful application is for you to join us and contribute. * We don't have a "chief" with whom you have to talk first to get permission to contribute. * Just go ahead and contribute. Start small to experience and understand how it works. * Our [code of honor](/about-us/the-stable-order/code-of-honor) requires us to reward you for your contributions. We will not free-ride on your work. * We will never pay or reward anyone to [shill](https://en.wikipedia.org/wiki/Shill). * Shilling is deceptive and does not contribute to stability. * We will never gamify engagement in social media. * We are creating an open marketing approach along the principles summarized above. Join us to shape and improve this approach so that it fits everyone's needs. We welcome feedback to improve it. # Stable Nest Stable Nest is the program of The Stable Order that nurtures its new projects as well as the people who contribute to these new projects. It is The Stable Order's own take to similar concepts such as incubators, venture studios, startup factories, … The Stable Nest's primary sources of funding are grants, hackathon prizes, stipends and benefactions. The guidelines of the Stable Nest for managing funds and distributing funds to projects in the nesting phase are inspired by Google Summer of Code. Google Summer of Code has been operating successfully for more than 20 years, and the Stable Nest's admins have been participating in Google Summer of Code for 15 years.
# Hatching Requirements A project that is **nesting** through the Stable Nest program can be considered **hatched** when all of the following requirements are satisfied: * [ ] Smart contracts must be thoroughly reviewed by at least 2 knights of The Stable Order. * [ ] Smart contracts must be deployed on: Ethereum Classic, Ethereum, Polygon, BSC, Base. * [ ] The project must have a logo. * [ ] The project must have a favicon. * [ ] The frontend must have proper title and metadata. * [ ] The frontend must have proper open graph metadata, to ensure that it is shown well when shared in social media (Discord, Telegram, Twitter, LinkedIn). * [ ] The frontend must have a footer, containing the Stability Nexus's logo and pointing to the social media accounts of the Stability Nexus. * [ ] The frontend must be deployed under a https\://\.stability.nexus domain. * [ ] The project's repos should contain ReadMe files according to [this ReadMe template](https://github.com/StabilityNexus/Template-Repo/blob/main/README.md). * [ ] The project must be listed in . # CAT Allocation Guidelines As for any project of The Stable Order, contributors receive CATs (Contribution Accounting Tokens). Each project has its own CAT. CATs are created by The Stable Order and received by contributors when the projects complete all the [hatching requirements](/about-us/stable-nest/hatching-requirements). A project that is part of the Stable Nest has three types of contributors: Ideators, Mentors, Developers. A single person may fulfill multiple roles. To ease estimation, projects in the nesting stage use the following tables as guidelines.
SizeApproximate Number of Hours to BuildTotal CATs for All Contributors
Small90h24000
Medium180h48000
Large360h96000
| Contributor Type | Percentage of CATs | | -------------------------------- | ------------------------------ | | Ideators | 25% (inspired by the 25% rule) | | Mentors | 10% | | Software Developers or Designers | 65% | These tables are intended as guidelines. Teams are allowed to deviate from these guidelines. If contributors disagree about any deviation, the final decision is made by the Stable Nest's admins. # Funding Distribution Guidelines When the Stable Nest's projects obtain funding from any source, it is distributed as follows: | Receiver | Percentage | Purpose | | ------------------------------------------- | ---------- | --------------------------------------------------------------- | | The Stable Order | 9% | Management and marketing of The Stable Order | | Stable Nest | 6% | Management of the Stable Nest and of its Summer of Code program | | Fundraisers | 0% – 5% | Reward for those who helped in fundraising | | Projects involved in the fundraising effort | 85% – 80% | Swap of CATs at a rate of 12 CATs per $1 | Swaps are pro-rated according to the balances of the contributors. To ensure that contributors remain significant CAT holders, it is recommended that contributors do not swap more than 60% of his/her CATs. Any surplus funds may be used at the Stable Nest's discretion, preferably to fund further activities of the same project but also to fund new projects of the Stable Nest, preferably by the same contributors, or for the Nest Summer of Code program.
# The Djed Alliance The Djed Alliance is the open union of all stablecoins based on the [Djed Stablecoin Protocol](/stablecoins/djed-overview), which was researched and developed by members of [The Stable Order](/about-us/the-stable-order). Djed-based or Djed-inspired stablecoins have been [implemented](/stablecoins/djed-overview/implementations) in multiple languages and [deployed](/stablecoins/djed-overview/deployments) to various blockchains. ### Official Links **Home Page:** **GitHub:** **Medium:** [https://medium.com/DjedAlliance/](https://medium.com/DjedAlliance) **Discord:** **Twitter:** **Email:** # The Stability Research Network # Papers
TitleDateAuthorsComments
Potential Points of Failure of Stablecoins2023-07-25Michi Kakebayashi, Ali Nejadmalayeri, Andrea Bracciali, Bruno Woltzenlogel Paleo, Chloe White, Gary Weinstein, Jarek Nabrzyski, Ken Katayama, Leon Molchanovsky, Masato Yamanaka, Mitchell Travers, Tomonori Yuyama, Yuko KawaiIn collaboration with the Blockchain Governance Innitiative Network.
Formalization of Blockchain Oracles in Coq (Slides, Recording)2023-06-12Mohammad Shaheer, Giselle Reis and Bruno Woltzenlogel PaleoAccepted at TYPES and as a presentation paper at LPAR.
Stablecoin2023-05-31Bruno Woltzenlogel PaleoInvited Chapter in the Encyclopedia of Cryptography, Security and Privacy.
Djed: A Formally Verified Crypto-Backed Autonomous Stablecoin Protocol2023-05-03Joachim Zahnentferner, Dmytro Kaidalov, Jean-Frédéric Etienne, Javier DíazAccepted at the IEEE International Conference on Blockchain and Cryptocurrency.
Stablecoins - Past, Present and Future2022-10-19Ali Nejadmalayeri, Leon Molchanovsky, Bruno Woltzenlogel Paleo, Rodney W PrescottIn collaboration with the Blockchain Governance Innitiative Network.
Djed: A Formally Verified Crypto-Backed Pegged Algorithmic Stablecoin2021-08-23Joachim Zahnentferner, Dmytro Kaidalov, Jean-Frédéric Etienne, Javier DíazDescribes the Minimal and Extended Djed protocols.
# Presentations
TitleDatePresenterComments
A Pegged and Crypto-Backed Algorithmic Stablecoin2021-01-23Dr. Bruno Woltzenlogel Paleo40-min technical video.
Announcing the Release of Agenor2021-01-23Robert Kornacki30-min video about Agenor, the first implementation of the protocol.
Overview of Agenor's Smart Contracts2021-01-23Amitabh Saxena35-min technical video about the Ergoscript contracts of SigmaUSD.
Djed Stablecoin on Cardano2021-10-27David6-min non-technical video.
Stablecoins Panel Discussion2022-08-02Dr. Bruno Woltzenlogel Paleo48-min long panel discussion with Circle/USDC in the BGIN Block #6 Conference at the University of Zürich.
Ideas for Improvements of the Djed Stablecoin Protocol2022-08-11Dr. Bruno Woltzenlogel Paleo37-min technical video at the Ergo Summit.
Formalization of Blockchain Oracles in Coq2023-06-12Prof. Giselle Reis23-min technical video at the TYPES conference.
hodlCoin: a Financial Game2023-07-02Dr. Bruno Woltzenlogel Paleo12-min video unveiling the hodlCoin protocol
Gluon W±2023-07-03Dr. Bruno Woltzenlogel Paleo12-min video about Gluon W Protocol.
Gluon, Djed, Ergo Dev Update2024-02-04qx() and Dr. Bruno Woltzenlogel Paleo60-min conversation about Djed and Gluon
Blueshift AMA2024-03-21Dr. Bruno Woltzenlogel PaleoTwitter Space about the Djed Alliance
Testnet Demo of Gluon Gold on Ergo2024-03-21Dr. Bruno Woltzenlogel Paleo5-min demo of Gluon Gold on Ergo's Testnet
Cardano Japan IdeaFest2024-05-14Dr. Bruno Woltzenlogel Paleo6-min pitch of Catalyst proposals of the Stable Order
Proof of Integrity Twitter Space2024-05-17Dr. Bruno Woltzenlogel Paleo60-min Twitter Space about Djed and the 6 Catalyst proposals
Gluon Gold on Ergo: Development Update2024-07-03Dr. Bruno Woltzenlogel Paleo 15-min video presenting recent progress and future plans for Gluon Gold on Ergo
Learn Cardano Podcast's Interview about Catalyst Proposals2024-07-07Dr. Bruno Woltzenlogel Paleo24-min Interview about Djed, Gluon, hodlCoin and the 6 Catalyst proposals of The Stable Order
Dapp Central's Interview about Catalyst Proposals2024-07-09Dr. Bruno Woltzenlogel Paleo38-min Interview about Djed, Gluon, hodlCoin and the 6 Catalyst proposals of The Stable Order
Gold On-Chain2024-08-09Alexander Chepurnoy, qx() and Dr. Bruno Woltzenlogel Paleo60-min Twitter space about Gluon Gold on Ergo, dexyGold, Ergo's gold oracle and gold-pegged stablecoins in general.
Ethereum Classic Stable Dollar2024-09-04Dr. Bruno Woltzenlogel Paleo, Andrea Dal Mas, Xmei Lin and David Kim60-min Twitter space about Ethereum Classic Stable Dollar's Launch
Bene FundRaising Platform2025-11-14Dr. Bruno Woltzenlogel Paleo10-min presentation for the Ergo Hackathon
# Our History ## Context The cryptocurrency industry was born with the goal to build decentralized forms of money. However, for an asset to actually be able to perform the functions of money as a unit of account, a store of value and a means of exchange, its price must be stable. This is why as early as at least 2014, various stablecoin protocols were already being proposed, although it was only around 2018 that the adoption of stablecoins really started to take off. Stablecoins are crucial for the cryptocurrency industry, not only due to the industry's primordial goal, but also because they are a foundational component in decentralized finance (DeFi). ## The Beginning (2020) By 2020, much had been learned from previous stablecoin designs, their strengths and weaknesses. Humbly leveraging these learnings, the creation of a new stablecoin protocol, with simplicity and transparency as key design goals, started in 2020 by a collaboration team comprising researchers and engineers who were then affiliated with[ Ergo](https://ergoplatform.org/en/),[ Emurgo](https://emurgo.io/) and[ Input Output](https://iohk.io/): Dr. Bruno Woltzenlogel Paleo (a.k.a. Zahnentferner), Alexander Chepurnoy (a.k.a. Kushti), Nicolas Arqueros and Robert Kornacki. Implementations for the Ergo and Cardano ecosystems were planned and they were provisionally named, respectively, AgeUSD and BelUSD after the Egyptian myth of the twin brothers[ Agenor](https://en.wikipedia.org/wiki/Agenor) and[ Belus](https://en.wikipedia.org/wiki/Belus_\(Egyptian\)). ## First Deployment - SigmaUSD on Ergo (2021) In February 2021, the first production-ready implementation, with ErgoScript smart contracts developed by Amitabh Saxeena, backend developed by Robert Kornacki and UI developed by anon-real, was deployed by Darkside to the Ergo blockchain under the name SigmaUSD (instead of AgeUSD). It survived all the cryptocurrency industry's market crashes since its launch without losing its stability. Ergo is a next-generation smart contract platform that ensures the economic freedom of ordinary people through secure, accessible and decentralized financial tools. Notably, Ergo uses Proof-of-Work and UTxO (like Bitcoin), but extends it in a way that makes it possible and convenient (unlike Bitcoin) to develop expressive smart contracts. SigmaUSD is, to the best of our knowledge, the first deployment of a stablecoin protocol on a UTxO-based blockchain, and SigmaUSD was the first major decentralized application developed on Ergo, paving the way for Ergo's current vibrant and innovative DeFi ecosystem. ## First Paper and the "Djed" Name (2021) Research and development progressed in parallel with daily asynchronous communication among all researchers and engineers in the initial collaboration team. Research was led by Zahnentferner, who was soon joined by Dr. Dmytro Kaidalov. Although the abstract mathematical specification of the minimal version of the protocol was ready as early as Q4 2020, stating and proving the stability theorems took several months. In Q2 2021, Zahnentferner and Dr. Kaidalov were joined by Javier Díaz and Dr. Jean-Frédéric Etienne, who were responsible, respectively, for the formal verification and bounded model checking of the protocol. In July 2021, the[ technical white paper](https://eprint.iacr.org/2021/1069) was released to the public and Zahnentferner named the protocol Djed, after an[ ancient Egyptian pillar-like symbol representing stability](https://en.wikipedia.org/wiki/Djed). ## Implementations in Solidity and Plutus (2021 -- 2022) In 2021, some of the engineers from the original collaboration team founded[ dcSpark](https://www.dcspark.io/), a major player in the Cardano ecosystem, especially in the area of developer tooling and wallets. They built [Milkomeda](https://milkomeda.com/), the EVM-compatible sidechain of Cardano, with all the necessary ingredients for a seamless and frictionless experience for Solidity developers to build projects for the Cardano ecosystem. Together with[ VacuumLabs](https://vacuumlabs.com/) and one other anonymous entity, and a grant from Cardano's decentralized Catalyst grant, they implemented the Djed stablecoin protocol in the Solidity smart contract language and deployed it to a testnet of Milkomeda in February 2022.\ \ In 2021 and 2022, Input Output and[ COTI](https://coti.io/) developed an implementation of Djed in the Plutus smart contract language for Cardano, a top Proof-of-Stake UTxO-based blockchain. Input Output is the main company developing Cardano and the Plutus language. This implementation counted with Djed whitepaper co-author Dr. Jean-Frédéric Etienne as the main developer and it demonstrates several major features and design patterns of Plutus. ## The Creation of the Djed Alliance (2022) In February 2022, Zahnentferner founded the Djed Alliance. Its goal is to bring reliable stability to the cryptocurrency industry and its main approach to achieve this mission is to foster the evolution and adoption of the Djed stablecoin protocol and to support implementations and deployments of the protocol. The Djed Alliance is an open network. All it takes to be part of it is to have contributed to the Djed stablecoin protocol in some form and to collaborate with others in the alliance towards the alliance's mission. ## Djed Osiris (2022) In Q3 and Q4 of 2022, contributors from[ Bloxico](https://bloxico.com/) and[ AOSSIE](http://www.aossie.org) (together with dcSpark and VacuumLabs) refactored the Solidity implementation for Milkomeda to a new version (Osiris) of the protocol, taking into account lessons learned from Ergo's SigmaUSD's two years of success and paving the way for deployments on various EVM-compatible blockchains, including Milkomeda. ## Thought Leadership and Technical Research on Stablecoins (from 2022) From 2022, the Djed Alliance has been establishing itself as thought leader in stablecoins by publishing[ study reports](broken://pages/jqD4vbhdJuba4f0QneMO) in collaboration the[ Blockchain Governance Initiative Network (BGIN)](https://bgin-global.org/), delving into regulatory and wider social aspects of stablecoins. On the technical side, a research collaboration between Dr. Zahnentferner and Prof. Giselle Reis and her students from[ CMU Qatar](https://www.qatar.cmu.edu/), to investigate variants of Djed as well as formally verified oracles started in Q2 2022 and is currently ongoing. It has already resulted in various [papers](/about-us/the-stability-research-network/technical-papers) and [presentations](/about-us/the-stability-research-network/presentations), and culminated on a [Sui Academic Research Award](https://sui.io/research-awards) by the Sui Foundation in Q4 2023. In February 2023, after a long and thorough peer-review process, an academic paper about the minimal version of Djed, authored by Zahnentferner, Dmytro Kaidalov, Javier Díaz and Jean-Frédéric Etienne, was accepted at the[ IEEE International Conference on Blockchain and Cryptocurrency](https://icbc2023.ieee-icbc.org/authors/call-papers). In July 2023, [Gluon](/stablecoins/gluon-overview), a new stabilization protocol has been partially unveiled. ## Deployments on Cardano (2023) The first half of 2023 saw two new deployments of Djed-based or Djed-inspired stablecoins on the Cardano ecosystem. The first one was Djed powered by COTI, based on the above-mentioned Plutus implementation. The second one was Milkomeda Djed Osiris, based on the above-mentioned Solidity implementation. ## HodlCoin (2023) In 2023, Dr. Bruno Woltzenlogel Paleo invented hodlCoin, a staking protocol with a self-stabilizing effect due to a mechanism that disincentivizes staking and mathematical proof that this mechanism causes the price to always increase. This protocol was implemented and deployed on Ergo by pulsarz and later by mgpai and lgd as well. This marked our organization's expansion beyond stablecoins. ## Gluon Research (2023) A new family of stabilization protocols, named Gluon, started being researched by Dr. Bruno Woltzenlogel Paleo. Gluon is an entirely new type of stablecoin protocol, that fissions existing assets into their stable and volatile components, instead of attempting to issue new assets. ## Zephyr (2023) In the second half of 2023, a fourth Djed stablecoin was launched and named Zephyr, after the ancient Greek god of the west wind. Zephyr is a *private stablecoin*, *c*ombining the privacy features of Monero with the stability of Djed. Furthermore, it is the first time that the Djed protocol has been implemented natively in a blockchain's ledger rules. Zephyr is also based on a new variant version of Djed (named Shu) that takes not one but two oracles into account, one providing the latest price and one providing a moving average of the price, in order to be more resilient against potential oracle delays and price manipulations. ## The Stable Order and the Stability Nexus (2024) The continuing growth and organizational maturity of the [Djed Alliance](/about-us/the-djed-alliance) led to the formation of [The Stable Order](/about-us/the-stable-order) and the [Stability Nexus](/). The Djed Alliance continues to exist as the union of all teams working on Djed-based stablecoins and its mission is narrowed down to be focused on the Djed stablecoin protocol only. The Stable Order creates and abides to a code of honor for collaborative work towards greater stability in the world. And the Stability Nexus becomes the most general and open set of people connected around the concept of Stability. ## HodlCoin's Expansion to Alephium (2024) In the first half of 2024, hodlCoin was implemented and deployed on the Alephium blockchain. ## Ethereum Classic Stable Dollar (2024) In 2024, supported by a grant from the ETC Grants DAO, funded by Bitmain, Antpool and the ETC cooperative, The Stable Order developed Ethereum Classic Stable Dollar, the 5th Djed-based stablecoin and the first on an EVM-compatible main chain. Ethereum Classic is also the first ever EVM-compatible chain, upholding the original values of the cryptocurrency movement (immutability, algorithmic decentralization, code is law, ...), which are deeply aligned with the principles of The Stable Order. ## Gluon Gold on Ergo (2024) After about a year of development, the first implementation of the Gluon W protocol was completed in Ergoscript and launched on Ergo with a peg to Gold. This is the first autonomous gold-pegged crypto-backed stablecoin ever. ## The Future The Stable Order and the Djed Alliance keep growing beyond the original collaboration team and we welcome new collaborators who would like to work together to achieve our mission.
# Fund Us Support our work! The Stable Order is open to various forms of funding, such as: * Benefactions * Grants * Sponsorships * Prizes * Research Awards * Donations To date, we have been supported by entities associated with the following blockchains: * Ergo * Cardano * Ethereum Classic * Milkomeda * Sui * Alephium We have completed numerous [Funded Projects](/about-us/fund-us/funded-projects) with the support we have received. We are grateful for the support we have been receiving. And we are committed to achieving the purposes for which support is received. If you care about stability, support our work! # Donate! The Stable Order is part of [AOSSIE](https://aossie.org/), a not-for-profit charity registered with and regulated by the [Australian Charities and Not-for-profits Commission](https://www.acnc.gov.au/) . To donate to support our missions, make transfers to the following addresses: * BTC on Bitcoin: * bc1q4k6wxj0qwjp273g7wuhes0m7rjz8z9zcntfdpw * ERG or any native token on Ergo: * 9fxWkKvtYD14p6sKgztLfGJQMCxHaimEYm2YntT8wnWFKSK6Fvb * ADA or any native token on Cardano: * addr1qy77zgau4ej0xphj4ff3qdpa5fcygez7zfjw286v579hmhcynhc0lgthf342exnva3exgwup7dhsxkxcew490hm8sdws9vh36a * ETH or any native currency on any EVM-compatible chain: * 0xa0CcB66159c2a4f579E227B5D6dE86F2e79F4878 * Any ERC20 token on any EVM-compatible chain: * 0xa0CcB66159c2a4f579E227B5D6dE86F2e79F4878 Get in touch with us to donate through any other method not listed above. # Funded Projects The following of our projects have received funds for their execution:
ProjectStatusFund Sources
Hammer Auction House on Ethereum ClassicCompletedETC Nova
VouchMe on Ethereum ClassicCompletedETC Nova
HackHub on Ethereum ClassicCompletedETC Nova
TNT on Ethereum ClassicCompletedETC Nova
Djed Shu on Ethereum ClassicIn ProgressETC Nova
Treee on Ethereum ClassicCompletedETC Nova
hodlCoin on Ethereum ClassicCompletedETC Nova
Clowder on Ethereum ClassicCompletedETC Nova
Audit of the Implementation of Gluon for ErgoCompletedBenefactions from the Ergo community through the Bene Proof-of-Funding Fundraising platform
Bene Fundraising Platform for EVM-Compatible ChainsCompletedHackathon Prize by Citrea via the Encode Hackathon
Bene Fundraising Platform for ErgoCompletedHackathon Prize by Ergo
Destiny Protocol on AlephiumCompletedHackathon Prize by Alephium
Ergo Stablecoins Marketing CampaignsNot yet StartedGrant by the Ergo Foundation
Gluon Paper and Formal VerificationCompletedGrant by Cardano's Catalyst Fund
Gluon SDK - TransmutationsCompletedBenefactions through an Ergo Raffle by XupEdd, TheStophe, Navip and many other anynoymous benefactors
Gluon SDK - Fission and FusionCompletedBenefactions through an Ergo Raffle by XupEdd, Jumei, The Horticulturalist, Navip, GabGno and Cannon_q
Djed Shu ImplementationCompletedGrant by Google Summer of Code
StablePayCompletedGrant by Google Summer of Code and grant by Cardano's Catalyst Fund
hodlCoin on AlephiumCompletedHackathon Prize by Alephium
Formally Verified OraclesCompletedResearch Award Grant by the Sui Foundation.
Ethereum Classic Stable DollarCompletedGrant by the ETC Grants DAO
Djed Alliance Ecosystem BoostCompletedGrant by Cardano's Catalyst Fund
Gluon MVP Implementation on ErgoCompletedDonation by the Gold Cooperative
Gluon Logo Design ContestCompleted

Benefactions by the Gold Cooperative, the Sigmanauts, filippounits, SpireBlockchain, Balance Analytics,

Volya, MGPai, error, $conrad

Implementation of Djed in Solidity and Deployment on Milkomeda's TestnetCompletedGrant by Cardano's Catalyst Fund
SigmaUSD ImplementationCompletedBenefaction by the Ergo Foundation
Become a benefactor, grantor or donor to enable us to complete more projects more quickly! # Unstoppable Hackathon ## 1. Event Overview The **Unstoppable Hackathon** is a 33-hour, in-person innovation sprint hosted at **LNMIIT, Jaipur**, bringing together student developers and researchers to build open-source solutions that strengthen decentralised systems. The hackathon focuses on high‑impact blockchain infrastructure, stability research, and collaborative open-source development. **Dates:** 13 December, 9:00 AM – 14 December, 6:00 PM **Venue:** [LNMIIT, Jaipur](https://lnmiit.ac.in/) **Format:** In‑person only **Team Size:** Up to 3 members **Eligibility:** Students only **Registration Fee:** None **Total Prize Pool:** $9,000 **Prizes and stipends will be paid in liquid cryptocurrencies.** *** ## 2. Sponsoring Organisations This event is sponsored by: * [**AOSSIE**](https://aossie.org/) * [**Stability Nexus**](https://docs.stability.nexus/) * [**Djed Alliance**](https://djed.one/) * [**CML-BDA**](https://lnmiit.ac.in/coe/cmlbda/) * [**Ergo Platform**](https://ergoplatform.org/en/) These organisations support the hackathon's mission to promote technical excellence, resilience in decentralised systems, and sustainable open-source development. *** ## **3. Themes & Tracks** ### **Innovation Track** Teams of up to **3 members** can develop new projects that are **unstoppable, serverless, backend-free**, and technically innovative. The topic should relate to **economic, financial, or social stability** in a meaningful manner. Participants are encouraged to consult with the Organizing Team to ensure that their proposals align with the scope of this hackathon. **Important:** **All Innovation Track projects must be started from scratch during the Hackathon. Any project found to be previously developed or significantly prepared in advance may be disqualified.** A selected number of teams will be invited to deliver a **final pitch** at the conclusion of the event. The pitch should include a **presentation and a functional demo** of up to **10 minutes**. Following a thorough evaluation, **one winning team** will be announced a few days after the Hackathon. **Innovation Track – Awards** * 1 Spring of Code Spot ($1,500) * 1 Trophy Soulbound NFT * 1 Certificate > During the hackathon, issues will not be assigned to teams in advance. However, teams are strongly encouraged to leave a comment on an issue to indicate that they have begun work on it. This will help prevent duplicate efforts, enable smoother collaboration, and allow teams to coordinate more effectively. *** ### **Open Contribution Track** Teams of up to **3 members** may also participate by resolving issues and tasks in repositories provided by participating sponsors. Contributions should be submitted in the form of pull requests. All tasks will be announced **on the day of the Hackathon**, ensuring fairness and preventing pre-solving. A team’s score will depend on the difficulty of completed issues: * Hard – 100 points * Medium – 50 points * Easy – 10 points A team’s final score is normalized by dividing the total points by the number of members. Teams will be ranked according to this normalized score. All submitted pull requests will be thoroughly reviewed and merged within **D2 days**. For inspiration, participants may **refer to the curated collection of hackathon task ideas by Stability Nexus** (Hackathon Task Ideas – available at: docs.stability.nexus/about-us/hackathon-task-ideas). **Open Contribution Track – Awards** Top teams (ranked by normalized score for merged PRs) will receive: * **3 Gold Awards** * 1 Spring of Code Spot ($1,500) each * Gold Medal Soulbound NFT * Certificate * **3 Silver Awards** * $210 each * Silver Medal Soulbound NFT * Certificate * **3 Bronze Awards** * $120 each * Bronze Medal Soulbound NFT * Certificate * **40 Honorable Mentions** * Certificate *** ### **General Notes** * At least **one Spring of Code spot** will be awarded to a team that either: * builds a new project on **Ergo**, or * contributes to issues or tasks of an existing **Ergo project**. * This is a new type of hackathon, and we may continue refining these rules as needed. The Organizing Team also reserves the right to decide on eligibility, interpret the rules, and make final judgments in unforeseen situations, always aiming to maintain fairness. *** ## 4. Schedule Below is the tentative event schedule: | Date | Time | Activity | | -------------------------------- | ------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------- | | **13 December** | 9:00 AM | Registration & Check-In | | | 10:00 AM | Opening Ceremony & Orientation | | | 11:00 AM | Hacking Begins | | | 1:00 PM | Lunch Break | | | 2:00 PM – 8:00 PM | Hacking | | | 8:00 PM | Dinner | | | **9:00 PM** | **Review of In-Progress Projects** | | | 10:00 PM Onwards | Overnight Hacking | | **14 December** | **10:00 AM** | **Submission Deadline** | | | 10:00 AM | Brunch | | | 10:00 AM – 2:30 PM | **Internal Evaluation + Shortlisting** | | | 3:00 PM onwards | **Closing Ceremony + Finalist Pitching & Demos** | | **15 December (Optional Event)** | — | [The First Stability Workshop](https://workshop.stability.nexus/) hosted at LNMIIT. Accommodation and meals for this extra day are **NOT** included. | > Note: This is a tentative schedule and the Organising Team reserves the right to modify timings or activities as required to ensure smooth execution of the Hackathon. *** ## 5. Mentorship & Guidance The hackathon provides participants with direct access to experienced experts throughout the 33-hour sprint. **Dr. Bruno Paleo**, founder of AOSSIE, Stability Nexus, and the Djed Alliance, will be present on campus to work closely with teams. His guidance is especially valuable for projects focused on enhancing stability in decentralised systems. *** ## **6. Prizes & Opportunities** The Unstoppable Hackathon provides a total value of approximately **USD 9,000** in mentorship, recognition, and advancement opportunities. The emphasis is intentionally placed on long-term growth rather than short-term cash incentives, with the objective of supporting continued development, open-source engagement, and professional visibility for participating teams. *** ### **Prize Structure** | **Prize Category** | **Details** | **Reward** | | ------------------------------------ | ------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------- | | **Innovation Track Winner** | Original project initiated during the event; final pitch and demo; one winning team. | **1 Spring of Code Position + Trophy SBT + Certificate** | | **Open Contribution Gold Awards** | Top 3 teams by normalized score for merged PRs. | **1 Spring of Code Position (USD 1,500) each + Gold Medal SBT + Certificate** | | **Open Contribution Silver Awards** | Next 3 highest-ranked teams. | **USD 210 each + Silver Medal SBT + Certificate** | | **Open Contribution Bronze Awards** | Next 3 highest-ranked teams. | **USD 120 each + Bronze Medal SBT + Certificate** | | **Honorable Mentions** | 40 teams selected based on overall contribution activity and impact. | **Certificate** | | **Spring of Code Program** | Structured 12-week mentorship and incubation to advance open-source work. | **USD 1,500 per position awarded** | | **Participant Experience & Support** | Meals, workspace, facilities, and resources enabling focused participation. | **Remaining allocation** | We want you to walk away from the Unstoppable Hackathon not just with prize money, but with direction, mentorship, and a community behind you, so your ideas don’t end when the event does, they begin. *** ## 7. **Spring of Code (SoC)** The Spring of Code (SoC) is a structured, 12-week open-source mentorship program for hackathon winners, designed to help participants develop their projects into fully deployable solutions. The program is similar in structure to **Google Summer of Code (GSoC)**, providing expert mentorship, hands-on development experience, and a lucrative stipend to incentivize sustained engagement and high-quality outcomes. SoC fosters collaboration, professional growth, and long-term contributions to the open-source ecosystem. ## **Program Timeline:** | **Date** | **Activity** | **Description** | | ----------------------- | ------------------------- | --------------------------------------------------------------------------------------------------------------------------- | | **13–14 December 2025** | **Hackathon Event** | **Main hackathon with participants, workshops, and project submissions.** | | **15 January 2026** | **Spring of Code Begins** | **Start of the 12-week program for winners to develop and deploy full projects.** | | **24–28 February 2026** | **Mid-Term Evaluation** | **Review of project progress, mentoring feedback, and distribution of 50% of the prize allocation.** | | **7–11 April 2026** | **Final Evaluation** | **Completion review, final mentorship feedback, and distribution of the remaining prize allocation for deployed projects.** | > Note: These dates are tentative, and the Organising Team reserves the right to adjust them as necessary. Any updates will be communicated to participants in advance. *** ## 8. Judging Criteria Projects will be evaluated using a structured framework designed to highlight innovation, technical depth, and long-term relevance. The judging process values thoughtful engineering, clarity, and the potential for real-world adoption. ### **Judging Framework** | Criterion | Description | | ------------------------- | ------------------------------------------------------------------------------------ | | **Innovation** | The originality of the idea and creativity in solving the chosen problem. | | **Technical Depth** | Quality of system architecture, implementation rigour, and engineering complexity. | | **Stability Focus** | Contribution to robustness, reliability, and stability within decentralised systems. | | **Documentation Quality** | The clarity, structure, and usefulness of documentation for future contributors. | | **Sustainability** | Feasibility for long-term maintenance, adoption, and open-source integration. | | **Vision Alignment** | How well the project reflects and supports the mission of sponsoring organisations. | *** ## 9. Rules & Participation Guidelines * Teams must consist of **up to 3 members**. * Only **students** may participate. * All work must be created during the hackathon duration. * External libraries, frameworks, and public datasets may be used. * Presence in outdoor campus areas is not permitted from 12:00 AM to 6:00 AM. *** ## 10. Submission Requirements Each team must submit: * GitHub repository link * README with setup instructions * Architecture/technical overview * Problem statement & solution summary * Presentation deck * Demo Video ( Please make sure the quality of the demo video is above 720p ) *** ## 11. Accessibility, Amenities & Infrastructure | **Category** | **What’s Provided** | | --------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Accessibility & Support** |

• Volunteer assistance
• Accessible working spaces
• Resting zones
• Medical assistance on campus

| | **Food & Amenities** |

• Meals will be provided during the hackathon.
• Water stations across the venue
• Dedicated Resting Zones
Note: Food & stay are not covered for the 15 Dec workshop
Note: Personal Rooms will not be provided

| | **Infrastructure & Tools** |

• High-speed internet
• On-campus power & working stations
• Collaboration areas

| *** ## 12. Safety, Conduct & Integrity The event maintains a zero-tolerance policy for: * Harassment or discrimination * Plagiarism or academic dishonesty * Unauthorized access to systems or networks * Sabotage of other teams’ work Participants are responsible for: * Maintaining a respectful environment * Following campus safety rules * Ensuring ethical use of technology *** ## 13. Participant Preparation Checklist * Laptop and charger * ID card (college or government) * Extension boards * Pillow and blankets for rest hours * Any required software pre-installed * GitHub account set up * Personal essentials for an overnight stay * Water bottle and comfort items *** ## **14. Frequently Asked Questions (FAQs)** ### **Q: Can I participate individually?** **A:** Yes. However, a team can consist of up to three members. *** ### **Q: Can participants leave the venue during the event?** **A:** Yes, provided they follow campus regulations. Please note that participants are not permitted to leave the building between 12:00 AM and 6:00 AM as per campus rules. *** ### **Q: Are cross-college teams allowed?** **A:** Yes, as long as all members are students. *** ### **Q: Will certificates be provided?** **A:** Yes, all registered participants will receive certificates. *** ### **Q: What accommodation facilities are available?** **A:** A dedicated resting zone (separate for boys and girls) will be available only for the night of 13th December. These spaces are intended for short naps and resting breaks. Personal rooms cannot be provided due to college regulations. *** ### **Q: What are the food arrangements?** **A:** * On 13th December, lunch and dinner will be provided at no cost. * On 14th December, brunch will be provided at no cost. Additionally, the campus canteen will remain open, and participants may purchase snacks and other items there. *** ### **Q: What should we do if we arrive early?** **A:** Entry to the campus will be allowed after 7:00 AM on 13th December. If you arrive on the evening of 12th December, you will be required to arrange accommodation for that night. Participants arriving near Sindhi Camp (bus stand) or Jaipur Junction (railway station) will find several hotels available in those areas. *** ### **Q: How do we reach the college?** **A:** The college is located approximately 13 km from Jaipur city. When booking an auto, e-rickshaw, or cab, please specify the destination as “Mittal College,” as this is the commonly recognised name among local drivers, rather than LNMIIT. *** ## 15. **Mandatory Internet Access Form (Important Information)** Each participant must bring a printed copy of the Internet Access Form. Please note the following: * The Internet Access Form is mandatory for every participant. * The organising team **will not provide copies or printouts at the venue**. * Each participant must carry an individual printout. Example: a team of three must carry three separate printouts. * The form must be submitted at the registration desk for enabling internet access. Download link (PDF): Participants who do not bring the printed form will not be able to obtain internet access during the event. *** ## 16. **Essential Items to Bring** * Original Government ID Card of each team member * Original College ID Card of each team member (if applicable) * Extension board (as only one power outlet will be available per team) * Photocopy of both Government ID and College ID of each team member * Printed Internet Access Form (mandatory; one copy per participant; must be brought by the participants themselves) * A woollen shawl or thin blanket for resting (in case the provided blankets are in use) *** ## 17. Contact & Communication Updates will be shared via: * Email announcements * On-site notices * Event volunteers For direct queries, please join our official Discord server: [Stability Nexus](https://discord.com/invite/YzDKeEfWtS) Post any questions in the #hackathon-announcements-2025 channel under The Unstoppable Hackathon category, or reach out to the organizing desk at LNMIIT. *** ## 18. Code of Conduct All participants must follow the event’s Code of Conduct: * Maintain a respectful, inclusive environment. * Harassment, discrimination, and toxicity will not be tolerated. * Respect all mentors, volunteers, sponsors, and fellow participants. * Violations may result in disqualification. Standard event policies apply regarding: * Safety & campus rules * Ethical use of technology * Academic integrity *** This handbook will be updated as additional information becomes available. # Hackathon Issues and Tasks Issues and Tasks for the Open Contribution Track of the Unstoppable Hackathon During the Unstoppable Hackathon, in the Open Contribution track, you may work on issues in the issue tracker of the repositories of the sponsors and on tasks described here. ### Issues *Good First Issues:* * [Good First Issues in the Repos of the Stability Nexus](https://github.com/search?o=desc\&q=org%3AStabilityNexus+label%3A%22good+first+issue%22++state%3Aopen+\&s=created\&type=issues\&state=open). * [Good First Issues in the Repos of the Djed Alliance](https://github.com/search?o=desc\&q=org%3ADjedAlliance+label%3A%22good+first+issue%22++state%3Aopen+\&s=created\&type=issues\&state=open\&p=2). * [Good First Issues in the Repos of AOSSIE](https://github.com/search?o=desc\&q=org%3AAOSSIE-Org+label%3A%22good+first+issue%22++state%3Aopen+\&s=created\&type=issues\&state=open). All issues: * [Issues in the Repos of the Stability Nexus](https://github.com/search?o=desc\&q=org%3AStabilityNexus+state%3Aopen+\&s=created\&type=issues\&state=open). * [Issues in the Repos of the Djed Alliance](https://github.com/search?o=desc\&q=org%3ADjedAlliance+state%3Aopen+\&s=created\&type=issues\&state=open\&p=2). * [Issues in the Repos of AOSSIE](https://github.com/search?o=desc\&q=org%3AAOSSIE-Org+state%3Aopen+\&s=created\&type=issues\&state=open). ### Tasks Here are some ideas of tasks you may take up and that would be specially valuable to the hackathon sponsors: * Solve [Ergo bounties](https://github.com/ErgoDevs/Ergo-Bounties/blob/main/data/all.md). * Take an EVM project of ours and port it to one of the non-EVM chains that The Stable Order currently supports: Ergo, Cardano, Sui. * We would specially welcome porting to Ergo, since Ergo is a sponsor of the Hackathon. * Here are some [examples of basic Ergo projects](https://github.com/orgs/ergo-basics/repositories) that you may look at to learn how to develop for Ergo. * Take an EVM project of ours whose smart contract has been deployed to only a few of our supported EVM chains and deploy the contract to another supported EVM chain or to a new worthy EVM chain that we do not support yet. * Our supported EVM chains are Ethereum Classic, Ethereum, Polygon, BSC, Base, Citrea Testnet. * A worthy not yet supported EVM chain is a chain that shares our values and principles and has a good chance of long-term sustainability. * Please talk to us to know the constructor parameter values. * For an EVM project that has been deployed to a new chain, update the frontend with configurations to connect to the new chain. * All our frontends should have a footer. If you find a frontend missing a footer, you are welcome to add one. * All our footers should have all the following elements. If you find a footer missing any of these, you are welcome to add them: * Copyright statement of the form "© 2025 The Stable Order" (for frontends in the repos of the Stability Nexus or the Djed Alliance) or "© 2025 AOSSIE" (for frontends in the repos of AOSSIE). * KYA (Know Your Assumptions) * [Bene for Ergo](https://ergo.bene.stability.nexus/) is a project that does KYA very nicely, as a modal that is shown when the user first visits the website and also when the user clicks the link in the footer. We should follow this approach. * Use this [KYA Template](https://github.com/StabilityNexus/Info/blob/main/KYA.md). * Links to all our social media accounts, telegram channels, discord servers... * All our projects (in Stability Nexus, Djed Alliance and AOSSIE repos) are supposed to have a ReadMe according to this [ReadMe template](https://github.com/StabilityNexus/Template-Repo/blob/main/README.md). But, because some of our projects are older than the template, their ReadMe files still do not follow this template. The task of updating these old ReadMe files would be very valuable for ourselves, because style uniformity across repos conveys professionalism. * Almost all our repositories (in Stability Nexus, Djed Alliance and AOSSIE orgs) are lacking a "COPYRIGHT.md". Please add [The Stable Order's COPYRIGHT.md file](https://github.com/StabilityNexus/Info/blob/main/COPYRIGHT.md) to every repo created by Stability Nexus or Djed Alliance orgs and [AOSSIE's COPYRIGHT.md](https://github.com/AOSSIE-Org/Info/blob/main/COPYRIGHT.md) file to every repo created by the AOSSIE org. * All the frontend code in AOSSIE, Stability Nexus and Djed Alliance are licensed under GPL v3. However, most repos are lacking an explicit LICENSE.md file. For every frontend repo, please add this [LICENSE.md](https://github.com/StabilityNexus/Info/blob/main/Licenses/GPL/LICENSE.md) file to the root folder of the repo. * Attention: do not do this to repos that contain smart contracts or to repos that contain both frontend and smart contracts. This task is only for pure frontend repos. * Most repos that are already using the new [ReadMe template](https://github.com/StabilityNexus/Template-Repo/blob/main/README.md) are nevertheless still missing a "Project Maturity" section in their ReadMe files according to the template. Adding this section is valuable because it makes it easier for us to see what remains to be done to make the project more mature. * If you take up this task for any of our repos, please analyze the maturity of the project and check the checkboxes that can be checked. * Some of our projects are still missing favicons and it would be valuable to add them. * Many of our projects need better open-graph metadata to be displayed nicely when shared in Twitter, Discord, Telegram, LinkedIn, ... * If you take up this task for any of our repos, please include, in the PR's description, screenshots of how the project looks like when shared in Twitter, Discord, Telegram, LinkedIn, ... * All our projects need to be shareable more easily, so that they can be discovered by users more easily. We should add discrete, but visible "Share" buttons in their frontends. Clicking on the share buttons should open a modal allowing the user to choose a social media platform and then redirect the user to the chosen social media platform, preferably with a pre-filled message already written. The pre-filled message should tag our accounts. * Some of our projects have frontends that do not display well in mobile browsers. The sizes of elements do not adjust well. Making our frontends look good in all screen sizes would be very valuable. * Most of our projects need improved SEO (Search Engine Optimization). * Ensure metadata, indexing and content signals align with SEO best practices. * Some of our EVM-based projects rely on ReOwn's WalletConnect libraries/SDKs to handle wallet connection. But ReOwn is becoming increasingly centralized, requiring all projects to have a project id, imposing usage limits and becoming able to censor any project from using its libraries/SDKs. Implementing alternative multi-chain wallet connection methods without such drawbacks would be very aligned with hackathon's unstoppability goal. * Some of our EVM-based projects allow users to deploy contracts while choosing a custom ERC20 token that the deployed contract should use. All such projects should allow users to either choose an ERC20 token from our [list of supported tokens](https://github.com/StabilityNexus/TokenList) or input the ERC20's contract address. But some of our projects are currently still only doing the latter. Doing the former as well would greatly improve the user experience. * See, for instance, this [issue](https://github.com/StabilityNexus/Fate-EVM-Frontend/issues/31) in the Fate project, which is one the projects that is only doing the latter. But Fate is not the only one. This issue gives more details about how to tackle this task. * Many of AOSSIE's projects currently depend on centralized services, such as backend database servers, AWS, GCP, various LLM APIs... This traps AOSSIE into providers of such software/infrastructure as a service. Truly free and open software is software that can be run locally, permissionlessly, without being dependent on companies that may decide to shut down, "enshitify" or raise costs of their closed and non-free services. Therefore, the following ideas would be useful for AOSSIE: * When a project depends on a paid external service API, make it possible for the end-user to provide their own API key. * When a project depends on a paid external service and there are many providers of similar services, make it possible for the end-user to choose which service to use. * Consider replacing the dependency on a external service by a local internal alternative. For instance: * Sometimes data that is being stored in a database server can be stored locally in the user's browser using localStorage or indexedDB and giving the user the option to back-up this data to his/her computer or to his/her own cloud storage. * Some of AOSSIE's AI projects could consider using in-browser or in-device LLM models, instead of relying on external LLM APIs. * Our Bene project for EVM ( and ) was made for fundraising in ETH. We started generalizing it to allow fundraising campaigns that accept any ERC20 token, but we haven't finished it. Finishing this generalization would be great. * For our Djed stablecoin projects on EVM, a lot needs to be done. We currently have two versions of the [Djed Stablecoin Protocol](/stablecoins/djed-overview) (Osiris and Shu) implemented in Solidity. Furthermore, we have [implementations that use ETH as the backing asset](https://github.com/DjedAlliance/Djed-Solidity) (both Osiris and Shu) and we have [implementations that use ERC20 tokens as the backing asset](https://github.com/DjedAlliance/Djed-Solidity-ERC20BaseCoin) (only Osiris). Only Djed Osiris backed by ETH has been launched on Ethereum Classic (see: [https://etc.djed.one](https://etc.djed.one/)). Djed Shu backed by ETH is ready too, but has never been launched. The frontend for Djed Osiris is in the main branch of the [Djed-Solidity-WebDashboard](https://github.com/DjedAlliance/Djed-Solidity-WebDashboard/pulls) repo. The frontend for Djed Shu is in the [feat/shu-frontend](https://github.com/DjedAlliance/Djed-Solidity-WebDashboard/tree/feat/shu-frontend) branch. For the implementations that use ERC20 tokens as backing assets, we have a [frontend](https://github.com/DjedAlliance/Djed-Solidity-ERC20BaseCoin-WebUI) that allows users to deploy new stablecoins backed by any ERC20 token and use the deployed stablecoins. But this frontend is not completely ready yet. We also have a new Oracle project (see and ) to allow users to deploy and operate oracles for the ERC20 tokens that will be used as backing tokens. We also have StablePay (see: , , and ), which is a widget that allows payments to be done using Djed stablecoins, but it currently works only with Djed Osiris. Finally, the next evolution in the family of Djed Stablecoin protocols, after Minimal Djed, Djed Osiris and Djed Shu, is *Djed Tefnut*. This new version of Djed simplifies Djed Shu in the following simple ways: minimum and maximum reserve ratios should be removed, the `sellBothCoins` function should be removed, the linear decay of the treasury fee should be removed. Another new version of Djed is Djed Isis. Djed Isis simplifies Djed Osiris in the same way that Djed Tefnut simplifies Djed Shu. * Considering all this, the following tasks are open: * Implement Djed Tefnut smart contracts with ETH backing. (Use the Djed Shu smart contracts as a starting point.) * Adapt the Djed Shu frontend to Djed Tefnut. * Deploy Djed Tefnut on a testnet and make it work with the Djed Tefnut frontend. * Adapt Stablepay, so that it can work with Djed Tefnut. * Implement Djed Isis with ERC20 backing. (Use the Djed Osiris smart contracts as a starting point.) * Adapt this frontend to work with Djed Isis with ERC20 backing. * To learn more about Djed, check the following resources: * [Overview](/stablecoins/djed-overview) * [Whiteboard Animation](https://www.youtube.com/watch?v=XAalC8F6-SU\&t=1s) (A bit old, but short and still relevant) * [First Technical Talk about Djed](https://www.youtube.com/watch?v=zG-rxMCDIa0\&t=8367s) (a bit too long) * [Academic Paper](https://eprint.iacr.org/2021/1069) * For our Gluon implementation on Ergo, we currently have a live deploument pegged to Gold (). We would like to make a new deployment, this time pegged to the USD. For this, we need a version of the frontend for USD. There was already a PR () that made everything that is peg-specific in the frontend part of a configuration file. This PR has not been merged yet. Here are some tasks: * Finish the PR, addressing the reviewer's comments. * Test the finished PR locally. * Create a PR for the configuration file for Gluon USD. # Hackathon Innovation Inspirations During the Unstoppable Hackathon, in the Innovation track, you may work on any ideas related to the interests of the sponsors as long as your project is unstoppable. If you need some inspiration, you may use the non-exhaustive list below. But you don't need to restrict yourself to this list. ### Innovation Inspirations * Create small-scale proof-of-concept applications or integrations using our **Reputation System**. * Similar to how the [Forum Application](https://github.com/reputation-systems/forum-application) demonstrates a comments system integrated with reputation, we are looking for other lightweight implementations. * The goal is to demonstrate how the reputation logic can be applied (e.g., for voting, peer reviews, or content curation) without the need to build a complex, full-scale platform from scratch. * Read [this article](https://news.stability.nexus/the-roadmap-of-the-stability-nexus-255d3471d499) to learn what inspired us to develop the projects that we have already developed. This could serve as inspiration for your own hackathon project as well. # What are stablecoins? Why are they important? What are stablecoins? Why are they important? What makes them stable? {% hint style="info" %} The following paragraphs were taken, with permission from the author, from the [chapter about stablecoins](https://link.springer.com/referenceworkentry/10.1007/978-3-642-27739-9_1671-1) in the [Encyclopedia of Cryptography, Security and Privacy](https://link.springer.com/referencework/10.1007/978-3-642-27739-9) . {% endhint %} ## What are stablecoins? In the narrowest sense, a stablecoin is a cryptocurrency that has its price pegged to a fiat currency (e.g. USD) and is fully backed by reserves denominated in the same fiat currency. More broadly, a stablecoin can be defined as a digital asset that has mechanisms to maintain a low deviation of its price from a target price. ## Why are stablecoins important? Since the invention of bitcoin and other cryptocurrencies, a major obstacle for their wider adoption and recognition as proper currencies, particularly as means of exchange and units of account, has been the instability (volatility) of their price in relation to fiat currencies. Therefore, if we are serious about creating cryptocurrencies that are really currencies, we must seek to create stablecoins in the broader sense, to overcome the obstacle of volatility. # Types of Stablecoins {% hint style="info" %} The following paragraphs were taken, with permission from the author, from the [chapter about stablecoins](https://link.springer.com/referenceworkentry/10.1007/978-3-642-27739-9_1671-1) in the [Encyclopedia of Cryptography, Security and Privacy](https://link.springer.com/referencework/10.1007/978-3-642-27739-9) . {% endhint %} ## What makes stablecoins stable? Various mechanisms can contribute to a stablecoin’s stability. Ultimately, they are all grounded on the basic economic principles of supply and demand. If demand for buying/selling stablecoins is higher than the current supply of sale/purchase orders, this supply must be increased to avoid an increase/decrease in the stablecoin’s price. ## What types of stablecoins are there? Backing the stablecoins by reserves and using these reserves to actively buy and sell stablecoins for prices close to the target price is currently the most common stabilization mechanism. This mechanism is not exclusive to stablecoins; it can be seen in pegged national currencies such as the HKD (Hong Kong Dollar). Centrally operated fiat-pegged fiat-backed stablecoins such as USDT and USDC use variations of this mechanism that may differ, for instance, on the actual composition of the reserves and with whom the operator interacts to buy and sell stablecoins. As long as the stablecoin is fully backed by reserves in the currency to which it is pegged and the operator can react quickly enough to variations in the demand, it is easy to see that stability will be guaranteed. Typically, the reserves will not be kept all in cash in a vault, safe or bank account, but rather partly in interest-bearing financial instruments such as bonds. The returns from such investments provide revenue for the operator. The risks associated with these investments may imply that the stablecoin may eventually lose its full-backing, compromising the stability in the long-term. Lack of liquidity of these investments may cause the operator to be unable to react quickly enough to changes in demand, compromising the stability in the short-term. Another source of revenue are the fees or spread practiced when buying and selling the stablecoin. For example, if the operator sells USDT for 1.005 USD and buys USDT for 0.995 USD, it has a revenue of 1 cent for every USDT that it buys and then sells, while keeping the price stable within the range between 0.995 and 1.005. The main drawback of fiat-backed stablecoins is that it requires trust on the entities keeping the reserves. This is not only a theoretical concern. Lack of transparency about the reserves and skepticism about its full-backing claim, combined with inefficient stabilization measures by Tether, have actually already caused USDT to trade for as low as 0.91 USD. Interestingly, issues related to transparency of the reserves do not arise when the backing asset is a cryptocurrency on a public blockchain. For example, Wrapped BTC (WBTC) is a stablecoin issued on the Ethereum blockchain, pegged to BTC and backed by BTC held on the Bitcoin blockchain. Because Bitcoin is a public blockchain, anyone can see how much BTC is available in the reserves backing WBTC. Such wrapping can be considered a major application of stablecoins, since it enables inter-operability between blockchains through bridges. In the particular case of WBTC, it enables users to essentially use (an asset pegged to) BTC on Ethereum’s contracts. Nevertheless, despite the transparency, there are still issues related to the custody of the backing assets. Bridges are currently one of the weakest points in blockchain security. They have been subject to many hacks that stole an estimated total of 2 Billion USD worth of backing assets up to August 2022, and such thefts amounted to an estimated 69% of total funds stolen in 2022. The asset backing the stablecoin does not need to be the same asset to which the stablecoin is pegged. In particular, stablecoins pegged to USD and backed by cryptocurrencies are possible. When the backing asset’s price falls, the stablecoin may cease to be fully backed. This is an inherent risk that cannot be completely avoided. Nevertheless, in order to reduce its probability, crypto-backed stablecoins typically aim for a generous surplus of reserves to cushion price falls. Crypto-collateralized stablecoins are similar to crypto-backed stablecoins, with the subtle but important difference, however, that cryptocurrencies are used to provide, instead of reserves, collateral for stablecoin-denominated loans. Similarly to how a house that serves as collateral in a mortgage does not count as reserves in the bank that is providing the loan, the collateral provided for the issuance of a crypto-collateralized stablecoin does not count as reserve. Due to the lack of reserves, pure crypto-collateralized stablecoins resemble an extreme form of fractional reserve banking (with a fraction of 0%). Unlike commercial bank money (i.e. money in a bank account), which can be exchanged at any time by anyone holding it for central bank money by withdrawing cash from the bank’s reserves, crypto-collateralized stablecoins cannot be exchanged for anything by withdrawing from the stablecoin contract’s reserves, simply because there are no reserves. When interacting with the contract, users can only use stablecoins to repay their own loans and recover their own collateral or to bid in auctions for liquidated collateral from others. Although backing and collateralization facilitate stability and tend to increase the public’s trust on the stability, it is not impossible to achieve stability without backing or collateralization. To see this, consider that a central bank digital currency (CBDC) would be pegged to the central bank’s fiat currency and, like the fiat currency itself, would not need to be backed by anything, by definition of fiat. And, despite this, it would nevertheless be stable in relation to the prices of goods and services, at least in the short term, just like their associated fiat currencies in countries that enjoy low inflation. Central banks achieve stability of their fiat currencies (and of their CBDCs) by adjusting the circulating supply. For instance, they may print more money to increase the supply and they may increase the base interest rate to encourage people and financial institutions to buy bonds, thereby temporarily taking money out of circulation. Unbacked stablecoins may implement similar stabilization mechanisms. With all types of stablecoins, various degrees of automation of the stabilization mechanisms, both on-chain and off-chain, are possible. Stablecoins with a high degree of automation, especially through on-chain contracts, are often called algorithmic. Note that "algorithmic" just means that the stabilization mechanisms follow a well-defined algorithm. It does not mean, as is sometimes claimed, that the stablecoin is unbacked or uncollateralized, although some are. # What kind of asset is being issued? By virtue of the autonomy of the Djed and Gluon stablecoin protocols and by the decentralized nature of blockchains, deployments of these protocols can be considered: * **globally non-territorial:** their tokens are not issued within any particular geographical location (unless the underlying blockchain is tied exclusively to such a location). * **de facto sovereignty-resistant**: they can continue to run by themselves autonomously on blockchain nodes that are outside the reach of sovereign entities trying to harm them. A corollary of the two facts above is that autonomous stablecoins are best seen as *foreign currencies* in every country. Thus, for example, from a technical and logical point of view, a Djed or Gluon stablecoin pegged to the USD would have a status in the USA (and elsewhere) similar to HKD (Hong Kong Dollar) or SGD (Singapore Dollar); a Djed or Gluon stablecoin pegged to the EUR would have a status in Europe similar to the [XAF or XOF](https://en.wikipedia.org/wiki/CFA_franc). However, instead of being issued by the sovereign monetary authorities of, respectively, Hong Kong, Singapore, Central African countries and West African countries, it is issued by a self-driving monetary policy implemented as a smart contract on a blockchain that is not tied to a particular location. # Djed Stablecoin Protocol Djed is a stablecoin protocol that is: * **crypto-backed**: under normal conditions, every stablecoin is backed by an independent asset, with intrinsic value, for which it can be redeemed at any time. * **robust against price shocks:** its high-reserve ratio allows it to weather severe market downturns without losing the peg, in contrast to unbacked stablecoins. * **capital efficient**: in contrast to crypto-collateralized stablecoins, where the excess collateral remains idle, Djed's reserve surplus is represented by a token that can used elsewhere similarly to a liquid staking token. * **any time redemption**: every holder of crypto-backed stablecoins can redeem their stablecoins for a corresponding amount of reserves at any time, unlike crypto-collateralized stablecoins, which can only exchange their stablecoins for some amount of collateral in the event of liquidation. * **autonomous**: once deployed to a blockchain, the protocol can run by itself, with no need to be operated by a third party. As a consequence of being autonomous, Djed can also be: * **zero-governance**: a deployment of Djed does not need to be governed by anyone. * **immutable**: a deployment and its parameters can remain unchanged, non-updatable, thus guaranteeing that no one will ever be able to update the contract's logic, in ways that could be undesirable or even malicious for those who hold funds in the contract. * **rent-seeking free**: since there is no need for a third party to operate a Djed deployment, there is also no need for any third party to extract abusive fees from the deployment. Djed deployments can become free and public infra-structure on the underlying blockchains. * **formally verified**: stability theorems for version V1 (a.k.a. "Minimal Djed") have been formally proven using Isabelle and checked with bounded model checking using Lustre. * **empirically battle-tested**: the longest-running deployment of Djed has been deployed in Q1 2021 and its stablecoin has never lost the peg, despite numerous severe market crashes experienced by the cryptocurrency industry. * **peer-reviewed**: after a long and thorough peer-review process, the academic paper about the [minimal version](broken://pages/Ng5LEWVghJal4MC3iiN5) of Djed was accepted at the [IEEE International Conference on Blockchain and Cryptocurrency](https://icbc2023.ieee-icbc.org/authors/call-papers). {% hint style="info" %} Note that, although the protocol was designed with the intention to have the characteristics listed above, [implementations](/stablecoins/djed-overview/implementations) and [deployments](/stablecoins/djed-overview/deployments) of the protocol may diverge from these intentions. {% endhint %} # How the Protocol Works

The 4 actions that everyone can take when interacting with a Djed deployment.

## The Reserve, StableCoins and ReserveCoins The Djed protocol maintains a reserve of *BaseCoins* (BCs, usually the native currency of the underlying blockchain), which are used to back the StableCoins (SCs) that are issued. In addition to StableCoins, the protocol also issues ReserveCoins (RCs). A ReserveCoin represents ownership of a portion of the surplus of the underlying reserves of BCs in the Djed protocol. As such, ReserveCoins have a leveraged volatile price that increases when the price of BCs increases and decreases when the price of BCs decreases. Furthermore, ReserveCoin holders ultimately benefit from fees paid to the Djed protocol, since fees are accumulated into the reserve and hence contribute to the reserve surplus. In a Djed deployment, the SCs can be pegged to anything (e.g. USD, EUR, a particular stock, an index such as the S\&P500, ...). For simplicity, the explanations below assume a peg to the USD. The Djed protocol aims to maintain a reserve ratio significantly above 100% to cushion the value of SCs and maintain the peg even if the price of BCs falls dramatically. For example, when the reserve ratio is 400%, it is able to tolerate an instantaneous BC price crash of 75% without losing the peg. ## Buying and Selling StableCoins SC holders are always allowed to sell back SCs to the protocol. The protocol pays 1 USD worth of BCs per SC if the reserve ratio is above 100% or R/S per SC otherwise, where R is the protocol's total BC reserve and S is the SC supply. Everyone is allowed to buy SCs from the protocol for a price of 1 USD worth of BCs per SC, whenever the reserve ratio is above a specified minimum reserve ratio threshold. When the reserve ratio is below threshold, the purchase of SCs from the protocol is disallowed, because it would reduce the reserve ratio further. ## Buying and Selling ReserveCoins Everyone is allowed to buy RCs, as long as the reserve ratio remains below a maximum reserve ratio threshold. This prevents excessive dilution of previous RC holders. This restriction only applies when the SC supply is above a threshold. RC holders are allowed to sell RCs, as long as the reserve ratio remains above the minimum ratio threshold. This aims to ensure that all SCs remain sufficiently backed. ## To Know More * Read the [Technical White Paper](https://eprint.iacr.org/2021/1069). * Watch a [6-min Non-Technical Video](https://www.youtube.com/watch?v=5-Ozaf_aGNM). * Watch a [40-min Technical Video](https://youtu.be/zG-rxMCDIa0?t=8285). {% hint style="info" %} The explanations above are provided for your information, to explain in layman's terms how the protocol generally works. These informal explanations should not be taken as a substitute for the protocol's actual [code](https://github.com/DjedAlliance). {% endhint %} # Who is the issuer? A fully autonomous stablecoin smart-contract is like a self-driving car. Asking who is issuing the stablecoins is like asking who is driving a self-driving car. The answer is the contract itself in the former case and the car itself in the latter case. Considering the developers of an autonomous stablecoin smart-contract to be the issuers of the stablecoin would be as incorrect as considering the manufacturers of a self-driving car to be drivers of the car. Note that full autonomy and immutability are required for this interpretation. If there are entities capable of interfering with the execution of the smart contract, including by having the power to upgrade it and change its code, then those entities ought to be considered issuers, similarly to how anyone capable of overriding a self-driving car's driving algorithms ought to be considered a driver. # Versions Djed is in fact not a single protocol but an evolving collection of protocols. Their characteristics and differences are summarized in the table below. Because Djed versions do not necessarily evolve linearly and are effectively variations of each other, we use names and letters to refer to them, instead of numbers.
VersionVFormally Verified?How it Differs from the Minimal Version
MinimalMYesNot applicable.
ExtendedENot Yet See Technical Whitepaper.
OsirisONot Yet
  • Maximum transaction limits.
  • Diminishing protocol treasury fee to incentivize development in a rent-seeking free manner.
  • Possibility to sell both RCs and SCs simultaneously, as long as the sale does not reduce the reserve ratio, thus giving RC holders more flexibility when the reserve ratio is below the minimum threshold.
ShuSNot Yet
  • The protocol uses two oracles instead of just one (or one oracle that provides two prices). Typically one price can be the latest price and the other price can be a moving average. The four operations (buy/sell SC/RC) use the price that will maximize reserve increase or minimize reserve decrease. This provides more resilience against potential oracle delays or price manipulation attempts.
# Implementations All known implementations of Djed are listed in the table below, along with their repositories, smart contract language and version. Since it is often the case that implementations may differ from the protocol version, known discrepancies are listed in the *Comments* column.
ImplementationCode RepositoriesVLanguageAuditsComments
Agenorhttps://github.com/DjedAlliance/Djed-Ergo

https://github.com/DjedAlliance/Djed-Ergo-WebUI		MErgoScriptNot applicable
  • Updatable, not immutable, not zero-governance.
  • Updates of the contract are controlled by a group of independent key holders trusted by the Ergo community. A majority of key holders must sign an update of the contract for the update to occur.
  • No minimum buying price for reservecoins. Instead the reservecoin price is reset to the initial price if the equity becomes zero.
Minimal Djed in PlutusNot yet availableMPlutusNot yet available
  • Updatable, not immutable, not zero governance.
  • Needs an off-chain operator.
  • An operator fee is charged by the protocol.
Belushttps://github.com/DjedAlliance/Djed-Solidity/commits/Belus
https://github.com/DjedAlliance/Djed-Solidity/releases/tag/Belus-ECSD		OSolidityPeckshield Audit Report

AstraSec Audit Report
Zephyrhttps://github.com/DjedAlliance/Zephyr/tree/masterSC++
If you know an implementation of Djed that is not listed above, please [contact us](mailto:contact@djed.one). If you would like to start a new implementation of Djed, we would like to help. [Contact us](mailto:contact@djed.one). {% hint style="info" %} The list above is for information purposes only. Appearance in the list does not mean that the implementation is associated with or endorsed by the The Stable Order. {% endhint %} # Deployments All known deployments of Djed are listed in the table below, along with their implementations, user interfaces, parameters and the oracles on which they depend.
DeploymentImplementationUIsParametersOracle
SigmaUSD
on
Ergo


Since: February 2021		Agenorsigmausd.io

tokenjay.app/app/#ageusd

Peg: USD
BaseCoin: ERG

Fee: 2%
Minimum Reserve Ratio: 400%
Maximum Reserve Ratio: 800%

UI Fees: 0% - 0.25%

Ergo Oracle Pools

  • Decentralized operation open to anyone who stakes ERG into the oracle pool
  • Update period: ~12 minutes
    (2 blocks)
  • Maximum price change per update: 0.49%, unless the price discrepancy is greater than 50%
COTI's Djed
on
Cardano


Since: February 2023		Minimal Djed in Plutuswww.djed.xyz/

Peg: USD
BaseCoin: ADA

Fee: 1.5%
Minimum Reserve Ratio: 400%
Maximum Reserve Ratio: 800%

Operator Fee: 25 ADA

Minimum Transaction Limits:
* Buy SC: 1000 SC
* Sell SC: 200 SC
* Buy RC: 1000 RC
* Sell RC: 500 RC
(Enforced at the UI.)

  • Operation by COTI
  • More than 6 data sources
  • Sources are checked every 15 minutes.
  • Outliers are removed if the prices they provide differ from the median of the 6 prices by more than a parameter currently set to 0.06%. If more than 3 sources remain, the median of their prices is computed, signed and made available by the operator.
  • The signed price remains valid for 15 minutes.
Milkomeda Djed Dollar
on
Milkomeda-C1


Since:
April
2023		BelusNot available anymore, since Milkomeda stopped existing in Q4 2025.

Peg: USD
BaseCoin: mADA

Fee: 1.5%
Minimum Reserve Ratio: 400%
Maximum Reserve Ratio: 800%

UI Fee: 0%

Stable Order Treasury Fee: 0.25% initially and linearly decreasing to 0%.

Maximum Transaction Limit:
~ 10000 USD worth of mADA (enforced by the contract.)

MOO Oracle

  • Operation by Milkomeda Nodes
  • Sources are checked every ~10 seconds
  • Outliers are removed if the prices they provide differ from the mean by more than 2 standard deviations.
  • The mean of the remaining prices is calculated.
  • If the new mean price differs from the last price posted on the blockchain by more than 1%, the new mean price is posted and the price is updated on the blockchain.
Zephyr Stable Dollar (ZSD) on Zephyr

Since: October 2023		Zephyrhttps://www.zephyrprotocol.com/Peg: USD
BaseCoin: ZEPH

Fee: TODO
Minimum Reserve Ratio: 400%
Maximum Reserve Ratio: 800% 		TODO
Ethereum Classic Stable DollarBelusetc.djed.one

(Under construction)		Peg: USD
BaseCoin: ETC

Fee: 1.25%
Minimum Reserve Ratio: 300%
Maximum Reserve Ratio: 1000%

UI Fee: 0%

Stable Order Treasury Fee: 0.25% initially and linearly decreasing to 0%.

Maximum Transaction Limit:
~ 10000 USD worth of ETC
(enforced by the contract.)

HebeSwap Oracle

  • Operation by HebeSwap.
  • Sources checked include CMC, CoinGecko and Binance.
  • Sources are checked every 30s by 3 oracle nodes.
  • Each node produces an average price from 3 sources and submits this average to the oracle contract.
  • A node's price is an outlier if differs by more than 0.5% from the others. Outlier prices are removed. If there are at least two prices remaining, their average is computed. Otherwise, no new price is produced.
  • The whole process may take up to a minute.
  • So, new prices are normally posted on chain every 30s, and each new price may be up to 1 minute delayed.
If you know a deployment of Djed that is not listed above, please [contact us](mailto:contact@djed.one). If you would like to deploy an implementation of Djed, [contact us](mailto:contact@djed.one). {% hint style="info" %} While all deployments above belong to the [Djed Alliance](/about-us/the-djed-alliance), appearance in the list does not mean that the deployment is associated with or endorsed by [The Stable Order](/about-us/the-stable-order). {% endhint %} # Djed powered by COTI This deployment of Djed (which can be used at [www.djed.xyz](https://www.djed.xyz)) relies on an implementation of the Minimal version of Djed in Plutus by Dr. Jean-Frederic Etienne, one of the co-authors of the Djed papers, who was responsible for the bounded model checking of the stability theorems. For reasons that are, to the best of our knowledge, not publicly known, the implementation departed from Djed's original aim of being an autonomous stablecoin. Aspects such as transaction batching, the oracle and contract updates are centrally controlled by a single entity: COTI.
Of the live deployments of Djed at the time of writing, Djed powered by COTI is the largest Djed-based stablecoin by absolute TVL. It is also the largest stablecoin by TVL on Cardano. At the time of writing, these are the parameters of this deployment of Djed: * Peg: USD * BaseCoin: ADA * Fee: 1.5% * Minimum Reserve Ratio: 400% * Maximum Reserve Ratio: 800% * Operator Fee: 25 ADA * Minimum Transaction Limits: * Buy SC: 1000 SC * Sell SC: 200 SC * Buy RC: 1000 RC * Sell RC: 500 RC\ (Enforced at the UI.) It is believed that the oracle has the following characteristics: * It is operated by COTI. * It relies on more than 6 data sources. * Sources are checked every 15 minutes. * Outliers are removed if the prices they provide differ from the median of the 6 prices by more than a parameter currently set to 0.06%. If more than 3 sources remain, the median of their prices is computed, signed and made available by the operator. * The signed price remains valid for 15 minutes. ## Challenges and Improvement Opportunities As mentioned above, COTI controls the oracle, the transaction batcher and the upgrades to the contract. COTI essentially operates the stablecoin. Even though Djed was designed to be autonomous (which literally and etymologically means "self-ruling"), this particular implementation is ruled by, operated by, COTI. Thus, this is a distortion of the Djed stablecoin protocol that harms the reputation of the authors of the protocol and violates their moral right of integrity and attribution. Most importantly, this central control entails a significant risk for the Cardano community. #### Centralization Risks The main advantage of an algorithmic (crypto-backed or crypto-collateralized) stablecoin based on smart contracts, in comparison with a fiat-backed stablecoin, is to not have to depend on an operator. And for the sake of this advantage, users are even willing to accept disadvantages such as capital inefficiency or higher minting and redemption fees. But, in the case of Djed powered by COTI, the disadvantages of fiat-backed and crypto-backed stablecoins are combined. Like in a fiat-backed stablecoin, whose operator could run away with all the reserve, COTI can in principle upgrade the contract and give itself the right to move all the reserve to its own addresses. Like in a fiat-backed stablecoin, whose operator could prevent users from minting and redeeming, COTI could do the same by stopping the operation of the oracle and of the transaction batcher. COTI is also capable of knowing oracle prices in advance and may use this to its advantage. And COTI could even manipulate the oracle price to its advantage. Even if one trusts COTI not to do the malicious actions described above, there is the possibility of COTI being hacked by malicious actors who would. So, centralization also results in a loss of security. Without a centralized operator, there would be no operator who could get hacked. #### Closed and Unavailable Source Code The implementation is not open-source (in the sense of being licensed through an open-source license). Worse yet, the source code is not even available for inspection. Therefore, users cannot do their own research to know whether they trust the smart contract that they are planning to interact with. They cannot know whether it is really an implementation of Djed, for instance. They cannot know whether there are discrepancies between the abstract Djed Stablecoin Protocol and this particular deployment. They must believe that the contract does what COTI claims it does. Even if one trusts COTI, it is natural to wonder: what is the point of using smart contracts at all then? #### Transparency Instead of being transparent about the issues above, COTI either avoids these issues or deliberately claims the opposite of the truth. For example, as shown in the screenshots below, COTI's FAQ claims that Djed powered by COTI is decentralized and open-source.

COTI falsely claiming that Djed powered by COTI is fully decentralized

COTI falsely claiming that Djed powered by COTI is community-driven and allows open-source development

COTI again falsely claiming that Djed powered by COTI is open source

#### Technical Misconceptions in the Documentation COTI's FAQ is full of technical misconceptions and misunderstandings about the Djed Stablecoin Protocol itself. For example, COTI refers to Djed as "an overcollateralized stablecoin and not an algorithmic stablecoin".

COTI wrongly referring to Djed as over-collateralized and not algorithmic.

But the title of Djed's paper states that Djed is algorithmic and the "Related Work" section of the paper explains how a crypto-backed stablecoin protocol, like Djed, differs from crypto-collateralized stablecoin protocols.

Title of Djed's paper, clearly stating that Djed is algorithmic and crypto-backed

"Related Work" section, discussing how crypto-collateralized stablecoins are different from Djed

#### Outdated Djed Version By the time Djed powered by COTI was launched, based on the Minimal version of the Djed Stablecoin Protocol, SigmaUSD had already been running for more than two years based on the same version. Despite SigmaUSD's success, those two years gave us many ideas for improvements, which led to the Osiris and Shu versions of Djed, to Dexy, to Gluon… So, whereas the Minimal version of Djed is fine, it is already not the best version available out there and this was already known back when Djed powered by COTI was launched. #### Rent-Seeking Fee and Free-Riding Another consequence of having an operator for a protocol deployment that was designed to be operator-free is that this operator will have operational expenses that will need to be paid somehow. So, not only users get the disadvantages of centralization, but also have to pay more for these disadvantages. COTI funds its operations with an "operational fee \[that] is a mix of 100 ADA + 25% of delegation rewards". These fees are not part of the original Djed Stablecoin Protocol.

COTI's Operational Fee

A 25% fee on delegation rewards is a lot! If users need to choose between keeping their ADA in their own wallet earning 100% of staking rewards and depositing their ADA in a centrally controlled contract and receiving only 75% of staking rewards, why should they choose the latter? Clearly, this is a barrier for adoption by the Cardano community. Furthermore, COTI explains that “both \[fees] are converted into $COTI in the market and funneled into COTI’s Treasury”. This means that COTI is consistently dumping ADA and pumping its own token, which is the native currency of a blockchain that is not Cardano. #### Lack of Financial Inclusion and Permissionlessness A key use case for stablecoins is financial inclusion: to give everyone, without the need for permission, access to a stable currency, no matter where they live and how rich or poor they are. COTI's frontend for Djed powered by COTI restricts users from some countries. And, because COTI is the only centralized transaction batcher, such users can't even interact directly with the contract without using COTI's frontend. Moreover, COTI imposes quite high minimum amounts to mint and redeem stablecoins and reservecoins. This effectively limits access to the contract only to wealthier users. Poorer users must resort to buying and selling stablecoins and reservecoins in secondary markets.

High minimum amounts for minting and redemption transactions

It pains us to see that a protocol that we designed to be financially inclusive and permissionless has been deployed in ways that are contrary to these ideals. But, beyond ideals, such restrictions also hinder and hold back adoption of Djed powered by COTI on Cardano. ### Conclusions The good news is that many of the issues described above should be easy to solve. Or, when this is not the case, it should be at least easy to give a clear and convincing explanation to the Cardano community. Many cardano community members have raised exactly some of these issues in various forums and they remain unanswered by COTI. The Cardano community has now funded a Catalyst project where one of the deliverables is this documentation page. Hopefully this documentation page, funded by the Cardano community, will lead COTI to listen and trigger improvements in Djed powered by COTI and bring even more success and adoption for Djed powered by COTI. Such improvements would also be beneficial for the reputation of the Djed Stablecoin Protocol as a whole and for Djed-based stablecoins that are part of the Djed Alliance. # Milkomeda Djed Milkomeda's Djed Dollar was the first Djed-based stablecoin on an EVM-compatible blockchain. It was deployed on [Milkomeda-C1](https://milkomeda.com/), an EVM-compatible sidechain of Cardano. Milkomeda was developed and operated by dcSpark, a company founded by ex-Emurgo engineers and funded by the cFund. Two of dcSpark's founders (Nicolas Arqueros and Robert Kornacki) were part of Djed's original R\&D team, as part of a collaboration between Ergo, Emurgo and IOHK. dcSpark wrote the [Milkomeda Djed Catalyst Proposal](https://www.catalystexplorer.com/en/proposals/milkomeda-djed-f9/details) and this proposal was funded by the Cardano community. Therefore, this is the first community-funded implementation of Djed. dcSpark used aprt of the funding to hire VacuumLabs, who did the atual implementation. This implementation was later improved by members of The Stable Order and by Bloxico. And a deployment was made in April 2023. This Djed-based stablecoin was based on the [Belus](/stablecoins/djed-overview/implementations) implementation of the Osiris version of Djed. Its source code is publicly accessible and the smart contracts are completely immutable and autonomous (i.e. not operated by anyone). This implementation depends on an external oracle. In the case of Milkomeda Djed, it depended on the Milkomeda Open Oracle (MOO), the only oracle available on Milkomeda. It was supposed to be operated by a Milkomeda DAO; but it turned out to be operated just by dcSpark. Unfortunately, dcSpark decided to stop operating the oracle in 2025 and decided to stop operating Milkomeda in Q3 2025. Since Milkomeda ceased to exist, Milkomeda Djed stopped existing as well. This decision by dcSpark and the way it affected Milkomeda Djed now serves as a cautionary tale illustrating the importance of working on truly decentralized blockchains that are unstoppable and non-censorable. The risk of side-chains and L2s ceasing to exist is too high. These were the parameters used in this deployment:
* Peg: USD * BaseCoin: mADA * Fee: 1.5% * Minimum Reserve Ratio: 400% * Maximum Reserve Ratio: 800% * UI Fee: 0% * Dev Fee: 0.25% initially and linearly decreasing to 0%. * Maximum Transaction Limit:\ \~ 10000 USD worth of mADA (enforced by the contract.) MOO Oracle * Sources were checked every \~10 seconds * Outliers were removed if the prices they provide differ from the mean by more than 2 standard deviations. * The mean of the remaining prices is calculated. * If the new mean price differs from the last price posted on the blockchain by more than 1%, the new mean price is posted and the price is updated on the blockchain. # Create a Djed-based Stablecoin If you would like to have a Djed-based Stablecoin on your blockchain or create a Djed-based stablecoin for your web3 project, the preferred and recommended way is through the following steps: 1. Form a stablecoin team composed of some core devs or community devs from your projects as well as some members from [The Stable Order](/about-us/the-stable-order). 2. Let the members of this team become [knights of The Stable Order](/about-us/the-stable-order/join-the-stable-order). 3. Encourage your project's foundation and token holders to become [benefactors of The Stable Order](/about-us/the-stable-order/join-the-stable-order) by funding your own stablecoin team. 4. Depending on the smart contract languages available at your blockchain or at the blockchain where your project's token was issued, either reuse one of the existing Djed implementations or start a new one from scratch. * A Solidity implementation for EVM-compatible blockchains already exists. * If your blockchain has a new smart contract programming language, then an implementation of a Djed-based stablecoin in your new language can be a good example for other projects, due to its minimalism and conciseness. 5. Work on branding the stablecoin so that it is compatible with your own project's brand. * "Djed" is the name of the abstract mathematical stablecoin protocol, but it is recommended that Djed-based stablecoins have names that are related to the blockchains on which they are deployed, to their pegs or to their backing assets. 6. Deploy the implementation, first on a testnet and then on the blockchain's mainnet. 7. Incentivize liquidity provision and usage of the deployed stablecoin among users of your blockchain or project. By making your stablecoin in collaboration with and becoming part of The Stable Order, you obtain the following benefits: * Your stablecoin will be based on the best version of a theoretically solid, formally verified and empirically battle-tested protocol. * Your stablecoin will have the support of the original researchers and developers of the protocol, instead of being seen as a free-riding fork. Experienced members of The Stable Order that become part of your stablecoin team may assist in tasks such as: * Choosing the best version of Djed for your blockchain. * Choosing parameter values. * Implementing smart contracts. * Reviewing and auditing smart contracts. * Refactoring and simplifying smart contracts. * Project management. * Adapting Djed to your blockchain's context. * Branding your Djed-based stablecoin to your blockchain. * Linking to your stablecoin on . * Promote your Djed-based stablecoin through our social media accounts. * Participate in co-marketing activities (AMAs, podcasts, ...). Get in touch with us to create a Djed-based stablecoin for your project. # Why Djed on your Blockchain? * To serve as platforms for payments, remittances and other financial transactions, blockchains need stablecoins, which can satisfy the functions of money as means of exchange, unit of account and store of value. * Relying solely on centralized fiat-backed stablecoins may subject your blockchain to the bankruptcy of the operators of those stablecoins or to their decision to pull out of your blockchain, as exemplified by Circle's decision to pul l out of Tron. * For a blockchain's decentralized finance (DeFi) ecosystem to be truly decentralized, the stablecoins on which it depends must be decentralized as well. * Bridging stablecoins from other chains makes your blockchain dependent on other chains and subjects your blockchain's users to bridge risks. A stablecoin implemented on your blockchain is a much more secure alternative. * This is not a theoretical risk. Bridges are the weakest point in blockchain security and some bridge hacks have already proved to be catastrophic to emerging blockchains. * A stablecoin backed by your blockchain's native cryptocurrency brings extra utility to it. Besides being used for paying transaction fees and other uses, it becomes the reserve asset of your blockchain's stablecoin as well. * A stablecoin backed by your blockchain's own native cryptocurrency gives your users the possibility of protecting themselves against downturns in the price of your blockchain's cryptocurrency without having to leave your blockchain and completely sell your blockchain's cryptocurrency. * Among decentralized stablecoin protocols, Djed has [several characteristics](/stablecoins/djed-overview#overview) that make it more desirable than other protocols. * A stablecoin based on the Djed stablecoin protocol may be branded in alignment with your blockchain's own brand. Contact us, to [create a Djed-based stablecoin for your blockchain](/stablecoins/djed-overview/create-a-djed-based-stablecoin). # Why Djed for your Web3 Project? * Many Web3 projects have tokens that are intended to serve as the currency for users to spend within their ecosystem, creating a circular economy with network effects. However, to properly serve as a currency, a token must be able to perform the functions of money as means of exchange, store of value and unit of account. This requires a stable token. Otherwise, when everyone expects the token's price to rise, no one will spend it; and if people expect the price to fall, they will be reluctant to accept it as payments or will be demotivated to accept it as rewards. A token's price volatility prevents it from fulfilling its role as a community currency. * On the other hand, token holders certainly expect the token's price to rise. Therefore, making the project's token itself stable is not a viable option. * The solution for the dilemma above is to have a two-token system: a volatile project token as usual coupled with a crypto-backed stablecoin backed by the project's token. * A stablecoin backed by your project's token brings extra utility to the token: it becomes the reserve asset of your project's stablecoin. * A stablecoin backed by your project's token gives your users the possibility of protecting themselves against downturns in the price of your project's token without having to completely sell your project's token in centralized exchanges. * Among decentralized stablecoin protocols, Djed has [several characteristics](/stablecoins/djed-overview#overview) that make it more desirable than other protocols. * A stablecoin based on the Djed protocol may be branded in alignment with your project's own brand, showing your project's commitment to stability. Contact us, to [create a Djed-based stablecoin for your Web3 project](/stablecoins/djed-overview/create-a-djed-based-stablecoin). # Gluon Stablecoin Protocol Gluon is a novel family of cryptocurrency stabilization protocols inspired by nuclear physics that, instead of issuing new tokens, breaks a pre-existing token into stable components and unstable components, similarly to how an atomic nucleus can be broken into neutrons and protons. We call these components *tokeons*, a portmanteau of "token" and "nucleon", to emphasize that the protocol is not issuing new tokens, but rather splitting a pre-existing token into its tokeons. It enjoys the following properties: * **reversibility**: it is always possible to fusion neutrons and protons back into the original asset. * **autonomy**: once deployed to a blockchain, the protocol can run by itself, with no need to be operated by a third party. As a consequence, a Gluon deployment can also be: * **zero-governance**: it does not need to be governed by anyone. * **immutable**: a deployment and its parameters can remain unchanged, non-updatable, thus guaranteeing that no one will ever be able to update the contract's logic, in ways that could be undesirable or even malicious for those who hold funds in the contract. * **rent-seeking free**: since there is no need for a third party to operate the deployment, there is also no need for any third party to extract abusive fees from the deployment. The deployments can become free and public infra-structure on the underlying blockchains. Formal verification of this protocol is currently ongoing. ## To Know More * Watch a [12-min video](https://t.co/WIWN86qR0k). # Deployments All deployments of Gluon are listed in the table below, along with their implementations, parameters and the oracles on which they depend.
DeploymentParametersOracle
Gluon Gold on
Ergo


Since: July 2024

Peg: 1 gram of Gold
Base asset: ERG

Fission fee: 0.1%
Fusion fee: 0.5%

Transmutation base fee: 0.5%
Transmutation fee slope: 50%
Volume window: 14 days
(Thus, actual transmutation fee may vary from 0.5% to 50.5% depending on the net volume relative to the reserve in the last 14 days.)

Oracle fee: 0.1%
(only on transmutations)

UI fee: 0%

Maximum revenue for CAT holders: 10,000,000 ERG
Initial dev fee: 0.5% (linearly reducing to 0% as revenue accrues up to the maximum)

Maximum fusion ratio (q*): 0.66

Ergo's Gold Oracle

  • Based on Oracle Pools v2.
  • Decentralized operation open to anyone who owns an oracle token.
  • Currently 16 active oracle operators
  • Current update period: ~60 minutes
If you know a deployment of Gluon that is not listed above, please [contact us](mailto:contact@djed.one). If you would like to deploy an implementation of Gluon, [contact us](mailto:contact@djed.one). # FairFund FairFund is a blockchain based platform for community-driven funding. Users can deploy funding vaults, deposit funds, and submit proposals for funding. The platform uses a voting mechanism to decide which proposals receive how much funding. ## The platform supports three types of users: 1. Vault Creators: Can create funding vaults, set token configurations, and funding parameters. 2. Proposal Creators: Can submit funding proposals to existing vaults. 3. Voters/Community Members: Can register to vote, deposit tokens, and participate in the decision-making process. ## Key features of the platform include: * Creation and management of funding vaults * Proposal submission and tracking * Voting mechanism for fund allocation * Token deposit and withdrawal functionality * Results page for viewing distribution statistics * Session based authentication using sign in with ethereum * Personalized "My Activity" Page * Creating space to group funding vaults for a particular community ## Project's Architecture ![FairFund's Architecture Diagram](/files/zbHb9JJlQNjoQXHzGCqc) ## To know more * Checkout the project's [README.md](https://github.com/StabilityNexus/FairFund). # User Guide FairFund supports three types of users: Vault Creators, Proposal Creators, and Voters/Community Members. Here's a comprehensive guide on how each user type can navigate and utilize the platform: ### Vault Creators Vault Creators are responsible for setting up new vaults within the application. Here's how they can get started: 1. **Accessing the Dashboard** * Navigate to the landing page * Click "Get Started" to access the dashboard * Connect your wallet and sign in with Ethereum 2. **Creating a Vault** * Click the "Create" button in the dashboard * Select "Vault" from the dropdown menu * Choose a space for your vault (multiple vaults can exist in one space) * Enter the following details: * Vault description * Token configurations * Funding parameters * Review the entered information * Submit the proposal (requires a wallet transaction) 3. **Adding Funds (Optional)** * After creating the vault, you have the option to immediately add funds 4. **Vault Management** * Upon creation, you'll be redirected to the vault page * Here, you can view all details related to your vault ### Proposal Creators Proposal Creators can submit funding proposals to existing vaults. Here's their workflow: 1. **Accessing the Dashboard** * Navigate to the landing page * Click "Get Started" to access the dashboard * Connect your wallet and sign in with Ethereum 2. **Creating a Proposal** * Click the "Create" button in the dashboard * Select "Proposal" from the dropdown menu * Search and select the target vault for your proposal * Enter the following details: * Proposal description * Minimum and maximum request amounts * Recipient address * Review the entered information * Submit the proposal 3. **Tracking Proposals** * View your created proposals in the "My Activity" page * Alternatively, check the vault details page for your proposals ### Voters/Community Members Voters and Community Members can participate in vaults by voting on proposals and contributing funds. Here's how they can engage: 1. **Accessing Vaults** * Navigate to the landing page * Click "Get Started" to access the dashboard * Click "Spaces" in the navbar to view available spaces * Select a space and choose a vault within that space 2. **Participating in a Vault** * On the vault page, register to vote * Deposit tokens for distribution (if desired) * Create new proposals (if desired) * After the tally date, withdraw remaining funds (if applicable) 3. **Viewing Results** * After the tally date, access the results page * View distribution statistics and other vault-related information # Implementations This section provides an overview of current FairFund implementations across different blockchains. #### Current Implementations | Blockchain | Version | Smart Contract Language | Repository | Deployment | Audit Status | | -------------------------- | ------- | ----------------------- | --------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------- | --------------- | | Ethereum (Sepolia Testnet) | v1 | Solidity | [stabilityNexus/FairFund](https://github.com/stabilityNexus/FairFund) | [Contract Address](https://sepolia.etherscan.io/address/0x345a143558a286c861ce5b7367bafaa5f62b14d6) | Not yet audited | #### Technology Stack * **Smart Contracts**: Solidity, Foundry * **Frontend**: Next.js, TailwindCSS, ShadCN UI * **Backend**: Next.js API Routes, Prisma ORM * **Authentication**: NextAuth, SIWE, Web3Modal * **Blockchain Interaction**: Wagmi, Viem * **Database**: PostgreSQL #### Frontend Deployment The current frontend is deployed at: ### Contributing If you would like to start a new implementation of FairFund or contribute to an existing one, please check the [Contributing section](https://github.com/stabilityNexus/FairFund#contributing) in the README. ### Local Setup and Deployment For detailed information on local setup and deployment, please refer to the [Run Locally](https://github.com/stabilityNexus/FairFund#run-locally) section in the README. # DJED1 Cardano StakePool The Stable Order contributes to the decentralization and stability of Cardano by running a stake pool with the ticker symbol DJED1. **If you have ADA on Cardano, please stake on the DJED1 pool.** All rewards will be used for R\&D of stability protocols. See DJED1 on: * [CardanoScan](https://cardanoscan.io/pool/6e56f943a7bf27868b7f35ea35e26a8b315cda058d2b577fa7d42e60) * [Cexplorer](https://cexplorer.io/pool/pool1det0jsa8huncdzmlxh4rtcn23vc4eks93544wla86shxq8yl99m) Almost every Cardano wallet has a section where you can delegate your stake to a stakepool. Search for DJED1 and choose it. If you need help, contact us. To be sure that you are delegating to the correct pool, check the Pool ID: * **Pool ID:** 6e56f943a7bf27868b7f35ea35e26a8b315cda058d2b577fa7d42e60 * **BECH 32 Pool ID:** pool1det0jsa8huncdzmlxh4rtcn23vc4eks93544wla86shxq8yl99m # Disclaimer The information provided in any of our domainas and subdomains (the "Site") is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the Site. Under no circumstance shall we have any liability to you for any loss or damage of any kind incurred as a result of the use of the Site or reliance on any information provided on the Site. Your use of the Site and your reliance on any information on the site is solely at your own risk. No information on the Site is financial advice. You should consider seeking independent legal, financial, taxation or other advice to check how the Site's information relates to your unique circumstances.