CKB Ecological Stablecoin Project Stable++ is now online on the testnet! Stable++ aims to be a multifunctional protocol that provides financial services to users. RUSD is the platform's stablecoin, which is issued on the Bitcoin network based on the RGB++ protocol and can freely circulate on any UTXO-supported chain.
Stable++ is based on an over-collateralized vault and liquidation module, allowing users to borrow stablecoin RUSD by collateralizing BTC or CKB. Users can provide RUSD to the protocol in exchange for liquidation or sub-collateralized token rewards. Sub-collateralized tokens can be staked to earn fees for borrowing or redeeming assets, and assets can be exchanged at a price anchored to the US dollar.
In addition, Stable++ has introduced liquidity staking through Nervos DAO. Users can stake CKB to obtain wstCKB and still use wstCKB for investment while earning staking rewards.
Previously, the first BTC ecosystem Launchpad platform IBO has launched a staking activity to obtain STB. STB is the Stable++ platform token with a total supply of 21 million, and 20% of the shares will be airdropped to Seal's stakers on the IBO platform. In the future, users will be able to earn profits through staking STB and participate in protocol governance and decision-making using STB.
- Website: https://stablepp.xyz
- Test tutorial: https://stablepp.gitbook.io/stable++
Stable++ Overview#
What is Stable++?#
Stable++ is the first over-collateralized stablecoin protocol based on RGB++. It uses BTC and CKB as collateral to mint RUSD, a stablecoin pegged to the US dollar. By leveraging the advanced Leap feature of RGB++, Stable++ achieves seamless asset transfer within the Bitcoin ecosystem.
With the powerful programmability and Turing completeness of CKB-VM, Stable++ can build over-collateralized vaults and efficient liquidation modules to ensure the robustness and security of the stablecoin ecosystem.
What can I do with Stable++?#
Currently, you can:
- Borrow RUSD by collateralizing CKB or BTC through opening a vault.
- Redeem CKB or BTC by selling RUSD at a stable exchange rate of 1 RUSD to 1 USD.
Key Features of Stable++#
- Decentralization
CKB-VM and CKB's Cell model fully support running smart contracts. Once deployed, the contract cannot be changed by anyone at any time. Therefore, users can interact with Stable++ safely and confidently without worrying about security issues.
- Modular Liquidation
The modular liquidation mechanism is automatically executed by smart contracts, ensuring efficient liquidation processes and minimizing losses. This improves the overall stability and reliability of the Stable++ protocol.
- High Capital Efficiency
The efficient modular liquidation mechanism allows the system to maintain a minimum collateralization ratio (MCR) of 110% without sacrificing stability and security. This allows borrowers to utilize their assets more effectively and reduce the collateral required to obtain liquidity.
Price Stability#
Stable++ utilizes powerful oracle services to provide USD/BTC price information, ensuring that RUSD can always be exchanged for CKB/BTC at face value. Stable++ also treats the price of RUSD as equivalent to USD. Therefore, RUSD can always maintain its price within a reasonable range.
When the price of RUSD exceeds USD, any user or arbitrageur can borrow RUSD from Stable++ and sell it, thereby reducing the market price of RUSD.
Conversely, when the price of RUSD is lower than USD, any user or arbitrageur can buy RUSD from the trading platform and redeem BTC or CKB from Stable++, thereby restoring the market price of RUSD.
Under Development#
To enhance the capabilities and applicability of Stable++, more features and functionalities are being developed and will be launched soon. These additional features aim to provide users with more choices and benefits, ensuring a stronger experience and higher returns.
- Stability Pool: Provide RUSD to the stability pool in exchange for liquidation rewards and support stability pool liquidation mechanisms.
- Staking: Stake sub-collateralized token STB to earn fees paid by other users for borrowing or redeeming RUSD.
- Liquidity Staking: Stake CKB to earn staking rewards and obtain wstCKB for other financial activities to ensure asset liquidity.
FAQ#
1. Can I withdraw my collateral at any time?
Yes. There are no withdrawal restrictions or lock-up periods in the protocol. As long as you maintain a collateralization ratio above the minimum collateralization ratio (MCR), you can flexibly adjust your funds as needed.
2. When will my vault face liquidation?
Your vault will face liquidation when the collateralization ratio falls below 110%. Although the minimum collateralization ratio is 110%, it is recommended to maintain a collateralization ratio above 150% to ensure safety.
3. Why do I need to pay aggregator node fees?
Aggregator nodes collect all the cells generated by users during operations such as borrowing and repayment and submit the transactions to the chain. This is the underlying logic designed by the CKB solution to ensure security and stability.
The fees paid to aggregator nodes serve as rewards and incentives, and anyone can participate in the operation of aggregator nodes to earn corresponding incentives, ensuring the decentralized nature of the platform.
4. Why does Stable++ require a gas fee reserve of 800 CKB?
800 CKB covers the following:
- Aggregator node fees: Part of the reserve is allocated to aggregator nodes as fees for collecting intent cells and submitting transactions to the chain. Approximately 650 CKB.
- Change Cell creation: The remaining reserve is used to create change cells when needed. The cost of creating change cells is 144 CKB, and this fee is fully refundable when the cell is used.
Stable++ ensures the security, true decentralization, and smoothness of the transaction process.
5. Why is my CKB converted to wCKB?
CKB is converted and wrapped into wCKB to enhance its transactional capabilities. When you close your vault, all CKB collateral will be extracted in the form of wCKB to your wallet. To convert your wCKB back to CKB, simply click the "Convert All wCKB" button.