- Home >
- Crypto tokens >
- Galatea Cash
What is Galatea Cash?
INTRO
Galatea Cash is an algorithmic stablecoin protocol pegged to the CRO token on the cronos blockchain with seigniorage consisting of three different tokens: $gCASH, $gDIVS, $gBOND.
Full description of Galatea Cash
INTRO
Galatea Cash is an algorithmic stablecoin protocol pegged to the CRO
Token (?) on the cronos
Blockchain (?) with seigniorage consisting of three different tokens: $gCASH, $gDIVS, $gBOND. The code for the Galatea Cash protocal is a
Fork (?) of Tomb Finance on the Fantom blockchain. Galatea was also inspired by BasisCash, bDollar, and other algo coins that have been tried on different blockchains. Users can access the dapp for the protocol here https://galatea.cash/ and auto-compounding vaults will be added shortly.
PURPOSE
The main purpose of gCASH token will be to remain pegged 1:1 to the CRO token as gCASH token is designed to be used as a medium of exchange, much like a stable coin. The built-in stability mechanism in the protocol aims to maintain gCASH's peg to one CRO in the long run. The gDIVS token is meant to provide liquidity to the protocol when paired with CRO and serve as a measure of user faith in the protocol’s ability to stay at or above peg and provide the user with interest payments when staked in the boardroom they grant the staker access to governance of the Protocol: i.e. proof of stake. The gBOND purpose is to help incentivize changes to the gCASH supply during a contraction period.
FUNCTION
The idea behind the protocol is to balance the total supply of gCASH in the same way that a central bank would a fait currency by generating and burning supply as necessary through fees and incentivizing users to buy bonds. When gCASH TWAP (Time Weighed Price Average) is over 1 $CRO for an epoch (6 hours), a percentage of the total gCASH supply is minted. The minted gDIVS is given to users who staked their gDIVS tokens relative to how much gDIVS they have staked. When gCASH TWAP is under 1 $CRO for an epoch, gCASH minting is stopped. Instead, gBONDs are available for sale and users can buy gBONDs with gCASH so that for every 1 gBOND bought, 1 gCASH is automatically burnt. gBOND tokens can’t be redeemed when gCASH is under 1 $CRO, but they can be sold at the price of gCASH² whenever gCASH goes back over 1 $CRO. This mechanism incentivizes users to buy bonds and thereby help the price to get back above its peg.
- Exchange symbol (?): GCASH
- Cryptocurrency type (?): Token (?)
Galatea Cash for developers
Galatea Cash social sites
Source: NOMICS