- Please provide an overview of the project:
Stable Jack is an Avalanche native LSTfi protocol that partitions AVAX volatility into two products to have a new yield-bearing stablecoin, called aUSD, while also creating a volatile AVAX token, called xAVAX.
We are developing a yield-bearing stablecoin that offers:
- capital efficiency
- no liquidation risk
- no exposure to centralized party risks
We are building a volatile AVAX token that offers:
- DeFi composability
- No funding fees
- an extremely low risk of liquidation
The protocol will benefit the Avalanche ecosystem in 4 major areas:
- AVAX-powered: As an AVAX-backed stablecoin, the creates demand for AVAX.
- Unlocking AVAX LST liquidity: The protocol allows AVAX LSTs such as sAVAX to be effectively utilized for further financial activity which was not possible before.
- New Use Cases for AVAX: The protocol creates new use cases for AVAX and utilizes it to build two new financial products.
- Increased and Diversified Security: By utilizing LST protocols, the protocol directly helps the security of the protocol while also diversifying its participants.
- Please explain how your project meets the round eligibility criteria
We understand and accept all the rules that are not permitted in Avalanche Community Rounds. We state that Stable Jack follows all the eligibility criteria set by the Avalanche Foundation.
Github: stable-jack
Twitter: StableJack_xyz
History of Contributing to the Avalanche Ecosystem: Caesar has been in the ecosystem since the mainnet launch. For the last 1.5 years, he has been preparing daily/weekly threads about the Avalanche ecosystem, working on the Avalanche ecosystem projects, and lastly becoming an AVAX ambassador. He also arranged several Avalanche meetups in Turkey.
- How does your project benefit the Avalanche Ecosystem? Please mention any existing or upcoming partnerships.
Stable Jack benefits the Avalanche ecosystem in a variety of aspects;
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Unlocking AVAX LST liquidity: Stable Jack is built on top of the LST protocols. This means that if Stable Jack TVL grows, the LST protocols such as BENQI, Yield Yak, and GogoPool will see an increase in their TVL.
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Securing the network: By utilizing the LST protocols, Stable Jack will directly help to secure the Avalanche network.
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Bringing Liquidity from other chains: Stable Jack provides the first yield-bearing and decentralized stablecoin in the Avalanche ecosystem. Given that there is no such product in the Avalanche ecosystem, Stable Jack addresses a main pain point. This will attract liquidity from other chains to Avalanche.
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Increasing the demand for DeFi protocols: Stable Jack tokenizes the leveraged AVAX positions as xAVAX. This allows users to have leveraged exposure to Avalanche but also use it in DeFi protocols. This composability will increase capital efficiency for the users and also will help other protocols to see increased TVL.
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New Use Cases for AVAX: Stable Jack creates new use cases for AVAX and utilizes them to build new financial primitives. For example, if the Avalanche ecosystem has 1b aUSD liquidity instead of 1b USDT/USDC liquidity, it will create a 1b demand in AVAX.
Potential opportunities are;
- aUSD and xAVAX as collateral and borrowable assets on BENQI, Delta Prime, and AAVE lending markets.
- aUSD as a yield product via Yield Yak Pools.
- Listing aUSD and xAVAX on Trader Joe, Dexalot, Pharaoh, and Wombat.
- aUSD and xAVAX as part of the Index Cap of Colony.
- xAVAX and aUSD as a collateral asset on Hubble Exchange.
- aUSD as a yield product for Definitive, CIAN, and Vector Finance.
- aUSD and xAVAX as bonding assets for Chimera and Kuza Finance.
- aUSD as a vault token that Struct Finance users can invest in
- aUSD as a currency on Blockpay for daily payment
- aUSD and xAVAX can be integrated by SteakHut Finance for automated liquidity management services.
- How old is the project?
5 months old
- Please provide a link to your Public Group Chat (Discord or Telegram)
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Please Provide Prior Funding Sources Including Total Prior Funding for the project in USD
- Total prior funding in USD: 103k
- Grants: 0
- VC: 0
- Angels: 103k
- Token Launch: N/A
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Profiles or socials of other main team members publicly
Twitter handle:
Caesar: CaesarJulius0
Ulvi Cihan Dağdeviren: Dagdeviren1998
Solomon: Solomon_nsi
- Telegram Handle of Primary Contact
@CaesarJulius0
- Is there anything else you’d like to share about your project, previous work, or other affiliations?
We have already launched our testnet, and now more than 200 people participated and provided feedback. There is no problem with the codebase, only small frontend bugs and design updates are required, it will last a month. You can try it via the link:
Currently, we are working with Credshields for the audit of the code.
