Is it possible to develop a blockchain for a "stablecoin" with those characteristics?

Original discussion: https://www.reddit.com/r/Avax/comments/j6a4bh/is_it_possible_to_develop_a_blockchain_for_a/

  1. It should be created by locking AVAX as base as it is with ETH for DAI

  2. Fees can be paid with AVAX OR the stablecoin itself. This is very important, users should be able to pay without having or even knowing what AVAX is

  3. So if the user choose to use the stablecoin as fee (instead of AVAX), the stablecoins used as fee will be burned, which means that it will give more value to the users that have locked AVAX on the first point.

  4. It must have zk-SNARKs to being able to make hidden transfers as Zcash

Direct competitor: Monero

This seems an interesting solution (xDai)
https://www.xdaichain.com/about-xdai/news-and-information/dual-token-model
STAKE is a multi-chain staking token designed to secure the payment layer. Staking allows block producers (validators and their delegators) to provide transaction consensus and receive staking incentives for honest block production. STAKE is not required for everyday chain transactions or users, it is only required for consensus providers. STAKE is also not stable, it is a volatile token whose value is determined by the marketplace.

Instead of STAKE, it could be AVAX :slight_smile:

I guess that burning fees will work the same as moving back DAI to the locked ETH.

Users will be able to get back AVAX without the need to give back the corresponding stablecoins.

The corresponding AVAX of the burning fees will be automatically unlocked as earned.

I’m just guessing anyway, I’m not sure how it could work :slight_smile:

The end result is that there could be wallets where it will be visibile only USD (or EUR etc …), and users will be able to use it without knowing anything about AVAX.

The for sure this kind of stablecoin will be usable in many other DeFi things.

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hi, i asked same question to many dev but couldn’t get satisfying answer, so i found the solution forking the network