Exploring DYAD: A New Approach to Decentralized Stablecoins

Sneak Peek

DYAD is a new algo-stablecoin slated to launch by end of year or early next year. It borrows some concepts from Ampleforth and DAI and ties them in a novel way by throwing NFTs into the mix. In this report we will break down its components. But right off the bat, here are its main characteristics:

1. It uses ETH as the sole collateral asset.
2. It’s built on immutable smart contracts. No governance mechanism and/or governance token.
3. It can only be minted by holders of 10,000 limited-supply dNFTs (DYAD NFTs).

Understanding DYAD

Let’s start with minting. If you’re the owner of one of the 10,000 dNFTs – lucky you, you can mint new DYAD whenever you wish. 

DYAD enters into circulation through two steps. In the first step, NFT hold