DISCLOSURES: THE AUTHOR OF THIS REPORT MAY PERSONALLY HOLD MATERIAL POSITIONS IN ETH. THE AUTHOR HAS NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THE AUTHOR HAD MATERIAL NON-PUBLIC INFORMATION WHILE RESEARCHING OR DRAFTING THIS REPORT. THESE STATEMENTS ARE MADE CONSISTENT WITH DELPHI’S COMMITMENT TO TRANSPARENCY AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN, OR TO USE ANY PROTOCOL. THE CONTENT OF THIS REPORT REFLECTS THE OPINIONS OF ITS AUTHORS AND IS PRESENTED FOR INFORMATIONAL PURPOSES ONLY. THIS IS NOT AND SHOULD NOT BE CONSTRUED TO BE INVESTMENT ADVICE.
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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:
- It uses ETH as the sole collateral asset.
- It’s built on immutable smart contracts. No governance mechanism and/or governance token.
- 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
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