We, the founding team of DSD, want to lay out our roadmap and timeline for DSD V2 (often referred to as DIP-10).
Since January, the team has been working on finding a novel incentive structure that can overcome the inability of status quo algorithmic stablecoins to maintain their peg.
Note that the inability to maintain the peg drove most protocols to switch to collateralized designs. We believe that collateralization (including when done partially through governance tokens) brings no relevant innovation to space. The reason being, it provides no scaling ability beyond the economic bandwidth of centralized stablecoins and the project’s respective governance token.
We believe that algorithmic stablecoins are only worthwhile as an experiment when they actually aim to overcome the burdens of their predecessors. Only this way can we achieve truly decentralized, permissionless, and scalable collateral for the DeFi space.
We have been outlining and discussing different approaches with the community and published a high-level spec for DIP-10 beginning of February.
Current status of implementation:
- Initial implementation of the smart contracts the DIP-10 spec outlinedhas been completed and published. The first review has also been completed. Some minor issues have been identified and are currently being resolved.
- We are kicking off the frontend design and development to support the new features and incentive structures.
- We will continue testing and finalizing the spec with some minor adjustments. A feature freeze will go into effect on the 25th of March.
DIP-10 will be put up for a vote to the DAO on the 1st of April 2021, with an expected launch date on the 4th of April assuming the DAO agrees to the upgrade.
Until then, we will publish a series of “How To” and other informational articles to answer all questions relating to DSD V2. This ensures that our community is well informed,knows how to handle the upcoming changes, and can benefit from the evolving protocol.
We are excited to enter this new chapter together with you and we’re very much looking forward to what’s to come! 🎉