Gyroscope is developing GYD, a decentralized, noncustodial stablecoin fully backed by diversified assets in smart contracts. Governed on-chain by the Gyroscope DAO, the community can propose and vote on changes. The stablecoin maintains a 100% reserve ratio with 1 USD worth of collateral per GYD. Gyroscope raised $4.5 million in seed funding, co-led by Placeholder VC and Galaxy Ventures.
Value Proposition:
Gyroscope is a project that aims to create a novel type of decentralized, noncustodial stablecoin called GYD. GYD is designed to be fully backed by a diversified reserve of assets held in smart contracts.
Governance:
The governance is conducted entirely on-chain by the Gyroscope DAO, which allows various stakeholders within the community to control the system. Participants in the governance system can make proposals, which are then discussed and voted on by the community.
Tokenomics:
Gyroscope's tokenomics revolve around its stablecoin. The Gyroscope stablecoin aims at a long-term reserve ratio of 100%, where every unit of stablecoin is backed by 1 USD worth of collateral. The reserve is a basket of protocol-controlled assets that jointly collateralize the issued stablecoin.
Previous Funding:
Gyroscope raised $4.5 million in a seed funding round. The funding round was co-led by Placeholder VC and Galaxy Ventures
