We’re excited to announce the arrival of the $LQTY killer, $USDE. Alongside this, we’re also launching our decentralized lending platform. We’ve put together a testnet event that will have you excited to test the future of DeFi for yourself!
At a glance:
ERD is a decentralized lending protocol that allows users to borrow USDE, a stablecoin pegged to the USD, using LSDs and blue-chip DeFi tokens as collateral. Read more in our Docs.
It aims to provide a decentralized, capital-efficient alternative to centralized stablecoins, offering benefits such as low-interest rates, high capital efficiency, and direct redemptions, with the ultimate goal of becoming a truly decentralized reserve asset on the Ethereum network.
ERD’s V1 testnet will run from June 12 - July 24, 2023. The event will be run on ERD’s official Zealy page.
At the end of the event, Discord roles will be rewarded to users based upon their total Zealy XP scores. Higher scorers will get higher roles, lower scores will get lower roles. Roles will be directly associated with future IDO whitelist and airdrop benefits.
About ERD’s Decentralized Lending Platform
Experience Stability Even in Times of Extreme Volatility
In the fast-paced world of blockchain and cryptocurrencies, the demand for fully decentralized stablecoins is growing. The challenge has been to simultaneously achieve capital efficiency, price stability, and decentralization, a combination that has proven difficult to achieve.
Numerous attempts have been made to create stablecoins that are both decentralized and capital efficient. However, these efforts often led to significant price fluctuations, causing depegging and collapse. The industry has thus been left with a choice between capital efficiency and decentralization, with price stability being a crucial requirement for any stablecoin's survival and expansion.
Ethereum Reserve Dollar is designed to address these challenges. ERD is fully decentralized, providing a safer solution to the dominant centralized and semi-centralized stablecoins in the market. It employs a fully decentralized lending protocol and a robust liquidation mechanism, enabling users to borrow USDE using LSDs and blue-chip DeFi tokens as collateral. The platform secures loans with a Stability Pool containing USDE, which allows for immediate liquidation and bypasses the need for liquidators to prepare USDE or engage in a complex auction process. Furthermore, the protocol's design allows users to borrow at only a 110% collateralization ratio, achieving an ideal combination of decentralization, capital efficiency, and price stability.
Notably, ERD also aims to provide greater value as a governance token and introduce widely distributed decentralized assets on the ETH network, addressing limitations observed in similar protocols, such as those of the Liquity Protocol.
Read more about ERD’s solution and how it works in our Gitbook, here.
ERD’s Platform Testnet Event
We’ve organized a testnet event that will provide users the opportunity to experience the ERD protocol for themselves, while also providing valuable feedback and suggestions for the team behind ERD. Read on to learn about the benefits to joining ERD’s testnet campaign. Keep in mind that additional testnet-related documentation may be released as the event matures.
The ERD testnet campaign will touch upon four different platforms:
ERD Zealy.io Questboard
ERD’s Zealy.io Questboard is where you can find the tasks (“Quests”) that can be completed to earn points (“XP”). The more XP you earn, the better Discord roles you will receive at the conclusion of the event. Roles will be directly associated with future IDO whitelist and airdrop benefits. Visit ERD’s Questboard at https://zealy.io/c/erd/.
The initial Questboard will show 10-15 Quests. Additional Quests will be released every few days over the course of the event, so be sure to visit the Questboard and check for announcements on Twitter and Discord frequently.
Quests will largely revolve around three themes:
- Protocol testing
- UXUI improvements
- Community building
If you have suggestions for future Quests that you think would contribute to any of the above objectives, let us know in the official ERD Discord.
ERD Protocol App
ERD’s protocol application is where the actual testing will take place. Experience the ERD platform functionality, including the decentralized lending platform and USDE stablecoin, for yourself at https://app.erd.xyz/.
Initial testnet transaction types include the following categories. This list may be updated as platform functionality expands:
Initial transaction types:
- Open trove
- Adjust trove
- Deposit USDE to Stability pool
- Withdraw USDE from Stability pool
- Withdraw deposit reward
- Withdraw deposit reward to trove
- Liquidate trove
- Redeem USDE
At any point, you can follow along with the testnet guide within ERD's Docs.
ERD Discord
ERD’s Discord is the project’s support center. While the ERD team will frequently monitor the server, we aim for it to eventually be largely community managed and operated. Join the official ERD Discord.
The server is young and additional functionality will be added as the community’s requirements expand over time. Certain event Quests will require various activities within the Discord.
If you would like to get in touch with the ERD team directly, open a ticket in the ERD Discord and we will do our best to respond within 24 hours.
ERD Twitter
ERD’s Twitter is the project’s communications center. To ensure you stay abreast of all the latest project and event-related updates, follow the official ERD Twitter page and turn on notifications.
Throughout the course of the event, we will release many important updates that will be pertinent to all participants. Certain event Quests will also require various activities related to Twitter.
Our Twitter handle is @Ethereum_ERD. This will not change. Should you see any other Twitter pages that claim to be ERD-related, either DM us on Twitter or open a ticket in the ERD Discord and report the page.
Should you have any suggestions or questions regarding the ERD testnet event, please let the team know in the official ERD Discord. Happy testing!
About ERD
ERD is a decentralized lending protocol that enables users to borrow in USDE, a stablecoin pegged to the US dollar, using LSDs and blue-chip DeFi tokens as collateral. It aims to address the dominance of centralized stablecoins and offer a truly decentralized, capital-efficient alternative. The protocol offers a minimum collateralization ratio of 110% and secures loans with a Stability Pool containing USDE and other Ethereum-based assets. The benefits of ERD include low-interest rates, high capital efficiency, direct redemptions, and decentralization. Its goal is to become a truly decentralized reserve asset on the Ethereum network.
Long live Ethereum Reserve Dollar. On Ethereum, By Ethereum, For Ethereum.Follow ERD on social media and join our Discord for the latest protocol announcements and development updates:
- Website: https://www.erd.xyz
- Discord: https://discord.gg/VNwTAYwcHF
- X: https://twitter.com/Ethereum_ERD
- Github: https://github.com/Ethereum-ERD