This Grant is for the development of Keyaki Protocol, an over-collateralized, decentralized native stablecoin and borrowing platform for the Taiko ecosystem. TAI will be an over- collateralized stablecoin backed by native Taiko tokens and ETH. Borrowers will create troves in Keyaki Protocol, deposit their Taiko or ETH, and receive TAI. TAI will be built on Taiko, which is a secure, decentralized, and permissionless rollup on Ethereum. The stablecoin will be branded as the native stablecoin of Taiko, dedicated to the ecosystem.
Category
Surprise Us 🤫
Timeline
A) Contract Development
Completion of primary smart contract modules for the Protocol.
Key Deliverables Include:
1) Troves (Borrowing)
2) Stability pool module (liquidation mechanism)
3) Redemption (redeeming TAI for underlying collateral i.e. TAIKO native token
B) Frontend and Integrations
Getting the Protocol ready for mainnet launch with the development of the frontend and key pre-launch integrations.
Key Deliverables:
1) Development of frontend
2) Tests, code review and simulations
3) Oracle Integration
Project Plan
Hydrogen Labs, a full life cycle venture studio specializing in building Web3 Infrastructure and applications, will build Keyaki Protocol.
Our project draws inspiration from Liquity Protocol[https://www.liquity.org/]() , a pioneer in the realm of interest-free Ethereum-backed loans. Similar to Liquity, Keyaki will be designed to be governance free and immutable in the long term, prioritizing decentralization. However, in contrast to Liquity, Keyaki Protocol is inherently designed to improve capital efficiency with enhanced mechanism design and the flexibility to accommodate multiple collateral types, including TAIKO, wETH and wstETH from its foundational stage. The platform will rely on over-collateralization to ensure the stability of the TAI stablecoin, requiring users to deposit assets worth more than the value of the stablecoins they receive.
Keyaki Protocol will help bootstrap and lay the foundation for the Taiko DeFi ecosystem. Project sustainability is based on leading research deriving from Liquity Protocol.
Project Impact
Stablecoins can disrupt traditional finance and create new opportunities for innovation by expanding the reach of DeFi and improving interoperability between DeFi and traditional markets.The integration of accepting multiple collateral types offers new financial opportunities for holders. By using Taiko or ETH as collateral to obtain interest-free loans, users can access liquidity while maintaining exposure to their staked Taiko or ETH.
This grant has the potential to drive broader ecosystem adoption, particularly within the Taiko ecosystem, by positioning TAI Protocol as a first-mover in integrating native Taiko tokens. The integration of Taiko and the subsequent growth of TAI Protocol can attract a new user base to both our platform and Taiko, resulting in increased activity, liquidity, and overall network adoption. Similar to Liquity, Keyaki prioritizes decentralization, removing the need for a central authority or DAO to manage the system and reducing the risk of censorship or manipulation. Additionally, immutable smart contracts are inherent to the long-term design of the protocol. TAI, cannot be frozen, blacklisted, or manipulated by anyone other than the owners of the tokens.
Taiko Stakeholders including team members and investors will be able to unlock liquidity from their vested tokens while remaining fully long on underlying Taiko collateral. This will provide initial utility, mitigate slippage and downward price movement from selling of the TAIKO token, and will help limit potential downside in the event of sharp drawdowns.
David Mass | TG: @david_mass| Email: david@hydrogenlabs.xyz
Previous Work
We have finished the techstack for building a similar stablecoin which will be launched on Fuel Network
Fuel Network has supported us since last summer of 2022, with a grant and direct investment.
Fluid Protocol - the native stablecoin of Fuel network
Website: www.fluidprotocol.xyz
Twitter: www.twitter.com/fluid_protocol
Blog post: https://blog.fluidprotocol.xyz/intro/
Additional Information
Funds received from Taiko will be earmarked for developer costs, securing 1 or 2 audits, marketing expenditures and team salaries.
Agreement
[X] I agree to comply with the terms and conditions of the grants program
Project Description
This Grant is for the development of Keyaki Protocol, an over-collateralized, decentralized native stablecoin and borrowing platform for the Taiko ecosystem. TAI will be an over- collateralized stablecoin backed by native Taiko tokens and ETH. Borrowers will create troves in Keyaki Protocol, deposit their Taiko or ETH, and receive TAI. TAI will be built on Taiko, which is a secure, decentralized, and permissionless rollup on Ethereum. The stablecoin will be branded as the native stablecoin of Taiko, dedicated to the ecosystem.
Category
Surprise Us 🤫
Timeline
A) Contract Development Completion of primary smart contract modules for the Protocol.
Key Deliverables Include: 1) Troves (Borrowing) 2) Stability pool module (liquidation mechanism) 3) Redemption (redeeming TAI for underlying collateral i.e. TAIKO native token
B) Frontend and Integrations Getting the Protocol ready for mainnet launch with the development of the frontend and key pre-launch integrations.
Key Deliverables: 1) Development of frontend 2) Tests, code review and simulations 3) Oracle Integration
Project Plan
Hydrogen Labs, a full life cycle venture studio specializing in building Web3 Infrastructure and applications, will build Keyaki Protocol.
Our project draws inspiration from Liquity Protocol[https://www.liquity.org/]() , a pioneer in the realm of interest-free Ethereum-backed loans. Similar to Liquity, Keyaki will be designed to be governance free and immutable in the long term, prioritizing decentralization. However, in contrast to Liquity, Keyaki Protocol is inherently designed to improve capital efficiency with enhanced mechanism design and the flexibility to accommodate multiple collateral types, including TAIKO, wETH and wstETH from its foundational stage. The platform will rely on over-collateralization to ensure the stability of the TAI stablecoin, requiring users to deposit assets worth more than the value of the stablecoins they receive.
Keyaki Protocol will help bootstrap and lay the foundation for the Taiko DeFi ecosystem. Project sustainability is based on leading research deriving from Liquity Protocol.
Project Impact
Stablecoins can disrupt traditional finance and create new opportunities for innovation by expanding the reach of DeFi and improving interoperability between DeFi and traditional markets.The integration of accepting multiple collateral types offers new financial opportunities for holders. By using Taiko or ETH as collateral to obtain interest-free loans, users can access liquidity while maintaining exposure to their staked Taiko or ETH.
This grant has the potential to drive broader ecosystem adoption, particularly within the Taiko ecosystem, by positioning TAI Protocol as a first-mover in integrating native Taiko tokens. The integration of Taiko and the subsequent growth of TAI Protocol can attract a new user base to both our platform and Taiko, resulting in increased activity, liquidity, and overall network adoption. Similar to Liquity, Keyaki prioritizes decentralization, removing the need for a central authority or DAO to manage the system and reducing the risk of censorship or manipulation. Additionally, immutable smart contracts are inherent to the long-term design of the protocol. TAI, cannot be frozen, blacklisted, or manipulated by anyone other than the owners of the tokens.
Taiko Stakeholders including team members and investors will be able to unlock liquidity from their vested tokens while remaining fully long on underlying Taiko collateral. This will provide initial utility, mitigate slippage and downward price movement from selling of the TAIKO token, and will help limit potential downside in the event of sharp drawdowns.
Team Information
David Mass- Co-Founder and Head of BD Previously VP Citibank, Deloitte, Fidelity https://www.linkedin.com/in/david-m-56a2131b/ https://twitter.com/David_DeFi_
Meir Bank- Co-Founder and CTO Previously AngelDAO https://www.linkedin.com/in/meirbank/ https://twitter.com/MeirBank https://github.com/meirbank
Rhett Bernstein COO Previously Everbloom https://www.linkedin.com/in/rhett-bernstein/
Point of Contact
David Mass | TG: @david_mass| Email: david@hydrogenlabs.xyz
Previous Work
We have finished the techstack for building a similar stablecoin which will be launched on Fuel Network Fuel Network has supported us since last summer of 2022, with a grant and direct investment.
Fluid Protocol - the native stablecoin of Fuel network Website: www.fluidprotocol.xyz Twitter: www.twitter.com/fluid_protocol Blog post: https://blog.fluidprotocol.xyz/intro/
Additional Information
Funds received from Taiko will be earmarked for developer costs, securing 1 or 2 audits, marketing expenditures and team salaries.
Agreement