SILK price

SILK

Silk Stable is a private stablecoin tracking a basket of global currencies and commodities. Silk Stable is fast and agile, with 6 second transaction times. Launched by Shade Protocol and powered by Secret Network, Silk operates as an interoperability hub between global currencies – acting as perpetual hedge against macro volatility and inflation.

Overcollateralized minting follows the traditional MakerDAO model where users can deposit assets into smart contract vaults which programmatically liquidate users if their lending position reaches a critical level of collateralization that could negatively impact the overall stability of Silk. The Stability Pool is a democratized pool where users can deposit their Silk to passsively earn yield from liquidations that occur within the Silk minting vaults. Whenever a liquidation occurs, Silk is programmatically removed from the Stability Pool and burned. Bonds are the final stability mechanism of Shade Protocol. The ShadeDAO is capable of buying Silk off of the open market in return for assets bonds. Additionally, the ShadeDAO is capable of issuing SILK to the market in the form of a bond in the event of excess demand for Silk.