Gyroscope, supported by venture capital firms such as Galaxy, Placeholder, and Maven 11, has launched its innovative stablecoin, GYD, on the Ethereum mainnet. GYD, tested earlier on Polygon, is an "all-weather" stablecoin designed to safeguard crypto investors from the instability often associated with stablecoins. It's a decentralized, non-custodial stablecoin, fully backed by reserve assets and employs an algorithmic mechanism to maintain a stable $1 peg. GYD segments risks by storing backing assets in separate vaults and supports various strategies, including yield-generating stablecoins and automated market-making (AMM). Aimed primarily at decentralized finance (DeFi) users, GYD features risk diversification rules, new oracle systems, and optimized minting and redemption bonding curves. The launch attracted nearly $30 million in total value locked. Gyroscope raised $4.5 million in venture capital, with the aspiration for GYD to rival established stablecoins like Maker's DAI.
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