Empyrean DAO — Building the decentralised reserve currency of Aurora
Disclaimer: This protocol, not unlike other early DeFi projects, is highly experimental and subject to risk. It is based on the audited OlympusDAO contracts, and might have new features added in future. We plan to work with auditors post-launch.
Empyrean DAO is a protocol responsible for the issuance and management of a fully backed, algorithmic, yield generating, free-floating stable asset — EMPYR.
Inspired by OlympusDAO’s work and community, we plan to not only be the first ones to offer the same services as Olympus on Aurora — the EVM compatible shard on NEAR — but also the first to develop further upon OHM’s design to accrue more value to the community.
We’ll start off by:
Bootstrapping treasury and offering high APY to stakers
Selling EMPYR bonds at a high discount to build up the treasury and increase the backing of the token, and soon offering users high APYs to stake their EMPYR and earn good returns by auto-compounding their yields (💫,💫).
Accepting productive, yield bearing assets for bonds
Selling bonds in exchange for productive, yield bearing assets to accrue more value to the treasury and increase our backing passively.
Deploying treasury into high yield generating strategies and sharing the value accrued with token holders
Once our backing is high enough, we will start deploying our treasury actively into different strategies like yield farming, leveraged yield farming, basis trading etc to generate more yield, which we’ll share with our users either by increasing APYs on staking or by directly sharing the cashflow (as decided by the community).
PoL as a service
Offering Protocol owned Liquidity as a Service later on to the projects launching on Aurora. This will be useful especially for projects going multi-chain that suffer from lack of liquidity when they deploy on new chains.
We chose to deploy on Aurora as we see high growth potential in the NEAR ecosystem and especially Aurora, as EVM compatibility makes it easier for anyone to deploy on it and get strong security from NEAR validators securing the main chain. We see the DeFi ecosystem growing at a rapid pace on Aurora in the next few months and plan to establish ourselves as an integral part of it.
We are excited by Proximity Labs’ effort of onboarding notable projects to Aurora, and will be working with them closely to see how we can fit ourselves better to collaborate with the ecosystem (💫,💫).
We are also thrilled to announce Trisolaris as a launch partner where we will be deploying initial liquidity for EMPYR and will also be accepting the liquidity pair for bond purchases. There might or might not be a surprise for early Trisolaris users 🙂.