Hydra DAO

The object is make a crypto native reserve currency, it would need to have:

1. a rising floor price. (floor price = treasury holding / supply of our coin)

2. a stable or rising market price.

How to have a rising floor price?

The treasury income stream has to larger than the coin minting stream.

We will have a treasury that can mint coins with stable coins or LP.

The higher the supply of the coins, the higher minting price.

As long as people are minting from our treasury, the floor price will rising.

If the floor price keeps rising, nobody will minting from treasury anymore right?

Yes. We will have everlasting rounds of price rising phases.

At the starting of each rounds, the minting price will stay ~5% lower than the market price.

To encourage people to mint from our treasury, the last few people who minting from our treasury will get the reward of purchasing coins at floor price.

One round ends when nobody is minting anymore.

How does exactly does the minting work?

You will be able to mint HYDR with stable coins like USDT, DAI, etc, or you can also mint HYDR with LP tokens like HYDR-USDC.

The stable coins that are used to mint HYDR will be held in the treasury to support the floor price.

  floor price = treasury / the supply of the HYDR

If a user is using LP token to mint HYDR, the value of LP token will NOT be counted into the holding of the floor price. It is because LP token is more volatile. If the price HYDR drops, the LP token price will drop with it, and so with the floor price. I want to have a floor price that will never drop, so LP tokens are not counted.

The minting price of the HYDR will increase as the supply of the coins goes up. If one HYDR is minted, the minting price will be increased by $0.00001. The minting price will keep going up until people are losing interest in minting.

There is a timer ticking down. Whenever there is a person minting from the treasury and the number of coins minted meets the requirement. That person will be qualified for the potential reward when the timer ticks down to zero. At the same time, the timer will be increased by a certain amount.

When the timer comes down the 0, the last 50 (subject to change) people will be rewarded with prHYDR coins. The amount of prHYDR coins that are rewarded is equal to the amount of HYDR minted when the round ends.

With prHYDR, you can mint HYDR at the floor price at any time.

1 prHYDR + floor price amount of stable coins = 1 HYDR

Hardhat, ethers.js, REACT. We used jest for testing. hardhat for deploying to all the networks. We used React and React Hooks. We used react hooks for data fetching quite a lot. We integrated our frontend with wallet connect and coinbase wallet. We deployed our contracts to Arbitrum and Matic Test net. We used http://fleek.co/ to do the CD. Our frontend repo link is here https://github.com/hydradao/hydradao-front-end We used the Olympus DAO frontend as our base and work on top of that.