💀 Skull Finance
Skull Finance is an algorithmic stable coin protocol pegged 1:1 to MIM on Avalanche. Inspired by Grape , Basis cash, bDollar, soup as well as t(2)(3)omb finance more recently; Skull Finance is a multi-token protocol that consists of three tokens
- Skull ($SKULL)
- Brain Shares ($BRAIN)
- SBond ($SBOND)
The protocol's underlying mechanism dynamically adjusts SKULL's supply, pushing its price up or down relative to the price MIM. This should be $1 however there may be times where MIM loses its peg and if our protocol is functioning as intended will follow MIM to keep pegged 1:1 to it.
We are a team of passionate people who has deep experience in development and coding along with a few marketing specialists. With all the skill set in our arsenal, we believe Skull Finance will stand out from all the other projects in the DeFi space. While an admirable and achievable goal we want to return to the original intentions of the likes of Basis et al by pegging to a stablecoin. With major increases in Defi TVLs, smart contract abilities and L1 chains over the last year we feel helping to increase the liquidity of stables is now important more than ever especially if we want to bring more of the regular world into crypto. MIM being the decentralized stablecoin of choice on Avalanche seemed like the perfect match. With our protocol we hope to bolster MIM's liquidity on Avalanche, offer a pegged MIM substitute for lending/collateralization and offer this cross chain as well, essentially becoming our own stablecoin. Pegging to MIM instead of AVAX makes cross chain activities and collateralization more flexible, easier to manage and has a wider potential audience than a L1 specific peg as we can effectively act as a stablecoin.