We’ve had a great time engaging with the community lately via the insightful Fireside Chat with Ouro Stable focusing around introducing the project as well as providing a deeper perspective into their current and next plan.
Below is a full recap of the Fireside Chat, for all the communities who couldn’t make it, or for anyone that’s interested.
A big thanks to Michael C - Builder of Ouro and all of the community to make this event successful.
Project Name: Ouro Finance
Date & Time: 8:00pm (UTC+7), 8th Sept 2022
Host: Mint from Baryon Network
Guest: Michael C from Ouro Finance
Fireside Chat Agenda:
⚡️Section 1 (muted chat): Warm-up | The project Introduction
⚡️Section 2 (muted chat): Open-Ended Questions
⚡️Section 3: Live Questions from Community
⚡️Section 4: Quiz time
Section 1 (muted chat): Warm-up | The project Introduction
Hello guys. This is Michael, a Builder behind Ouro. Been in the crypto space since 2017. Initially trading shitcoins and mining Ethereum. Later in 2018, I join the Binance team. Doing operations work and research for around 3 years.
In 2019 Libra and DCEP came out, But crypto didn’t have a good alternative to it at that moment. This made me really interested in stablecoin research but never got a chance to realize my ideas.
Later in 2021, after I left the company I was able to spend more time building a stablecoin protocol, which became Ouro. Been actively researching to create a better and decentralized store of value for web3.
Besides Ouro, I have also been speaking at colleges to spread the narrative of web3 and decentralization and is a contributor to Blockless (decentralized web service platform)
Really glad to have this opportunity to chat with all of you! Let’s make this a good one!
Q: Can you share with us the idea behind Ouro?
Ouro aims to provide a better store of value than existing USD stablecoins. OURO the stable asset is 1-1 pegged to underlying crypto assets. This means it will have a higher capital efficiency than over-collateralized stablecoins and therefore a better user experience in the process of issuance and redemption. OURO holders also don’t have to worry about liquidations.
We introduced a Capped Rebase mechanism to make sure OURO is constantly 1-1 pegged to the underlying assets.
Essentially, when there is excess collateral in the Reserve Pool, most of it will be used to conduct OGS (Ouro Governance Share) token burn and to form an independent Insurance Fund. A smaller portion will be saved in the Reserve Pool and will be utilized to support an increase in OURO’s Default Exchange Price.
But there is a limit to how much the Default Exchange Price of OURO can increase per month (this is where the term “Capped” came from). Without this limit, OURO will not be a stable asset.
When there is insufficient collateral in the Reserve Pool, new OGS tokens will be minted to acquire collateral directly on secondary markets.
There are existing algo-stable projects that utilize the system rebase process as a way to reward governance token holders (when there is excess collateral, new stablecoins are minted to governance token holders, etc.). We felt this encourages more speculators to join the ecosystem and is not necessarily the best way to encourage the adoption of the stable asset.
So as a general design philosophy we wished to make sure that the stablecoin holders will be incentivized enough. We aim to make users more willing to hold on and utilize OURO with inflation-proof as a service, as well as OURO staking rewards in OGS that make stable asset holders the true owners of the platform.
Q: Can you tell us more about the vision and goals of Ouro?
Currently, USD or USD-pegged stablecoin holders get diluted by inflation simply by holding these assets. What we are doing here is to introduce the first inflation-proof store of value.
There are many types of stores of value in the crypto industry nowadays. There are the likes of DOGE and PEOPLE which rely on meme-consensus, the likes of ETH which rely on service and functionality, the likes of DPI (index tokens) which rely on predefined exposure as a service, etc.
They are all different products that provide different services to different people. But in our observation, one thing that many people seek but never fulfilled is a product that is structured for the single purpose of beating USD inflation. After 6 months of launching Ouro, we’ve achieved a 10% gain for OURO holders.
This service is not only needed by crypto users but also by everyday moms and pups. Nowadays mostly everyone has to go through a tremendous amount of work in order to gain financial exposure that is inflation-proof.
So for Ouro, the end goal is to construct a crypto financial product that even non-crypto people would wish to use. Though the initial purpose is not to use this as leverage for crypto mass adoption, we have the confidence that Ouro will indeed help the industry in this direction.
Q: Please share with us what does the roadmap look like for Ouro in the next 2 years? Can our users expect more exciting things down the road?
After the initial months, we’ve experienced many ups and downs in crypto, and OURO never went off-peg. This gives us the confidence to expand on community initiatives and introduce more use cases.
We understand in order for a project like this to truly have adoption, more OURO token use cases are required. In the foreseeable future, we plan to introduce the following on the development side (not necessarily in temporal order)
1. Make OURO and OGS available on other chains
2. Build a protocol statistics dashboard
3. Introduce OURO-based lending
4. Introduce OURO-based synthetic asset creation
On the community side, we are looking to introduce our Contribute to Earn Program and anyone who wishes to help Ouro grow can participate and earn OGS rewards. We plan to launch on-chain governance soon and OGS holders will become owners of the platform.
Q: Partnership with the same long-term vision project is a must. Like how you guys have run the farming pool and trading camp with us here on the Baryon platform. So besides Baryon Network, what is the next big partnership that we can look forward to?
The earliest partnership announcement will be one with a new lending/borrowing platform on BNB Chain. Which is also a project that is currently doing social campaigns with Baryon! Can you guess which one it is? This partnership will be announced in the next month. So stay tuned!
Q: Can you share a little bit about your current and next plan, especially how to attract non-crypto natives?
For our product, we take a crypto-first approach. Strategically, we will try to make OURO one of the most common stable assets used in liquidity provision.
OURO has a natural advantage against regular USD-pegged stablecoins as the appreciation in OURO’s Default Exchange Price will be able to balance out some of the impermanent loss experienced by stable/non-stable token pair liquidity providers.
All of our content, marketing, and partnership efforts eventually strive to achieve this.
Once OURO becomes a common asset used in liquidity provision in the crypto realm, we believe it will naturally attract the attention of non-crypto natives.
Section 2 (muted chat): Open-Ended Questions
Q: What's the main difference between algorithmic stablecoins and other stablecoins?
To some folks, Makerdao is more like a lending platform instead of a stablecoin platform. The deposit/redeem process is not very user-friendly. You have to overcollateralize by a few hundred percent. So folks started to think about moving the responsibility to overcollateralize from individual users to the whole platform instead.
Algo stables are looking to provide a different user experience compared to MakerDAO (CDP style). There are pros and cons. The pro is indeed users often can make 1-1 swaps between collateral and stablecoin. The con is now the platform carries all the responsibility for making the whole system solvent.
Q: Talking about stablecoins, we have news that Binance no longer supports USDC trading pairs. What do you think about that Michael? Can you share it with us?
I saw on Twitter many take this as negative news. The titles are scary. My impression though is that the current Binance product team has been thinking hard about providing a better user experience (and promoting BUSD at the same time of course).
What will happen is that people can still deposit and withdraw the likes of USDC, but all trading pairs would be merged into one. It’s a bit like how you deposit different kinds of stablecoins to FTX, and you can use them freely in one unified “USD” pair.
Q: So what do you think is the future of decentralized stablecoins?
Decentralized stablecoins are a must in crypto. For many, including myself, a decentralized stablecoin is the holy grail for the application layer in web3. It’s really about making a “better” Bitcoin. On the other hand, how do you enable mass adoption for DeFi without decentralized stablecoins? It will be very difficult for us to not have DeFi falling to CeFi.
Of course, no one really knows how the landscape will turn out to be. But one issue i see repeatedly in many projects is rebased. This is one thing I’ve been consistently thinking about and researching on. Rebase means automated rebalance of an asset pool, and is what enables to us have programmed assets such as algo stablecoins (synth that follows the USD) and index tokens (synth that represent a market index).
But if you look into Index Coop, the major issue they face is the inability to have an index token that really tracks the value they want it to represent, while in the process not creating unwanted arbitrage opportunities (that allows people to empty the pool). This is a difficult issue to work on. However, i believe we will be able to create a whole different kind of product and user experience when this is resolved.
Q: Please share with us what happens when the 3% monthly increase limits how much the OURO Default Exchange Price is hit.
All excess collateral will be used to form an insurance pool and to conduct OGS token buybacks.
Q: Can you tell us more about How Baryon and Ouro are working together?
Yes! Ouro is happy to be a part of the Baryon and Coin98 ecosystem. Currently, we are together conducting social and trading campaigns with OGS token rewards. Previously the OGS token is only traded on Impossible Finance and Pancake Swap. But now we are on Baryon as well! Follow us on social media channels, and stay tuned for more campaigns down the road!
Q. Do you want to share anything else with our community Michael?
So right now we are doing a series of campaigns with Baryon. The latest one is a 6-month staking campaign. You can find more about it here https://twitter.com/BaryonNetwork/status/1567780092730028032
Section 3: Live Questions from Community (chosen questions)
From Hailey Le:
Most investors are mainly concerned with the token's short-term price rather than the project's long-term value. Can you think of some fresh long-term investment strategies for users?
So this is one of the reasons why OURO was created. regular stablecoin doesn't get you any yield on itself. other crypto assets have great volatility. so during the bear market, I would highly recommend that besides HODLing BTC ETH, try to mix your portfolio with a bit of OURO)
Where I can follow Ouro?
Here goes our Twitter: https://twitter.com/ourostable. You can see our telegram and discord links in the bio too!
What do you think about a bear market? How can your project overcome this?
When the market kept on dumping, it would be very hard for any project to survive. But I think we've been thru the worse part. OURO the stablecoin never really went off peg during the big crash.
Now it's time to build. A bear market is the best time to tell who are the true builders out there. The building is what takes us to the next bull : )
Why Ouro? Does it have any meaning?
It actually came from ouroboros. infinity. So when I was doing initial research on stablecoins, I really wanted to make one with privacy features. One paper by IOHK introduced a private pos mechanism called Ouroboros. Initially, I wanted to build a base layer like that too. But later figured this is not my best strength haha. But the name got passed down.
Is there any benefits of holding OGS for a long term?
Governance and lending utility aside (soon to be out). Holding OGS alone is a bit like holding an index token. When the market pumps, funds will be used for OGS buyback. So I would say if you are a long-term believer in crypto, it doesn't hurt to have a bit of OGS in your portfolio.
🎁 Chosen Questions from Hailey Le, W.H.M.R, Dora, BiboBibo, Hera
(10,000 $OGS to 5 best questions / 2,000 $OGS each)
Section 4: Quiz time (🎁 Winner Announcement)
10,000 $OGS for the Quiz Time winners / 1,000 $OGS each
1. What does Ouro aim to do? (Winner: @Anhbao666)
A. Provide an NFT game
B. Provide an inflation-proof store of value
C. Provide a new algorithmic stablecoin
D. Provide an exchange
2. What is the ticker symbol for Ouro’s governance token? (Winner: @doithay1617)
3. What are the initially supported assets used to mint OURO? (Winner: @doithay1617)
C. BTCB and CAKE
D. All of the above
4. What new functionality will Ouro introduce in the next month? (Winner: @nguyenben)
A. Borrowing / Lending
B. Synthetic assets
C. Support for new chains
D. Migrate to an app chain
5. Which is the current OGS farming pool on Baryon Network? (Winner: @TomiDoan)
A. OGS - BUSD
B. OGS - BNB
C.OGS - USDT
D. OGS - AURA
6. When will the OGS-BUSD farming pool end? (Winner: @luckydraw66)
A. 19h59 September 26th, 2022 (UTC+7)
B. 20h59 September 26th, 2022 (UTC+7)
C. 21h59 September 26th, 2022 (UTC+7)
D. 22h59 September 26th, 2022 (UTC+7)
7. The total rewards of OGS-BUSD Farming Pool until 19h59 September 26th, 2022 (UTC+7)? (Winner: @Anhbao666)
8. When did the Ouro Trading Camp started? (Winner: @swi_whmr)
A. September 1
B. September 2
C. September 3
D. September 4
9. When will the Ouro Trading Camp end? (Winner: @Truongkhanh)
A. 11:59 PM (UTC+7) September 12, 2022
B. 11:59 PM (UTC+7) September 13, 2022
C. 11:59 PM (UTC+7) September 14, 2022
D. 11:59 PM (UTC+7) September 15, 2022
10. The total rewards of the OGS-BUSD Trading Camp? (Winner: @doithay1617)
A. 100,000 OGS
B. 300,000 OGS
C. 400,000 OGS
D. 500,000 OGS
Ouro aims to create an inflation-proof stablecoin system on BNB Smart Chain, featuring Peer-to-Pool asset swaps. We derive fiat inflations manifested in the growth of the value of crypto assets, and migrate them onto OURO, making it an inflation-proof stablecoin.
About Baryon Network
Incubated by Coin98 Labs, Baryon Network is a BNB Smart Chain-based Premier Suite of DeFi Products containing three fundamental building blocks: BaryonSwap (AMM), BaryonFarm, and BaryonStake.