ToxicDeer Finance, the first ecosystem running around an algorithmic token pegged to USDC on Cronos chain.
Inspired by the most successful algorithmic stablecoin on Fantom: Tomb, and the most prominent algorithmic token project on Cronos: ToxicDeer, Deer is an algorithmic stablecoin pegged to the price of 1 USDC via seigniorage.
The algorithm helps to increase the supply in event of the deflationary tendency of the token or reduce the supply in event of a decline in purchasing power of the token. Therefore, the supply and demand of the DEER are balanced which helps to maintain its peg to 1 USDC in the long run.
ToxicDeer finance is a multi-token protocol that consists of the following three tokens:
- DEER: the algorithmic token pegged to USDC
- XDSHARE: which holders can claim DEER inflation when the network expands
- XDBOND: which can be purchased when the network is in contraction and can be redeemed for Deer when the network comes to its deflationary phase
ToxicDeer (DEER) is an anti-deflationary and anti-inflationary crypto project running on the Cronos chain. It draws its inspiration from BasisCash as well as its predecessors, Pegasus, Soup and Tomb Finance. We want to support their protocol by pegging DEER to USDC, henceforth providing new use cases for USDC, as well as increasing ToxicDeer's liquidity on the Cronos ecosystem. Consequently, exposing ourselves to USDC also means exposing us to its recent success. As a strong USDC supporter, we can attract investors that originate from USDC by providing space for their USDC LPs in ToxicDeer Finance. Yes, USDC is DEER and DEER is USDC.
Cronos Chain, as a product of Crypto.com, presents a new frontier with a rapid growing user base of 1m users, an easy-to-use platform to rapidly port apps from Ethereum and EVM-compatible chains, can process more transactions per minute than Ethereum, making it faster, cheaper, and greener to execute smart contracts.