Polaris
Protocol
Self-scaling stablecoin operating system. Uncorrelated, scalable returns without T-Bills, without CEXs, without compromises.
Counterparty free
Polaris is free of RWAs or other offchain dependencies: the whole protocol lives onchain; transparent and auditable
Untapped yield source
Harnesses an endogenous and uncorrelated yield by monetizing ETH volatility via a bonding curve
Scalable yields
pUSD and pETH harness self-correlated yield sources as their adoption and supply grow
Immutable & trustless
Fully onchain, immutable and extensively verified: simulations, agent-based modeling and Tier1 audits planned.
Yield
How It Works: Scalable Yield
Polaris is a triple-engine stablecoin protocol built to solve the stablecoin “Yield Trap”. By monetizing ETH volatility via a bonding curve, speculative conversion mechanics, and CDP architecture, we generate uncorrelated yield that scales as the system grows without counterparty or credit risk.
1
Bonding Curve
- pETH, the protocol's collateral, is minted by depositing ETH into a Bonding Curve, enabling to capture volatility and translate it into yield for pUSD borrowers.
2
CDP Architecture
- Polaris harnesses a CDP infrastructure optimized for growth and stability: it provides maximal guarantees to pUSD holders and compelling borrowing terms to pUSD borrowers.
3
POLAR Conversion
- New POLAR can only be minted by achieving the most synergetic action possible for the protocol: burning pETH, which raises its floor price, increasing pUSD's collateralization ratio.
Tokens
Triple-Engine Architecture
Three interlocking primitives power the Polaris ecosystem, designed to generate sustainable yield while maintaining robust stability mechanisms.
pUSD
Stability that pays you back
Yield-bearing stablecoin minted against pETH, backed by pristine collateral with yield that scales with volume
pETH
Supercharged ETH with a safety net
ETH derivative token backed by ETH held within a bonding curve that benefits from an ever rising price floor
POLAR
Stable beta, real yield
Stewardship token minted via 1-way auctions, burning pETH to raise its floor price and generate yield
Stablecoin OS
Stablecoin Operating System
The Polaris StablecoinOS is a framework to steward Polaris growth and enable selected projects to deploy their own decentralized stablecoin while benefiting from shared liquidity and protocol-level integrations.
1
Stewarded, not governed
- While no changes can be made to the core protocol logic, several parameters can be adjusted to adapt to any market situation and protocol growth stage.
- Only a small set of quantitative parameters can be adjusted, all within hard-coded safety bounds and subject to onchain voting and delay.
- POLAR holders can lock their token to obtain vePOLAR and weight on those changes and the distribution of incentives to grow the ecosystem.
2
Forkable infrastructure, shared liquidity
- The Polaris CDP infrastructure can be forked to deliver stablecoin tracking any currency or commodities: pCHF, pGOLD, etc.
- Obtaining the licensing right over the CDP infrastructure requires the avail of vePOLAR holders.
- Many pFiats/pCommodities, but one pETH: all stable share the same collateral, further contributing to the resilience of the whole ecosystem.
3
True community ownership
- Any participant of the Polaris ecosystem, not just the forks can join the StablecoinOS: integrators, frontends, etc.
- Doing so requires sharing revenues with vePOLAR holders, and gain access to a stream of POLAR proportional to the gauge-voting they receive to grow their application.
- vePOLAR holders are the ones allocating resources within the ecosystem to foster its growth.
Principles
The North Star of Ethereum
We've been in the trenches for too long to see the space we've dedicated our life to end up neutralized like the Internet was: Polaris is our magnus opus and ultimate answer to the centralization and institutional capture of DeFi.
Zero value leakage, maximal growth potential
- From the bonding curve fees to the pUSD swap fees on PolarEX, Polaris knows no value leakage and capture all pETH/pUSD/POLAR-related revenue streams, redirected to best support the protocol and its ecosystem.
Scalable, without offchain dependencies
- Unlike other stablecoins that might experience fast early growth, but eventually plateau and turn into T-bill wrappers; Polaris creates and nurtures its own yield source as it grows, enabling yield as competitive when $10M or $10B pUSD are minted.
Immutable core, agile operating system
- Polaris provides maximal guarantees to its users thanks to its immutability while still being able to evolve and incorporate new product offerings thanks to its stewards and operating system.
Built by a team with 7 years of stablecoin experience
- The Polaris team is composed of experienced Solidity developers who shipped several stablecoins. They learned from their experience, and are joined by DeFi legends to face the final boss.