Introduction

Uroboros Finance's Documentation

What is Uroboros Finance?

Uroboros.Finance is the first decentralized reserve currency protocol available on the Binance Smart Chain (BSC) based on the SNAKE token. Each SNAKE token is backed by a basket of assets (e.g., BUSD, SNAKE-BUSD LP Tokens etc.) in the Uroboros Finance treasury, giving it an intrinsic value that it cannot fall below. Uroboros Finance also introduces economic and game-theoretic dynamics into the market through staking and minting.

What is the point of Uroboros Finance?

Our goal is to build a policy-controlled currency system, native on the BSC network, in which the behavior of the SNAKE token! In the long term, we believe this system can be used to optimize for stability and consistency so that SNAKE can function as a global unit-of-account and medium-of-exchange currency. In the short term, we intend to optimize the system for growth and wealth creation.

We intend to achieve price flatness for a representative basket of goods without the use of fiat currency, in order to allow the cryptocurrency industry to detach once and for all from the traditional finance world!

How do I participate in Uroboros Finance?

There are two main strategies for market participants: Staking and Minting. Stakers stake their SNAKE tokens in return for more SNAKE tokens, while minters provide LP tokens or DAI tokens in exchange for discounted SNAKE tokens after a fixed vesting period.

How can I benefit from Uroboros Finance?

The main benefit for stakers comes from supply growth. The protocol mints new SNAKE tokens from the treasury, the majority of which are distributed to the stakers. Thus, the gain for stakers will come from their auto-compounding balances, though price exposure remains an important consideration. That is, if the increase in token balance outpaces the potential drop in price (due to inflation), stakers would make a profit.

The main benefit for minters comes from price consistency. Minters commit a capital upfront and are promised a fixed return at a set point in time; that return is given in SNAKE tokens and thus the minter's profit would depend on SNAKE price when the minted SNAKE matures. Taking this into consideration, minters benefit from a rising or static price for the SNAKE token.

Who created Uroboros Finance?

Uroboros Finance is a fork of Olympus on the Binance Smart Chain (BSC). Our team is mostly anonymous, born from the DeFi Community. We aim at becoming a Decentralized Autonomous Organization, and we are actively working towards that goal.

Who runs Uroboros Finance?

Currently most of the decisions are taken by the core team, but we expect to be able to turn this into a DAO-governed model as soon as possible.