Synopsis
3 seeks to fulfil the original promise of Bitcoin by establishing the missing foundation for a new financial architecture: a sovereign, decentralised currency.
Overview.
3 is a 'monetary-policy' protocol that leverages the inherent characteristics of DeFi to create a stable, self-sustaining currency. Its core tenets are built on a principled foundation:
The Right to Transact: Inherent in our commitment to DeFi and its core best practices. 'DeFi is the only financial environment that defends the right to transact by default.'
A Hard-Coded, Sound Monetary Foundation: Establishing a DeFi-native, sovereign currency. 'In code we trust.'
The DeFi Trident: Our Core Architecture To realise an Autonomous Reserve for DeFi, 3 is built on three core principles:
1. Composability: A Layered, Adaptive System.
Vertical composability:
Moving beyond a single governance token, 3 employs a User Sentiment Driven model. This creates a layered governance structure that naturally aligns individual incentives with long-term system security and health.
Lateral composability:
This layered design allows 3's native tokens to be utilised in flexible ways, enabling users to pivot system functionality to match their priorities. (One clear example of this is: Deposit receipts)
2. Convertibility: Ground-up Liquidity & Guarantees.
3 builds unencumbered liquidity from internally secured excess revenue, creating organic growth opportunities for both on-chain and real-world communities.
To ensure foundational stability, 3 hardcodes a settlement pledge, guaranteeing creditors a permanent 1:1 exit option with the system's designated stable asset (currently crvUSD). This pledge acts as a hard floor for the currency's value, while a free-floating market price is encouraged to develop above it.
3. Sustainability: Community-Driven Longevity.
Adhering to DeFi best practices, 3 ensures its longevity by distributing all surplus revenue back to the community via a Distribution Engine. This engine manages Purpose-Oriented Distributors (PODs). The future vision is for open POD creation, empowering the community to drive new market integrations and sustainable growth for the ecosystem.
Market.
Presently, 3 supports derivative assets directly related to Curve.finance's ecosystem.
'It (Curve), being one of the few true cornerstones of DeFi, it felt the only place to begin.'
The size of 3's market therefore is directly proportional to the number of CRV tokens locked within the following protocols:
Stake DAO - https://www.stakedao.org/,
Yearn - https://yearn.fi/ and
Convex - https://www.convexfinance.com/.
'...their mandate, is now our own...'
'As 3 matures, new protocols will be researched for their compatibility and integration potential.'
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