Introduction
What is it all about?
Chipshop Finance (CF) is an experimental regional economy and one of the first algorithmic coins on the Binance Smart Chain (BSC).
Our aim is to become the longest lasting, most secure and most successful stablecoin on the BSC.
The CF protocol is designed to expand and contract the supply of CHIPS coins similar to the way central banks trade fiscal debt. The mechanics behind the seigniorage shares concept were analysed and presented by Robert Sam's work which we used as a rule of thumb to engineer an autonomous, self-referential coin that satisfies the demands of stability, elasticity and reflexivity.
Unlike most of the non-collateralised algorithmic stablecoins, which are pegged to fiat currency, i.e. $1 USD, CHIPS coins are pegged to Ethereum on Binance (BETH). We believe in this cryptocurrency and its immense acceptance from the community is giving to us a tracking point which has the potential to increase from a speculative and adoption point of view giving value to our CHIPS coins.
Inspired by previous algorithmic stablecoins on BSC, i.e. BDollar, Midas Dollar, Bolt Dollar and Wantanmee, CF is a three token protocol:
  • CHIPS: the algorithmic stablecoin which is pegged to BETH.
  • FISH (Share): the share which holders can use to claim CHIPS when the network expands (the inflationary phase).
  • MPEAS(Bond): the Mushy Pea bond which can be purchased when the network is in contraction and can be redeemed for CHIPS coins when the network comes to its deflationary phase and the CHIPS coin price goes below BETH (under-pegs).
Unlike other failed algorithmic stablecoins, we are proposing 5 methods to keep CHIPS above peg and provide the incentive framework for tackling extreme greed and extreme fear reactions of the token holders, during economic crisis.
We are confident that the use of our ChipSwap mechanism will make us the first successful long term algorithmic stablecoin on the BSC.
To get a better understanding of where the theory and practice of this experiment stands in the stablecoin ecosystem, we encourage you to read this great article.
Note: Crypto assets are volatile and you should only invest money you can afford to lose.
Last modified 1yr ago
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