Has anyone of heard of Shade protocol ? They are building a privacy platform with an overcollateralized stable coin called silk

I think privacy is going to be massive, something we need to think about, let me know what you think about below. Its built on secret network on atom. Atom is a very interconnected cross chain web3 platform .

Shade Protocol is an array of connected privacy-preserving DeFi applications built on Secret Network. Launching on Shade Protocol is Silk: an overcollateralized stablecoin native to Secret Network with transactional privacy. So it will be linked to lots of difference assets but its no an algorithmic stable coin. Would love some thoughts

Shade is really similar to Terra, but the team behind Shade is working hard so as not to go down the same catastrophic path again. Regarding decentralized stable coin, mediums of attack are too unpredictable and there’s often no way enforce accountability: the best solution should be having an emergency backup plan sized for every stage of development. In conclusion, I hope the team will focus more on safety than innovation.

1 Like