09/07/2022, Road Town, British Virgin Islands // PRODIGY: Feature Story //
ChocoDoge, an NFT Gamefi project, announces the launch of USCD, the seigniorage stablecoin on the Dogechain. Stablecoins give crucial stability to investors and users in the volatile crypto market, especially in the defi sector. Currency-linked stablecoins are pegged to $1 and held by centralized third parties, contradicting the rationale of the world’s first cryptocurrency, whose primary purpose was to create an untouchable, decentralized monetary system.
Innovative algorithmic currencies maintain an eternally constant value by using unique algorithms and codes that change their total amount and do not require a reserve to maintain their base value.
The challenges that exist in the GameFi industry
Classic yield farming projects depend on the trust of their users. When something goes wrong on these platforms, either subjectively or objectively, it will create a snowball effect that makes the protocol less attractive and as a result most of these platforms tend to fail.
Most GameFi projects use a model to ensure their major investors and venture capitalists break even (and thus gain their trust, leading to more money for development) as quickly as possible. When the investment phase begins, it usually results in a quick sale.
Sometimes the pre-mint/pre-sale amount is so big that it messes up the entire game economy. The big investors and venture capitalists take their money and leave, leaving the developers and players with a broken, unfinished game and no money to finish it.
The vision behind ChocoDoge’s approach
ChocoDoge has chosen not to look for profits or useless metrics like a high TVL or unreasonable APR. The goal of the development process is to create a protocol that can be used for a long time, has a good return on investment and is secure.
With the mindset of a game studio, most…
