Thread by @lurkaroundfind

1/10 @agoric is a new Cosmos blockchain.

Team has been working on Agoric for years, has raised over $85 million, and plans to launch an $ATOM-backed stablecoin in September. 🤯

This is big.

An intro to Agoric and its $IST stablecoin, including a look at the tokenomics. 🧵👇

2/10 Let's jump to the juiciest part - the stablecoin!

Agoric's stablecoin is called $IST.

Several stablecoins are under development in the Cosmos, but IST has the highest chance of Cosmos-wide adoption.

Why?

3/10 Agoric has received $85 million in funding, and IST will be integral to the Agoric blockchain.

IST will be a native token on Agoric, and the profits from the IST will go to Agoric gov token stakers.

This is a very serious, well-crafted stablecoin. It’s going places!

4/10 IST will function like @MakerDAO's $DAI.

Initially, IST will be backed with ATOM. However, governance will eventually add new forms of collateral, such as liquid staking derivatives of ATOM. That way people won’t have to forego staking rewards when using ATOM as collateral.

5/10 Agoric has a built-in AMM to handle liquidations of IST collateral.

Also, Agoric gov token stakers vote to elect an economic committee to set and adjust critical IST parameters.

Agoric is taking a careful and measured approach, unlike a certain recently depegged stable.

6/10 While IST will be at the heart of Agoric, it won’t be the only app. Agoric will have a host of other apps. The special thing about Agoric is that it uses JavaScript for smart contracts, meaning it's accessible to the millions of Web2 developers that already know JavaScript.

7/10 Now let's talk tokenomics.

The Agoric gov token is Build, ticker BLD. The team has been selling BLD for years, raising more than $85 million. Also, team has elected to retain control of much of the token supply for operations and the Agoric Foundation.

8/10 Agoric is clearly not trying to be a community chain, like Terra or Juno. But that’s okay. Nothing wrong with different approaches.

If they can execute on their vision, the Agoric project could become super big.

9/10 One final observation. There was a public sale of BLD earlier in the year, but Americans and Canadians were excluded. So currently no American or Canadian retail has any BLD. When Agoric turns on IBC and BLD appears on Osmosis – will be interesting, don’t you think?

10/10 For more details and insights about Agoric and IST, check out the article on KeepingUpWithCosmos.

If you benefit from my educational content, please ❤️ first tweet in thread! ❤️s are the fuel the keeps me going (:

keepingupwithcosmos.com/news/get-ready…