AvawareUSD Just Got Safer: Here’s Why
AvawareUSD (AUSD) is a native stable coin on Avalanche that is 99% backed in the contract. It also doubles as a stable swap and allows our users to farm our stable farms with no IL or fear of liquidation. You can easily mint or redeem AUSD using USDC, USDC.e, USDT.e, TUSD, DAI.e, or MIM via Avaware.Network.
The contract for AUSD is straight forward and was developed by one of the top solidity developers in the game. It is unique and works perfectly for what it was developed for. There is currently around 1.2m AUSD minted. We have liquidity on Pangolin.Exchange, TraderJoeXYZ.com, and Embr.Finance (recommended)
It has the following functions: addCoin, setFee, and blockCoin, alongside it’s mint & redeem functionality. We had a collaboration with RugDoc and put together a contract that adds more security and peace of mind for our users. The ownership of AUSD has been transferred to a contract that adds the following restrictions: 24 Hour Timelock on addCoin, Max Fee is 10%, (we have no intention of raising from the current 1% fee). These restrictions make AUSD much safer to use and remove any possible attacks that could of taken place in the highly unlikely event the owners private key was compromised.
You can find the contract here, verified so you may check out the code. Most importantly this should instill confidence and peace of mind to our users. We haven’t lost any user funds on any of ours projects since we started in May/June of 2021, and we are making sure we keep up our streak!