Powering Down: AUSD, Cabbage.Cash
DeFi and cryptocurrency continue to evolve at breakneck speeds, and the Avaware team is focused on improving our little space within the Avalanche DeFi realm. Over the last year we launched and helped launch several projects on Avalanche alongside developing our own unique projects. Our flagship project Avaware.Network continues to chug along, albeit with lower APRs due to falling coin price.
Cabbage.Cash was our third project we launched through our distribution only (to AVE holders) launchpad after Avaware.Network and Avalanche.Today (One of the very first Avalanche news websites!) If you have any funds staked on the site please visit and remove them, we will power down the server on August 1st though the contracts will be available indefinitely on the blockchain.
Avaware USD (AUSD) is a stable coin we released around January 2022 with the intent of giving our users the ability to farm using AUSD paired with other stable coins such as USDt, USDC, MIM, and unfortunately UST. We had a substantial amount of backing in UST that when dropped, left a near 30% loss of our backing. Avaware USD was created to always be backed 1:1 with the top stable coins, ensuring our peg. We initially announced this about a month ago when we still had some backing with the intent of slowly adding the funds back so long as we had some backing to hold us over. Unfortunately the majority of our backing has been redeemed aside from the now nearly worthless UST.
We learned a lot with running AUSD, It was a very simple yet effective contract that has given us some new ideas. For now we have powered down the AUSD linked farms, and removed our Mint/Redeem page as there is nothing left in the treasury. Our plan is to relaunch Avaware USD in conjunction with a lending system integrated into our existing UI (User Interface) at Avaware.Network. The exact details are pending, but it will draw from several existing solutions, and be a unique take on stable coin farming and lending.
AUSD/Avaware USD farms emissions will continue until their current cycle ends and then rewards will stop. You can access the decommissioned farms here.
Ready for what’s next? Take a look at our recent roadmap 3.0 publication here on our blog. We will be focusing on our NFTs, introducing more artists to the Avalanche community via our Music NFTs, and bringing in our upcoming physical NFT contract that will allow users to purchase an NFT and then use it to claim real world items, we’ve been in discussion about doing this with an artist and having the physical record be a vinyl of the NFT Music Album.
Stay building and growing!