New idea and is good. Polkadot must have stable coin. But I have 2 question:
Why pegged by USD ? Thats what each chain do. Can we peg it with gold ? We will attract many user to come on Polkadot cos of that….
HOLLAR is fully backed by DOT. Thats the story of UST and LUNA. We know how that finish ?
A gold-backed stablecoin is an interesting idea, but there is no reason that someone couldn’t also do that. HOLLAR is focused on providing a decentralized stablecoin, and it turns out that USD is the most generally used as a stablecoin in our (all?) ecosystem.
UST was an algorithmic stablecoin backed by LUNA, whose sole purpose was backing UST. This is very different than overcollateralized backing with other tokens who have their own case, like DOT or ETH. I would compare HOLLAR more to DAI (which is still running after almost seven years), although not exactly of course (e.g. HOLLAR includes partial liquidation). https://en.wikipedia.org/wiki/Dai\_(cryptocurrency)
Please note that I’m not on the HOLLAR or Hydration team, so this is all just based on my understanding and the docs here: HOLLAR | Hydration Docs