Pika Protocol

Derivatives backed stablecoin protocol.

Optimism

defi Derivatives Stablecoins

Pika Protocol

Optimism

defi Derivatives Stablecoins

Overview

Pika Protocol is world’s first stablecoin backed by decentralized derivatives. It consists of two components: Pika Exchange and PIKA stablecoin. Pika Exchange is a perpetual swap exchange that supports leverage trading. It supports token based inverse perpetual swaps. The underlying of the exchange is a virtual automated market maker(vAMM). PIKA Stablecoin is a stable currency backed by Pika Exchange with these features: Stable: it uses perpetual swap positions to back its price stability around a 1 dollar target. PIKA is minted by opening a 1x short position of an inverse perpetual swap. Capital Efficient: a PIKA is minted by depositing one dollar value of supported tokens(e.g., ETH, WBTC), achieving better capital efficiency than overcollateralized stablecoins. Yield-bearing: yields are generated from trading fees of perpetual contract exchange.

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