Standard Protocol

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Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate within the Polkadot ecosystem. It is also the first and only project from Korea to be awarded a Polkadot Web3 foundation and prides itself on its global community growth approach.


Hyungsuk Kang, the Co-Founder and CTO, founded Standard Protocol in 2021. Prior to Standard, he is also the Head Ambassador for East Asia of Polkadot, Co-founder of PolkaKR and has worked at Plasm and Terra. He has 5+ years of experience as a software engineer in the blockchain industry.

With extensive research and product development in the blockchain space, Kang saw the following issues of the existing stablecoin mechanism.

  1. Lack of interoperability with excessive focus on price stability.
  2. Absence of dedicated, incentivized oracle system.
  3. Hard-To-Enter, Hard-To-Track Liquidation Auction Systems creating plutocracy in the ecosystem

Hence, Kang decided to define the new standard for digital assets by leveraging technology with the Standard Protocol team.

Standard Protocol’s vision is to be the CeDeFi multichain that utilizes technology to create borderless financial opportunities for everyone through full transparency and stability. By working across blockchain as a form of smart contract in each network, the Standard Protocol ecosystem strives for interoperability and represents a CeDeFi blockchain hub.



The design of the collateralized stablecoin tackles existing issues in three main directions:

  1. Rebasable elastic supply of stablecoin (MTR) for price stability.
  2. Dedicated, incentivized and decentralized oracle ecosystem for punctual and accurate price feeds to support all activities within the protocol.
  3. Market efficient liquidation system achieved by depositing liquidated collateral to the MTR-AMM pair instead of an auction system, opening arbitrage opportunities to any MTR holder.

Three Token Module

  • Meter (MTR) - Stablecoin

Meter (MTR) is the stablecoin which is minted from user posted collaterals. The elastic supply of MTR is rebased each era to ensure the stability of its peg. Holders can use MTR to leverage trade, exchange for other assets and make arbitrage profits from liquidated collaterals.

  • Liter (LTR) - Liquidity Token

Liter (LTR) is the liquidity provider token that represents a share of the AMM Module. SImilar to LP token in Uniswap, LTR can be burned in an AMM to receive deposited assets. LTR can also be used for STND yield farming.

  • Standard (STND) - Governance Token

Standard (STND) is the network and governance token for Standard Protocol. Stability Fee generated from lending out MTR will be distributed among STND holders.


Standard Protocol builds a decentralized oracle system to guarantee delivery of punctual and accurate price feeds for all activities within the protocol. Without correct price feeds, the protocol will collapse. To maximize our reliability, we are building a dedicated incentivized oracle system. Substrate enables developers to split block rewards to other network participants in every era. Block rewards to oracle providers maintain an 8:2 ratio between validators and the providers in an era. The total block reward in each era is 10% (governance controlled) of total transaction fee to mint MTR converted to STND. The decentralized and incentivized design will enable the protocol to provide efficient oracle data to maintain information integrity for our collaterals.


The DEX covers Vault to mint MTR through collateralized assets, AMM, and LP farming. Our design on collateral liquidation will provide a more fair, transparent and market efficient way to sustain the stability of our stablecoin MTR.



Oct 2021

  • Launching DEX Mainnet on Shiden

Sep 2021

  • Joined Shiden Network Builder Programme

Jul 2021:

  • Launched Rococo testnet, a Polkadot testnet built for testing parachains
  • Granted #DefiForAll Fund from Polygon.

Jun 2021:

  • Launched our standalone testnet named “Opportunity” built on the Substrate framework to act as the main environment for Standard Tech Team to test and validate the following key components in Standard Protocol.

May 2021:

  • Listed on CoinOne, a leading cryptocurrency exchange based in South Korea
  • Launched the interim Staking Program

Apr 2021:

  • Listed on both decentralized and centralized cryptocurrency exchanges including Uniswap, KuCoin, with a circulation of 5.15M $STND token
  • Conducted IDO on Polkastarter, a fully decentralized protocol for launching new projects. With 1,300,000 tokens sold and raised USD325,000.
  • Conducted IEO with 80,000 tokens sold and raised USD20,000.

Competitive Landscape

The competitive landscape of stablecoin projects is proliferating. As of Jul 15, 2021, all stablecoins has a market cap of $113 billion (10x in a year) Source: CoinGecko With dominant major players including Tether (USDT), Circle (USDC), MakerDAO (DAI), there are many other stablecoin players in the field with different mechanism:

  1. Fiat-collateralized Stablecoin: Tether (USDT), Circle (USDC), Binance (BUSD)
  2. Crypto-collateralized Stablecoin: MakerDAO (DAI)
  3. Algorithmic stablecoin Stablecoin: Ample forth (AMPL); Iron & Titan

We compare our project with other stablecoin project with two metrics: 1) The degree of CeFi or DeFi-focused, and 2) Collateralized vs Algorithmic Stablecoin

Competitve landscape stnd2.png


Standard Protocol has Goals/Results stored in its entry in the Yugenpedia Vault. If you are a qualified investor interested in receiving access, please contact the Yugenpedia staff.


Standard Protocol has a SWOT analysis stored in its entry in the Yugenpedia Vault. If you are a qualified investor interested in receiving access, please contact the Yugenpedia staff.

See Also


External Links