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Our project has successfully completed MVP (Minimum Viable Product) validation and is currently in active development of the beta version.
Code auditing is a crucial part of our software development lifecycle, and we plan to commission a comprehensive code audit by a reputable third-party security auditing firm immediately upon completion of the beta version.
Project Information
Project Description and Objectives:
Our project, GStable, is a financial innovation project centered around stablecoin restaking, liquidity unification, and full-chain supply. We have defined and implemented a complete staking and re-issuance protocol that supports the restaking and liquidity aggregation of various types of stablecoins and their derivatives. This achieves a unified full-chain supply of stablecoin liquidity and a secondary release of liquidity. The project's objective is to build an efficient, secure, and transparent stablecoin ecosystem, addressing issues such as fragmented liquidity, liquidity isolation, and high transaction costs present in the existing stablecoin market. This will promote the application and development of stablecoins in the global financial market.
Success Potential:
Market Demand:
With the relaxation of global cryptocurrency policies, the demand for stablecoins in the cryptocurrency market has increased dramatically. As of December 15, 2024, the market has exceeded $200 billion, with an annual increase of $60 billion, indicating a highly active stablecoin market. As a price-stable crypto asset, stablecoins are widely used in transaction settlement, value storage, and payments. However, the existing stablecoin market suffers from fragmented liquidity, liquidity isolation, and high cross-platform transaction costs. GStable, through its staking and re-issuance mechanism, integrates different types of stablecoins and their derivatives, providing a unified liquidity solution to meet the market's demand for efficient, secure, and low-cost stablecoin transactions.
Technical Feasibility:
Based on Existing Compliant High-Liquidity Stablecoins: The underlying assets of GStable are compliant stablecoins such as USDT and USDC, as well as derivatives such as deposit certificates of these stablecoins. GStable issues GUSD based on these compliant stablecoins at a 1:1 ratio to achieve liquidity unification and release locked value. This mechanism ensures that each GUSD is backed by sufficient assets, guaranteeing user trust and confidence.
Based on Mature DeFi: The GStable project is based on existing mature DeFi technologies such as Uniswap and AAVE, leveraging existing technological foundations and market recognition to ensure system security and stability. Mature smart contracts and blockchain technology are used to ensure the transparency and immutability of each transaction.
No Liquidation Risk: Unlike other decentralized stablecoins such as over-collateralized stablecoins and algorithmic stablecoins, GStable directly uses compliant, high-liquidity, risk-free existing stablecoins as its underlying assets. When users use GUSD for trading and staking, they do not need to worry about liquidation risks caused by asset value fluctuations, increasing system security and stability.
Transparency and Security: GStable is a fully decentralized on-chain asset. All operations of GStable and its underlying assets occur on-chain, ensuring the transparency and verifiability of all operations.
Ecosystem Openness: GStable is committed to building an open stablecoin ecosystem, encouraging other blockchain projects and financial institutions to connect to our platform. By sharing resources and technology, we aim to promote the application and development of stablecoins in the global financial market.
Team Capabilities:
Our core members come from well-known blockchain projects such as NEO, Ontology, ELA, NKN, Bitkeep, and TheOne Art. Our team developed the open-source SealEVM, which is used as the EVM execution environment by the well-known blockchain platform ChainMaker and has providing reliable blockchain technology support to hundreds of enterprises.
We have extensive experience and expertise in full-chain DeFi, on-chain asset securitization, on-chain derivatives, and trading markets. Notably, we built TheOne.Art, the largest NFT market in China, from scratch within one year, achieving remarkable results with $320 million in annual revenue and over 10 million active users.
Huaiyu Wang: Co-founder of SEOR, TheOne.art Web3 director, core contributor of Chainmaker, former core member of NKN
Yingxuan Li: Co-founder and CTO of TheOne.Art, co-founder of SEOR, former core member of NEO, Ontology.
Noel Zhang: Architect of SEOR, co-founder of SealSC. Cryptography expert, former member of NEO, Ontology, and NKN.
Mission Alignment:
GUSD shares consistent goals with HashKey:
Making Digital Assets Massively Accessible: GUSD is committed to promoting the widespread adoption of digital assets globally by creating an efficient, secure, and transparent stablecoin ecosystem. By addressing issues such as fragmented liquidity and high transaction costs in the existing stablecoin market, we help more users and institutions access and adopt digital assets, increasing market participation and acceptance.
Focusing on Compliance of Digital Assets: GUSD places great emphasis on the compliance of underlying assets. All accepted underlying assets within the system are compliant stablecoins to meet compliance requirements when collaborating with entities and partners in different regions. This ensures compliant operation of the project globally and provides users with a legal and secure trading environment.
Maintaining Openness of the Crypto Market: We are committed to building an open stablecoin ecosystem, encouraging other blockchain projects and financial institutions to connect to our platform. By sharing resources and technology, we promote collaboration and development within the blockchain industry, maintaining the openness and innovation of the crypto market.
Facilitating Traditional Finance Expansion: Through its staking and re-issuance mechanism, GUSD will support financial RWA (Real-World Asset) assets as underlying assets in the future, connecting stablecoins with traditional financial markets. This achieves seamless integration of digital and traditional assets, lowers entry barriers, and greatly expands the boundaries of traditional finance.
Innovation:
Unified Liquidity: GUSD utilizes an original staking and re-issuance mechanism to integrate different types of stablecoins and their derivatives, achieving unified stablecoin liquidity and a secondary release of liquidity. This mechanism not only solves the problems of liquidity fragmentation and dispersion in the existing stablecoin market but also significantly improves market trading efficiency and liquidity while reducing transaction costs.
Risk-Free: GUSD adopts a model of issuing based on compliant stablecoins as underlying assets, ensuring that each GUSD unit is backed by equivalent fiat currency or highly liquid assets. Unlike traditional over-collateralized and algorithmic stablecoins, we have achieved a truly risk-free decentralized stablecoin, avoiding the risks of liquidation and vulnerabilities of algorithms, ensuring the security and stability of user assets.
Hold-to-Mine: Based on a unique deposit yield model, users can automatically earn rewards simply by holding GUSD, realizing the innovative "hold-to-mine" function. This function eliminates the need for users to interact with any DeFi protocols, simplifying user operations while improving asset utilization efficiency and bringing more returns to users.
Omnichain Token: GUSD supports cross-chain flow, ensuring that liquidity on any chain is equivalent. We have built a full-chain ecosystem that allows users to enjoy a consistent experience and liquidity regardless of which chain they use GUSD on. This not only improves the usability and popularity of GUSD but also enhances the convenience of cross-chain asset management.
Is it open source?
The project will eventually be fully open-sourced, but in the initial stage, we will temporarily keep it closed source for security and competitive considerations.
Free or fee-based for end users?
The GUSD project is completely free for end-users. Our goal is to provide a barrier-free, transparent, and efficient stablecoin solution so that more users can easily and safely use and circulate stablecoins.
Interoperability with Hashkey ecosystem:
The GUSD project is implemented based on Ethereum infrastructure, and the protocols involved in the system are compatible with ERC standards. This design ensures that GUSD can seamlessly integrate with the HashKey ecosystem and be directly deployed and used. Our protocols and smart contracts are rigorously tested and optimized to connect seamlessly with other projects in the HashKey ecosystem, further activating and enriching the HashKey ecosystem. Through this interoperability, GUSD can not only leverage existing blockchain infrastructure and resources but also promote synergistic effects within the ecosystem, jointly promoting the innovation and application of blockchain technology in the financial field.
Market Analysis
Competitors and Differentiation:
Currently, there are no clear direct competitors in the market. However, USDB, a stablecoin using a similar architecture, can be considered an indirect competitor. USDB is a stablecoin exclusive to the Blast Layer2 network, accepting USDT, USDC, DAI, and other stablecoins as underlying assets for minting USDB on Blast. However, USDB has the following issues:
It only supports minting with stablecoins on the ETH chain.
It does not support derivatives such as AAVE deposit certificates as underlying assets.
USDB only serves the Blast chain and cannot be extended for use on other chains.
When users redeem underlying assets, they are uniformly converted to DAI, and users cannot specify the type of asset to redeem.
In contrast, GUSD does not have these problems:
GUSD is a full-chain stablecoin that supports users using compliant assets such as USDT and USDC on any chain for minting.
It supports derivatives such as AAVE deposit certificates as underlying assets, increasing asset diversity and flexibility.
When redeeming, users can select the supported asset type for redemption based on the asset types in the liquidity pool, providing greater convenience and choice.
Current User Base and Estimation Method:
We base our user base estimation on the Layer2 user base. Given that GUSD uses stablecoins like USDT and USDC as underlying assets and adopts a 1:1 issuance model, we used on-chain data to count the number of USDT and USDC holding addresses on the two major Layer2 networks, Arbitrum (ARB) and Optimism (OP):
ARB-USDT: 1.6 million+
ARB-USDC: 1.5 million+
OP-USDT: 980,000+
OP-USDC: 1.5 million+
Based on the GUSD model and the above data, we make a conservative estimate. We assume that users holding USDT also hold USDC and then take the minimum value in the data as the lower limit and the sum of the values divided by 4 as the upper limit (assuming that users holding USDT also hold USDC and that ARB users are also OP users). Therefore, the estimated user base ranges from 980,000+ to 1.4 million+.
Recipient Address
0x14FFDF310543124e225c8E6E7212aB8Ed823eCB9
Budget and Plan
Grant Size and Justification:
Requested Grant Amount: $600,000
Here's a breakdown of how the requested funds will be allocated:
Category
Percentage
Amount
Justification
Research and Development (R&D)
30% (0.3)
$180,000
This portion will be dedicated to continuous improvement and expansion of the GUSD protocol. This includes developing new features (e.g., support for new collateral types, enhanced cross-chain functionality), optimizing existing code for efficiency and security, and conducting research into innovative stablecoin mechanisms and DeFi integrations. This investment in R&D is crucial for ensuring GUSD remains competitive and adaptable in the rapidly evolving DeFi landscape.
IT Infrastructure
5% (0.05)
$30,000
These funds will be used to establish and maintain robust IT infrastructure to support the GUSD platform. This includes server costs, cloud computing services, database management, and other essential IT resources. Reliable IT infrastructure is essential for ensuring the platform's uptime, scalability, and security.
Security Audits
5% (0.05)
$30,000
Security is paramount for any DeFi project. This allocation will cover comprehensive security audits conducted by reputable third-party firms. These audits will thoroughly examine the GUSD smart contracts and overall platform architecture to identify and mitigate potential vulnerabilities. Regular audits are essential for maintaining user trust and preventing security breaches.
Marketing and Partnerships
25% (0.25)
$150,000
This funding will be used to promote GUSD and expand its reach within the broader crypto community. This includes marketing campaigns, content creation, community engagement initiatives, and establishing strategic partnerships with other projects in the DeFi space. Effective marketing and strategic partnerships are crucial for driving user adoption and increasing GUSD's visibility and market presence. This will also include attending key industry events and conferences.
Operations and Community Growth
25% (0.25)
$150,000
These funds will support the day-to-day operations of the GUSD project and foster a thriving community. This includes team salaries, community management, customer support, and other operational expenses. A strong and engaged community is essential for the long-term success of any blockchain project. This will include funding for community managers, moderators, and bounties for community contributions.
Legal and Compliance
10% (0.1)
$60,000
Navigating the legal and regulatory landscape is crucial for the long-term sustainability of the GUSD project. This allocation will cover legal counsel, compliance audits, and other expenses related to ensuring GUSD operates within applicable legal frameworks. This ensures GUSD maintains compliance and builds trust with users and regulators. This also includes expenses related to obtaining legal opinions and structuring the project to ensure compliance with relevant regulations in multiple jurisdictions.
Project Execution Plan (Roadmap):
The following is the roadmap for GUSD after the completion of MVP validation:
Enhanced Liquidity and Collateral Options: Integrate ETH mainnet as a core liquidity source. Expand support for USDT derivatives (e.g., cUSDT, aUSDT) as underlying assets.
GUSD Deployment and Ecosystem Integration on HashKey Chain: Deploy the GUSD protocol on HashKey Chain, enabling users on the HashKey Chain ecosystem to mint GUSD using their existing stablecoin holdings.
Initial Marketing and Community Engagement on HashKey Chain: Conduct targeted marketing and community engagement activities within the HashKey Chain ecosystem to raise awareness of GUSD and drive initial adoption.
Strategic Partnerships and Initial Market Penetration: Establish strategic partnerships with established DEXs and leading lending DeFi protocols to create initial trading pairs and lending markets for GUSD.
Phase 2 (2025-Q2): TGE, User Acquisition, and Ecosystem Incentivation
Token Generation Event (TGE): Conduct the TGE for the GUSD platform token. This TGE will establish the foundation for the GUSD ecosystem's long-term governance and growth.
Expanding Collateral Base and User Acquisition: Expand GUSD issuance to include USDC and USDC derivatives (e.g., cUSDC, aUSDC) as underlying assets.
Mining Program Launch and Ecosystem Incentivization: Officially announce and launch the GUSD mining program, designed to incentivize key ecosystem activities such as liquidity provision, stablecoin deposits, and long-term holding.
Payment Integrations and Use Case Expansion: Secure partnerships with prominent NFT Marketplaces and Launchpad platform to integrate GUSD as a payment option.
Phase 3 (2025-Q3): Multi-Chain Expansion, DeFi Integrations, and Exchange Engagement
Multi-Chain Deployment and Increased Reach: Integrate with at least two other EVM-compatible mainnets with high stablecoin liquidity, such as AVAX and Polygon.
Enhanced DeFi Composability: Support NFT-based LP Tokens as underlying assets.
Strategic Partnerships and Exchange Listing Preparation: Pursue strategic collaborations with at least three projects in diverse sectors, such as gaming, metaverse, and AI, to explore and implement GUSD integrations. Begin actively engaging with centralized exchanges (CEXs) to initiate listing discussions.
Phase 4 (2025-Q4): Cross-Chain Interoperability and CEX Listing
Cross-Chain Interoperability: Integrate with non-EVM compatible or EVM heterogeneous mainnets, such as TRON and Solana, enabling seamless cross-chain transfers of GUSD.
Centralized Exchange Listing: Achieve listing on at least one major centralized exchange (CEX) to significantly increase GUSD’s accessibility and liquidity.
Phase 5 (Future): Long-Term Vision and Ecosystem Growth
Expanding Stablecoin Offerings: Replicate the successful GUSD model to develop stablecoins pegged to other major currencies, such as GEUR (Euro) and GCNH (Offshore Chinese Yuan), aiming to launch at least 1 new stablecoin pairs within the next two years.
Real-World Asset (RWA) Integration: Explore and implement direct minting and issuance of GStablecoins using Real-World Assets (RWAs) as collateral.
Becoming a Leading Stablecoin Infrastructure: Expand support to more popular Layer-1 and Layer-2 blockchains, solidifying GUSD’s position as a foundational stablecoin infrastructure within the broader blockchain ecosystem.
Token Distribution (Percentages and Initiatives):
Allocation
Percentage
Amount (Tokens)
Funding (Private/Public Sale)
15%
150,000,000
Team (Vested over 4 Years)
15%
150,000,000
Exchange Liquidity
10%
100,000,000
Marketing and Operations
15%
150,000,000
Ecosystem Incentives and Rewards
45%
450,000,000
Total
100%
1,000,000,000
Token Distribution Timeline:
We are currently developing a detailed token distribution schedule and plan to finalize it by the end of March 2024. This schedule will be developed based on careful consideration of market conditions, community feedback, and the project's long-term growth strategy. We are committed to a transparent and equitable distribution process.
Post-Incentives Sustainability:
GUSD is designed to generate sustainable yields through the deposit of underlying assets into established lending protocols like AAVE, providing the potential for consistent returns. When users mint GUSD, the provided underlying assets are deposited into these protocols, earning interest. This mechanism forms the foundation for long-term yield generation for the GUSD system.
A significant portion of the token supply, at least 30%, is allocated to mining activities. This allocation will be used to incentivize early adoption, liquidity provision, and ongoing participation in the GUSD ecosystem. Initially, we will utilize these mining rewards to attract users and bootstrap the platform.
After the initial incentive period using the allocated mining tokens, the system will transition to a model where the accrued interest from the deposited assets will play a more prominent role in sustaining rewards and maintaining the attractiveness of the GUSD ecosystem. The transition will be gradual and designed to ensure the long-term stability and health of the GUSD ecosystem.
Additional Accountability Info (Smart Contract Addresses, Wallet Addresses, etc.):
We have completed our MVP and conducted market validation. Below are the deployment addresses of the core contracts of our MVP product:
Liquidity Fragmentation: GUSD consolidates various compliant centralized stablecoins into a unified, decentralized stablecoin, enhancing overall liquidity on HashKey. This integration eliminates inefficiencies caused by fragmented liquidity pools, enabling smoother and more efficient trading for users. For example, by aggregating liquidity from USDT, USDC, and other compliant stablecoins, GUSD aims to create a deep and liquid market on HashKey, reducing slippage and improving price discovery.
Transaction Efficiency and Cost: By leveraging HashKey’s Layer-2 technology, GUSD offers significantly faster settlement times and lower transaction costs compared to Layer-1 transactions. This enhanced efficiency makes the HashKey platform more attractive to users seeking cost-effective and rapid transactions.
Security and Risk Management: GUSD's 1:1 reserve-backed issuance mechanism mitigates risks associated with over-collateralization and algorithmic vulnerabilities, which are present in some other stablecoin models. Combined with HashKey's robust security infrastructure, this design further strengthens the platform's security posture, ensuring the reliability and stability of user assets and boosting user confidence.
Compliance and Transparency: Built on fully compliant centralized stablecoins and leveraging HashKey's transparent on-chain technology, GUSD prioritizes regulatory compliance and transparency. This enhances HashKey's market credibility and reinforces user trust, positioning HashKey as a trusted and reliable digital asset platform operating within established regulatory frameworks.
Value Proposition:
Driving Mass Adoption of Digital Assets: Through its partnership with HashKey, GUSD leverages the advantages of a decentralized yet compliant stablecoin to simplify the use and acquisition of digital assets. By utilizing HashKey's Layer-2 technology, users can execute transactions at lower costs and higher speeds, significantly enhancing the user experience. This improved accessibility and efficiency encourages broader adoption of digital assets by both individual users and institutions, fostering growth and development within the entire digital asset market.
Expanding Market Share for Compliant and Real-World Assets (RWAs): GUSD is built on compliant centralized stablecoins and integrated with HashKey's on-chain technology, ensuring asset transparency and regulatory compliance. This dual assurance enhances market trust in GUSD and attracts users holding compliant assets and Real-World Assets (RWAs) to the HashKey platform. This influx of new users and assets expands HashKey's market share, increases overall trading volume, and boosts platform liquidity.
Rapidly Building Stablecoin Liquidity and Establishing a Foundational Stablecoin Infrastructure: The collaboration between GUSD and HashKey, utilizing a 1:1 reserve mechanism and Layer-2 technology, facilitates the rapid creation of a robust and efficient stablecoin liquidity infrastructure. This infrastructure provides stable and ample liquidity support for various applications and services within the HashKey ecosystem, enhancing overall platform stability and reliability. This creates a more competitive and attractive digital asset trading environment on HashKey.
Growth Potential for HashKey:
Increased Liquidity: By aggregating multiple stablecoins and enhancing trading efficiency and liquidity, GUSD can provide HashKey access to a substantial pool of compliant stablecoin liquidity, estimated at approximately $180+ billion and exhibiting strong growth. This estimate is based on market data from CoinMarketCap and reflects the current market capitalization of major compliant stablecoins.
Expanded User Base: GUSD is expected to attract a significant number of users who prefer transacting with compliant stablecoins, potentially adding millions of new users to the HashKey platform.
Increased Market Coverage: Seamless interoperability with established DeFi protocols will expand HashKey's market reach and influence within the broader DeFi ecosystem. This will open HashKey to new user segments and opportunities for growth.
Ecosystem Expansion: GUSD will facilitate the rapid development of a robust stablecoin liquidity infrastructure on HashKey, supporting a wider range of applications and services, including decentralized exchanges (DEXs), lending protocols, and payment solutions, attracting developers and fostering innovation on the chain.
Commitment to Building on HashKey:
We are deeply committed to building and developing GUSD on HashKey. Our commitment is demonstrated through the following initiatives:
Dedicated Minting Service: We will establish a dedicated GUSD minting service specifically for the HashKey Chain, ensuring users can easily and conveniently mint and manage GUSD directly within the HashKey ecosystem.
Core Asset Support: All future new asset support and core feature development will prioritize the HashKey Chain, with initial deployment and optimization focused on this platform. This demonstrates our long-term commitment to the HashKey ecosystem.
Joint Marketing and Community Initiatives: We will collaborate with HashKey to design and execute joint marketing campaigns, community engagement initiatives, and educational programs to attract more users and increase platform activity and user participation. For example, we plan to co-host AMAs, workshops, and online contests to engage the community and promote GUSD on HashKey.
Exclusive Rewards Program: We will establish an exclusive rewards program specifically for HashKey Chain users to incentivize the use of GUSD for various services on the platform, driving transaction volume and user loyalty. This program will include incentives such as reduced trading fees, enhanced staking rewards, and exclusive access to upcoming projects launching on HashKey.
Deployment Status:
Our project has successfully completed MVP (Minimum Viable Product) validation on other blockchain networks. We are currently developing the beta version, which will introduce enhanced functionalities such as derivatives support, multi-chain compatibility, and other key features. We plan to deploy this beta version on the HashKey Chain in January 2025.
Milestones
January-February 2025:
Deploy the GUSD system on the HashKey Chain and launch GUSD minting functionality.
Integrate USDT derivatives on the Arbitrum (ARB) network as a liquidity source.
Establish a partnership with one Decentralized Exchange (DEX) on the HashKey Chain.
Achieve a total community user base of 50,000 across all platforms.
March-April 2025:
Integrate USDT and its derivatives on the Ethereum (ETH) network as liquidity sources.
Secure a partnership with one decentralized lending platform, prioritizing platforms operating on the HashKey Chain.
Grow the total community user base to 80,000 across all platforms.
Achieve a noticeable increase in GUSD issuance, reaching over $200,000 in circulating supply
May-June 2025:
Complete the integration of USDC on both the ARB and ETH networks, enabling USDC and its derivatives as liquidity sources.
Establish partnerships with one NFT Marketplace and one Launchpad platform, both operating on the HashKey Chain.
Expand the total community user base to 150,000 across all platforms and maintain this level.
Reach over 30,000 on-chain GUSD users.
Achieve a GUSD circulating supply of $3,000,000.
July-August 2025:
Integrate USDT and USDC, along with their respective derivatives, from the Avalanche (AVAX) and Polygon networks as liquidity sources.
Support NFT derivatives such as Uniswap V3 LP tokens as liquidity sources.
Grow the on-chain GUSD user base to over 100,000.
Achieve a GUSD circulating supply of $10,000,000.
September-October 2025:
Complete the integration of the Tron network, enabling USDT and its derivatives on Tron as liquidity sources.
Establish partnerships with one project in the GameFi sector and one project in the AI sector.
Grow the on-chain GUSD user base to over 200,000.
Achieve a GUSD circulating supply of $40,000,000.
November-December 2025:
Complete the integration of the Solana network, enabling USDT and USDC, along with their respective derivatives, on Solana as liquidity sources.
Establish a partnership with at least one Real-World Asset (RWA) project operating on the HashKey Chain.
Grow the on-chain GUSD user base to over 500,000.
Achieve a GUSD circulating supply of $100,000,000.
Terms Confirmation
I confirm that all information provided is true and accurate
I understand and agree to comply with the grant policies
I understand the KYC requirements
I confirm token distribution complies with legal requirements
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HashKey Chain Eco Lab
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Grant Type
Session 1
Email
contact@gstable.io
Telegram
https://t.me/GenericUSD
X/Twitter Handle
https://x.com/GStablecoin
Discord/Community
No response
Previous Application
N/A
Code Audit
Our projects have not yet been audited.
Our project has successfully completed MVP (Minimum Viable Product) validation and is currently in active development of the beta version.
Code auditing is a crucial part of our software development lifecycle, and we plan to commission a comprehensive code audit by a reputable third-party security auditing firm immediately upon completion of the beta version.
Project Information
Project Description and Objectives:
Our project, GStable, is a financial innovation project centered around stablecoin restaking, liquidity unification, and full-chain supply. We have defined and implemented a complete staking and re-issuance protocol that supports the restaking and liquidity aggregation of various types of stablecoins and their derivatives. This achieves a unified full-chain supply of stablecoin liquidity and a secondary release of liquidity. The project's objective is to build an efficient, secure, and transparent stablecoin ecosystem, addressing issues such as fragmented liquidity, liquidity isolation, and high transaction costs present in the existing stablecoin market. This will promote the application and development of stablecoins in the global financial market.
Success Potential:
Market Demand:
Technical Feasibility:
Team Capabilities:
Our core members come from well-known blockchain projects such as NEO, Ontology, ELA, NKN, Bitkeep, and TheOne Art. Our team developed the open-source SealEVM, which is used as the EVM execution environment by the well-known blockchain platform ChainMaker and has providing reliable blockchain technology support to hundreds of enterprises.
We have extensive experience and expertise in full-chain DeFi, on-chain asset securitization, on-chain derivatives, and trading markets. Notably, we built TheOne.Art, the largest NFT market in China, from scratch within one year, achieving remarkable results with $320 million in annual revenue and over 10 million active users.
GUSD shares consistent goals with HashKey:
Is it open source?
The project will eventually be fully open-sourced, but in the initial stage, we will temporarily keep it closed source for security and competitive considerations.
Free or fee-based for end users?
The GUSD project is completely free for end-users. Our goal is to provide a barrier-free, transparent, and efficient stablecoin solution so that more users can easily and safely use and circulate stablecoins.
Interoperability with Hashkey ecosystem:
The GUSD project is implemented based on Ethereum infrastructure, and the protocols involved in the system are compatible with ERC standards. This design ensures that GUSD can seamlessly integrate with the HashKey ecosystem and be directly deployed and used. Our protocols and smart contracts are rigorously tested and optimized to connect seamlessly with other projects in the HashKey ecosystem, further activating and enriching the HashKey ecosystem. Through this interoperability, GUSD can not only leverage existing blockchain infrastructure and resources but also promote synergistic effects within the ecosystem, jointly promoting the innovation and application of blockchain technology in the financial field.
Market Analysis
Competitors and Differentiation:
Currently, there are no clear direct competitors in the market. However, USDB, a stablecoin using a similar architecture, can be considered an indirect competitor. USDB is a stablecoin exclusive to the Blast Layer2 network, accepting USDT, USDC, DAI, and other stablecoins as underlying assets for minting USDB on Blast. However, USDB has the following issues:
In contrast, GUSD does not have these problems:
Current User Base and Estimation Method:
We base our user base estimation on the Layer2 user base. Given that GUSD uses stablecoins like USDT and USDC as underlying assets and adopts a 1:1 issuance model, we used on-chain data to count the number of USDT and USDC holding addresses on the two major Layer2 networks, Arbitrum (ARB) and Optimism (OP):
Based on the GUSD model and the above data, we make a conservative estimate. We assume that users holding USDT also hold USDC and then take the minimum value in the data as the lower limit and the sum of the values divided by 4 as the upper limit (assuming that users holding USDT also hold USDC and that ARB users are also OP users). Therefore, the estimated user base ranges from 980,000+ to 1.4 million+.
Recipient Address
0x14FFDF310543124e225c8E6E7212aB8Ed823eCB9
Budget and Plan
Requested Grant Amount: $600,000
Here's a breakdown of how the requested funds will be allocated:
Project Execution Plan (Roadmap):
The following is the roadmap for GUSD after the completion of MVP validation:
Phase 1 (2025-Q1): Core Infrastructure & Initial Ecosystem Expansion
Phase 2 (2025-Q2): TGE, User Acquisition, and Ecosystem Incentivation
Phase 3 (2025-Q3): Multi-Chain Expansion, DeFi Integrations, and Exchange Engagement
Phase 4 (2025-Q4): Cross-Chain Interoperability and CEX Listing
Phase 5 (Future): Long-Term Vision and Ecosystem Growth
Token Distribution (Percentages and Initiatives):
Token Distribution Timeline:
We are currently developing a detailed token distribution schedule and plan to finalize it by the end of March 2024. This schedule will be developed based on careful consideration of market conditions, community feedback, and the project's long-term growth strategy. We are committed to a transparent and equitable distribution process.
Post-Incentives Sustainability:
GUSD is designed to generate sustainable yields through the deposit of underlying assets into established lending protocols like AAVE, providing the potential for consistent returns. When users mint GUSD, the provided underlying assets are deposited into these protocols, earning interest. This mechanism forms the foundation for long-term yield generation for the GUSD system.
A significant portion of the token supply, at least 30%, is allocated to mining activities. This allocation will be used to incentivize early adoption, liquidity provision, and ongoing participation in the GUSD ecosystem. Initially, we will utilize these mining rewards to attract users and bootstrap the platform.
After the initial incentive period using the allocated mining tokens, the system will transition to a model where the accrued interest from the deposited assets will play a more prominent role in sustaining rewards and maintaining the attractiveness of the GUSD ecosystem. The transition will be gradual and designed to ensure the long-term stability and health of the GUSD ecosystem.
Additional Accountability Info (Smart Contract Addresses, Wallet Addresses, etc.):
We have completed our MVP and conducted market validation. Below are the deployment addresses of the core contracts of our MVP product:
Below is the link to our MVP product:
https://x-teleport.gstable.io/
Hashkey Relationship
Problem Solved for HashKey:
Value Proposition:
Growth Potential for HashKey:
Commitment to Building on HashKey:
We are deeply committed to building and developing GUSD on HashKey. Our commitment is demonstrated through the following initiatives:
Deployment Status:
Our project has successfully completed MVP (Minimum Viable Product) validation on other blockchain networks. We are currently developing the beta version, which will introduce enhanced functionalities such as derivatives support, multi-chain compatibility, and other key features. We plan to deploy this beta version on the HashKey Chain in January 2025.
Milestones
January-February 2025:
March-April 2025:
May-June 2025:
July-August 2025:
September-October 2025:
November-December 2025:
Terms Confirmation
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