Flat Money (UNIT) aims to provide DeFi users with an onchain native currency that’s censorship-resistant and untethered from traditional finance.
Flat Money, the decentralized delta-neutral flatcoin backed by Rocket Pool ETH (rETH), today announced their plans to launch on Base mainnet in March 2024. The team is building Flat Money (UNIT) to offer DeFi users a better form of onchain money that allows people to preserve their purchasing power and offset volatility within crypto markets.
People need a better form of money that isn’t tied to any one fiat currency or exposed to fiat inflation. Flatcoins provide a superior form of money that can only be built onchain: uncensorable, inflation resistant and backed by decentralized collateral. They’re designed to outpace inflation and, most importantly, a flatcoin shouldn’t have any exposure to legacy offchain financial risks.
With their launch, Flat Money will be the first flatcoin protocol on Base that allows people to deposit rETH to mint UNIT, which earns real yield in their Flat Money Market, or open leverage positions on rETH with competitive funding rates in their Perpetual Futures Market. The two markets balance incentives and allow the Flat Money protocol to reach a delta-neutral equilibrium, or a state where short positions are equal to leverage long positions.
“Flat Money is using ETH to create truly native internet money. Yield bearing, inflation proof, with no exposure to legacy finance. It’s the scalable unit of account that addresses the issues people face when they hold fiat or stablecoins and provides a reliable financial alternative in an inflation-prone economy.” - Ermin Nurovic Co-Founder of Flat Money
Ahead of launch, people can participate in the Flat Money Early Depositors Vault on Toros Finance. The USDC deposited in that vault will be converted to rETH and used to mint UNIT when the Flat Money protocol launches. Early Depositors will earn Flat Money Points (FMP) and UNIT yield after launch.
When the Flat Money protocol goes live, DeFi users will finally have a Based UNIT of currency that’s purely onchain and 100% censorship resistant.
About Flat Money
Flat Money is an open-source protocol where people can deposit Rocket Pool ETH (rETH) and mint Flat Money (UNIT), a decentralized delta-neutral flatcoin designed to outpace inflation. The Flat Money protocol also offers Leverage Traders the ability to deposit rETH and open long positions on rETH’s spot price through Perpetual Futures Market. Flat Money is the first protocol to offer end-to-end rETH exposure to Leverage Traders.
The protocol doesn’t lock excess capital and can achieve 100% capital efficiency. Flat Money has limited exposure to other protocols and zero exposure to offchain assets.
To learn more about Flat Money, please visit our website at flat.money.
Discussion
0 comments