The Decentralized Reserve Currency.
Snowbank is a fork of Olympus on the Avalanche, building a community-owned decentralized financial infrastructure to bring more stability and transparency for the world. Available on Avalanche. Snowbank DAO is the decentralized reserve currency protocol available on the Avalanche Network based on the SB token. Each SB token is backed by a basket of assets (e.g., MIM, SB-AVAX LP Tokens etc etc) in the Snowbank DAO treasury, giving it an intrinsic value that it cannot fall below. Snowbank DAO also introduces economic and game-theoretic dynamics into the market through staking and minting. Our goal is to build a policy-controlled currency system, native on the AVAX network, in which the behavior of the SB token is controlled at a high level by the DAO. In the long term, we believe this system can be used to optimize for stability and consistency so that SB can function as a global unit-of-account and medium-of-exchange currency. In the short term, we intend to optimize the system for growth and wealth creation. We intend to achieve price flatness for a representative basket of goods without the use of fiat currency, in order to allow the cryptocurrency industry to detach once and for all from the traditional finance world!