We are excited to be able to launch v0 of Soteria to the general public! v0 of Soteria is a centralized version where Soteria will hold your BTC at FTX and create a delta-neutral position using BTC futures. USDS will be backed 100% by this delta-neutral position. Users can go to Soteria and issue/redeem USDS with BTC. The USDS of v0 is an erc20 token.
We have also written in detail how you can issue/redeem USDS here.
The purpose of v0 of Soteria is to get users comfortable with the idea of a stablecoin that is backed by a 100% delta-neutral position and to have users see that USDS will hold it’s peg. Users will also receive 33.89% APY in interest onchain everyday.
After 3 - 6 months of v0, we will launch v1 of Soteria on Solana. We chose Solana for v1 because of it’s fast, secure, and censorship resistant blockchain which is gaining rapid adoption. v1 will be a trustless version, where users can issue/redeem USDS without giving Soteria the private keys. The delta-neutral position will be created by using derivative dexes in the backend.