MAITRIX: Launching the testnet, releasing the first yield-generating AI stablecoin | Early-stage project focus
Includes testnet tutorial.Author: flowie, ChainCatcher
On February 17, the protocol MAITRIX, which supports minting stablecoins with AI tokens, launched its testnet.
This testnet also launched the first AI stablecoin Aethir USD (AUSD), which allows users to mint using the tokens ATH from the decentralized GPU project Aethir, with each AUSD pegged to the US dollar at a 1:1 ratio.
Currently, the testnet has opened sections for AUSD minting and staking. According to its official information, within about a week of launch, MAITRIX has attracted over 130,000 registrations, with a TVL of approximately $1.28 million.
From RootData's data, MAITRIX is backed by well-known investors, including Dragonfly, Sfermion, DCG, IVC, and Shima Capital. MAITRIX is also ranked among the top projects on RootData's recent popularity list.
MAITRIX : Why does AI need stablecoins?
According to the official documentation, MAITRIX believes that AI projects face several significant obstacles, including severe volatility in token value, limited payment options, and fragmentation of the ecosystem.
For example, the volatility of token prices makes it difficult for AI projects to manage expenses, plan, and operate. The limited utility and unstable value of many native tokens also hinder adoption and growth within AI projects.
In MAITRIX's view, the AI project ecosystem needs stablecoins; however, using traditional stablecoins (like USDT/USDC) poses third-party risks. Using AI stablecoins offers three major advantages:
First, it protects users from the impact of native token volatility and allows projects to smoothly conduct everything from payroll to daily financial operations.
Second, it ensures financial stability to prevent the depletion of the treasury during market downturns, which threatens the long-term stability of funds.
Third, it can help stabilize token prices. Projects can use AI stablecoins instead of selling native tokens to unlock the value of the treasury, preserving token prices while enhancing community confidence and providing funding support for operations and growth.
Core Functions of MAITRIX
The ultimate goal of MAITRIX is to become the DeFi layer in the decentralized AI field, currently possessing two core functions:
Stablecoin Launchpad: Any AI project can utilize MAITRIX to create a stablecoin token contract supported by its native tokens.
Stablecoin Hub: Token holders can use MAITRIX to mint supported AI stablecoins, stake to earn rewards, and provide liquidity through specific token pairs.
AUSD Incentive Mechanism and Testnet Tutorial
MAITRIX has launched the stablecoin for the first AI project, Aethir USD (AUSD). Users can mint using the Aethir token ATH and stake AUSD to earn rewards.
Staking AUSD can yield a 20% annualized return, with rewards distributed daily. MAITRIX will enforce a 14-day unlocking period. Additionally, a fee of 0.5% will be charged upon unstaking.
During the testnet period, MAITRIX also has an incentive mechanism, known as the Pills incentive system.
Pills are non-transferable reward points that users can earn daily by staking AUSD, providing liquidity, or actively participating in platform activities. In the future, when the MAITRIX token goes live, accumulated Pills points can be converted into governance tokens. Furthermore, early stakers of AUSD will receive a temporary yield multiplier as an additional incentive.
For specific testnet tutorial, please refer to: https://x.com/VIP8888883/status/1891401264639926286
MAITRIX's AI USDs Stability Mechanism
MAITRIX's AI USDs are algorithmic stablecoins issued using AI tokens as reserve assets, employing different stability mechanisms for various risk projects:
- Minting and Burning Balance: The dollar value of minted AI USDs is fully backed by reserve assets. The balance is maintained by ensuring that the reserve ratio of AI USDs (the value of reserve assets divided by the number of AI USDs in circulation) is greater than 1.
This mechanism will be used for AI tokens from venture-backed projects. Because the tokens of these projects typically have more stable prices, the project's foundation or decentralized autonomous organization (DAO) usually controls most of the token supply and employs methods like market making and buyback programs to ensure price stability.
- Collateralized Debt Position (CDP): Minting stablecoins by using native AI tokens as collateral. AI USDs minted through this method are over-collateralized.
Potential Uses of AI Stablecoins
MAITRIX states that it will ensure its AI USDs can be used in major DeFi protocols, including:
- Liquidity Mining: AI USD holders can earn rewards by providing liquidity in DEX pools.
- Lending: AI USDs will be accepted as collateral in lending protocols.
- Treasury and Reserve Assets: AI USDs can be used by DAOs and AI project treasuries to hedge against volatility.
These AI USDs can also serve as a medium of exchange within the ecosystem of each AI project, such as:
- AI Agent Trading: AI USDs support automated payments for trustless smart agent services.
- Computational Payments: AI USDs serve as the transaction unit for purchasing GPU computing resources in decentralized AI networks.
- Subscription-based AI Models: AI startups can use AI USDs to provide stable and predictable payment models for their services.
