The SigmaUSD stablecoin has been deployed by the community and is live and ready for all Ergonauts to use here.
After several months of hearing whispers about a stablecoin being built and teasers being thrown around, the Ergo community enjoyed an information-packed Ergo Summit 2021 which explained everything they needed to know about the AgeUSD Protocol; a novel crypto-backed algorithmic stablecoin protocol that has been created in joint partnership by the Ergo Foundation, EMURGO, and IOG on top of the Ergo Blockchain.
A community-wide vote was held to decide on the exact names for the stablecoin and the reservecoin (the other coin part of the AgeUSD protocol). After many days of back-and-forth, the community landed on “SigmaUSD” for the stablecoin and “SigmaRSV” for the reservecoin.
For those who are new to the Ergo ecosystem, “Sigma” refers to the core of what powers Ergo’s cryptography & smart contracts, that being Sigma Protocols. No other blockchain in the cryptocurrency sphere uses Sigma Protocols, and thus this is what makes Ergo extremely unique. They enable privacy-preserving primitives to be used for cheap by anyone in the ecosystem, which has future potential for business/enterprise use cases, and more.
The Ergo ecosystem has a growing trend of Sigma Protocol-inspired themes with recently released projects such as the Ergo dApp explorer, The Sigmaverse. Thus the community-chosen SigmaUSD fits perfectly in place and is a testament to the community’s appreciation for all of the impressive tech which is embedded within Ergo itself.
The Ergo DeFi ecosystem is just beginning to bloom, and it is clear that with so much interest in this first DeFi dApp we are only going to see more and more being developed and launched. With so much excitement coming out within just the first two months of 2021, this year looks like it’s going to be one to remember for Ergo and all Ergonauts.
What are you waiting for? Head to SigmaUSD’s website and see what all of the Ergonauts are praising for yourself.
