Stabln

Inspiration

The current crypto bear market has induced panic, fear and uncertainty in investors. Everyday, NFT holders fear that their NFT price will fall even more tomorrow. In a dire market situation like today, a low-risk safe investment is always the answer. Based on the mechanism of a stable coin, we invented the idea of Stable NFT that combined with Defi. Stabln’s mission is to establish a decentralized stable-NFT economy.

What it does

Stabln is a decentralized finance protocol established on an sNFT(Stable-NFT) collection called Convictzees. Investors mint and ‘jailbreak’ a Convictzee with a certain bounty on him, and they can be the Convictzee themselves. All Convictzees have their bounty price on themselves so that anyone can see the significance of their wanted levels. If the holder is feeling guilty or needs some cash, he can redeem it anytime at the protocol by turning his Convictzee in and receiving the bounty on his head. Furthermore, all minting and redeeming are processed by USDC or USDT to ensure the stability of the treasury and require a commission fee from 0.1% to 1% depending on the bounty. Every week, the protocol distributes its weekly sum of commission to the holders as interest, and the interest rate to each holder is the portion of his sNFT in the whole sNFT pool.

How we built it

Stabln will be built in a fully decentralized architecture in which nobody has centralized authority over the protocol treasury. This matter is greatly essential for Stabln as the protocol must always be in the state of sufficient finance located in the treasury to pay the investors when they wish to redeem their money.

Challenges we ran into

As we desired to make the decentralized architecture of Stabln, Our team struggled about the mechanism of Defi Structure. Our solution was the unredeemable stable NFT. Stabln owns unredeemable sNFT as a protocol. Therefore, the protocol also receives revenue distributions(business model), while still not having central authority over the treasury.

Accomplishments that we're proud of

Riskless As the name suggests, the price of the NFT is stable. Holders can redeem their sNFT anytime they wants and all minting and redeeming are processed by USDC or USDT stable coin to ensure the stability of the treasury and sNFT itself. There is 0% chance that a holder can lose money. One of the great examples is PFPs! Let's accept the fact, PFPs are for show-offs. The problem is though, while it's really cool to have an ape as your PFP, you are always worried about how much the price is falling. Well, with a stable NFT, you can show off on Twitter, Instagram, etc as long as you want without any risks!
Brand New concept Stabln invented the world first sNFT(Stable NFT) collection, Convictzees, which is essentially a stable bond in the form of NFT that can be minted through stable coins. Each sNFT can be redeemed anytime the investor wants.
Transfer A stable NFT will be the coolest way to transfer money instead of just sending fungible tokens like Eth. Of course, the receiver can redeem it at the protocol freely. Imagine receiving a stable NFT as a present!
Decentralized Architecture Most of the so-called Web3 dApps are not decentralized. Stabln will be fully decentralized, as even the protocol itself does not have centralized access whatsoever to the treasury.
Profit Does stable mean no profit? Absolutely not! Stabln protocol receives commission from minting and redeeming. Stabln distributes the profit to all holders as rebase rewards. The greater the bounty of the Convictzee, the greater the rebase award will be!

What we learned

Through our development of Stabln idea, we studied hard about the future of NFTs. We found a lot of possibilities for NFTs. For instance, NFT projects can be combined with Defi. Without any banks and unnecessary offline processes, we can get interest just by owning the NFTs and borrowing money against our NFTs. Based on what we learned, we can develop Stabln and its roadmap.

What's next for Stabln

After the successful launch of the first collection ‘Convictzees’, We are going to launch other collections collaborating with other NFT projects. As we get brand awareness in the NFT world, we will deliver the stable NFT customizing function. Customizing commission will be another business model for us. Finally, we are gonna contact a real world business like Mcdonald. As a stable NFT retains its specific value in dollars, it is easy to collaborate with a real product. Imagine the Mcdonald burger NFT that can be exchanged with a real burger and transferred worldwide! It will be a great opportunity to promote our protocol as well as our revenue grows.