STYX is DAI-backed euro, meaning 1 STYX == 1 EUR whatever happens. Right now there is no trustless euro available on Ethereum, it is awaited by the crypto community and beyond. This is now fixed thanks to the pricefeed oracle provided by Chainlink. The targeted use cases are (1) payment (DApps, DeFi, d-Commerce) and (2) trading/hedging.
Security and trustlessness will always remain our main focus, that’s why we’ve chosen to work with Chainlink and the OpenZeppelin’s ERC20 contract. Then, we wanted it to be terribly simple to use: you send DAIs to the contract and you receive your STYXs. Users know they always can sell your STYXs to the contract for the equivalent in DAI at zero fees, this is important because it dramatically increases trust for both users and potential off-chain brokers. In addition to that, we integrated Chainlink with C-Layer which brings the compliance that’s required on this type of project. This will allow us to integrate SEPA EUR derivatives in further versions, constantly lowering the risks.
Before you test the live demo, please make sure your wallet holds Kovan ETH, LINK and DAI:
At Sep-27-2020 09:39:24 PM +UTC, the very first STYX was issued: https://kovan.etherscan.io/tx/0x5193dc61bf3a9c7e9d3a9d980ecca1b8a73bde8fce20c2e1c54835ba965070cc