Introduction to Prometheus
Prometheus Finance is an exchange for stable coins on the Binance Smart Chain (BSC). It allows for stable coins swap with very low slippage and minimal fees.
Stablecoins become very popular recently: custodial USDC, USDT, BUSD, PAX, TrueUSD, as well as decentralized DAI. They however (especially decentralized ones) have a problem of price stability and liquidity. This is especially painful for DeFi arbitrage. For example, when MakerDAO decreased its stability fee to 5.5%, many users of Compound (which had the interest rate of 11% at the time) preferred to stay there because they’ve taken the loan in DAI, and converting between DAI and USDC is an expensive task.
At the same time, many DeFi users are willing to load their stablecoins up for lending in order to earn 5% APR, as it is much more than what traditional banking offers. They, however, would be uncomfortable giving same money to trading firms who “promise profits”.
$PRO aims to give its users the best stablecoin apr. In addition, it aims to provide blockchain users with staking opportunities with real world assets by adding various mirror assets (eg renBTC, mSLV) to the system in the future.
While aiming for this, it aims to create a new stablecoin called $USDH with its most important strategic partner, Hepa finance.