Proposal Discussion - Crypto's S&P 500, A Unit of Value to Unite Us All

We are creating a crypto-native community-managed algorithmic unit of account to replace “stable coins.”

We believe that a currency can never achieve the status of World Currency (Universal Currency), but a pure unit of value can. We are building that unit of value: The Unit.

Most defi projects today use USD as the unit of value. However, USD is a fiat currency foreign to our space. Should central banks’ currencies continue to be advertised as a measure of value?

We ask SUSHI hodlers to back the creation of our algorithmic unit of value. It is an essential part of our industry. Right now, USD is the glue that brings all projects together. But should a closed source currency be the focus of our attention? We think it shouldn’t. An algorithmic unit of value that’s not a currency is needed to unite all networks.

Even though there will be a The Unit DAO aiding the development of The Unit, The Unit will be able to be replicated and maintained by everyone.

The Unit is an index including the most significant portion of the crypto market. The initial version of our paper, found in GitHub and website, outlines how to choose the constituents of The Unit index.

We propose to use 100k SUSHI from Sushi governance to fund the development of The Unit. Sushi governance will then become a seed founder of the project and will own the corresponding allocation. Ultimately, we want defi protocols to adopt a unit of account that’s not pegged to any individual currency.

Benefits to SUSHI hodlers:

  1. SUSHI holders participating in this proposal will get rewarded with The Unit governance tokens.
  2. In addition, SUSHI governance will receive a reward proportional to the corresponding 100k SUSHI contribution to The Unit development.
  3. An IDO will launch The Unit in a few weeks.

Join The Unit Community:

Twitter: https://twitter.com/TheUnit_one

Discord: The Unit

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why would someone prefer to hold “the unit” over anything else?

want upside? spot btc or eth
want protection? hold stablecoins

its confusing to market yourself as a stablecoin replacement and as the crypto s&p at the same time.

How is this better than Frax? Sorry better said, how is this different from Frax?

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The reason stablecoins are easy to use as a unit of account is because it’s an easy measure of value.
Saga tried to do what you want to do, but with SDR backing. Didn’t fly.

$500k for non exclusive stake in a white paper? yawn

Hopefully, this chilly audience will give you enough stimulus to bootstrap your product and prove naysayers wrong.

@GreenEyes, we need to think beyond banker’s money. The top cryptocurrencies like Bitcoin and Ethereum are likely not a source of upside in the long term but of protection.

USD will securely offer 0 value on your purchase over enough time. A broad index fund will become the stablecoin, offering protection and some performance. We are working on delivering an index people can participate in, not just purchase. However, if you want a chance of actual upside, you’ll need to join in the venture investment.

As for Frax. Frax is a currency pegged to $1.

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@Graine, Saga was creating a coin (stablecoin) backed outside of crypto. The Unit is not a coin; it’s a crypto index. Synthetic units can be issued when fully backed through a fund that follows The Unit. The Unit is already in use as a trading tool.

Okokok right! so this is basically a meta-index for all of crypto? will new things ever be added? who chooses what to add?

@GreenEyes: Yes, it’s an Index for all of crypto designed to function as a unit of account. The rules for adding and excluding coins are in our docs here The Unit Selection Criteria - The Unit Docs. Following the fundamental and technical analysis, a DAO will determine the exact moment coins join or leave The Unit. Recently we performed that action; here is our post about it: The Unit Update. Before our public launch, we are in… | by 2ØY | Nov, 2021 | 2ØY_Blog

beautiful. Thank you so much.

one last question.

why are you trying to make the s&p a unit of account?

instead of just proposing to build something on top of index-coop

@GreenEyes, The Unit is very different than anything that can be built on top of index-coop. In fact, indexcoop can be built on top of The Unit.