Velas Synthetic Stablecoin

Grant Opportunity


With the current size of the crypto market we expect at least $150B worth of stablecoins in circulation in 2021, mainly centralized in USDT/USDTC. We need new options and alternatives available to move on the mass scale, but as progressive as DAI in terms of security. Velas will provide grants to companies and teams for developing a decentralized, scalable synthetic stablecoin for the Velas Ecosystem. This particular grant is allocated for new protocols offering scalable stablecoins on the Velas blockchain.


For this grant, applicants can choose to develop a brand-new synthetic stablecoin or leverage any open-source code that is available and build a Velas version of their stablecoin, such as DAI or Syntetix USD. One individual or team will be selected to win this grant. Velas will offer technical and business support to the chosen grantee, providing a unique opportunity for the winning individual or team to network and be advised by leading talent in the blockchain industry.


  1. A running network that is ready to become a basic currency in the Velas ecosystem and kept stable through a framework of aligned financial incentives.
  2. The economic model for the stablecoin, a self-service credit facility or the Oracle model, which are open-sourced for the community to use and build upon.
  3. Various risk management mechanisms to manage collateral debt positions, risks, auctions, governance, etc. with automation, efficiency, liquidity, capitalization and ultimately enhanced stability.
  4. On-chain governance with progressive decentralization from the founding team steering the ship to council governance and democracy with referendums.
  5. Network SDKs: to empower the developer community to build upon and integrate with the Velas Network.
  6. Interface for minting and burning stablecoin.

Scope of Delivery

The MVP testnet shall be on the Velas blockchain, with the functionalities specified above.

How to apply

Please send your application to with the following information:

  • Team background and experience.
  • The project timelines, targeted deliverables at each milestone, estimated efforts.
  • Specify how much of the grant you estimate you will need.
  • Information about previous Velas Ecosystem participation.
  • Any suggestions beyond the scope of this document that will help advance the project goals.


We welcome all feedback, discussion and suggestions. You can send your suggestions to