What is Offshift anonUSD ($anonUSD)?
Offshift is pioneering Private Decentralized Finance (PriFi) with an ecosystem of Private DeFi Applications that confer and protect various elements of privacy, anonymity, and confidentiality on Ethereum Layer 1. All Offshift Ecosystem PriFi Applications are powered by XFT.
Offshift anonUSD is an algorithmic stablecoin that is created when a user Shifts XFT on Offshift’s fully on-chain, non-custodial platform. Offshift anon dissolves the existing tradeoffs between privacy and yield generation by dissociating users from their assets via the Mint-and-Burn Tokenomics native to the Offshift Ecosystem. Offshift anon’s Burn-and-Mint Mechanism burns a user’s XFT and mints an equal value in anonUSD. At any point, a user may also Shift from anonUSD back into XFT, and the process reverses.
What is the Role of anonUSD in the Offshift Ecosystem?
anonUSD is Offshift’s first anonAsset. It allows users to explore opportunities to engage DeFi applications while remaining fully anonymous, so they can both invest in the technologies they support and generate yields without the drawbacks related to exposure and public profiling.