PMATIC is the MATIC pegged stablecoins issued by Ripae Finance, a cross chain algorithmic stablecoin protocol, initialy on Polygon.
$pMATIC (Pegged $MATIC) is the main token with an unlimited supply. Keep in mind that the supply is unlimited, not infinite, which means that there will be new $pMATIC minted as soon as 1 $pMATIC > 1.01 $MATIC (TWAP > 1.01). This is to increase the supply so in turn the price will go down and meet its soulmate, $MATIC. When 1.01 $pMATIC < 1 $MATIC, the minting of $pMATIC stops in order to not push down the price any further.
About Ripae Finance
Ripae Finance is a cross-chain algorithmic stablecoin project. The stablecoins it issued are pegged to each native chain that the protocols are deployed on.
An Algorithmic Stablecoin is a non-collateralized stablecoin tailored for improving price stability. The beauty of algorithmic stablecoins is that they are much more capital efficient than their collateralized cousins. Ripae finance will work towards expanding this idea of capital-efficient algorithmic stable coin and build on previous iterations to expand the basis of the ecosystem.
Ripae Finance’s full focus is to build a true cross-chain algorithmic stablecoin protocol that is stabilized with true use-cases all around the DeFi Ecosystem.
The team started on Fantom and with the partnership of Multichain.org, the main token $PAE is now available on multiple EVM chains.