SETT

The Settcoin / Sett

Sett (SETT) is the native stablecoin of the Setheum network in a similar way that Dai (DAI) is the native stablecoin of MakerDAO in Ethereum. But the SETT is unlike the Dai, as the SETT is elastic in its supply and backed by the DNAR reserve.

SETT (Ꞩ): Also called the “Sett”. The Stablecoin Token of Setheum is the SETT (Plural is SETT /Sett/). The maximum supply of the SETT is elastic, the SETT token is backed by the DNAR in Setheum.

The SETT is pegged to these 10 Currencies / fiat currencies (algorithmic soft-peg):

So, the value of the SETT can be derived like this instance that I calculated as of November 6th 2020. (Just an example, the price feed will not be static but from decentralised oracles)

The SettCurrencies are:

  1. settUSD = $1.00 (United States Dollar)

  2. settGBP = $1.31 (Pounds Sterling)

  3. settEUR = $1.18 (Euro)

  4. settKWD = $3.27 (Kuwaiti Dinar)

  5. settBHD = $2.65 (Bahraini Dinar)

  6. settOMR = $2.60 (Omani Riyal)

  7. settJOD = $1.41 (Jordanian Dinar, the name DNAR/Dinar in Setheum was inspired by the JOD)

  8. settGIP = $1.2918 (Gibraltar Pound)

  9. settKYD = $1.20 (Cayman Islands Dollar)

  10. settCHF = $1.11 (Swiss Franc)

So 1 SETT = sum of the total value of the Basket Pegs / the amount of Pegs. Therefore, 1 SETT = $1.70218 So if one of the SettCurrencies collapses, it will only affect 1/10th the price of the SETT itself. And the SERP will provide inflation as cashback (cashdrop) to SettPay users to fill in the price gap and stay stable to the basket.

So 1 SETT = sum of the total value of the Basket Pegs / the amount of Pegs. Therefore, 1 SETT = $1.70218 So if one of the SettCurrencies collapses, it will only affect 1/10th the price of the SETT itself. And the SERP will provide inflation as cashback (cashdrop) to SettPay users to fill in the price gap and stay stable to the basket.