0rigin is pleased to announce that they have entered into an agreement with the Vigor DAC, effective immediately, to assume the ongoing development, substantial restructuring, and multi-chain expansion of the Vigor Protocol.
Vigor is an innovative crypto lending and underwriting platform that reworks classical derivative modelling techniques to generate risk-based dynamic pricing bound by a fee token (“VIG”) and an algorithmic stablecoin (“VIGOR”). Vigor is the first and only project that has been able to develop a model of this sophistication entirely on a public blockchain.
0rigin’s unique knowledge of both building blockchain technology and quantitative financial models brings significant capacity and intellectual property that will now accelerate the release of Vigor 2.0 with new functionality, innovative assets and derivatives, with an enhanced robust economic model.
0rigin intends to fully integrate Vigor into its suite of tools and products. This will maximise Vigor’s performance, scalability and utility, build on its advanced risk-based modelling and leverage its capabilities across the entire 0rigin ecosystem.
0rigin has held the strong conviction that Decentralised Applications (“dApps”) would use multiple Layer one (“L1”) platforms. DApps should be able to source utility and liquidity whilst optimising operational performance and user experience without compromise to the security model of decentralisation. Vigor is no exception.
Whilst Vigor currently resides on the EOS blockchain, 0rigin’s Vigor 2.0 will have its core smart contracts built on the UX Network with access to the 0rigin IBC protocol. This facilitates trustless bi-directional data transfers between EOSIO blockchains currently and is due to be rolled out to non-EOSIO L1 platforms shortly.
The current deployment of Vigor 1.0 will remain in place on EOS and be uninterrupted. A migration path to Vigor 2.0 will be available for VIG holders so they may access the new capabilities when available.
Vigor 2.0 will function as a multi-chain dApp at the technology, user and asset levels whilst maintaining the principles of decentralisation,
In the UX Network environment, Vigor 2.0 can operate at maximum efficiency, benefiting not just from the UX resource model but also its proximity to the other 0rigin systems that interoperate with the Vigor Protocol.
QED, the 0rigin oracle protocol that Vigor has relied upon since inception for off-chain price data, will play a major part in the integrity of Vigor’s risk model inputs and assumptions.
UtilityX, the 0rigin platform that is launching the first AMM for the UX Network and its IBC assets, creates the ideal complement to Vigor with liquidity for its assets and its native tokens.
Guillaume Tremblay-Babin, 0rigin CTO and Co-Founder commented
“As the creators of DelphiOracle (now QED), we share a common history with the Vigor project; Vigor was the first dapp to make use of the Delphi datafeed, and helped in establishing it as the leading oracle protocol on EOSIO. We salute the hard work and innovative vision of the Vigor team and community, and we look forward to putting our expertise and resources to contribution.”
Andrew Bryan, CFA (stuffed shirt | stablequan11), a Vigor developer commented
“VIG token holders are keen to see a Vigor 2.0 release and I’m excited to see a very realistic and expanded scope as the Vigor community joins with 0rigin & UX Network. The synergy created will enhance Vigor’s mission … to unlock the potential of institutional strength quantitative finance models by innovating within the framework of trustlessness and transparency afforded by public blockchain. The combined effort will continue to revolutionise crypto lending and synthetics with innovations on topics such as on-chain risk & compliance, efficient price discovery & low fee crypto loans, decentralised prime brokerage, pricing of default risk in token prices, risk budget driven pricing frameworks, credit & debt valuation adjustment in crypto loans, liquidity and maturity risk premia, derivative and structured product modeling, crypto credit scores, multi-collateral and basket products.”
By way of consideration, the Vigor DAC have transferred all the treasury assets to 0rigin consisting of approximately 10% of the issuance of VIG tokens. All users funds, collateral and loans remain in place and are unaffected.
0rigin designs and builds blockchain and decentralised models that will have a profound impact on the global economy, by fusing traditional disciplines from finance and technology with cutting edge techniques and product innovation.
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