SynthMyRide
Summary Description
The tokenization of your dreemed car
Which metric will your synth track?
The price of the car of your dream.
How will you get data for your metric
There are several price sources for new car, in US you may use https://www.kbb.com but for every region there are some that tops as reference.
The idea is that this synthetic represents the value for a specific car and people will buy it in fractions or at once and burn it to extract the value in USDC when they want to buy it.
To prevent you game against your own goal the only way to take the entire value from the token in USDC is if you have one entire token unity (1 uCYBERTRUCK) If you take this out without accomplish 1 token you pay 2% over the amount you would need to buy to achieve the goal.
Example: If Paul want to buy a Lamborghini Huracan (nearly 220k USD) he start to buy small fractions of uLAMBO that and he was able to accumulate only 0.75 of the uLambo token. He will be able to retrieve the money he accumulate in USDC but he will pay 2% x (1 - 0.75) x (220k x 0,75) = 825 USD (0,5% of the total) In this case, instead of receiving 165k he will receive 164,175 USD
John was not able to accumulate that much and he would like to ride a bike, he has only 0.25 uLAMBO token: 2% x (1 - 0.25) x (220 x 0.25) = 825 USD (1.5% of the total) instead of receiving 55k he will be able to receive 54.17k
The idea is to incentivise people to accumulate the entire value.
Why should he use it? B/c if the price of the car increase before he was able to reach the goal, every fraction that he already accumulate will be adjusted to the actual price. It’s some hedge against the inflation.
What collateral would you use for this synthetic
USDC to ensure the inflation will not affect your pan to have your dreamed ride no mater how long you take to finally accumulate the whole token. Each token represents only one car.
Describe how you would create this synthetic
To launch the MVP we may focus on US market and may have a preview list of the hot cars people can choose.
To track the prices we must use some well know price reference list as https://www.kbb.com
What issues might you encounter in the development of the synthetic
If the car shuts the production it may heavily impact the price and it could create some discrepancy. Let’s say someone have already accumulate 0.9 of their dreamed car and the maker stop to produce that model and the price drops 15% it could cause people to receive more than the entire USDC value for the car without had complete the 1 entire token.