Empty Set Dollar Price Today
The price of Empty Set Dollar (ESD) is $0.000612126445 today with a 24-hour trading volume of -. This represents a - price increase in the last 24 hours and a - price increase in the past 7 days. With a circulating supply of 120 Million ESD, Empty Set Dollar is valued at a market cap of $72,283.38.
What is Empty Set Dollar?
Empty Set Dollar (ESD) is a decentralised stablecoin that uses an algorithmic approach to maintain price stability around $1 target by relying on a seigniorage model.
ESD has some unique features:
- Decentralised: ESD has an entirely decentralized on-chain governance. Any changes or upgrades to the protocol need to be voted on by the community of token holders.
- Composable: Its protocol is centred around an ERC-20 token: ESD. This enables it to work across the DeFi ecosystem and act as the governance token for the protocol.
- Self-Stabilising: Utilization of an on-chain price oracle (Uniswap V2)
- Opt-in Supply Adjustments: ESD supply expansions and contractions are incentivised and voluntary
How does ESD work?
ESD’s price mechanism uses a seigniorage model. This means, if the market demands more ESD i.e. when ESD goes above $1, more ESD coins will be minted to meet that demand and bring the price back down to $1. That extra minted money supply is then distributed to the coupon holders first before the ESD holders that chose to lock their ESD.
If market demand is lagging behind supply, ESD may fall below $1. So a supply contraction is needed to spur price. During this contractionary phase, a coupon redemption system comes into play, where users may purchase these coupons with ESD coins in exchange for a premium (i.e. receive more ESD coins) only when the ESD price goes back to $1. Basically, users agree to burn their ESD in exchange for coupons redeemable later on - reducing ESD’s supply until price goes back up to $1. However, coupons have to be redeemed within 90 epochs (30 days), which carries significant risk if the price of ESD does not go back to $1 as coupons will be rendered obsolete after 90 epochs without redemption.
This protocol relies on a ‘voluntary system’ that is very much depended on by its incentive mechanism. This poses a risk to the currency in the event that users decide to ignore the coupon incentives and no longer participate in the system, the protocol’s ability to maintain its peg at $1 will be directly hampered.
Note that the price of ESD as of January 2021 is $0.285, which is more than 70% down from its supposed peg. This may indicate that the coupon and incentive mechanisms ESD is based on may be waning in effect.
Why was this project started?
ESD was created to solve core issues that its predecessors faced. Collateral-based stablecoins are both capital inefficient and carry risks of the underlying collateralized assets, which goes against the whole idea of ‘decentralisation’. These stablecoins also face a restricted supply, as the total of supplies are constrained to strictly less than the available reserve assets on-chain. ESD’s construction that is based on many iterations offers an elastic-supply stablecoin not bound by these limitations.
How does ESD differ from other Stablecoins?
ESD’s protocol was designed by taking elements from numerous pre-existing protocols to produce a balanced protocol that aims to curtail the core issues of other protocol designs.
ESD directly addresses the centralisation risks of USDC, USDT, TUSD and attempts to avoid the ‘death spirals’ faced by rebase tokens such as AMPL and BASED. When negative rebase happens to a rebase token due to their price being lower than $1, the amount of rebase tokens owned will also decrease, inducing panic among users. This will further compound the selloff, initiating a vicious spiral downwards.
It also should be noted that ESD has a fork named Dynamic Set Dollar. They are different in a few ways, such as in epoch duration and their coupon expiry.
How do I get ESD?
ESD can be purchased on exchanges such as Uniswap or Sushiswap.
You can browse through the various centralized and decentralized exchanges by heading over to our exchanges page here.
Where can you buy Empty Set Dollar?
ESD tokens have stopped trading 9 days ago on all exchanges listed on CoinGecko. Information will be updated if market activity resumes.
What is the daily trading volume of Empty Set Dollar (ESD)?
The trading volume of Empty Set Dollar (ESD) is $5.40 in the last 24 hours, representing a 0.00% increase from one day ago and signalling a recent rise in market activity.
What is the all-time high for Empty Set Dollar (ESD)?
The highest price paid for Empty Set Dollar (ESD) is $23.88, which was recorded on Sep 12, 2020 (over 2 years). Comparatively, the current price is - lower than the all-time high price.
What is the all-time low for Empty Set Dollar (ESD)?
The lowest price paid for Empty Set Dollar (ESD) is $0.000572990814, which was recorded on Jan 06, 2023 (3 months). Comparatively, the current price is - higher than the all-time low price.
What is the market cap of Empty Set Dollar (ESD)?
Market capitalization of Empty Set Dollar (ESD) is $72,283.38 and is ranked #3284 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of ESD tokens (120 Million tokens are tradable on the market today).
What is the fully diluted valuation of Empty Set Dollar (ESD)?
The fully diluted valuation (FDV) of Empty Set Dollar (ESD) is $72,283.38. This is a statistical representation of the maximum market cap, assuming the maximum number of 120 Million ESD tokens are in circulation today. Depending on how the emission schedule of ESD tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of Empty Set Dollar compare against its peers?
With a price increase of 0.00% in the last 7 days, Empty Set Dollar (ESD) is outperforming the global cryptocurrency market which is down -2.50%, while underperforming when compared to similar Stablecoins cryptocurrencies which are up 1.00%.
What is the market sentiment of Empty Set Dollar today?
There are no votes on Empty Set Dollar (ESD) today. Be the first to vote and share this with your community.
How to add Empty Set Dollar (ESD) to MetaMask?
Adding Empty Set Dollar (ESD) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import ESD as a token. You can copy ESD’s contract address (0x36f3fd68e7325a35eb768f1aedaae9ea0689d723) and import it manually, or if you've installed MetaMask's chrome extension, add ESD to MetaMask with one click on CoinGecko.
Add ESD to MetaMask.