hello. welcome to enni.ch. ✿
this is the first post on this site so we figured we’d keep it simple and say what enni is. where things are right now, and what we’re looking forward to.
tldr, what is enni?
enni is a CDP protocol on ethereum. you deposit WETH (Wrapped Ethereum) to borrow enUSD at 0% interest. no fees, no governance, no admin keys and proxies! the contracts are immutable, similar to Liquity Protocol! basically once all contracts are deployed and ownership is renounced nobody is in charge. the code runs on its own.
enUSD is the stablecoin of the ENNI protocol. you can borrow it against WETH or mint it 1:1 from USDC or USDT directly. the peg is maintained by overcollateralized WETH and the market. a hard floor from DirectMint, a voluntary buyout system and liquidations. no forced redemptions. borrowers get compensated not punished.
ENNI is the value token. fixed supply of 21,000,000. distributed over 30 years through farming. stake it and earn protocol revenue. the ETH from liquidations and enUSD from redemption fees are donated back to the ENNI vault for stakers. no treasury, no dao bullshit. the full picture is in the docs. everything is there right now on how the buyout works, how the peg is defended, emission schedule, contract parameters, all of it.
where things are at
testnet is coming. contributors are in the final stages of setup. contracts, testing and making sure the frontend testnet app is running smoothly.
alongside that we’ve been putting together the basics:
- this site (enni.ch) is up. docs are written. you’re reading the blog.
- telegram is open. come say hi.
- github is being set up. we hope to put everything there too.
of course nothing is final. the community is still figuring some things out. but we wanted to get something up and start talking to people now.
we’re not asking for much. if you’re interested in the project come say hi and be early!
once the testnet frontend is up and running we’ll write a post on how to use it, basic tips and etc…
that’s all!
let’s build for ENNI! (◠‿◠✿)