Vesta is a “Layer 2-FIRST” stablecoin protocol allowing maximum liquidity against collateral. Users lock up collateral and issue VST stablecoins. The individual collateralized debt positions are called vaults. The stablecoin tokens are economically geared towards maintaining value of 1 VST = $1 USD, due to the following properties:
The system is designed to always be over-collateralized — the dollar value of the locked Ether exceeds the dollar value of the issued stablecoins.
The system algorithmically controls the generation of VST through a variable interest fee dictated by the token’s peg.
Users can borrow tokens while keeping their collateralization ratio above 110%. VST tokens are exchangeable and burned upon vault debt repayment. A decentralized data feed updates the collateral value against USD. Vaults under 110% collateralization ratio are considered over-collateralized and vulnerable to liquidation.
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