This is a prototype version, all bitcoin on this platform are mock bitcoin with no value. Users, balances and orders can be canceled or modified by the admin without any notice.
Please, register with username and password and send an email to info@bitcoinsynthetics.com with your username to receive 1 mock bitcoin.
In order to mint USDS you first need to transfer some bitcoin from your available balance to your Collateral Vault.
You can mint a value of USDS up to 80% of your Collateral Vault value.
You can find the current USDS interest rate in the Mint Operations page. Every hour the equivalent hourly interest is debited to all USDS debt balances and credited to all USDS balances.
The interest rate is adjusted every hour according to the average delta between the platform BTC:USDS mid price and the oracle BTC:USD price. If the implicit USDS price is below 1 USDS the interest rate increases, if it is above 1 USDS, the interest rate decreases, if it is equal to 1 USD, the interest rate does not change. The larger the delta, the stronger the adjustment.
If the value of an USDS debt is above 80% of its Collateral Vault value, 10% of that debt is canceled and offset by a pro-quota cancellation of the same amount of USDS to all USDS holders and an equivalent value of BTC, plus a 5% penalty, is transferred in the same proportion from the impacted Collateral Vault to the USDS holders.
You can place market and limit orders to buy and sell bitcoin against USDS. Unfilled or partially filled orders can be canceled.
There is a market maker bot which constantly places limit orders with a spread function of its allocation between bitcoin and USDS: the less bitcoin in its balance, the higher the spread and vice versa.
Have fun!