Rico is a free-floating collateralized stablecoin designed with an emphasis on automation and market rate discovery.
Rico is the spiritual successor to Dai and Rai, aiming to deliver the system as it was originally designed, without compromises.
Dai was the first system based on our design, but now it has deviated from that design substantially:
Rai was a reaction to cracks revealed in the dollar-pegged design. The Rai team re-enabled the TRFM and showed that it works, but made other changes:
We have seen that it is impossible to make any short-term tradeoffs with the idea of fixing it later, and that “gradual decentralization” is a myth. This time we will get it right before we deploy anything.