EAST is an algorithmic stablecoin based on the Waves Enterprise blockchain. As a collateral, EAST uses WEST and, if necessary, USDap tokens.
To issue EAST, create a vault with a WEST token as a collateral and press Add EAST button in the vault card. The WEST on your balance will be used to maintain the EAST rate, and when the WEST rate grows, you’ll be able to issue additional EAST.
EAST is based on the Waves Enterprise blockchain, used by major corporations and state agencies. Stability of the network ensures reliability of EAST.
We estimate 250% EAST collateral rate with the WEST token to avoid EAST volatility. Thanks to such overcollateralization, the EAST exchange rate is always equal to $1.
A vault is an address where your WEST tokens are securely stored. Vaults are necessary to maintain the EAST rate. Any time you can close your vault and return your WEST. To do this, you will need to burn your previously issued EAST tokens.
If the WEST rate rises, you may issue an additional amount of EAST or get back the difference in WEST, leaving only the amount of WEST to back the EAST already issued in the vault. If the rate of WEST falls low enough for the EAST collateral rate to reach the liquidation level, the vault will be automatically added to the list of the vaults available for liquidation by any user. After the liquidation you will still possess all the EAST previously issued in the vault and create new vaults, but will no longer be able to do anything with the vault liquidated.
You can transfer EAST to an exchange (such as Waves.Exchange) and use it there for trading. At the same time, your WEST tokens will remain intact in the vault.
If the WEST rate goes up, you can get back the difference between the actual and previous WEST collateral sums. If you want to close the vault and return all your WEST, you have to burn your EAST beforehand. If you don’t have enough WEST for some reason, you can buy more — for example, at Waves.Exchange.