A New Approach to Stablecoins with Nerite

In a recent Alpha and Yap space, we talked with Joseph, a DeFi OG and solidity developer, about his latest venture, Nerite. Joseph is building Nerite as a streaming stablecoin, calling it the “friendly Liquity V2 fork for Arbitrum.”

We learned a lot about how he’s innovating on stablecoins and his approach to community and growth.

What is Nerite?

Nerite allows for redeemable and streamable stablecoins by issuing $USDN. 1 USDN is always redeemable by anyone for $1 worth of ETH.

Joseph is taking the existing code on Arbitrum and improving it to make Nerite safer and more flexible.

Key features of Nerite

The standout feature of Nerite's stablecoin is of course, stability. Drawing from Liquity's model, the stablecoin offers a unique redemption mechanism. If the market price drops below one dollar, users can always redeem their tokens for exactly one dollar's worth of ETH – and crucially, this process is entirely permissionless.

Nerite is also adding streaming capability to their stablecoin, adding a layer of flexibility that sets Nerite apart from traditional stablecoins.

Community-driven development

Joseph and his team are taking an open approach to Nerite, where they’re actively seeking input from their community. Their Discord is open for anyone with insights about design or collateral tokens.

As Joseph puts it, "Never underestimate a couple of nerds on a forum on the internet,” which underscores their collaborative development strategy. He also mentioned that they’re not chasing overnight success, but rather cultivating "super fans" through engaging initiatives like contests and open dialogue.

Stablecoins are just getting better

The team is in the beginning stages of building out Nerite, so be sure to follow them and check out their Discord if you’re interested in being part of their exciting mission.

Nerite is continuing to improve and innovate to make streamable stablecoins safer, flexible, and scalable.