algoGARD price

GARD

GARD is a stablecoin launched by the algoGARD project, whose co-founder and CEO is Rylie Rueda.

Rylie has had lifelong interests in helping others and finance, specifically where these interests intersect. She has been involved in crypto since 2017 and is a firm believer in proof of stake blockchains, specifically Algorand, and how they will be part of this solution. Rylie's previous experiences in startups and finance have taught her how to maintain a clear vision, while her athletic experience has taught her how to build and unify the teams she is a part of.

At the time of launch, she noted that regular auditing of the stablecoin formed an important focus for the company, giving investors peace of mind at a time when many cryptoassets were seeing heavy volatility in the wake of the fall of Terra-Luna.

GARD aims to balance stability and utility — the main use cases of any stablecoin — with security in the form of open-sourced smart contracts.

Being built on Algorand, algoGARD benefits from the cheap, fast, and eco-friendly transactions of the blockchain. There were no other CDP products on Algorand MainNet in August 2022.

Cryptoassets are locked into personal vaults where they can be borrowed against. Users are able to borrow GARD against their existing crypto for use, and then are able to reclaim their original crypto assets by repaying the GARD that they borrowed. This means that every GARD token is backed by at least $1 worth of locked crypto.

If the value of the locked cryptoassets in a vault decrease and approach the value of the GARD debt, the cryptoassets are sold on the open market via Dutch Auction to repurchase GARD and make the system whole.

GARD is freely available on the Algorand decentralized exchanges, with its largest pools mainly being Algo/GARD pairs.

Among the largest volume currently belongs to PACT, a decentralized exchange on Algorand.