Monolith's new stablecoin is "a dollar for black swan events." It's backed by staked ETH, the asset you'd least want to be holding during one.
swanUSD, a DAO-governed stablecoin built on Monolith's stablecoin launchpad, was set to go live at noon ET today, with wstETH as collateral and a new SWAN DAO in charge.
The airdrop: 100,000 SWAN, 1% of supply, split equally across qualifying wallets from the Curve, Convex, Yearn, Stake DAO and Inverse communities. Just holding swanUSD doesn't count. You need at least 1,000 staked sSwanUSD for 7 straight days within 28 days of launch.
Equal shares per wallet, offered to Curve wars veterans. Nobody in that crowd has ever split a position.
The pitch is a dollar for black swans. The collateral is ETH, which has met a few.
Source: https://x.com/MonolithMarket/status/2112248863704912226