🛬Introduction
$AOE resurrect the ancient AOE of Athens, into Athen DAO, a reserve currency of the Eurozone crisis.
Last updated
$AOE resurrect the ancient AOE of Athens, into Athen DAO, a reserve currency of the Eurozone crisis.
Last updated
The Crypto space has become increasingly dependent on Stablecoins like USDT and USDC, using them to store non-volatile value, allowing savers, traders, merchants, and builders to maintain the same amount of purchasing power on a day-to-day basis. Unfortunately, this isn’t actually how the US Dollar works. The Federal Reserve controls the issuance of the US Dollar, and its fiscal policies have consistently led to the depreciation of its currency. This means that the dollar is constantly losing value.
This is historical data from the official Federal Reserve, represented by Bureau of Labor Statistics;
| Year | =$100 (1913) | Reason |
|---|---|---|
1913 | $100 | The first inflation measurement |
1920 | $197 | End of World War I |
1930 | $175 | The Great Depression |
1940 | $142 | |
1950 | $240 | World War II Inflation |
1960 | $299 | Less inflation from recessions |
1970 | $386 | Increased inflation from deficit spending |
1980 | $794 | End of the gold standard |
1990 | $1,300 | |
2000 | $1,722 | Expansive monetary policy to fight 2001 recession |
2010 | $2,211 | |
2018 | $2,529 | |
2019 | $2,625 | |
2020 | $2,634 | Global health crisis |
Athen DAO exists to eliminate fractional reserve banking. Bitcoin and Cryptocurrency was the first step towards general decentralization. Athen DAO is the next age of decentralized reserve ratio without the dollar peg. Because the dollar is controlled by the US government and the Federal Reserve, a depreciation of the dollar also means a devaluation of dollar-based stable coins. Athen DAO broke this financial pen by creating a free-floating reserve currency, AOE, which is backed by a basket of assets (e.g., DAI, FRAX) in the Athen treasury, giving it a baseline intrinsic value that cannot be lowered. At the same time, the assets are owned and maintained by Athen DAO's genuinely democratic and autonomous protocol.
Similarly, to Olympus, AOE backs DAI and other assets owned by the reserve treasury, and will function in a very similar way: when AOE trades below DAI, the protocol will buyback and burn AOE, increasing its price to at least 1 DAI, meaning that AOE will always be worth equal to, or more, than DAI.
No one. Athen is DAO-governed, and all decisions are formed by community members on the forum comprised of token holders through democratic voting.
Athen was conceptualised by Athena and built by a verified group of financial & military veterans to resurrect the world’s oldest pecuniary, the ancient AOE of Athens, into a predicated world reserve currency; The AOE of Athen's.
Athen DAO aims to become the de-facto reserve currency of the whole eurozone, truly owned and maintained by a decentralised protocol that serves their majority. Our goal is for $AOE to be an everyday trading pair that is backed by tangible assets, used as tomorrow's bankable savings, investments, and spending alternative of sovereign crisis led citizens.
