Announcing NearPad’s First Incubator Project — Rose
When we started building out NearPad back in May, we began with a vision to create the DeFi hub of Aurora. Today, some six months since inception, we’re starting to see our vision come together. With the launchpad already live on Ethereum Mainnet and soon to be deployed on Aurora alongside the v1 launch of our DEX, we believe now is the time to introduce the first project that’s been going through the NearPad’s incubator program, Rose.
What is Rose?
Rose strives to be the liquidity layer on Aurora with its multi-headed product offering of a stablecoin & wrapped assets exchange, and a Collateralized Debt Position (CDP) based stablecoin utilizing interest-bearing tokens as collateral.
Stablecoin liquidity is essential for any ecosystem to facilitate efficient trades, create yield generating protocols, and attract more teams to build on top of the ecosystem. Similar to Curve on Ethereum, Saber on Solana, and Ellipsis on Binance Smart Chain, Rose’s stableswap aims to attract deep liquidity on Aurora with low slippage and minimal trading fees.
The second aspect of Rose is the CDP based stablecoin, RUSD. Utilizing interest-bearing tokens as collateral, users will be able to stake the ROSE token they either buy in the secondary market or earn as rewards from different incentive programs and receive stROSE. stROSE is an interest-bearing governance token that can be used as collateral to borrow RUSD.
NearPad x Rose
In addition to the core products being built at NearPad, we are using the incubator program to support teams to build out complementary projects that become a part of the NearPad Ecosystem on Aurora. Mutualism between the two protocols will benefit long term growth between the projects and will interplay into other projects that will come through the incubator program in the future.
As part of the incubation, Rose will allocate 5% of its total supply to distribute to $PAD stakers over a period of time. Full details around the distribution to stakers will be announced closer to the token launch. Rose will also conduct an IDO on NearPad’s launchpad, making the project accessible first to NearPad stakers. Following the IDO event, liquidity will be provided on NearPad’s DEX to enable trading. NearPad will make the Rose pool on the DEX a highly incentivized pool, and down the line will also create incentivized pools for stROSE and RUSD as well when the tokens are live.
The goal of the incubator program is to build out a NearPad Ecosystem where all the protocols thrive due to composability and create a loop of value for each other. During this process, we want to make sure that NearPad community and stakers are rewarded for their support and benefit from the development of this ecosystem.