Question: How to create a token pegged to the price of a real-world asset?
Question for developers or anyone who understands tokenomics and creating stablecoins and stablecoin-esque tokens! I'm new to blockchain technology, but I'm learning as much as I can, as quickly as I can.
I want to create a token whose price is pegged to the price of Special Drawing Rights (SDR's), a unit of account used by the International Monetary Fund to denominate the loans they give out to countries. The price of SDR's is based on a weighted basket of fiat currencies. The pricing is not the problem – if there's no oracle that reports the price of SDR's, there's certainly oracles that report the prices of the fiat currencies that make up the basket SDR is based on.
My main goals are for this token to be tradable on DEX's and constantly maintain an accurate or near-accurate peg to the real-world price of SDR's. Ideally, I won't have to invest more than $1000 or so of my own money, if I have to provide the initial liquidity.
I've researched various ways this could be done, including making a rebasing, algorithmic, or on-chain collateralized token. However, I understand there are benefits and drawbacks to each. The main thing I think I've decided is that I'd like it to be an ERC-20 token built on the Polygon chain.
I'm prepared to learn basic Solidity if necessary, which I understand it probably will be, though I'd ideally like to use as many plug-and-play tools and templates as possible.
Can this be done? What are my options? Thank you for helping this noob learn more about crypto and how it works!
submitted by /u/yeahlexander
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