Roadmap
Overview
This is a tentative road map for Moria Protocols stablecoin MUSD. MUSD is scheduled to have a final deployment by Q4 2025.
Motivation
The test run of MUSD provides an opportunity to refine the protocol under actual market conditions. Simulations and test environments cannot fully capture real-world user behavior, liquidity dynamics, or unforeseen market stresses. By iterating through test runs, the protocol can adapt to market realities, improving robustness ahead of its final deployment.
Process
To launch MUSD there will be held a public test run until the protocol is deemed robust. The final release will be a re-relase of a test run, or if possible migration from a test run, without protocol changes.
Test run
Test run MUSDv0 (December 2024 ➡️ May 2025)
The initial test run of MUSD will be concluded with “Sunset Day” in which all MUSDv0 tokens can be redeemed for BCH at face value (1 MUSD = $1 worth of BCH, using d3lphi oracle). Sunset Day is further documented in Test run #1 Document.
Deployment of MUSDv1 (May 2025 ➡️)
First test run showed that incentives need to be improved to maintain a higher degree of peg stability. MUSDv1 will improve upon this by making loans with lowest levels of collateralization redeemable.
In MUSDv1 the lowest collateralized loan will be redeemable at face value (1 MUSD = $1 worth of BCH, using the protocol’s price feed).
Results from test run
The features of the protocol have worked as intended. Users have been able to create loans, repay, add collateral and liquidate loans without issues. Moria protocol has shown that Bitcoin Cash is a mature platform to develop a stablecoin.
Preliminary findings show that incentives have not been strong enough to keep the asset stable at $1, which will be improved upon in next test run.
During high market movements, or during temporary oracle outage, it may be too risky to have liquidation limit at 110%. For next test run this will be bumped to 120%.
MUSD Feature Roadmap
| Feature | Description | Progress |
|---|---|---|
| Loan Activity | See your and public loan activity | Completed |
| Redeemable loans | Redeem MUSD for BCH at face value | Completed |
| Sunset Day | Redeem 1 MUSD for 1$ (1MUSDv0 = $1 of BCH) | |
| MUSDv1 | Improved contract peg incentives | Completed |
| Loan NFTs | Let loans be owned by an NFT, allowing loans to be transferrable and wrappable into other contracts. | Completed |
| Partial payment | Allow loans to be partially repaid. | In work |
| Reduce collateral | Allow reduction of collateral | In work |