Overview

The Anemos stablecoin is a Djed/Zephyr-style overcollateralized design. It targets a USD peg, backs it with a reserve of native ANM, and uses strict integer math so every node computes an identical result.

Mint and redeem against a floor

• Mint deposits ANM at the oracle price and issues stablecoin only if the post-mint collateral ratio stays above a floor (launch value ~400%). This minting-halt-below-floor rule is the anti-death-spiral mechanism, lifted from Djed’s formally verified bounds.
• Redeem burns stablecoin and returns ANM at the oracle price, reserve-ratio aware.

Both execute against the previously committed (lagged) oracle price, never an in-flight attestation in the same block, so a single block cannot be used to front-run the peg.

Balances as shares, interest as an O(1) index

Holder balances are stored as shares with a single global monotonic interest index $I$; the displayed balance is $\text{shares} \times I$. Accruing “golden-age” interest is therefore a single index bump — $O(1)$, with no per-account iteration — which keeps a full node light enough to target Android. Interest accrues only when the collateral-ratio EMA is at or above target, paid from surplus emission, and it is self-throttling: paying interest raises liabilities, lowers the ratio, exits the band, and stops.

A health-dependent reserve

Each block’s reward splits between the proposer (and delegate) and the stablecoin reserve. The reserve slice is not fixed — it is routed by the collateral-ratio EMA: build the buffer at a base rate in the comfort band, taper toward zero as the ratio weakens, and divert surplus to holder interest only when strongly overcollateralized. A hard validator-share floor guarantees the proposer always keeps a majority of every block (BFT liveness).

Operating modes and restructuring

The module tracks an operating mode (normal → pre-terminal → terminal → restructuring). A mild senior insolvency does not immediately latch the terminal wind-down: the protocol can restructure — write the senior face down to its backed value and issue the shortfall as fungible recovery tokens (a deferred senior claim bought back at par from future surplus before the junior tranche earns again). The waterfall is senior ≻ recovery ≻ junior, enforced at redemption-time price. Only a catastrophic drop past a cumulative write-down floor falls through to the terminal pro-rata wind-down.

Reflexivity, stated plainly

The reserve is ANM-denominated, so its USD value tracks ANM’s price, and emission funding mints more of the same volatile asset. Ratio floors dampen the spiral but do not remove it — the only real backing is native market cap. The full math, conservation proofs, and risk register are in the whitepaper.