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Introducing VEOS, an EOS stablecoin inside Enumivo Chain

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Introducing VEOS

VEOS is a stablecoin following the price of EOS. Creation and destruction of VEOS tokens are purely controlled by an algorithm inside the contract deployed on veos.mm. VEOS token is deployed on token.mm.

Dual Cryptocurrency Backing

VEOS is backed by dual tokens, the ENU and ELN, with out margin calls, without fractional reserve. All VEOS issued has reserves of ENU and ELN inside the veos.mm contract.

How is VEOS Created

VEOS is created when someone sends either ENU or ELN to veos.mm and puts VEOS in the memo. If they send ENU, the ENU will be broken down into two portions, the first portion is added into the ENU reserves of the contract, the second part is used to buy ELN and added into the ELN reserves of the contract. This is needed since the reserves will always be both ENU and ELN. It will be calculated in such a way that the sender will add the same percentage of reserves for the ENU side and the ELN side. New VEOS will then be created to represent that percentage of all VEOS issued.

How is VEOS Destroyed

Destruction of VEOS is the opposite of its creation. Sending VEOS to veos.mm and putting in the memo either ENU or ELN will destroy the VEOS and will give back ENU or ELN. Since VEOS is backed by both ENU and ELN as its reserve, choosing one token (either ENU or ELN), will have the other token sold. If you want ENU, the ELN portion of the reserve will be sold for ENU. If you want ELN, the ENU portion will be sold for ELN.

veos.mm as ENU/ELN Market

Since veos.mm holds both ENU and ELN as reserves for all VEOS issued, it also acts as a market to trade ENU and ELN. Using our proven market maker system, you can buy ENU with ELN and also buy ELN with ENU. Simply send one token to veos.mm and indicate in the memo the token you want to get. The veos.mm contract always treats the ENU and ELN it holds to have equal value, and using automated market making, it has a way of pricing the tokens in reserve.

The Need for VEOS

Having VEOS Stablecoin and Automated Market Maker enables the Enumivo chain to become a price oracle of outside market. VEOS will only be the start. We can later add major cryptocurrencies as stablecoins inside Enumivo and smart contracts can use them as price feeds. We can make possible margin trading, lending, other derivatives markets, we will only be limited by our imagination.

Who Honors VEOS Tokens

Since VEOS is issued by a smart contract and not by any other entity, nobody is compelled to honor VEOS. You can't force anyone to convert your VEOS into EOS, or you can't force anyone to convert your EOS to VEOS. We expect gateways to come up with swapping systems. We for one are considering it by putting some EOS and VEOS and act as gateway and charge service fees each trade. If you have VEOS, since you always have 100% reserves, you can always convert it into ENU or ELN if you can't find someone to trade it with EOS.

Why Hold VEOS

Anyone might find profitable holding VEOS in certain situations. If you think ENU and/or ELN are overpriced, since you can't short sell it, you can convert them into VEOS and later, when the price of ENU and/or ELN drops, convert back your VEOS to ENU and/or ELN to have more than when you started. Once we add other stablecoins like VUSD, VETH, VBTC, etc, everyone can trade those stablecoins vs other stablecoins or with ENU and ELN.

The Road Ahead

This has been a long time coming for us since we started perfecting the automated market maker. We are confident in our new design and will continue to improve as we go along. What we released today are simply contracts and we are working to have better tools next to let everyone have a better picture of the status of stablecoins. We will be working to have live price feeds available and make it easy to teleport your VEOS as EOS in the the eosio chain and back.

Technical Guide

VEOS Total Circulation:

enucli -u https://api.enumivo.org get currency stats token.mm VEOS
  "VEOS": {
    "supply": "1.0000 VEOS",
    "max_supply": "10000000000.0000 VEOS",
    "issuer": "veos.mm"

ENU Reserves

enucli -u https://api.enumivo.org get currency balance enu.token veos.mm ENU
125.0126 ENU

ELN Reserves

enucli -u https://api.enumivo.org get currency balance eln.coin veos.mm ELN
6250.9108 ELN


Enu = require('enujs');

options = {
  httpEndpoint: 'https://api.enumivo.org',

enu = Enu(options);

enu.getCurrencyBalance("enu.token", "veos.mm","ENU")
  .then((result) => console.log(result[0]));

enu.getCurrencyBalance("eln.coin", "veos.mm","ELN")
  .then((result) => console.log(result[0]));

  .then((result) => console.log(result["VEOS"].supply));

Contract Source Code


Edited by enumivo
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