Mechanism LabONCHAIN MECHANICS
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ONCHAIN SYSTEMS · COURSE 001

How Can a Stablecoin Stay Near One Dollar?

Put a virtual dollar token on one state ledger. Follow collateral, minting, redemption, market price, oracle inputs, and reserve losses until the stability promise reaches its boundary.

4 lessonsabout 52 minbeginner friendly
Start lesson oneOpen sandbox ↗
COURSE EXAMPLEWho keeps a token near one dollar?

Put target price, market price, collateral, redemption, reserve loss, and oracle inputs on one state ledger. Follow the boundaries that make “stable” possible.

PARTICIPANTS
  • MMinter: locks collateral and mints USD-LAB
  • HHolder: trades or redeems under the rule
  • RReserve pool: holds the exit value behind supply
  • OOracle: supplies the collateral valuation input
COURSE OUTLINE

One question per lesson

The lessons are ordered so that each one uses concepts introduced earlier.

  1. 01
    PEG · TARGET · REDEMPTION

    Who Makes It Worth One Dollar?

    KEY QUESTIONIf a stablecoin trades at $1, is its peg mechanism healthy?

    Separate target, market, and oracle prices, then inspect the exit path that makes a peg more than a label.

    PegTarget priceRedemptionSupply
    12 MIN
    →
  2. 02
    COLLATERAL · RATIO · MINTING

    Why Can $100 Mint Only 66?

    KEY QUESTIONWhy can 150% collateral still be insufficient?

    Use a minimum collateral ratio to find the issuance ceiling and see why capital efficiency trades against safety buffer.

    OvercollateralizationCollateral ratioIssuance ceilingSafety buffer
    13 MIN
    →
  3. 03
    DEPEG · MARKET · ARBITRAGE

    What Is an Arbitrageur Repairing During a Depeg?

    KEY QUESTIONA stablecoin falls to $0.90. Why might arbitrage not restore $1 immediately?

    Push the market price to $0.94 and use redemption to see why supply contraction can help without guaranteeing a return to $1.

    DepegArbitrageMarket priceSupply contraction
    14 MIN
    →
  4. 04
    RESERVE · RUN · ORACLE

    What Happens When Everyone Wants Out?

    KEY QUESTIONWhy do early redeemers benefit when reserves are short?

    Apply reserve losses and repeated redemptions to see how coverage, supply, stale prices, and exit capacity expose the worst boundary.

    ReservesRun riskUndercollateralizationOracle risk
    13 MIN
    →
WHAT IT COVERS

Questions covered in this course

01

Why target, market, and oracle prices are different numbers

02

How a minimum collateral ratio limits issuance and leaves a buffer

03

What redemption and arbitrage incentivize during a depeg—and cannot guarantee

04

How reserve loss, a run, and wrong prices push a system undercollateralized