Decentralised synthetic assets

ETH-backed nomins are now on Mainnet

ETH-backed nomins are now on Mainnet

We are excited to announce that a trial period for ETH-backed nomins (eUSD) has been released on mainnet. This follows the deployments to Ropsten testnet earlier in the month. We have completed multiple rounds of contract audit, but from Monday, March 26 we will initiate a bug bounty program in which members of our community can examine the code for bugs. Bug bounty entry details will be announced shortly.

The initial eUSD contract will be on mainnet for approximately one week. During this period, only 200 ether will be deposited into the contract. We are approaching this ether as an additional bug bounty. If anyone can determine a way to extract the ether from the contract or otherwise disrupt the eUSD issuance process, they are welcome to keep the ether as a bounty. We hope this will encourage the community to examine the contract before we release the final eUSD contract in a week.

eUSD Instructions

To create eUSD, you will need to convert your ETH to eUSD by following the instructions below.

  • Log in to Metamask
  • Go to https://myetherwallet.com/#contracts (also accessible by clicking the “Contracts” tab)
  • Copy “0x10483AdBC9269003264D41262Df6B72eFb7d585E” into the Contract Address box, copy this text into the ABI / JSON Interface box, and click “Access.”

To purchase eUSD:

  • Select the “purchaseCostEther” function from the dropdown.
  • If you want to buy n nomins, type n followed by 18 0’s into the box. For example, if you want to buy 123 nomins, type 123000000000000000000. Now click “Read”, and copy the resulting number. This result is the quantity of ether (in wei) to send when you purchase nomins.
  • Now select “buy” from the dropdown menu.
  • Log into your wallet using metamask (select the MetaMask/Mist radio button and click “Connect to MetaMask”)
  • Enter into the box the quantity of nomins you want to buy: (the same number as you entered earlier.) Note that this quantity must be less than the available supply in the nomin pool. (which you can check by selecting the “nominPool” function from the dropdown list.)
  • Click “Write”, and then enter the purchase price number you copied earlier into the “Amount to send” box, but divide it by 10¹⁸. So if the cost was 888888888888, then enter 0.000000888888888888. If it was 1000000000000000000, enter 1. Ensure the amount is not truncated and has 18 decimal places or the Tx will fail. You may need to use http://universalcalc.com/ with “unbound decimal places”
  • Click “Generate transaction” and sign the transaction in the metamask window that pops up.

To sell eUSD:

  • Enter the quantity to sell, multiplied by 10¹⁸. So, if you want to sell 1 nomin, enter 1000000000000000000 into the box.
  • Generate the transaction and sign it with metamask.

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