Phase 1 – GUSD & G-Series Issuance and Redemption
Phase 1 is about building the core monetary layer of the WANNA ecosystem.
Phase 1 – GUSD & G-Series Issuance and Redemption
Phase 1 establishes the core monetary layer of the WANNA ecosystem.
Before WANNA can support yield, brokerage, RWA, or payments, the protocol must first prove that:
GUSD is a reliable USD base stablecoin.
G-Series Stablecoin 2.0 assets (e.g., GKRW, GJPY) can be safely issued and redeemed based on that USD reserve.
Phase 1 focuses on stability, transparency, and operational robustness, rather than growth or complexity.
1. Phase Objective
Primary Objective
Deliver a production-ready, over-collateralized stablecoin system consisting of:
GUSD: USD-denominated base stablecoin backed by major dollar stablecoins.
G-Series: FX-pegged assets (GKRW, GJPY, GTHB, GVND) issued on top of GUSD.
The goal is to ensure that any user or integrator can mint and redeem assets with clearly defined risk guardrails, oracles, and compliance checks.
2. Scope of Phase 1
2.1 In Scope
Phase 1 covers the following core capabilities:
GUSD Core Issuance & Redemption Minting GUSD with supported dollar stablecoins (USDT, USDC) under strict over-collateralization and tiered liquidity (L1/L2) logic.
G-Series Issuance & Redemption Supporting initial assets (GKRW, GJPY, GTHB, GVND) with FX-aware pricing and per-asset risk parameters.
FX-Aware Peg Mechanism Utilizing multi-source FX feeds to enforce Collateral Ratios (CR) and FX-linked Liquidity Coverage (FX-LCR).
Compliance Guardrails Integrating sanctions oracles at the protocol level to block illicit addresses while maintaining permissionless access for clean users.
Initial Integrations Wallet/App integration for balance viewing and transfers; initial CEX/DEX listings for settlement utility.
2.2 Out of Scope
The following are explicitly reserved for later phases:
User-Facing Earn Products (Phase 2)
Production-Scale RWA / Lending (Phase 3)
Account Abstraction & Non-EVM Expansion (Phase 4)
Dedicated G-Series mainnet and payment stack (Strategic Horizon, not part of the initial four-phase roadmap)
Phase 1 is intentionally minimal but complete: it must stand as a credible stablecoin layer even if later phases are delayed.
3. Core Components Delivered in Phase 1
GUSD Core Module Manages reserves, mint/burn logic, and enforces CR/LCR thresholds.
G-Series FX Module Manages FX-pegged issuance using GUSD as the reserve base and implements per-asset parameters (haircuts, safety margins).
Oracle & Price Feed Layer Aggregates DEX, CEX, and institutional FX data to provide clean, confidence-scored pricing.
Compliance & Sanctions Guardrails Ensures all critical functions pass through on-chain sanctions checks to maintain a clean collateral base.
4. User & Partner Journeys in Phase 1
4.1 On-Chain User: GUSD Mint & Redeem
Goal: Gain on-chain USD exposure.
Flow:
Connect Wallet → Deposit USDT/USDC → Mint GUSDResult: User holds a neutral, protocol-native USD stablecoin with transparent auditability.
4.2 On-Chain User: G-Series Mint & Redeem
Goal: Gain local currency exposure (e.g., KRW) on-chain.
Flow:
Acquire GUSD → Mint GKRW using FX-based calculationResult: User holds GKRW, a local-currency-like stable asset, for transfer or settlement.
4.3 Integrators (Wallets, Exchanges)
Action: List GUSD/G-Series pairs, offer swaps, and display multi-currency balances.
Note: Integrators are not yet required to support Earn or Brokerage features.
5. Risk and Compliance Framework
Phase 1 is intentionally conservative.
Over-Collateralization First Capital efficiency is traded for solvency. Exposure caps are strictly enforced.
No User-Facing Yield Active yield strategies are disabled or minimal; user-facing Earn products are deferred.
Strict Oracle Requirements Operations revert if price data is stale or low-confidence.
Baseline Compliance Sanctions oracles block obvious illicit flows, while front-end partners layer their own KYC/AML.
6. Success Criteria
Phase 1 is considered successful if:
Technical Robustness Stable operation and peg maintenance under normal and stressed conditions.
Operational Readiness Clear procedures for oracle updates, parameter adjustments, and emergency handling.
Ecosystem Adoption A first wave of wallets, exchanges, and DeFi protocols integrating GUSD/G-Series.
Auditability Publicly verifiable on-chain reserves and risk metrics.
7. Transition to Phase 2
Only after Phase 1 is stable and trusted does the protocol move toward Phase 2 (Earn).
Preconditions:
Proven track record of peg stability.
Battle-tested reserve and oracle management.
Sufficient liquidity and adoption to justify activating yield strategies.
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