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DeFi Meets Universal Basic Income With Just-Launched Project From eToro

eToro's GoodDollar initiative will provide a universal basic income for some of the world's poorest by incentivizing people to yield farm on its platform.

Sep 8, 2020 at 3:15 p.m. UTC
Updated Sep 14, 2021 at 9:53 a.m. UTC

Multi-asset brokerage platform eToro has begun a new initiative that uses yield farming to hand out free crypto-backed stablecoins, apparently in a bid to promote financial inclusion.

  • Called GoodDollar, the project will create and issue a stablecoin ($G) that can be distributed daily to registered users as a form of universal basic income (UBI).
  • At launch, each $G token will be backed by dai (DAI) stablecoins, although the plan is to diversify collateral so that each stablecoin is backed by a basket of cryptocurrencies.
  • The UBI model is sustained by supporters who deposit underlying assets onto the platform and then yield farm on supported decentralized finance (DeFi) protocols, like Compound or Aave.
  • Some of the accrued interest is then handed back to supporters, with the rest used as collateral for new $G tokens that are distributed each day.
  • GoodDollar is a non-profit funded by donations from eToro. An app and wallet have been released alongside the announcement on Tuesday.
  • Per the announcement, GoodDollar says hundreds of new wallets have been created in countries like South Africa and Nigeria, as well as Venezuela.
  • An eToro spokesperson told CoinDesk that “over 100,000 G$ have been distributed to over 250 users” during the course of a two-week trial.

DISCLOSURE

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