CRYPTO-BACKED MONEY
Starts with liquid collateral.
Stability depends heavily on the system being able to liquidate what borrowers bring.
Research-stage protocol
A new architecture for crypto-native money.
ELSE is a stablecoin architecture designed to be supported by more than liquid vault collateral.
PROTOCOL DESIGN
CONCEPTUAL VIEW
CORE IDEA
Stable credit, supported differently.
A shared balance sheet broadens what can support the system through stress.
01Broader value
02System-level accounting
03Stress-aware design
01Mathematical modelling
02Structural simulation
03Motoko implementation
04Built on Internet Computer
THE THESIS
Stablecoins have a liquidity problem.
Crypto-backed money usually relies on collateral that can be valued and sold quickly. That makes deep liquidity part of the safety model — and narrows what can participate.
TOKENIZED DOLLARS
Start with money.
The stability problem is simplified by importing the existing financial system's most liquid asset.
ELSE
Looks beyond the vault.
Support for stable credit is not limited to collateral sitting inside individual borrower vaults.
THE QUESTION
Can crypto use less-liquid, outside value to support its own stable money?
THE ARCHITECTURE
More than the value inside the vaults.
Protocol value
Shared balance sheet
Stable credit
More than vault collateral
System support is not limited to the assets currently sitting inside borrower vaults.
More than one stress path
The system is designed so stress does not have to be resolved in only one way.
Built for broader value
The long-term objective is to make less-liquid productive value compatible with liquid crypto-native credit.
WHY IT MATTERS
Most real-world value is productive, valuable — and illiquid.
ELSE is being built around the idea that an asset should not need a deep secondary market before it can help support liquid credit.
01Businesses↗
02Property↗
03Infrastructure↗
04Other productive assets↗
THE WORK
Built from first principles.
Before trying to grow the system, the work has focused on making its accounting explicit, deriving the failure boundaries and then testing the architecture against them.
01PROTOCOL RESEARCH
Make the balance sheet explicit.
Solvency, redemptions, liquidations and protocol accounting are modelled as state relationships rather than narrative assumptions.
02SIMULATION
Find the exact failure boundary.
Event-driven stress tests track liquidation thresholds, reserve pressure, system leverage and protocol failure as state changes.
03IMPLEMENTATION
Turn the model into code.
The core accounting and research simulator are implemented in Motoko and being developed on Internet Computer infrastructure.
RESEARCH PRINCIPLE
The objective is not to assume ELSE cannot fail. It is to make the failure envelope explicit — and design inward from it.
CURRENT BUILD STATUS
✓
CORE ACCOUNTINGImplemented
✓
FAILURE BOUNDARIESDerived
✓
RESEARCH SIMULATOROperational
✓
INFRASTRUCTURERunning on ICP
ELSE PROTOCOL
Building a different foundation for stable credit.
ELSE is in active research and development. If you're evaluating the protocol as an investor, partner or early participant, the next step is a conversation.
Start a conversation ↗