), USD Coin , and Binance USD , NUSD would be created without the services of the traditional banking system.The BitMEX co-founder explained that the first step in developing the NakaDollar would be to create a crypto-native decentralized autonomous organization .
The DAO would issue its governance token NAKA, which would be distributed in exchange for the provision of liquidity across the decentralized finance ecosystem. The NAKA and NUSD tokens would be ERC-20 tokens, living on the Ethereum network. Rather than relying on fiat entities for tokenization, NUSD would be supported by member centralized crypto derivative exchanges that list liquid inverse perpetual swaps. Holders of the NAKA tokens would vote on operational matters and the distribution of net interest Marvin among member exchanges.“We, the crypto faithful, have the tools and the organizations needed to support $1 trillion or more worth of NakaUSD outstanding.