About Sapphire
Written by the projectSapphire aspires to become an algorithmic reserve currency backed by other decentralized assets. Similar to the idea of the gold standard, Sapphire provides free-floating value its users can always fall back on, simply because of the fractional treasury reserves Sapphire draws its intrinsic value from.
Each Sapphire is backed by 1 BUSD, not pegged to it. Because the treasury backs every Sapphire with at least 1 BUSD, the protocol would buy back and burn Sapphire when it trades below 1 BUSD. This has the effect of pushing Sapphire price back up to 1 BUSD. Sapphire could always trade above 1 BUSD because there is no upper limit imposed by the protocol. Think pegged == 1, while backed >= 1.
You might say that the Sapphire floor price or intrinsic value is 1 Sapphire. We believe that the actual price will always be 1 BUSD + premium, but in the end that is up to the market to decide.
Sapphire products, DEX(Sapphireswap) and Protocol controlled liquidity(Sapphiredao) to our exciting future projects will be based on SAPPHIRE tokens.
