Overview

The Dove protocol allows the creation of Dove USD (DVD), a decentralized, yield-bearing stablecoin. Unlike traditional stablecoins like USDC or USDT, DVD operates without centralized control, and yields interest to holders through automatic price appreciation, similar to the operation of liquid staking tokens (LSTs). All DVD in existence is backed by cryptocurrency collateral of a greater value.

The Dove protocol is governed by a decentralized autonomous organization (DAO) through the DOVE token. DOVE holders have voting power on protocol decisions, and benefit from a deflationary mechanism, where 100% of protocol profits are used to buy back and burn DOVE.

This documentation aims to provide a comprehensive overview of the Dove protocol. It may be useful for contributors, integrators, or anyone seeking to understand how the protocol works.