Loading...
Supporting developers, startups, and full-fledged companies building on Stellar and Soroban
© 2026 Stellar Development Foundation
Subscribe to the Newsletter
By Lucent
One Liner: A Liquity v2-style CDP protocol on Stellar lets users mint starUSD, a decentralized overcollateralized stablecoin, using XLM and other blue-chip assets as collateral.
For borrowers, it offers fixed-rate, open-term USD credit. Rates are set by the user or via interest rate managers; they can be changed anytime. If a rate is too low, positions can be redeemed using collateral value, with no loss to the borrower. Historically, this model delivers cheaper fixed rates than dynamic-rate markets, Morpho-style fixed-rate orderbooks, and rate swaps, without repayment deadlines.
For yield seekers, returns come from borrower interest and liquidation gains. The Stability Pool earns a share of interest and buys collateral at a discount during liquidations. DEX LPs earn interest share, trading fees, and incentives.
For Stellar, this unlocks yield on XLM by enabling carry trades by borrowing starUSD and deploying into Stability/DEX pools, making idle XLM productive. starUSD acts as native liquidity for future lending, trading use cases, and scalable collateral expansion.
$135.0K
Protocol will be deployed by the team behind Ebisu Finance who has an established working relationship with Liquity Foundation.
SDF reached out to Liquity about bringing a flagship CDP to Stellar, and Liquity referred the Ebisu team to develop and operate the deployment. We are working with SDF on helping move XLM from centralized exchanges into productive onchain use, primarily through XLM-backed borrowing and yield strategies. Over time, Lucent can also expand DeFi utility for Stellar RWA assets by supporting them as additional collateral types.
We understand that mid-nine-figure XLM balances have shown interest in moving onchain through Stellar ecosystem initiatives. Lucent is being designed to capture part of that migration by becoming a leading venue to borrow against and earn yield on XLM.
Ebisu is Liquity v2 fork on Ethereum and Plasma with mutable risk parameters and the ability to add collateral, controlled by an admin/DAO multisig.
Core Soroban Protocol MVP
Budget: $27,000
Brief description:
Implement the core CDP contracts in Rust/Soroban. This tranche covers the on-chain protocol foundation for Troves, XLM collateral accounting, starUSD debt accounting, protocol-controlled mint/burn authorization, borrower-selected fixed interest rates, collateral-ratio checks, Stability Pool accounting, liquidation accounting, redemption accounting, Soroban authorization, typed storage, bounded APIs, and local/devnet deployment scripts.
How to measure completion:
- WASM contracts compile successfully.
- Core contracts deploy on local/devnet.
- Unit and integration tests pass for open Trove, adjust Trove, mint starUSD, repay debt, close Trove, deposit/withdraw from Stability Pool, liquidation, redemption, and authorization failures.
- Contract interfaces and storage layout are documented.
- Repository includes MVP contracts and test instructions.
Budget breakdown:
- Soroban CDP contract engineering: $16,000
- CDP invariant tests and liquidation/redemption test cases: $5,000
- Local/devnet deployment tooling and contract documentation: $4,000
- Stellar adaptation of internal protocol tooling interfaces: $2,000
Stellar Testnet Deployment, Risk Configuration, Frontend, Indexer, and In-House Bots
Budget: $40,500
Brief description:
Deploy Lucent to Stellar Testnet with XLM collateral, testnet starUSD, Reflector XLM/USD oracle integration, configured risk parameters, wallet-compatible user flows, indexed protocol state, and in-house keeper infrastructure.
This tranche turns the protocol MVP into a testable Stellar application. It includes Stellar Wallets Kit/Freighter integration, trustline onboarding, transaction simulation/submission flows, XLM reserve checks, testnet indexer, oracle freshness/deviation checks, branch-level risk configuration, and in-house bots for liquidations, redemptions, TTL/storage maintenance, and system monitoring. These bots are required protocol operations infrastructure, not optional automation.
How to measure completion:
- Testnet contract addresses are published.
- Users can open, adjust, and close XLM-backed Troves on testnet through the frontend.
- Users can mint and repay testnet starUSD.
- Stability Pool deposit and withdrawal flows work on testnet.
- Reflector oracle adapter reads XLM/USD prices and enforces freshness/sanity checks.
- Dashboard/indexer displays Troves, Stability Pool deposits, liquidations, redemptions, revenue, oracle state, and parameter changes.
- End-to-end testnet scenarios prove the in-house liquidation and redemption bots can detect eligible Troves/redemption opportunities, simulate transactions, submit valid transactions, and update indexed protocol state.
- Risk parameter documentation is published, including MCR, CCR, SCR, debt cap, minimum debt, interest bounds, redemption fee floor, liquidation reserve, oracle staleness threshold, and shutdown rules.
Budget breakdown:
- Testnet deployment and oracle/risk configuration: $8,000
- Frontend and wallet flows: $9,000
- Indexer, dashboard, and event ingestion: $8,000
- In-house liquidation, redemption, TTL, and monitoring bot infrastructure: $7,000
- Risk parameter modeling and scenario validation: $5,500
- QA, testnet scenario testing, and documentation: $3,000
Mainnet Launch and Production Operations
Budget: $54,000
Brief description:
Launch Lucent on Stellar mainnet with production contracts, starUSD issuer/controller setup, finalized XLM collateral parameters, production frontend, production indexer, protocol dashboard, in-house redemption bot, liquidation bot, monitoring bot, TTL keeper, deployment documentation, and open-source smart contracts.
This tranche covers the work required to operate a CDP safely after deployment: production RPC configuration, contract deployment, bot operations, monitoring, incident alerts, TTL management, live oracle monitoring, public documentation, launch runbooks, and mainnet validation.
How to measure completion:
- Production contracts are deployed on Stellar mainnet and public addresses are published.
- starUSD issuer/controller setup is completed and documented.
- Users can open, manage, and close XLM-backed Troves on mainnet.
- starUSD mint/repay and Stability Pool flows work on mainnet.
- Oracle and risk parameters are configured and visible.
- In-house redemption, liquidation, monitoring, interest-rate delegation, JIT liquidation, and TTL keeper infrastructure is operational on mainnet.
- Production indexer and dashboard are live.
- Internal monitoring tracks RPC health, indexer lag, oracle freshness, bot liveness, failed transactions, admin actions, redemptions, liquidations, and risk thresholds.
- Smart contracts are open sourced with deployment metadata, operator docs, and user docs.
- Mainnet launch validation includes small protocol-owned test positions and operational balances for transaction fees, reserves, TTL/storage actions, and live-flow verification.
- Feedback from professional user testing is reviewed and launch-blocking issues are addressed.
- Admin multisig configuration, pauser wallets setup, initial Troves opened, DEX pool seeded
Budget breakdown:
- Mainnet deployment, issuer/controller setup, and release engineering: $9,000
- Production frontend, indexer, and dashboard: $10,000
- Production bots and keeper operations: $9,000
- Monitoring, alerting, incident runbooks, and operational hardening: $7,000
- Mainnet QA, scenario testing, launch validation, and user testing remediation: $8,000
- Documentation, open-source release, and developer/operator handoff: $5,000
- Limited mainnet operational balances for fees, reserves, TTL/storage, and live validation: $6,000
*Lucent will not be publicly launched until the audit is completed and any fixes are implemented. According to industry standard, ideally Hypernative or similar monitoring solutions, are implemented pre-launch, costing ~$25K per year.
Ethan, PM, BD & Growth - https://x.com/EbisuEthan
Tors, CTO & Full-Stack - https://tors.dev/
Budi, Smart Contract Lead - https://github.com/AmitayBohadana
Tanish, Full-stack developer - https://github.com/tanishbaansal
The requested budget reflects more than development costs. It reflects the specialized CDP expertise, risk-management process, and infrastructure required to launch and operate a CDP stablecoin protocol safely.
Firstly, the team has built and operated Ebisu, a Liquity v2-style CDP, for more than two years without security incidents (no takeover attacks, social engineering, and smart contract exploit, oracle manipulation etc). That work gave us practical experience developing, auditing, parameterizing, deploying, operating, and growing a production CDP. We have also worked on DEX campaigns, efficient liquidity incentive allocation, integration partnerships, and cross-chain stablecoin design.
Secondly, Ebisu is operated using a risk-management framework developed in collaboration with Anthias Labs. That framework informs our approach to collateral/liquidation parameters, oracle configuration, protocol health monitoring, risk-related operational responses, and opsec. The team has the skills and infrastructure to act as Lucent’s initial risk curator without needing to rely on an external risk provider at launch.
Thirdly, Lucent will also benefit from team’s existing proprietary infrastructure, including internal dashboards, bots, monitoring systems, and operational tooling that can be adapted to Stellar.
Nicholai
By Lucent
Fixed-Rate Stablecoin Credit on Stellar