Euphoria is an algorithmic reserve currency protocol on Harmony based on the WAGMI token. Each WAGMI token is backed by a basket of assets (e.g. DAI, UST, WAGMI-DAI LP Tokens, WAGMI-UST LP Tokens, etc) in the Euphoria Treasury, giving it an intrinsic value that it cannot fall below. Similar to Wonderland and Olympus, Euphoria also introduces economic and game-theoretic dynamics into the market through staking and purchasing bonds.

As part of the VenomDAO ecosystem, Euphoria can work synergistically with VIPER.

Staking is the primary value accrual strategy of Euphoria. Stakers stake their WAGMI tokens on Euphoria to earn rebase rewards. The rebase rewards come from the proceeds of bond sales, and can vary based on the number of WAGMI staked in the protocol and the reward rate set by the monetary policy.

Bonding is the secondary value accrual strategy of Euphoria. Bonds both incentivize and lock liquidity by offering an attractive risk/reward profile. When users mint WAGMI tokens, they are actually selling their assets in order to buy a bond from the protocol. Buying a bond entitles users to purchase WAGMI at a discount when the rates are favorable.