Looks like a complex Ponzi scheme
I was reading their website about the price control mechanism and was definitely troubled by how opaque it was
The mechanism isn’t opaque at all; it’s in fact incredibly simple: expand or shrink supply based on marketcap over 10 days. However, this mechanism in fact encourages short-range price volatility because it AMPLifies the greed and fear cycle. Everyone wants to get that compounded growth and try to time selling before others do. It will create many mini-bubbles in a short span of time. This price volatility is a dominant feature of this coin and will not change even if the liquidity gets really big, since people are incentivized by the rebase to keep the price volatile. The team conveniently forgot to mention this feature in their elaborative story of why it can be stable enough to become a primitive asset of DeFi, so they can ride the hype train.
Thanks for clearing that up, I meant to go back and reread it, but never did.