Our purpose is to build a decentralized reserve currency protocol on the Songbird network, Each CanaryX DAO token is backed by a basket of assets (CAND, CNYX, Liquidity Pool Tokens etc.) in the CanaryX DAO treasury, giving it an intrinsic value that it cannot fall below. It tries to achieve this by backing every CanaryX DAO token with e.g. one CAND (=1 USD) but not pegging it. This means that the value of CanaryX DAO token although backed by at least $1 is free to increase above this "1 CAND floor price". The price the token rises to above the floor price is determined by the market.
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