Bitcoin News and Finance
Terra Proposal Seeks to Expand UST Stablecoin to 5 Different Defi Protocols Skip to main content

Terra Proposal Seeks to Expand UST Stablecoin to 5 Different Defi Protocols

On January 6, Terra Research announced a proposal to expand the network’s stablecoin asset terrausd (UST) across a number of different protocols on Polygon, Ethereum, and Solana. Terra’s governance blog post discusses how the proposal to leverage $139 million of UST can bolster “awesome use-cases” in the world of decentralized finance (defi).

Terra Research Proposes to Expand Terrausd’s Reach Across 5 Protocols

At the time of writing, Terra’s terrausd (UST) stablecoin is the fourth-largest U.S. dollar-pegged token among all the stablecoins in existence. It is also the largest decentralized algorithmic dollar-pegged coin with $10.4 million in UST in circulation today. Furthermore, the stablecoin’s market capitalization has increased 21.4% during the last 30 days. Now the team behind the Terra network wants to increase the stablecoin’s exposure to five different defi protocols on three chains.

The proposal’s author, Ezaan from Terra Research, explains how cross-chain UST liquidity has grown a great deal and he thinks that adding more UST to specific protocols will add “awesome use-cases” to defi. The first UST collaboration mentioned is with the Olympus DAO on Ethereum, Solana, and Polygon. Essentially, Ezaan wants to enable UST bonds and bond $1 million UST in Olympus forever.

“Follow up posts in the Agora thread including when UST bonds are live,” Ezaan said. “1m bond transaction, bi-weekly updates on UST in the Olympus DAO treasury for two months, all three pair addresses when they exist and where you can join the farm.”

Collaborating With Olympus DAO, Rari Fuse, Invictus DAO, Convex, and Tokemak

Additionally, Ezaan mentions collaborating with Ethereum’s Rari Fuse, Solana’s Invictus DAO, Ethereum’s Convex Finance, and Ethereum’s Tokemak.

The five concepts suggested by Ezaan include:

  • Olympus DAO: Enable UST Bonds, bond $1m UST, 425k UST swapped to LUNA via Astroport over 3 months for gOHM-UST incentives on Terra, Solana, Polygon
  • Rari Fuse: 20m UST to seed fuse pools for 6 months to kickstart UST borrowing
  • Invictus DAO: Enable UST Bonds, bond $250k UST
  • Convex: $18m UST swapped to LUNA via Astroport over 6 months for increased Votium incentives
  • Tokemak: $50m UST deposited for 6 months to get widespread liquidity and farm TOKE

According to a number of comments concerning the Terra governance proposal, most community members liked the idea. “Great ideas. Let’s do it,” one individual said. “It’s great to see ideas on how to expand the UST to other L1’s and how they performed so far,” another Terra community member replied. “So far not seeing any drawbacks with the proposal and being already behind Frax at Convex, we should at least equal 100M or put a little more in Tokemak to balance the forces.”

The proposal to expand UST follows the stablecoin becoming a larger decentralized stablecoin than Makerdao’s DAI, in terms of market valuation. Moreover, three days before Ezaan’s proposal, the co-founder of Makerdao, Rune Christensen, tweeted that the stablecoins UST and MIM were “solid Ponzis” and eventually they would be worth zero.

What do you think about the Terra proposal to expand UST to five other protocols on Ethereum, Solana, and Polygon? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory