Hello, I’m a member of the Terra team. This is my second time posting about this, as UST has seen a significant increase in demand since my last post.
TerraUSD (UST) is an algorithmic, seigniorage-based stablecoin issued by Terraform Labs
(TFL). UST is one of the fastest growing algorithmic stablecoins to-date. Its market
capitalization has grown to over $250 million since its inception on October 1.
TFL currently uses Shuttle (https://github.com/terra-project/shuttle#terra--ethereum) to bring
Terra assets, including UST, to Ethereum. At the time of this writing, the supply of erc-20 UST is
roughly $70 million. UST currently has a daily trading volume of ~$100 million.
UST is the primary stablecoin used on Mirror Protocol (https://mirror.finance/). UST pools also exist on a number of Ethereum-side applications, including Curve, Uniswap, Sushiwap, Balancer, etc.
The Uniswap UST-USDT pool currently has ~$25M of liquidity. https://info.uniswap.org/pair/0xc50ef7861153c51d383d9a7d48e6c9467fb90c38
Additional details on UST can be found here:
● Blog: https://medium.com/terra-money/announcing-terrausd-ust-the-interchain-stablecoin-53ea
● Website: https://terra.money/
● Docs: https://docs.terra.money/contracts/#growing-active-user-base-with-real-world-usage
● Contract address: https://etherscan.io/token/0xa47c8bf37f92aBed4A126BDA807A7b7498661acD
Mirror Protocol (https://mirror.finance/ ) has recently been launched, driving demand for UST.
We believe borrowing/lending markets are the next step in helping UST mature as a stablecoin.
Benefits to CREAM:
- Adding UST would add diversity to the different stablecoin asset types and decrease aggregate risk of the CREAM ecosystem
- Diversity of users from both the Terra community (and broader Asia)
- Mirror Protocol has recently been launched, driving demand for UST. UST is not yet listed on any lending protocols. As a result, we believe adding UST will expand TVL of the CREAM protocol