Proposal to add fUSDT as supply, then collat

Proposal
#1

Summary

This proposal is to as fUSDT as an asset on both CREAM BSC and CREAM FTM

Motivation

There is no coverage of the for USDT on FTM, and the BSC version is unofficially minted

Background

Let’s start with the easy one.

FTM (Opera)

This is straightforward. There is no support for the USDT token. fUSDT

Total Supply: 453,355.291722 fUSDT

There has been a lot of fUSDT migrated up to Fantom in anticipation of the Popsicle Airdrop of ICE and the farming opportunity there. This farming opp will last for 4 weeks, and it would be great if there was a place to park that fUSDT after that time.

Now, for the tricky one.

BSC Binance Smart Chain

The current USDT found all over BSC is actually Binance Pegged USDT

Total Supply: 880,000,000 BUSD-T

however, the official USDT minter produces fUSDT via the multichain.xyz bridge.

Total Supply: 238,851.183809 fUSDT

This same opportunity mention above on Opera (FTM) will also start on BSC, but this will only accept the fUSDT and not BUSD-T. Furthermore, LPs for fUSDT/BUSD-T are right around the corner.

ADD’M,

Add them both

ONLY-B

Add it only on BSC

ONLY-F

Add it only on FTM

CURDs

Do nothing - that will Curd the CREAM

Vote down here.

  • ADD’M
  • Only-B
  • Only-F
  • CURDs

0 voters

2 Likes
#2

In the past two weeks I’ve been doing some research on fUSDT. Unfortunately, I didn’t see the liquidity pool on BSC and on FTM that is deep enough to provide a steady price. Both Chainlink and Band Protocol don’t support fUSDT as well.

Also, it is almost impossible for liquidator to liquidate on BSC and on FTM because there’s no trading pair of fUSDT. Liquidator has to leverage cross-chain resource, which raises the cost of liquidation.

Currently I don’t think it’s a good time to list fUSDT on BSC and FTM.

#3

This makes a lot of sense. there is not a whole lot of traction for these tokens yet, but liquidity is deepening.

On BSC
https://ellipsis.finance/fusdt/

  • fUSDT: 26,584,791.89 (45.69%)
  • 3Eps: 31,606,366.95 (54.31%)
  • fUSDT+3Eps: 58,191,158.84
  • Daily USD volume: $5,553,153.50

On FTM

https://ftm.curve.fi/fusdt/

  • fUSDT: 8,365,900.71 (51.31%)
  • 2Crv: 7,939,862.78 (48.69%)
  • fUSDT+2Crv: 16,305,763.49
  • Liquidity utilization: 3.96% [?]
  • Daily USD volume: $644,974.34

I’m not suggesting that they are enough, or not, rather just supplying an update since I was last present here.

1 Like
#4

That’s a lot more liquidity than the last time I checked. I’ll spend some time evaluating fUSDT next week.

#5

is this still under review.

no real reason we shouldn’t be supporting this

I have left BSC so to this im not sure, but on FTM it’s quite prevalent

#6

We’ve been using Band Protocol as our price oracle on FTM since day 1, and it seems like they don’t support fUSDT on FTM.

Even though it’s prevalent on FTM, we have to build a centralize price oracle since no third party price oracle support it. Can do but it’s not a great option on security perspective.

#7

what is fUSDT? You don’t actually say. Who runs it, what’s backing it, etc.

#8

That was my reaction. This proposal curiously lacked detail on the token background, team, design, activity, like is usually found in other CREAM listing proposals.

#9

its just wrapped USDT, run by Tether. sent via the multichain bridge to Fantom…

its the same any of the native ETH tokens on Fantom. the others just don’t put the f in the name…

there are only a few native fantom tokens.