What changed since XAUT came in dead last in the poll of 6 tokens with only 8 votes (8% of the vote) and @charlie_eth recommended not to vote for it?
I urge people to not vote for XAUT, Tether Gold. Liquidity is tempting to use but realistically a gold pool should only have very solid tokens and Tether is just not transparent enough for it.
Don’t forget there’s also the option to add a secondary pool later on.
Is there some new transparency on Tether Gold that I missed? The only thing I’ve seen from Tether in 2021 is further admissions that USDT is not fully backed by USD (note, commercial paper is NOT USD).
It’s really quite simple, right? You/we just want a token that is honest, a team that is competent and the confidence that the token will step up to its role when it matters (i.e. when the economic shit hits the fan). That is exactly what Cache has to offer. Gold is not like any other token. It is a fully backed token and the dynamics are very different. Gold is gold. It hardly offers any yield, and it is a commodity so there is hardly any margin. So any token that promises a yield or has the funds for extensive marketing campaigns already smells from the get go. Cache was conceived before DAO era and since it is backed by a physical asset it is difficult to distribute governance, but the current governance set-up of Cache with fully onchain transparency gets as close to it as is practically possible. I would urge anyone to get Cache Gold onboard asap and get some before the “Great Reset” starts to take hold in 2022.
Things have changed imo. XAUT had a broken ERC20 implementation which they fixed, it’s the most liquid gold token with PAXG and they have improved their transparency.
The decision also comes from the fact the Tether team supports us in this endeavour. It’s just a test anyways, we are open to more gold options in the factory unlocking more liquidity from different companies/protocols.
XAUT supply has explodedto over $415 million USD in a very short period of time, almost 25% more than PAXG. Despite that they have very few holders and very little activity/adoption. Why the explosion in supply if nobody is using it? Where is the transparency? Where is the proof these bars exist? Is there even an un-audited bar list anywhere? Has anyone redeemed this? How much? Proof? Nothing about XAUT adds up.
The CACHE Gold Explorer has been independently audited by Bureau Veritas (Nov 2021) - Token Supply - CACHE Gold
PAX Gold (PAXG) and Tether Gold (XAUT) still have yet to provide any audits or proof of reserve. PAXG’s latest attestation is already 59 days outdated and their own gold allocation lookup tool still shows huge discrepancies in backing of >$38,000,000 USD.. Attestations do not provide any details about the bars backing the tokens.
The supply of PAXG and XAUT rarely declines at all and never in significant amounts. This seems inconsistent with a redeemable asset. Neither has on chain transparency for redemptions.