Proposed by the Terra team.
A proposal to create a Curve Metapool for TerraUSD (UST) and the 3Pool stablecoins (USDC,
USDT, and DAI).
TerraUSD (UST) is an algorithmic, seigniorage-based stablecoin issued by Terraform Labs
(TFL). UST is one of the fastest growing algorithmically stablecoins to-date. Its market
capitalization has grown to over $100 million (https://www.coingecko.com/en/coins/terra-usd)
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 $20 million.
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 hope this pool will both provide significant liquidity to UST and help UST maintain its peg,
whilst bringing fees and incentives to the Curve protocol.
- UST currently has a daily trading volume of ~$6 million
- Security audit conducted by Certik: https://certificate.certik.io/reports/terra.pdf