Terra’s governance blog post discusses how the proposal to leverage $139 million of UST can bolster “awesome use-cases” in the world of DeFi.
On January 6, Terra Research announced a proposal to expand the network’s stablecoin asset terrausd 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 .At the time of writing, Terra’s terrausd stablecoin is the fourth-largest U.S. dollar-pegged token among all the stablecoins in existence.
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.”Additionally, Ezaan mentions collaborating with Ethereum’s Rari Fuse, Solana’s Invictus DAO, Ethereum’s Convex Finance, and Ethereum’s Tokemak.
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,Tags in this story
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