Just an update on the USM “minimalist stablecoin” design I posted about last month. A few of us have been poking at it and I have a fresh post, USM “minimalist stablecoin” part 2: protecting against price exploits, describing two new features:
- Make large create/redeems more expensive, by moving price dynamically à la Uniswap.
- When the system is underwater and needs funding (FUM buyers), make the FUM price decline over time.
With these changes, I’m actually pretty enthusiastic about this stablecoin design, and we’re going to try to get it into production! Collaborators/feedback welcome, see the post. The dream here is a very simple, easy-to-use, reliably-pegged stablecoin that’s truly permissionless/ownerless, in the way Uniswap is, so our whole ecosystem doesn’t end up built on top of semi-permissioned infra like USDT/USDC. (Though if the market goes to DAI that works too!)
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