Summary
We propose to add the stablecoin TrueUSD (ticker TUSD) market to the Strike protocol.
Motivation
With the recent gradual depreciation of BUSD market, we are in need of new source of stable coin liquidity and TUSD has proven to be one of the strongest stable coins in the industry. It’s the top candidate in terms of market value and safety assessment after USDC, USDT and DAI which are already listed in Strike markets.
About TrueUSD
Token name: TrueUSD
Symbol: TUSD
Market Cap: $3,158,134,116
24h Volume: $685,825,402
Etherscan address: 0x0000000000085d4780B73119b644AE5ecd22b376
TUSD supply on Ethereum: $716,205,766
Maturity Launched: 1/3/18
TrueUSD (TUSD) is the first digital asset with live on-chain attestations by independent third-party institutions and is backed 1:1 with the U.S. dollar. So far, it has been listed on more than 100 trading platforms such as Binance, Kucoin, Huobi Global, and is live on ten mainstream public chains including Ethereum, TRON, Polygon, Avalanche, BSC, Fantom and Cronos, with its total supply of over 3.1 billion and 685M trading volume as of writing time.
TrueUSD is audited real-time by Armanino, one of the largest U.S.-based accounting firms, to ensure the 1:1 ratio of its USD reserve to the circulating token supply and the 100% collateral rate. Users can access the publicly available audit results via the official website tusd.io at any time.
References:
Website
Whitepaper
Etherscan
CMC top stable coins list
Cointelegram article
ChainLink Oracle
TUSD market specification
We will have to practice a gradual approach in listing of TUSD market to verify the effectiveness of this market. As the supply & borrow demand increase, we can revise the market parameters again later.
Here are the initial parameters of listing:
Underlying asset TUSD : 0x0000000000085d4780B73119b644AE5ecd22b376
CollateralFactor : 60%
ReserveFactor : 20%
STRK reward distribution
- Supply : 9 STRK / day
- Borrow : 21 STRK / day
Interest Model: JumpRateModel
| Parameter | Value | Percentage |
|---|---|---|
| baseRatePerYear | 0 | 0% |
| multiplierPerYear | 200000000000000000 | 20% |
| jumpMultiplierPerYear | 1000000000000000000 | 100% |
| kink | 600000000000000000 | 60% |
Price Oracle : ChainLink Oracle