USN will be launched on the Hoo exchange on April 12
According to the official announcement from Hoo and Defibox, USN will be officially launched on the Hoo exchange on April 12, 2022
USN is a decentralized over-staked stablecoin project on EOS. It was launched on the EOS chain on January 17, 2020, and supports the mint of USN with multiple tokens by staking (the goal is to peg the US dollar price). The USN stablecoin is one of the three major protocols of Defibox, and is currently the largest decentralized stablecoin issued on EOS. At present, USN has been operating safely for 26 months, with a maximum mint volume of 13.19 million USN and an average mint volume of 6 million USN.
Voting link:
At present, USN has applied for funding on Pomelo, an EOS open source crowdfunding platform. Everyone is welcome to vote (voting link: https://pomelo.io/grants/usn), for encouraging more high-quality projects to EOS.
1、USN advantages
Decentralized Mint
As an over-collateralized stablecoin, 1 USD worth of USN is minted by staking collaterals worth more than 1 USD. At the same time, the USN stablecoin adopts a market liquidation mechanism, flexible debt position management, and an automatic annualized rate mechanism, which can effectively help users better control risks and avoid market fluctuations.
High Security
Since its launch, USN has been audited by SlowMist and PeckShield, and has been running stably for 26 months. At the same time, USN is based on the decentralized operation of smart contracts, the information is open and transparent, and the data can be checked in real time on-chain. This is also the main difference between USN and USDT.
Low Rate
The USN annualized rate adopts an automatic adjustment mechanism. Through the transparent mechanism, the USN exchange rate can be dealt timely and effectively, and the pegging of the USN exchange rate is very stable. Currently USN interest rate is as low as 1% for up to 60% of over the year.
More Application Scenarios
USN application scenarios will be applied to unilateral market making, leveraged tokens, synthetic assets, Curve, etc.
2. USN Pegging mechanism
Minting USN with staking multiple tokens is supported. The goal of USN is to peg the USD 1:1. Currently, the collaterals supported by USN include EOS, USDT, BOX, PBTC, DEX, PETH, bUSDT and related LP Tokens.
As a stablecoin, the exchange rate of USN:USDT failed to peg on 1:1 in the early stage due to the lack of application scenarios and other reasons. In order to solve the problem of “un-pegged”, Defibox has made many attempts. It was not until after the DIP17 and DIP24 proposals were implemented, USN was upgraded with application mining, which gave USN an application scenario, and with an automatic adjustment mechanism of USN annualized rate to keep it USD pegged and interest rate predictable. This solved the problem of USN un-pegged. At present, the USN price has basically been pegged with the US dollar, and the peg days are 393 days (the peg standard is 0.98–1.02), and the peg rate is 85%.
3. The Mint and Applications
In the “Generate USN” interface, enter the amount of collateral, and the amount of generated USN will be automatically calculated and filled according to the current collateral price and collateral ratio.
For example, in the following example, when the stake ratio is 150%, 2 EOS can be staked to generate 3.36 USN. The higher the stake ratio, the more secure it is. To be more secure, the stake ratio is set to 200%, then stake 2 EOS can generate 2.50 USN.
For example, the current liquidation ratio of USN is 130.00% (the parameters differ based on its collateral), so when the stake ratio of the debt position is ≤130%, the debt position will be liquidated. Therefore, the higher the collateral ratio is set, the smaller the risk of liquidation will be. At the same time, users need to pay attention to the price of the collateral and the stake ratio of the debt position in time to avoid loss.
After minting USN, users can use USN to participate in market-making and lending, which can meet the needs such as leveraged trade and obtaining liquidity, etc.
4. USN Roadmap of 2022
As the decentralized stablecoin with the largest circulation on EOS, USN has been widely recognized and used since its launch, and has gained a high consensus in the EOS community with its stable exchange rate, automatic interest rate adjustment and broad applications. USN will officially launch in HOO Exchange on April 12, 2022, and will bring application scenarios one after another.
Cross-chain WAX chain
Currently, WAX does not have a mainstream stablecoin, and USN will be cross-chained to the Wax, providing users with more services. USN is intended to serve as a cross-chain bridge between WAX/EOS.
Stablecoin Swap Protocol
Create an EOS version of the Curve protocol, suitable for stablecoin swap, such as USN-USDT. The protocol has a special leverage algorithm that can support large volume of stablecoin swap with low slippage.
Leveraged Token Protocol Upgrade
Introduce the first EOS decentralized leveraged token contract to attract users to participate in leveraged tokens.
Synthetic Assets
More external chain assets will be introduced with the help of price oracles through USN.
Unilateral market making Upgrade
Use USN to develop a unilateral (single token) market making protocol, adding USN application scenarios.