Competition in stablecoin space is getting more interesting everyday. Among the newest players in the field are NEAR and TRON. NEAR has launched its USN Stablecoin on a testnet. And Justin Sun of Tron has announced a launch of USDD stable coins on Tron which is scheduled to be issued on May 5, 2022. Both projects seem to be aiming to be in competition with UST and will work in a similar way UST does. Sun's coin goes even further and intends to offer 30% APY. Now we thought HBD's 20% APR was too high? :)
Reading the announcement statement, I had difficulty continuing from the very first sentence of the first paragraph which start like this:
Blockchain believers pursue to decentralize everything centralized, on the strong faith in the capabilities of mathematics and algorithms rather than violence and power in creating a desirable future for the world.
Wait a second, that doesn't sound like Sun. Decentralize centralized? I thought he got it backwards. But the following sentence eliminated that theory.
Today, we see the possibility of decentralizing the blockchain world's most centralized territory.
Either he has evolved in understanding blockchain technologies and have embraced decentralization, or just being dishonest. By this time it has become evident that my judgement was clouded by my bias. It was time to get the positivity prism and read the announcement again through this prism. If it wasn't for Sun, Hive would have never existed. Positivity prism started working right away. Impressive. So, if Hive wouldn't exist without Justin Sun, does that mean Sun created Hive? That doesn't sound right either. Positivity prism didn't work. Back to reality.
Jokes aside, it is important to keep biases in check to get some kind of understanding reading such news and announcements be it by Sun or any other crypto influencer. Otherwise it is easy to miss the important point, which may just be valid and may also present useful ideas. Sun continues with hyperbole and says the following:
TRON DAO joined hands with major blockchain players to launch USDD (Decentralized USD), the most decentralized stablecoin in human history, making finance accessible to all by applying mathematics and algorithms.
That would be nice. I do like decentralized. If it is the most decentralized in human history, I am in. Evidence please.
I really had to laugh at this one:
Evolving from the Stablecoin 1.0 and 2.0 eras represented by Omni-based and TRON-based USDTs, blockchain is now ushering into the Stablecoin 3.0 era. This movement will be led by TRON's USDD.
I didn't know stablecoins were going through 1.0, 2.0, 3.0, etc stages. That is very informative. Thank you, Justin. However, from what I hear USDD is basically going to copy Luna's UST. Ctrl+C & Ctrl+V and we enter the new era of stablecoins.
He goes on explaining all these 1, 2, 3 stages and reasons for the creation of USDD from Tron's point of view. It does seem like they are serious about it. However, I think the real reason is they just saw the success of UST and decided why not on Tron. Sure, why not? Competition is a good thing. Speaking of the competition, their the interest payments for USDD will be at 30% APY.
Upon its establishment, the TRON DAO Reserve will set its basic risk-free interest rate to 30% per annum and facilitate other decentralized and centralized organizations that accept USDD to implement consistent interest rate policies.
I don't blame them to go that high. One would need a lot a trust in anything Sun related, so 20% may not work. But 30% could do the trick. You know, greed doesn't follow reason. Not always. Another positive things for USDD is that it will be available on Ethereum and BNB chains as well.
I am probably not going to do anything with USDD on any chain. My stablecoin of choice is HBD and for a lot of good reasons. Yes, while I may be biased here due to investment on Hive and HBD, but HBD has unique and useful features that none of the stablecoins can offer. At least not yet. That is a topic for another day.
Feel free to read Justin Sun's full announcement yourself - An Open Letter on the Issuance of USDD, a Decentralized Algorithmic Stablecoin on TRON | TRON DAO.
What I want to learn more about is NEAR and its USN stablecoin. That does seem like an interesting project. If you know how it works and can explain in simple terms, please do in the comments.
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Any guesses which one I would select?
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Since you are a positive thinker and always see good in people, my guess is you would choose the former. :)
That might be true but I try not to have my head up my ass and this is Sunny Boi we are talking about.
So the idea of him reforming is slim to none.
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Yes. I was joking. Correct answer is too obvious.
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Nice! 🤣
I love that. That's a new one for me.
The announcement sounds like just a bunch of buzzwords thrown together lol
• decentralized ✅️
• web 3.0 ✅️
I don't think that I could trust Sun personally. I generally think of any of these high interest and high return projects and wallets like this:
It's easy to give them your money and it's easy to watch it grow, the challenge is withdrawaling it down the road.
That is what Sun specializes in.
He wouldnt know decentralized if it bit him in the butt. Who controls the Tron DAO I wonder.
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Haha yeah. Unfortunately many do in the crypto space.
"Today we are introducing Trustrocket coin. It's a memecoin that you can trust as it rockets its way to space in its own trusty rocket 🚀. Did we mention that our decentralized 3.0 trustrocket blockchain onchain crosschain is safe and trustworthy and will allow you to get away from evil banks that are centralized and that it will have airdrops and NFTs!? Don't fomo, buy the dip, ignore FUD and hodl to the moon with trustrocket, the stablecoin that will 10x 100x 1000x to the moon in a rocket of trust because its a trustyrocket! Its also Elon Musks favorite coin that he trusts and he plans to fund the first human rocket voyage to mars with it."
.... 🤔
"Hmmm sounds interesting. I'll buy 30 of them and retire in 30 minutes!!!!!!!"
🤣
Gay from Coin Bureau Youtube channel stated in his last video on Near Protocol that USN is about to be launched. The address he pointed out was Ref Finance. I have a Near Wallet and use Ref Finance, so I checked the site, but haven't seen anything about USN. Let's say it will be launched soon.
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I watched the recent one about Near. It doesn't go into details of USN though. Probably because it is new. Thank you for the suggestion.
Well thanks to Justin SUN for bringing these to us and I just reading blogs about SUN and other coins to acknowledge more so I'm unable to come with information and explanations about it. Would like to learn more about USN stablecoin from crypto experts around us.
Justin Sun isn't really someone who is particularly liked around these parts. Not after what he did to Steemit.
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And for good reason.
He is a modern day snake oil salesman.
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That's true, lol.
He has everything figured out, fucking scammer. Not a single innovation came from Tron foundation, everything they have is copied from others.
I'd love to see $HBD getting more exposure out there, but hey, Justin has the liquidity necessary to push this thing further, while Hive... not so much...
That's the biggest problem IMO.
Copy/Paste is what he does best.
That and be ambassador to Grenada or wherever it was.
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I guess Granada is a scam too, lol.
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Regarding to stable coins I agree with your assumption that Sun is trying to ride the stable coin wave. Do Kwan actually prefers more chains take on a stable coin of its own proving that terra has the right idea.
Still with what Justin Sun has done in the crypto space I prefer to avoid what ever he will be creating as much as possible. His end goal seems to be flaunting his wealth and being more of a detriment than supporter of crypto ecosystems.
It is still going to come down to use cases. That is what is often overlooked.
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I think we'll just have to make the HBD apr 31%!
31.3% to be safe.
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Heh, I don't know why but I thought Sun quit crypto recently... I guess that's not the case...
Well, I'll also stick to HBD.
About NEAR, I get a lot of ads from them on Brave and it does seem like an interesting project but I don't know anything about it. I'd like to learn more as well.
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Well he was doing the Ambassador thing.
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Somehow I don’t want to hear the news about this scoundrel ... but, since I got into a puddle, I read it)
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Is that the SUN terra fork coin?
It is the best innovation the world hasn't seen yet. :)
Justin Sun and shitcoins!
Nice to see new things, but anything that Sun or TRON, touches is nothing I want to be involved with. I'm sure he promises 30% and would probable increase that to entice people to invest, but it's probably just a shell game..
I think I'll give this one a wide birth too, I don't know much about NEAR I am afraid other than it isn't working yet!
HBD is!
I thought he retired from crypto?
I thought he got run off from crypto.
There I fixed it for you.
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My thoughts exactly... Pretty sure I read that somewhere but I guess he came back for more
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If he's has(embraced decentralization) then that should reflect on his work.
I don't see a reason why I would choose something like that(Sun stablecoin) over Hbd. He has a talent for making things happen the way he wants, but not what the community want.
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Choose sun for his looks, personality, and f*ckability.
What else is there?
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I didn't know about this news and Justin Sun's statement. You do a great information service.
LOL may the ponzis continue until liquidity improves
The problem is that, Sun's credibility is not stopping him to integrate with Ethereum and BNB chain - everyone should stop him to do anything based on what he has done. Unfortunately there are people there, who still trust him and will loose their money eventually.
No way for chains to stop him since they are permissionless.
As for the exchanges, it seems him and CZ are best buddies.
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I think it's just going to be a failed decentralization attempt and it will become a centralized token. So I will just skip it and move on because I don't think it is worth it. I have a feeling they are cloning UST because it's done a great job.
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Is this connected to the massive STEEM pump yesterday (and not so massive TRON one)? Justin has no fans here, and I doubt anyone would buy his new token.
I read he got CZ to list it on Binance again.
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To list what.. the new token?
Lol, thanks for the laugh! Impressive, how full of *&#% this guy can be.
This is awesome. And the APR is good, but it's hard to trust him. So it's just too risky !
I'm not going anywhere near anything Sun is involved with. Is he allowed to do all this whilst being a diplomat? Could be a conflict of interests. Is he just trying to avoid prosecution?
If he bases it on Tether then that is all the info I need to avoid yet another poop coin. I'm sure the whitepaper will be good for a laugh.
I wonder if he will change the white paper to the name of his coin or just leave the one who he stole the whitepaper from.
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It seems like stable coins are the new ICO.. HBD should adopt the slogan 'in maths we trust'
LOL yeah no kidding.
Algorithmic stablecoins are now the rage. I wonder how many will survive into 2023.
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This is the best part competition begin on stable coins but now i still prefer hbd
Well thanks to Justin SUN😎
Is Sun a token?
Or a coin?
Nice writeup you got here
A joke.
I really don't get
.
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Stop Sun Stop, don't you see you already are a joke. Nobody is taking you serious.
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True but he does seem to cash in.
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if I shook hands with Justin Sun, I would count my fingers after someone was missing. Sun is one of the most unreliable people in the field. Project without purpose and development, only advertising tricks, fake charities and now that. It certainly licks the liquidity that a stablecoin will provide.