Although there are many things that can be done to promote the usage of UST, I think the most effective way is to gain some definitive edge so that the holders of USDT or USDC will voluntarily swap their coins to UST. How can this be done?
Let’s examine the most common use of USDT: trading. Without doubt, a large percentage of USDT is used for trading. I know a guy holds 3 billion USDT in binance just to trade futures. And this guy is absolutely not the only one. So, is it possible to make these guys voluntarily transfer their USDT to UST?
Now, it seems impossible. There’s no DEX that can challenge the authority of binance now. All the liquidity flows into binance and traders love liquidity. Who wants to trade in a place where it’s hard to trade millions when one can trade billions easily in binance futures using USDT? What’s the way out? Is there anything we can do to gain some edge?
Better DEX? Transaction costs deduction? Liquidity integration? Anchor used as an additional service? Let’s brainstorm and see whether there’s any way out.