UST Adoption - How to improve it

Hi

Given the importance of UST (and other stable coins) to Luna’s valuation, I would like to share some thoughts on UST adoption as of end of March 21.

  • UST is only accessible via some exchanges and I believe this limits its adoption and becomes a bottleneck to the ecosystem.

  • UST is listed (for non koreans) only on Kucoin and Bittrex. In my opinion this is not enough and also a mistake for several reasons:
    i) Kucoin des not have KYC/AML/CFT in place which creates a regulatory risk for UST (my opinion)
    ii) Bittrex is an exchange with strong compliance but also losing ground to other exchanges

Propositions for stronger adoption

  • Fiat on-ramp to buy/redeem UST a 1:1 with a KYC/AML/CFT compliant bank or partner
  • Listing of UST on more regulated exchanges such as Kraken, Coinbase
  • Listing of UST at more crypto brokers such as Jump, FTX, Cumberland, OSL
  • Create an arbitrage on exchange (or provide discount to crypto brokers) in order to attract trading volume
  • Create onchain-cross chain USDT pair using the terra bridge (send USDT on Tron/Eth/Omni, convert to UST in Terra)

A metric of success would be to see UST to reach 10 / 20bn market cap in 2 to 3 years.

2 Likes

FYI, I believe I can help with some of the solutions proposed here and happy to discuss them.
I am not a dev, but have some good contacts in the industry.

Hi Kyu, appreciate the thoughts. Our team is working on a number of these initiatives already - feel free to ping me on TG if you’d like to discuss further: @jeffreykuan

I have some ideas. In order to grow the UST adoption, we need to promote Anchor Protocol and Mirror. Here are some ideas:
On Reddit: go over the posts where people are speaking about stable coins, like USDC, USDT, DAI, and promote UST that it’s a better alternative.
-Create a post on Reddit or other forums about the UST, what its it and how it works.
-Promote Anchor protocol 20% APY to defi projects like AAVE, and others that are offering yields.
-Promote Mirror to people that are interested in holding stocks and are speaking about stocks.

  • Find all the topics on Reddit/Quora that are releated with stablecoins and comment about UST.
    -Tether FUD USDT- you can go over these users that don’t know if Tether really has all these billions into their bank accounts.
    I will try to find more ideas.

Thanks

Those are great grassroot kind of ideas. Love them as well : )