Is anyone building a UST-style stablecoin for Solana?

Proposer: Jimmy Le, Intern @ GT Capital

Disclaimer: I am unemployed. I spend all day on Twitter, Telegram, and Discord DMs chatting and scheming with degens, gigabrains, frogs, wizards, ex-TFL and LUNAtics. I’ve gathered the best of these ideas and worked closely with TFL on the following proposal.

Corrections and additions based on community feedback:

1. Correction that 22,222 LUNA is being requested from the Community Pool and not UST.
2. Correction that the multisig wallet will be the same used for proposal 143.
3. Additionally for monitoring and oversight, I will update the community regularly on this forum and on Twitter with all transaction receipts.

Now that OHM-fork season is over, it’s only natural that devs will do something… like fork our beloved Terra Luna ecosystem.

Lucky for us, LUNA’s unique selling proposition isn’t the minting and burning mechanism but rather the products built around it and native demand for it.

@zon has kindled the demand with Proposals 148, 149, and 153 to deploy LUNA incentives on Ethereum. @danielesesta has turned on the afterburners with the degenbox strategy on Ethereum and soon on Fantom.

And perhaps we can lay idle and let these efforts take us to $100 LUNA by the end of year, and perhaps we hit the $10b UST market cap.

Instead, I’m proposing to accelerate this momentum by enacting @TheIntern’s initiative to deploy the community’s funds on Solana, Oasis, and Aurora.

I’m requesting ~$2m UST from the community pool to be swapped to LUNA via Terraswap or Astroport to provide the following incentives that will be matched by the project teams and or associated foundations:

  1. Solend (Solana) - Currently the only stablecoins available for borrowing are USDC and USDT. This proposal will incentive UST deposits with $255k worth of LUNA rewards.
  2. Orca (Solana) - On Solana’s 2nd largest AMM, the only stablecoin pairs are USDC and USDT. This proposal will incentivize popular pairs SOL/UST, USDC/UST, mSOL/UST, and LUNA/UST with $510k worth of LUNA rewards.
  3. Saber (Solana) - Saber is Solana’s stableswap dex, similar to Curve on Ethereum. This proposal will deepend the liquidity with other decentralized stablecoins on Solana by incentivizing the FRAX/UST pool with $255k worth of LUNA rewards.
  4. Atrix (Solana) - Atrix is Solana’s 5th largest AMM that builds on top of Serum’s order books to create familiar AMM pairs. Since the two most popular pairs are SOL/USDC and BTC/USDC, this proposal will incentivize SOL/UST and BTC/UST pools with $255k worth of LUNA rewards.
  5. Yuzu (Oasis) - This proposal is co-supported by the Oasis Foundation, a new chain supported by Wormhole. We want to incentivize UST pools with $255k worth of LUNA rewards as it will be the first stablecoin on Oasis.
  6. Rose (Aurora / NEAR) - This proposal is also co-supported by the NEAR foundation. With less than $1.5m in total value locked, this proposal will incentivize UST with $255k worth of LUNA rewards and be amongst the first stablecoins on Aurora.
  7. Trisolaris (Aurora / NEAR) - Trisolaris is the #1 DEX on the Aurora engine and is incentivizing UST adoption with 240k TRI per week to the following pairs: NEAR/LUNA, NEAR/UST, TRI/UST. This proposal will also incentivize the pools with $255K worth of LUNA rewards.

The thinking here is that we should continue to support successful protocols on Layer 1s that are large and growing (Solana), while also aiming to create deep UST liquidity on new Layer 1s where we have support from the respective protocols, foundations, and where there is large potential given the lack of incumbent stablecoins.

So if you’re wondering if anyone is building a UST-style stablecoin for Solana? The answer is yes, we are.

UST is the UST on Solana.

Looking forward to hearing the community’s thoughts and feedback below, cheers!

The funds will be withdrawn from the Community Pool and distributed to a multisig that is controlled by several members from the TFL Finance team and elected community members.

LUNA will be withdrawn to the same multisig wallet as proposal 143: Extraterrestrial Finder

If you want to get involved, slide in my DMs with your favorite degen strategies on Twitter @lejimmy.


this proposal makes me swoon for you

we like the incentives


This a great idea. Directly increasing demand for UST while introding another protocol community to the benefits of terra and its stablecoins. What’s not to like?


FTM Fantom might be where the B s head once Daniele is done. Follow his lead?


I would support this. However my have more chance of passing if you split the proposal into 2 or 3 votes. One for Solana incentives and one or two for Oasis and NEAR.


I love it. A ton of eyeballs are on the Terra ecosystem right now since the market is in the toilet but Luna keeps pumping. We should capitalize on this momentum and spread UST as much as we can while the iron is hot. The more we burn, the more we earn. Emphatic yes from me.


I agree with the proposal too, just a small tweak maybe, instead of swapping 2m UST from the community pool to Luna, why not just use the $2m worth of Luna from the community pool? There is still around 9.8m Luna on the community pool, i don’t think we need to do the extra steps of swapping UST to Luna for this proposal


What will be the incentive to keep the pairs alive once the rewards dry out? Will we be forced to subsidise them again or will there be native demand coming for ust? I agree that pushing usage of ust on solana is great way to boost demand and hence the price of luna but is it sustainable in the long run?

Thanks Ser

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I think this is a fantastic proposal and usage of funds to grow the usage of UST cross-chain. What really compels me here is that we are going to entrench UST on Solana before there is an alternative similar on Solana. I would vote YES on this one without a doubt!



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I love this proposal Jimmy, bootstrapping demand for UST and making it easier to obtain on new chains should always be part of the roadmap. Are there any talks with any of teams already, or would that only begin after the proposal is passed?


not so unemployed after all


omg yes, the theme for aurora just hits too


Rose is like a SPELL/CRV hybrid in that it has a 3stablepool lp(now adding FRAX) and staking it accrues trading fees. It is a stableswap platform so there would be huge incentive for UST liquidity too, seems they want to diversify.


Talks are either confirmed or already underway.


All systems go on this!

Any reason for not trying to get a pool onto radyium?

Also, I propose this again too: exploring selling calls against the Luna that is going to be sold to generate more yield. Extract strategy as DTE, delta, etc can be determined. But we are losing yield just market selling Luna.

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@lejimmy this is awesome. The Solana ecosystem is in the greatest need of UST with a clear opportunity for a robust stablecoin to disrupt the network.

The outlined projects make sense and are a fair target for incentivizing UST liquidity.

Have you confirmed with the Solana Foundation and FTX team that a similar stablecoin is not in development there? If so, the faster the execution of this proposal, the better.

I will end by mirroring this quote below:

Let’s get to it.


With YuzuSwap (, the very first AMM launching on Oasis in a few days, we plan to issue liquidity mining incentives for the ROSE/UST liquidity pool. Oasis just launched $160m Ecosystem Fund (Ecosystem Fund). We are seeing a huge demand from the community to launch the next wave of DApps (DEFI, NFT and gaming) on the Oasis Network, leveraging its high throughput, low gas fees, and secure architecture. With this early move, UST will surely remain the stable coin of choice for the Oasis community. It will be nice to see the adoption of UST grow in the Oasis community over the coming months.

Follow us on twitter for the latest updates: @OasisProtocol


Hello everyone, I’m Rooter, the founder of Solend.

As the name suggests, Solend is a lending protocol on Solana (and the largest one at that, with over $1B in deposits). We’re super excited to support Terra by adding support for UST!

Solend will be matching the UST deposit rewards by incentivizing UST borrows.

Once listed on Solend, users will be able to:

  • Earn interest on UST
  • Use UST as collateral to borrow other assets
  • Borrow UST against other assets

Borrowing stablecoins against crypto assets is the main use case for Solend, so adding the #1 decentralized stablecoin is a no-brainer. (Congrats on passing DAI btw.) This will expand Solend’s stablecoin offering, which is currently USDC and USDT. UST will be the first decentralized stablecoin listed on Solend.

The future is cross-chain, so it’s only natural that UST finds its way into fast-growing ecosystems like Solana. I also think it’s important for UST to be chain-agnostic and to integrate in as many places as possible to solidify its position as the leading decentralized stablecoin.

I’m in support of this proposal, which will help bootstrap and establish UST as a leading decentralized stablecoin in the Solana ecosystem.

*Note that this will fluctuate slightly as we add rewards for other assets due to the weighting mechanic our rewards program uses. This will also be affected by our Liquidity Mining 2.0 program that will launch early next year.


Bullish on this support :slight_smile: thanks :handshake:


Yes, how can we support this?

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