Update: UST 3Pool is up to >75M, and is the likely the largest UST focused stable pool in DeFi. There are still key challenges ahead, namely accessibility and usage of $UST, but this is a great start in terms of trust for $UST!
Hey fellow LUNAtics! This is Ming from Mercurial here.
First off, thanks for the amazing response to the original forum post by @jkuan and for approving the co-LM proposal! Since the initial posting, it has been a very busy and successful 2 weeks in terms of growing liquidity, awareness and community. Lots of folks in the LUNA community have also joined our community on Twitter and Discord, including the amazing @danku_r, so it has been super fun.
Ahead of starting the $LUNA co-LM, I wanted to give everyone a quick update on our recent efforts and solicit feedback and ideas on how to further develop $UST as a core stable on Solana.
- Growing liquidity for $UST on Solana with our 3Pool
- Driving awareness and education of $UST in collab with Coingecko
- Improving adoption and utility of UST on Solana.
- Our Mercurial x Terra NFT
- Challenges taking $UST to the next level on Solana
1/ $UST 3Pool Liquidity at $33M
We launched the UST 3POOL last week, and this is currently at more than $33M liquidity, which shows a high acceptance of $UST by the Solana community. We see this as a significant first step towards establishing $UST as a core stable on Solana.
And of course, we have just received the $LUNA and have will start the $LUNA co-liquidity mining today! Moving forward, we hope to further establish and maintain this 3Pool as the largest liquidity of $UST outside of Terra and potentially as a base as we expand our pools. For reference, the UST pool in Curve has 37M in liquidity, so we are not far off!
2/ $UST Education Campaign With CoinGecko
We collaborated with CoinGecko on a highly successful educational campaign, where the 500 participation rewards were claimed in less than 30 minutes, hundreds of tweets were generated, and thousands of quiz completions. According to participant feedback, it was highly beneficial for understanding the unique aspects of UST.
In addition to the education campaign, there was also a couple of educational content that the community found highly useful, including:
- An amazingly comprehensive video guide and Twitter Thread by @danku_r
- An step by step guide to using wormhole to port UST from Ethereum to Solana
3/ Adoption and Utility
To further drive the adoption of $UST, we’ve connected the Terra team with a few of our key partners, particularly lending protocols. Several of them will be starting to accept UST as collateral soon. We believe that with more protocols on Solana accepting $UST as collateral for their platform, the more we can drive adoption and utility of $UST on Solana.
In addition, we will be introducing a number of features and campaigns that make using $UST much easier than before. Stay tuned!
4/ Mercurial - Terra NFT for $UST 3Pool LPs
To commemorate the highly successful launch, we will be gifting these awesome NFTs to our UST 3Pool LPs!
5/ Challenges For Next Phase Of Adoption Push
Although this first phase of $UST growth has been greatly successful, some key challenges remain:
- $UST remains imbalanced since it’s harder to get UST compared to USDC and USDT.
- The timing of the Terra → Solana bridge remains uncertain, and a migration will be needed at some point. Before that, it can be hard to see liquidity flow freely into solana.
- Current acceptance of $UST in Solana still lags behind USDC and USDT, so a lot more education is needed
Summary
We think $UST has the opportunity to be one of the core stables on Solana, one of the most promising blockchains. Given how important confidence and adoption are in ensuring stablecoin stability, having the broader Solana community buy into this will help $UST as well. Reception has certainly been great so far.
We will be continuing to support $UST in terms of liquidity, education and adoption, and hope to work together with the wider Terra community to do so. If anyone has any questions, feedback or suggestions, please let us know!
Very happy that I can support the team and get hopefully more $UST to Solana soon, which will help the whole Terra Ecosystem!