Proposal of creating perpetual swap contracts of UST

As investors and traders consist of a large percentage of crypto participants right now, I maintain it’s important to make UST attractive for investors and traders. While the APY of Anchor may seem charming, the Mirror can hardly meet the needs for traders and investors because of the huge bid/ask spreads and tiny liquidity.

I advise on the creation of perpetual swap contracts of UST. By doing this, UST will immediately become attractive for traders. When there’s no opportunity, traders can put UST in Anchor to earn the 20% yield. When there’s opportunity, they can immediately withdraw deposit and trade. In this way, the utility of the capital is maximized for traders and the 20% APY of Anchor is a definite edge.

I think it will be an effective way to boost the rigid demand for UST. How do you think about this proposal?


We are exactly building that. (

And I saw your other post on growing UST. We are planning to make our DEX cross-chain (where Anchor goes live). It would definitely help UST usage grow cross chain.

Would love to chat with you more. This is our discord: Phezzan Protocol

We can explore more ideas from there :slight_smile:


Thx for inviting. I think there are some hindrances to make this work. The biggest one is the transaction delay where every transaction takes around 6 seconds to complete on Terra blockchain. If you can cross this obstacle, the world is yours.

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Thanks for pointing the obstacles out!

So we researched xDai has 5 second block time, and perp.if achieved $100M daily volume on top of xDai. Since Terra has instant finality once on chain, and Terra has high TPS, transaction revert should be really really rare. The only big issue left is users have to wait a couple of seconds for confirmation, but we think it is not a deal breaker (look at Uniswap).

It is not the best experience, but we think it is not a deal breaker for vast majority of people. Wondering what is your thought? Did we miss anything? Thanks!

Sorry to be pessimistic but I think it’s hard to compete with binance without genius innovation that produces definite edge. I am not a genius that can bring about this kind of innovation so maybe I cannot be of much help.

Oh I mean there are already bunch of assets on chain. The definite edge over Binance is convenience and lower cost. If the asset is already on chain, moving it to Binance and then trade and move back is costly and takes extra time. In the future, more and more assets will be on chain to interact with dApp.

And sure, to compete with Binance with offchain asset, Terra is not a good choice. Maybe ETH L2 or some more fast/low cost chain.