UST Goes Interchain: the 4pool and redacted cartel

Governance & Proposals
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Late here as it was ubiquitous on Twitter and a bit AFK last week.

This seems like a low-cost strategy that will increase the adoption and awareness of UST on ETH.

It is clear this is a strategy Terra has been building towards (CVX purchase, DebtDAO) long term and requires behind-the-scenes relationship building.

While it is understandable the debate and distrust of other stables accompanying this pool, choices are limited and aim to provide an algorithmic solution to the waning popularity of 3pool.

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Yeah, these were my first thoughts - “get more UST on ETH”

I’m not religious about $DAI but I admit it is my favourite stablecoin that is native to the ETH ecosystem.

I do not understand the hate.

What I feel strongly is the Tether FUD. Systemic risk. Shady business. Long history of lies.

Their reports are so sketchy (auditor being some random firm in Cayman Islands), there is an ongoing $1m bounty: Hindenburg Research Announces $1,000,000 Bounty For Details On Tether’s Backing – Hindenburg Research

“We feel strongly that Tether should fully and thoroughly disclose its holdings to the public. In the absence of that disclosure, we are offering a $1,000,000 bounty to anyone who can provide us exclusive detail on Tether’s supposed reserves.”

If 4pool becomes new 3pool and we can remove USDT that would be super awesome.

EDIT / UPDATE: There is loads of “Tether FUD” on the internet. Yet another example: The Bit Short: Inside Crypto’s Doomsday Machine | by Crypto Anonymous | Medium

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