December 30, 2020: Neutrino Moon Factor π§βππ + $sUSD $BBTC
Here are todayβs trends to watch from Curve Market Cap:
All eyes on the $USDN pool as it passes $100MM in reserves.
Token hodlers are enjoying Oprah caliber giveaways of 13.5% APY on top of 8.51% interest, 5.93% WAVES and 1.32% NSBT.
Why so much activity? No doubt because WAVES team behind USD-N is on an absolute tear lately. Here are some of the updates from the ecosystem:
Amidst major hacks, the WAVES team announced a partnership with UNION to better protect assets by adding UNN/USDN pairs and offering overcollateralization protection of assets. Also expect a smart contract protection instrument in Q1 2021.
Co-Author of the Neutrino Protocol Aleksei Pupyshev proposed a βMoon Factorβ protocol adjustment to affect the issuance price of the $NSBT governance token.
The write-up makes it sound far more technical than it actually is. At the moment, when new NSBT are automatically released, the issuance price is a function of the current backing ratio.
The proposal simply multiplies this issuance price based on a new βMoon Factorβ that assumes a theoretical maximum supply of NSBT. As you can see by the equation below, as the denominator approaches zero the moon factor (and thus the issuance price) will asymptotically approach infinity:
The proposal is currently up for vote to determine the value of this limit, from 1MM to 3MM NSBT. The smaller limit, currently winning the vote, means these effects will come into play faster. This will generally reward the existing adopters and provide for greater centralization.
Other notable moves around the Curve ecosystem:
$sUSD pool has only increased its activity since we highlighted it earlier this week β now up to $74MM daily volume.
Following on our report about major movement in the $BUSD pools, we see $BBTC gets a major pump with nearly $3.8MM in daily volume, providing a massive 4.09% APY for the new BTC denominated pool.
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