June 22, 2022: Bulls on Parade 🐮🐃
Timeline Suddenly Turns Bullish
Last year it was couches. This year, the wintry market conditions are causing our timelines to become clogged with a “Memetic Cambrian Explosion“ of stablecoin bulls.
Indirectly, the young community serves as a good guide to the crazy world of stablecoins, so the upstart community has already earned a place in our ongoing chronicle of the living history of DeFi.
Here is a quick compendium of all bulls to appear so far, roughly in order of market cap. Shout in the comments if we missed one.
USDC
The original bull to kick off the party was USDC Bull, created in March of 2022. Back when one Bitcoin cost nearly $48,000, the bull provocatively posited that USDC would trade as high as $3.
Though USDC’s slog to $3 has been maddeningly slow, this technical analysis proved directionally accurate. As USDC held steady, every other asset would slide by double digits, proving this forecast to be emotionally true. Anybody who followed the OG bull’s trading advice would wind up faring better than anybody who followed the advice of other chartists and prognosticators.
The bull continues to issue seemingly bold predictions, revising his price target upwards to $10. Given the blue bull’s track record, his assorted boasts should at least be entertained even if you don’t accept them at face value.
USDT
Early on USDC Bull was also bullish on Tether ($USDT), but quickly dropped the green bull from its rotation to focus on the blue coin. Since then, at least two accounts have appeared, with the appropriately suffixed one being more active.
Though today’s article mostly tracks coins by market cap, we made an exception for Tether given USDCBull’s progenitor status. Tether still carries the largest market cap, but these trends could reverse soon.
BUSD
Third by market cap is the 牛 from the east: $BUSD
As a fully backed buck, the dreadlocked bull likes to join @USDCBull1 in trolling other algorithmically backed stablecoins while paying reverence to CZ.
DAI
One of the earliest experiments in crypto collateralized stablecoins has proven its staying power with over $6 billion in value locked. We’re not exactly sure the reproductive mechanics involved, but the bull often gets mixed up with other bulls to produce some of the additional bulls we’ll see on display below.
FRAX
With over $1B locked, the FRAX stablecoin has kept stable across several market tumbles. Styling itself as an algorithmically pegged stablecoin, it’s the rare algostable that predictably holds its peg amidst market turbulence. The nature of this coin’s backing has made it a contentious rival among other bulls.
3CRV
3CRV is a bit unique on this list, being a Curve LP token unwrappable to any of its three daddies.
The coin’s composition fluctuates among the three easily redeemable stablecoins. Amidst the recent Tether FUD the coin has turned notably green, being gradually arbed back to parity as the panic subsides.
As its composition shifts, 3CRV earns interest for its bearers. This bull thereby has a viable path toward the coveted $3 mark. In the mean time it offers excellent utility as a base pair for other Curve pools. The FRAX Bull and its impending basepool is quite likely to put a damper into 3CRV’s growth, but this successful early experiment will always have a place in DeFi user’s hearts.
Arizona Iced Tea
Selling nearly 1 billion cans per year puts Arizona Iced Tea high on the list of stables. Clocking in 100 bps cheaper than other bulls, the stablecan has kept its peg for a whopping 30 years. However, this comes at the tradeoff of lighter cryptographic fundamentals. Wen CostcoHotDogBull?
USDD
Promising to do “whatever it takes to defend the peg no matter how illegal,” USDD Bull is fighting off both trolls and threat of depeg.
Emphasizing its yield over its peg, the young buck is proving a rising stud.
FEI
Derided by USDC Bull as a “stablecoin gang bang,” FEI Bull has brushed off this criticism as merely a “good time.”
The coin is fighting risk of depeg as the market cap of its governance token $TRIBE has taken a beating. Still the bull proudly forecasts that at the end of the day $FEI will be the final coin standing.
UST
UST is still kicking at an ~$85MM market cap, depending how you tally its relaunch process. Should the coin ever regain its peak of a nearly $20B market cap, this would amount to a roughly 250x for its holders — a bullish, albeit unlikely, speculative scenario.
VOLT
Supercharged with potential, $VOLT falls into the series of inflation-resistant stablecoins. Given that inflation is considered likely to be a recurrent issue, the bull case for $VOLT is hard-wired. Volt is mintable on mainnet and Arbitrum, where it’s jumped out to a healthy $50MM market cap.
BIFI
Though Beefy Finance doesn’t even appear to have a stablecoin, a bull promoting the cow-themed BSC token is a natural fit amongst the stable of stables. Like much of DeFi, it sports a comically low market cap to TVL ratio, $30MM market cap protecting $250MM in assets for a ratio of 0.12
PUSd
The official stablecoin of JPEG’d, $PUSd is the stablecoin best backed by meme magick. Thanks to some creative engineering, the stablecoin tends to depeg upwards, giving the bull a strong bull case.
VESTA
Another protocol built on the stacked Arbitrum DeFi stack is Vesta Finance, which allows users to borrow the over-collateralized $VST stablecoin using crypto assets at zero interest rates. Easy access to the highly composable activity on Arbitrum provides a good case to the upside here.
EUROC
Launching at the end of the month, Circle’s EUROC has users bullish given the success of Circle’s USDC. This won’t be the first Eurocoin, as we previously saw coins deployed by Tether amongst others. However, given the popular success of USDC, it’s no surprise users are bullish on the impending launch of EUROC.
GBP₮
A bull who can always offer a pound is the upcoming British gentlebull. Tether has been diversifying they’re offerings, having launched gold and Euro pegged assets in addition to their classic Tether dollar.
DINERO
Teased during our recent interview with Sami, the Redacted Cartel bull is already live and already pumping the upcoming $DINERO stablecoin.
DUSD
Another project launching on Arbitrum and teasing an upcoming bull account is the Fluid Digital dollar, $DUSD.
Disclaimers! Author has a stake in 3CRV