$35 000 USD
UNIFIED STABLE DOLLAR
DESCRIPTION OF EVENTS
"UniFi is a new Decentralized Flexible Organization (DFO) that researches and develops a responsible Decentralized Finance layer on top of Uniswap."
"uSD is a stablecoin based on Uniswap Liquidity Pools Minted by the magic rainbow of Uniswap stablecoin pools, and backed by the power of the Unicorn, uSD is the most secure and resilient stablecoin on Ethereum — ever. The only way it could be destabilized is if the entire stablecoin industry crashed."
"The aim of the Uniswap State Dollar (uSD) protocol is to build the most secure and resilient stablecoin on Ethereum—ever. Independent from any off-chain issuer, it is fortified against the risks inherent to all other stablecoins, and free of the anxiety that pervades the industry."
"uSD achieves this unprecedented level of stability by collateralizing other stablecoins. If any of them lose value or fail, it can simply rebalance itself to leverage the security of the others. And to account for excess due to fees in their pools, it can rebalance itself in another way."
"Independent from any off-chain issuer, it is fortified against every risk inherent to all other stablecoins, and free of the anxiety that pervades the industry." "The protocol achieves this unprecedented feat by collateralizing other stablecoins. If any of them lose value or fail, it can simply rebalance itself to leverage the security of the others. And to account for excess due to fees earned by their pools, it can rebalance itself in another way."
"uSD is backed by a selection of Uniswap’s (whitelisted) stablecoin liquidity pools. Anyone can mint it by adding these stablecoins to those pools."
"uSD pool collateral is locked. Stored in an external smart contract, it can’t be touched even by the UniFi DFO, precluding voter fraud by bad actors." "In the case of any bug or update, $UniFi holders can vote to pause the uSD smart contract. This prevents minting of new uSD or rebalancing of uSD, but holders will still be able to redeem it for the pooled stable coins, and thus revoke the collateral." "Even if the uSD protocol fails, and even if the UniFi DFO votes to update uSD to an undesirable new version, uSD holders will still be able to interact with the old smart contract — until all collateral is revoked — as well as the new one."
"uSD is indeed the most resilient and secure stablecoin in the industry. By taking advantage of Uniswap, a security layer with a decentralized core, it frees holders from dependence on censorship or centralized manipulation by states and stablecoin issuers, and resolves all risks that come with trusting the big stablecoin companies, like MakerDAO, Coinbase, etc."
"It is backed by a Decentralized Flexible Organization. $UniFi holders on the Ethereum network have 100% control of the code and Credit/Debit of the protocol. Nobody can stop or censor the UniFi-uSD protocol; for the first time, the Ethereum network doesn’t have to choose between stability and independence in a stablecoin; it can have both."
"Because we take a Responsible DeFi Approach, UniFi uSD minting is limited in its early stages."
"Independent from any off-chain issuer, it is fortified against every risk inherent to all other stablecoins, and free of the anxiety that pervades the industry. The protocol achieves this unprecedented feat by collateralizing other stablecoins. If any of them lose value or fail, it can simply rebalance itself to leverage the security of the others. And to account for excess due to fees earned by their pools, it can rebalance itself in another way."
"In less than a week of existence the supply of uSD is already backed by $58,520.07 of Stable Coins Pools as a collateral!" "Stablecoins are backed by a tangible value. In uSD’s case, this value is that of other stablecoins, collateralized. But because it is still in its infancy, it has low liquidity, and is not 100% stable." "The silver lining? This is a chance to earn, by arbitraging it!"
"If > $1, you can stabilize uSD and earn in a single transaction by Minting uSD, by adding to a stablecoin tier; Swapping your minted uSD for another stablecoin; And earning extra stablecoins from the difference. If < $1, you can stabilize uSD and earn in a single transaction by Swapping a stablecoin for uSD; Burning the excess uSD for another stablecoin; And ultimately ending up with same $ amount you started with plus extra stablecoins."
"As of [September 9th, 2020], the amount of minted uSD [was] already 147,965 (~ $148K). The arbitrage transactions (from the arbitrage unifihub.com smart contract) are growing quickly too and the price has already begun to stabilize at $1, thanks to more than $100K liquidity in Uniswap."
"Over the next few weeks [after November 2nd, 2020], [the team promised release of] the white paper and the plan for DFOhub v0.5 (coming Q1 2021) and a huge update for UniFi: an ITEM-based, cross-AMM uSD, and a general-purpose, cross-AMM deployer for farming contracts. This will integrate UniFi into the ecosystem as the financial layer for the organizations of the future."
"The event concluded with a big announcement: an upcoming DFO-based AMM that uses uSD as its main currency. It will be based on the new ITEM standard, which, for one thing, will enable batch-swaps; swapping multiple tokens in a single transaction will be cheaper than ever before."
"The second version of the Unified State Dollar [was promised to come] soon [after December 2nd, 2020]. Built on top of the ETHITEM standard, it [would] not only be the most secure stablecoin on the market, but also reward holders."
"v2 has multi-AMM compatibility; a staking position can provide liquidity to multiple DEXes!"
"And by farming uSD in some tiers, you’ll both farm other stablecoins and earn uSD from trading fees; v1 fees are all sent to the UniFi DFO, but v2 fees will be split between the DFO and v2 holders. This is the first time in Ethereum history you’ll be able to farm a stablecoin. We think. If you have ever farmed a stablecoin before, please embarrass us by posting the dApp in Discord."
"The relevant tiers will consist of (two stablecoins) + uSD, at a rate of 1 uSD = 1 stablecoin. The fees will be collateralized as uSD to ensure its supply stays = that of the stablecoins backing it."
According to CoinGecko, "A new version of Unified Stable Dollar - Wrapped USD (WUSD) has been deployed, please refer to the Wrapped USD Page for more info." "Wrapped USD (WUSD) has been inactive and is deactivated."
"$WUSD is minted by collateralizing pairs of whitelisted stablecoins in the pools of whitelisted AMMs. By decentralizing the distribution of its collateral, and capable of rebalancing it for stability, $WUSD is not vulnerable to any single point of failure; it can only fail if the entire stablecoin industry collapses."
"The protocol is governed exclusively by $UniFi holders via the Covenants DFO, and cannot be censored or manipulated by any state, issuer or any other off-chain centralized intermediary."
"$WUSD the most resilient stablecoin there is, and is unstoppable as Ethereum itself."
"[T]he minting of $uSD (Unified Stable Dollar, v1 of $WUSD) is suspended, but it remains secure and backed at a 1:1 ratio by collateralized stablecoins, and $uSD holders can continue burning it to redeem them without any issues."
"unified Stable Dollar price [as of November 4th, 2022] is $0.575265." "The social media metrics for unified Stable Dollar are constantly changing. As of November 4th, unified Stable Dollar has a total of 481 Twitter followers , and 2,415 Discord members."
The original proposal for the Unified Stable Dollar was put together on August 27th, 2020, as a stablecoin backed by multiple other stablecoins. The Unifi Hub website appears to be offline since November 30th, 2020. Minting was discontinued on February 21st, 2021.
It appears that the supply was limited, and peaked at ~148k tokens. There are 34,557 tokens remaining in supply. The price remained reasonably stable until March 2nd, 2021. However, there is then a large price increase up to a peak of $4.13, followed by a drop down past the peg, crossing over for the final time on June 15th, 2021.
It is unclear whether anything has happened to disable the redemption of the remaining coins for the underlying collateral, or whether it is simply a missing interface (and lack of technical knowledge or effort) which has these coins trapped.
HOW COULD THIS HAVE BEEN PREVENTED?
Users should ensure that they know how to access the collateral backing any stablecoin. It would be recommended that multiple websites be available for any decentralized redemption.
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