The culmination of a titanic challenge.
The start of an extraordinary adventure.
The first ever decentralized Synthetic Dollar.
Mint $USDN now on https://t.co/mOGkdAYgRG
Longing $ETH on SMARDEX Decentralized Perpetual right now, with a leverage of 5, would pay you 68% APR.
Yes. You read that right.
January.
https://t.co/mOGkdAYgRG
$SDEX is quietly climbing the ranks, currently at 369thโฆ This is just the beginning, when it explodes, itโs going to hurt! ๐๐ฅ Soon in the top 300! โณ
@every_thing@ethereum@Bitcoin
Current status and announcement :
Hello everyone,
Thanks again for your increased patience regarding USDN!
As you know, our priority is always to release flawless products of the highest possible quality.
After more than a year of research, we started working on implementing our USDN solution in July 2023. The number of challenges we had to solve was impressive, and our team succeeded in surpassing every milestone. This is a great source of pride for us, and has made us understand why no one has ever succeeded in creating a decentralized synthetic dollar. USDN is more than that.
We've recently added a few extra security measures and some extremely innovative functions to enable the protocol to be even more efficient in its liquidity management. This has made development a little longer, and we're confident that we'll be entering the final audit phase in 2-3 weeks' time.
In the meantime, here are some long-awaited details on USDN related to $SDEX:
โข For each USDN minting; a few SDEX will be purchased by the user who will burn them forever. This means that the SDEX price will definitely rise a little more for each new mint.
โข TVL will generate strong buying pressure on SDEX. Let's say the TVL of $USDN is 1 billion. Taking the state of the average market over the last few years and extrapolating to the future, this would generate around $600,000 worth of SDEX bought and burned every month (at current prices, this represents around 35,000,000 SDEX). These purchases would take place automatically, recurrently and perpetually, for as long as the blockchain exists. Growth is linear. For example, if USDN reaches the current TVL of Ethena USDe (which is a fully centralized Delta Neutral synthetic dollar attempt that we deem suboptimal, risky and vulnerable for reasons we'll detail later), that would be $1,440,000 of SDEX that would be bought per month on the pools and then burned forever.
It's up to you if you want to take a look at the impact on SDEX prices of this kind of automatic, recurring purchase.
We'll be sharing many more details with you over the coming weeks, and thank you again for your attention and patience. We're proud and honored to be supported by such a great community.
With love ๐,
The SmarDex team
A few months ago, we announced the creation of the first decentralized synthetic dollar, the Ultimate Synthetic Deltra Neutral token, $USDN.
At the time, there was some skepticism about the need for new solutions.
Since then, three major stablecoin projects have been launched, including a new Delta Neutral synthetic dollar, and @Ripple has just declared its entry into the stablecoin game.
None of these projects is decentralized
and all of them have obvious flaws.
Daily volume has been accelerating lately, as we cross the $150m mark in cumulative volume.
Average weekly volume three months ago: $3.5m
Average weekly volume last month: $7.25m