• bitcoinBitcoin (BTC) $ 96,396.00
  • ethereumEthereum (ETH) $ 2,721.07
  • xrpXRP (XRP) $ 2.67
  • tetherTether (USDT) $ 0.999755
  • bnbBNB (BNB) $ 652.75
  • solanaSolana (SOL) $ 169.11
  • usd-coinUSDC (USDC) $ 0.999907
  • dogecoinDogecoin (DOGE) $ 0.252690
  • cardanoCardano (ADA) $ 0.763371
  • staked-etherLido Staked Ether (STETH) $ 2,719.41
  • tronTRON (TRX) $ 0.243435
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 96,086.00
  • chainlinkChainlink (LINK) $ 17.98
  • wrapped-stethWrapped stETH (WSTETH) $ 3,242.18
  • stellarStellar (XLM) $ 0.335271
  • litecoinLitecoin (LTC) $ 136.04
  • suiSui (SUI) $ 3.19
  • avalanche-2Avalanche (AVAX) $ 23.71
  • ugold-incUGOLD Inc. (UGOLD) $ 3,037.58
  • hedera-hashgraphHedera (HBAR) $ 0.217224
  • shiba-inuShiba Inu (SHIB) $ 0.000015
  • usdsUSDS (USDS) $ 0.999926
  • leo-tokenLEO Token (LEO) $ 9.68
  • the-open-networkToncoin (TON) $ 3.55
  • wethWETH (WETH) $ 2,719.39
  • hyperliquidHyperliquid (HYPE) $ 24.02
  • polkadotPolkadot (DOT) $ 4.88
  • mantra-daoMANTRA (OM) $ 7.60
  • bitcoin-cashBitcoin Cash (BCH) $ 322.11
  • ethena-usdeEthena USDe (USDE) $ 0.998994
  • bitget-tokenBitget Token (BGB) $ 4.85
  • uniswapUniswap (UNI) $ 9.55
  • wrapped-eethWrapped eETH (WEETH) $ 2,882.02
  • moneroMonero (XMR) $ 241.05
  • pepePepe (PEPE) $ 0.000009
  • whitebitWhiteBIT Coin (WBT) $ 27.18
  • ondo-financeOndo (ONDO) $ 1.21
  • aaveAave (AAVE) $ 252.88
  • aptosAptos (APT) $ 6.46
  • nearNEAR Protocol (NEAR) $ 3.16
  • daiDai (DAI) $ 0.999875
  • mantleMantle (MNT) $ 1.03
  • bittensorBittensor (TAO) $ 412.95
  • susdssUSDS (SUSDS) $ 1.04
  • official-trumpOfficial Trump (TRUMP) $ 16.93
  • internet-computerInternet Computer (ICP) $ 6.89
  • ethereum-classicEthereum Classic (ETC) $ 21.12
  • okbOKB (OKB) $ 49.68
  • gatechain-tokenGate (GT) $ 22.58
  • tokenize-xchangeTokenize Xchange (TKX) $ 35.15
  • kaspaKaspa (KAS) $ 0.105760
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.302234
  • vechainVeChain (VET) $ 0.031802
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 96,284.00
  • sonic-3Sonic (prev. FTM) (S) $ 0.724918
  • crypto-com-chainCronos (CRO) $ 0.084256
  • render-tokenRender (RENDER) $ 4.24
  • algorandAlgorand (ALGO) $ 0.259645
  • filecoinFilecoin (FIL) $ 3.31
  • arbitrumArbitrum (ARB) $ 0.469901
  • cosmosCosmos Hub (ATOM) $ 4.69
  • first-digital-usdFirst Digital USD (FDUSD) $ 1.00
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 96,100.00
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.727700
  • jupiter-exchange-solanaJupiter (JUP) $ 0.719618
  • optimismOptimism (OP) $ 1.14
  • celestiaCelestia (TIA) $ 3.20
  • fasttokenFasttoken (FTN) $ 3.96
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,714.92
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,818.63
  • lido-daoLido DAO (LDO) $ 1.72
  • kucoin-sharesKuCoin (KCS) $ 12.05
  • injective-protocolInjective (INJ) $ 15.10
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 96,065.00
  • xdce-crowd-saleXDC Network (XDC) $ 0.090013
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,065.65
  • nexoNEXO (NEXO) $ 1.33
  • blockstackStacks (STX) $ 0.880854
  • binance-staked-solBinance Staked SOL (BNSOL) $ 174.90
  • immutable-xImmutable (IMX) $ 0.739597
  • the-graphThe Graph (GRT) $ 0.133797
  • theta-tokenTheta Network (THETA) $ 1.27
  • ethenaEthena (ENA) $ 0.403329
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,875.15
  • raydiumRaydium (RAY) $ 4.30
  • bonkBonk (BONK) $ 0.000016
  • flare-networksFlare (FLR) $ 0.020346
  • movementMovement (MOVE) $ 0.495661
  • worldcoin-wldWorldcoin (WLD) $ 1.14
  • usual-usdUsual USD (USD0) $ 0.997611
  • sei-networkSei (SEI) $ 0.226446
  • dexeDeXe (DEXE) $ 18.43
  • jasmycoinJasmyCoin (JASMY) $ 0.021367
  • telcoinTelcoin (TEL) $ 0.011343
  • solv-protocol-solvbtc-bbnSolv Protocol SolvBTC.BBN (SOLVBTC.BB) $ 94,536.00
  • makerMaker (MKR) $ 1,155.55
  • flokiFLOKI (FLOKI) $ 0.000100
  • galaGALA (GALA) $ 0.022316
  • eosEOS (EOS) $ 0.626256
  • tezosTezos (XTZ) $ 0.872705
  • the-sandboxThe Sandbox (SAND) $ 0.363628
  • ethereum-name-serviceEthereum Name Service (ENS) $ 26.74
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,819.39
  • msolMarinade Staked SOL (MSOL) $ 213.93
  • bittorrentBitTorrent (BTT) $ 0.00000085
  • wbnbWrapped BNB (WBNB) $ 650.94
  • flowFlow (FLOW) $ 0.515790
  • iotaIOTA (IOTA) $ 0.221147
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 96,215.00
  • jito-governance-tokenJito (JTO) $ 2.60
  • roninRonin (RON) $ 1.23
  • kaiaKaia (KAIA) $ 0.130013
  • bitcoin-svBitcoin SV (BSV) $ 37.81
  • neoNEO (NEO) $ 10.62
  • pyth-networkPyth Network (PYTH) $ 0.204592
  • tether-goldTether Gold (XAUT) $ 2,931.71
  • berachain-beraBerachain (BERA) $ 6.55
  • chain-2Onyxcoin (XCN) $ 0.021037
  • axie-infinityAxie Infinity (AXS) $ 4.29
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.35
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,874.15
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 183.43
  • story-2Story (IP) $ 2.70
  • paypal-usdPayPal USD (PYUSD) $ 1.00
  • curve-dao-tokenCurve DAO (CRV) $ 0.514935
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.251883
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,720.43
  • heliumHelium (HNT) $ 3.58
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 0.976444
  • meowMEOW (MEOW) $ 0.006982
  • usdx-money-usdxusdx.money USDX (USDX) $ 1.00
  • dogwifcoindogwifhat (WIF) $ 0.619643
  • elrond-erd-2MultiversX (EGLD) $ 21.93
  • pax-goldPAX Gold (PAXG) $ 2,945.54
  • arweaveArweave (AR) $ 9.13
  • decentralandDecentraland (MANA) $ 0.316851
  • resolv-usrResolv USR (USR) $ 1.00
  • spx6900SPX6900 (SPX) $ 0.631977
  • starknetStarknet (STRK) $ 0.224765
  • zcashZcash (ZEC) $ 36.40
  • fraxFrax (FRAX) $ 0.995762
  • insurance-2INSURANCE (INSURANCE) $ 30.41
  • aerodrome-financeAerodrome Finance (AERO) $ 0.739972
  • pumpbtcpumpBTC (PUMPBTC) $ 94,860.00
  • dydx-chaindYdX (DYDX) $ 0.777556
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,720.39
  • conflux-tokenConflux (CFX) $ 0.114552
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,718.24
  • matic-networkPolygon (MATIC) $ 0.302537
  • apecoinApeCoin (APE) $ 0.676537
  • pendlePendle (PENDLE) $ 3.29
  • beldexBeldex (BDX) $ 0.075444
  • ecasheCash (XEC) $ 0.000026
  • aioz-networkAIOZ Network (AIOZ) $ 0.446175
  • ketKet (KET) $ 0.508288
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.008094
  • chilizChiliz (CHZ) $ 0.053924
  • beam-2Beam (BEAM) $ 0.009640
  • coredaoorgCore (CORE) $ 0.506325
  • morphoMorpho (MORPHO) $ 2.24
  • kavaKava (KAVA) $ 0.458447
  • true-usdTrueUSD (TUSD) $ 0.998584
  • compound-governance-tokenCompound (COMP) $ 55.09
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 96,325.00
  • clbtcclBTC (CLBTC) $ 96,620.00
  • wormholeWormhole (W) $ 0.165228
  • metars-genesisMetars Genesis (MRS) $ 5.57
  • gnosisGnosis (GNO) $ 181.75
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008265
  • newton-projectAB (prev. Newton) (AB) $ 0.010005
  • amp-tokenAmp (AMP) $ 0.005333
  • verus-coinVerus (VRSC) $ 5.72
  • apenftAPENFT (NFT) $ 0.00000045
  • axelarAxelar (AXL) $ 0.492459
  • tbtctBTC (TBTC) $ 96,044.00
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 1.00
  • quantixaiQuantixAI (QAI) $ 84.46
  • stakestone-berachain-vault-tokenStakeStone Berachain Vault Token (BERASTONE) $ 2,694.70
  • akash-networkAkash Network (AKT) $ 1.73
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.03
  • chex-tokenCHEX Token (CHEX) $ 0.420519
  • grassGrass (GRASS) $ 1.72
  • mina-protocolMina Protocol (MINA) $ 0.342408
  • eigenlayerEigenlayer (EIGEN) $ 1.70
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • thorchainTHORChain (RUNE) $ 1.17
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000075
  • hashnote-usycHashnote USYC (USYC) $ 1.08
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 2,967.64
  • usdbUSDB (USDB) $ 0.993806
  • ousgOUSG (OUSG) $ 110.02
  • zksyncZKsync (ZK) $ 0.107009
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 2,718.61
  • wouldwould (WOULD) $ 0.388340
  • based-brettBrett (BRETT) $ 0.038914
  • honey-3Honey (HONEY) $ 0.998706
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • ai-companionsAI Companions (AIC) $ 0.377691
  • deepDeepBook (DEEP) $ 0.149647
  • 1inch1inch (1INCH) $ 0.264197

USDD 2.0 has no whitepaper, no governance, and 20% yield

USDD 2.0 has no whitepaper, no governance, and 20% yield

Justin Sun has excitedly trumpeted the launch of the new version of his algorithmic stablecoin, USDD, taking to X to proclaim that it’s “about to launch with a 20% APY.” However, he insists that people stop asking where the yield comes from.

Strangely, it’s hard to determine with any amount of precision how USDD 2.0 will differ from the current implementation.

The most recent version of the coin’s whitepaper dates to December 2022 — more than two years ago. It posits that its stability will come from the project serving in the role “of a decentralized central bank in the industry.”

Even more strangely, there are no recent governance votes for this project, with the last dating to May of 2023.

The audit reports for the project haven’t been recently updated either, dating to 2022. Humorously, 2022 is also the last time that any new USDD was issued.

Even the USDD Discord has no details about what USDD 2.0 is.

However, there is a “Beta” USDD 2.0 website that appears to hint that it will eliminate many of the algorithmic features of USDD, instead making it a JUST DAO stablecoin like the JUST stablecoin (USDJ).

This is based on a line on the website that notes that “JUST DAO offers a lending protocol that enables users to mint over-collateralized stablecoins (USDD) by depositing Tron chain assets.”

It also shows three vaults that appear to correspond to Wrapped Tron, Tether, and CryptoFlow.

Strangely, JustLend DAO doesn’t have any governance discussion of this launch of USDD 2.0. Nor does the JUST Stable Governance portal have any proposals related to USDD 2.0.

However, for those still seeking to understand the protocol, there’s a documentation website that’s currently linked from the beta website. Details are still scarce, but it seems to describe a system that mimics JUST Stable and USDJ (themselves derivatives of Maker).

Sun seems intent on doubling down on the JUST Stable model, despite the fact that USDJ hasn’t seen substantial adoption, with a total market capitalization of approximately $23 million. Twenty million of these tokens are currently in TSF2rqLdrrZG7PZkDxtvu6B2PTpofidMAX, an address included in the reserves for USDD.

Sun has moved to allay any concerns about where the project’s yield comes from by insisting that there won’t be any issues “simply because we have plenty of money.”

Protos reached out to the USDD contact email address for clarification on these upcoming changes to USDD, but received no response before publication.

Quotes in bold are our emphasis. Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.

Source

Leave A Reply

Your email address will not be published.