TL;TR:
Solution how to deploy native USDt USDC to NEAR, make money flow to NEAR.
Situation:
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Currently USDt and USDC already support native on NEAR, but they are not deployed yet on any pools. Reason is we already had USDT.e and USDC.e that’s also secure and has a lot of TVL, so it’s hard to replace now.
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All bridges (multichain, synapse, cbridge…) use USDT.e/ USDC.e as pool on near and aurora, not use native.
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If we don’t have USDt USDC native, that’s difficult to be supported by cex-exchanges (Binance, Huobi, OKX…), bridging from another chain is cost more. Money will not flow to NEAR.
Solution:
I suggest 2 solutions to solve this situation:
Solution 1: must do 2 step in parallels.
- Open stable coin pools on ref, trisolaris (USDC-USDC.e, USDt - USDC.e) with low fee … Team and Tether/Circle provide liquidity to these pools and recommend user to change from USDx.e to native.
- Reduce liquidity/rewards of pairs X/USDT.e X/USDC.e , open new pairs X/USDt & X/USDC and increase reward, make user swap on new pairs.
Solution 2: team NEAR can do (but not sure about ability to do)
- Stop bridging USDT.e/ USDC.e from Ethereum to NEAR/AURORA via RainbowBridge
- Withdraw and pay back all USDT.e/ USDC.e at rainbowbridge contract on Ethereum to Tether and Circle, ask them issue the same volume on NEAR, just change metadata of USDT.e/ USDC.e on NEAR back to native token.
Seem Solution 2 is better for user more than Solution 1 but not sure that can do.
Let’s share your ideas.
4 Likes
Thanks for starting this conversation!
It is indeed a great achievement that USDT and USDC are now available natively on NEAR. Under normal market condition, the next step would be for more CEXs to start accepting these native versions, etc.
An important note - on all ecosystems, the native assets co-exist with the bridged assets. I do not support (and I don’t think it is technically possible due to the decentralised nature of it) stopping USDT-e, USDC-e transfers
From my perspective, this requires several steps:
- Communications. Beyond the announcement, there really isn’t much information out there. Even I have it on my to-do list to research or native USDT and USDC will work as I am actually not sure now. I’ll be making a Youtube video on this later.
- Establish StableSwap pools - REF would be the best place on NEAR Native. There are several options on Aurora including Rose (would be good to drive traffic to that OG project), Curve (reactivate that partnership? they seem to have faded Aurora), HOLDR (just launched, looks promising), Arctic (concentrated liquidity pools).
- Liquidity for StablePools - ideally Proximity would handle this. Work with liquidity providers, etc. Although I suspect current Market conditions create some friction in this area.
- Lending Protocols - The main driver for adoption of the native asset will be Lending Protocols - Burrow on NEAR Native, Bastion and Aurigami on Aurora - to include the native assets. Over time create incentives for the markets to shift towards native assets.
Looking forward to reading what other people think
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Thank @satojandro for your idea, I totally agree with this. It’s same as solution 1 with more detail and useful points. I saw first pool with native USDt on Ref but with just a little TVL. I think team has a plan to deploy native stable coins. Let’s looking for more idea below.
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