Thread by @KyleSamani

0/ We’ve been thinking about stablecoins for a long time. We even tried to design one in late 2017 but ultimately canned it

We recently led a round in UXD, which we believe is the right decentralized stablecoin construction

multicoin.capital/2021/09/02/sol…

1/ the construction is understood: it’s just the basis trade

This is *by far* the most battle tested stablecoin construction because of the volume + OI on perps over the last few years

It’s very hard to see how it implodes because it’s 100% collateralized

2/ UXD lives on solana and will interface with the major derivatives venues like Mango and Drift and others

And stablecoin swapping pools like Saber

3/ ETH Maxis often say there is nothing innovative happening on solana. This couldnt be further from the truth. UXD is only possible because of Serum and having natively composable derivatives on layer 1

This is the ultimate manifestation of DeFi

4/ We are stoked to back @KentoInami and the UXD team and build the most scalable stablecoin for the world!

{fin}