1/ As @trondao's $USDD returned to peg following the Q2 chaos, supply growth stagnated.
A positive growth metric was the number of wallets holding $USDD which saw 5x growth over Q3.
The increased adoption is needed for $USDD supply and $TRX value.🧵
A positive growth metric was the number of wallets holding $USDD which saw 5x growth over Q3.
The increased adoption is needed for $USDD supply and $TRX value.🧵
2/ ~$USDD supply / $TRX Deposit
9B $TRX was deposited in the first 5 months of $USDD's launch.
$USDD supply increased 0.2% in Q3, leaving room for growth.
$USDD has also expanded to @Binance and @Ethereum.
9B $TRX was deposited in the first 5 months of $USDD's launch.
$USDD supply increased 0.2% in Q3, leaving room for growth.
$USDD has also expanded to @Binance and @Ethereum.
3/ ~Reserves
$USDD appears sufficiently backed by non-native collateral in the form of $BTC, $USDT, and $USDC.
While not included in collateral backing due to its reflexive nature, the @trondao Reserve (TDR) could sell $725M of TRX to back $USDD.
$USDD appears sufficiently backed by non-native collateral in the form of $BTC, $USDT, and $USDC.
While not included in collateral backing due to its reflexive nature, the @trondao Reserve (TDR) could sell $725M of TRX to back $USDD.
4/ ~Adoption
Average wallets leveled out at 120K wallets, with an average value held around 6,000 $USDD.
The cumulative volume of #USDD traded was over 6.2B.
The floor of average daily transactions was around 400.
Average wallets leveled out at 120K wallets, with an average value held around 6,000 $USDD.
The cumulative volume of #USDD traded was over 6.2B.
The floor of average daily transactions was around 400.
5/ ~Peg and Location
To maintain its peg, USDD primarily uses Peg Stability Module (PSM). The TDR can also mint or burn $USDD to help maintain peg.
Since launch, the PSMs have done over 1B dollars in volume, partnering with @MultichainOrg to get liquidity on other chains.
To maintain its peg, USDD primarily uses Peg Stability Module (PSM). The TDR can also mint or burn $USDD to help maintain peg.
Since launch, the PSMs have done over 1B dollars in volume, partnering with @MultichainOrg to get liquidity on other chains.
6/ ~Qualitative Analysis
From launch through Q3, @trondao adjusted native interest rates, the PSM was put in place to allow $USDD to maintain peg, and the TDR has been working to drive adoption through rewards and $USDD trading pair offerings on CEXs.
From launch through Q3, @trondao adjusted native interest rates, the PSM was put in place to allow $USDD to maintain peg, and the TDR has been working to drive adoption through rewards and $USDD trading pair offerings on CEXs.
7/ So far, @trondao's $USDD remains comfortably over-collateralized by a basket of #Bitcoin and other stablecoins.
For more, explore the full State of USDD Q3 2022 report from @john_tv_locke.
messari.io/article/state-…
For more, explore the full State of USDD Q3 2022 report from @john_tv_locke.
messari.io/article/state-…
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