Proposal: Add support for Terra USD (UST)

Summary:
This is a proposal for adding borrow/lend support for TerraUSD (UST) on AAVE

Background:
TerraUSD (UST) is an algorithmic, seigniorage-based stablecoin issued by Terraform Labs (TFL). UST is one of the fastest growing algorithmically stablecoins to-date. Its market capitalization has grown to almost $200 million (​https://www.coingecko.com/en/coins/terra-usd​) since its inception on October 1.

TFL currently uses Shuttle (​https://github.com/terra-project/shuttle#terra–ethereum​) to bring Terra assets, including UST, to Ethereum. At the time of this writing, the supply of erc-20 UST is roughly $50 million.

Liquidity:
Current stablecoins supported by Aave (by market size):

  1. USDT ($23B)
  2. USDC ($4.5B)
  3. DAI ($1.3B)
  4. BUSD ($1.1B)
  5. HUSD ($280M)
  6. UST (190M)
  7. SUSD ($160M)
  8. GUSD ($33M) - just passed

UST currently has a daily trading volume of ~$20 million, and is supported on Curve.fi, SushiSwap, Uniswap: https://eth.mirror.finance/, and is a centerpiece of Mirror Protocol (https://mirror.finance/).

Benefits for Aave:

  1. Diversification of stablecoin assets: the majority of stablecoins on Aave are centralized. Adding UST would add diversity to the different asset types and decrease aggregate risk of the Aave ecosystem
  2. Diversity of users from both the Terra community (and broader Asia)
  3. Mirror Protocol (​https://mirror.finance/​) has recently been launched, driving demand for UST. We believe UST support will provide significant liquidity to the Aave ecosystem

Additional resources on UST:
● Blog: Announcing TerraUSD (UST)— the Interchain Stablecoin | by Do Kwon | Terra Money | Medium
● Website:​ ​https://terra.money/
● Docs:​ ​https://docs.terra.money/contracts/#growing-active-user-base-with-real-world-usage
● Contract address: $1.0300 | Wrapped UST Token (UST) Token Tracker | Etherscan
● Security audit conducted by Certik:​ ​https://certificate.certik.io/reports/terra.pdf

49 Likes

Sounds like a good idea. Let’s add UST asap!

9 Likes

This is what I was looking for. Perfect Idea! UST is my favorite stable

7 Likes

Terra has done a fantastic job in increasing relevance for UST. Their products Mirror is the only decentralized interface that allows investment in stocks like Apple, Tesla, Amazon, Twitter and Microsoft with click of a button in a non-custodial, 24*7 live environments.

I have deep respect for Mirror and its creators. UST is already the Top 6 stablecoin in liquidity in just 6 weeks of Mirror launch. It’s time Aave adopts it too!

10 Likes

I’ve seen more and more places where UST is appearing. Looks to be a great addition!

8 Likes

Absolutely fantastic stable coin with multiple supporting financial systems and protocols. UST is a must add.

8 Likes

Please Add UST! It’s the most scalable and decentralized Algo Stablecoin on the market. UST will give access to so many investors in search of a secure and scalable USD Stablecoin!

7 Likes

Yes Please!! I need UST on AAVE😍

5 Likes

looks like a good mutually beneficial addition.

5 Likes

I’ve been market making UST on Kucoin, I would love to have it on AAVE please add

5 Likes

True that’s why I love it :fire:

4 Likes

Please add. UST and Terra is amazing!

4 Likes

AAVE we really need a decentralised algo stablecoin like UST on AAVE, please have it listed

3 Likes

Ust on aave will be awesome, come on guys let’s do this #terra
:100::100:

4 Likes

Disclosure: I hold Terra LUNA and also UST!
I support this because the UST stablecoin is quite different from many others such as USDC, USDT, and DAI, and diversity is good!

6 Likes

Should be an easy choise!

3 Likes

Terra UST is quickly being adopted via Mirror Protocol and mAssets and deserves immediate consideration here imo. Not to mention Anchor savings which is on the way and only awaiting audits. Please add support for UST!

5 Likes

Since UST is main mean to access synthetic assets from MIRROR PROTOCOL, the UST stable coin does have good utility.

4 Likes

Luna holder and TerraLab supporter. UST is proving use case with MIR Protocol and transactions only increasing since inception. One of most underrated stable coins. Do the research and you will understand UST belongs on AAVE.

5 Likes

Please arrange this as soon as possible

1 Like