USM, a minimalist stablecoin (@usmfum) profile picture

USM, a minimalist stablecoin

@usmfum

USM, a "stablecoin vending machine", the world's simplest decentralized stablecoin. https://nitter.cf/t.co/1kwFPsB0hf

Joined September 2020
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PSA - if you're thinking of buying some FUM (either to help collateralize the USM system, invest in FUM as "leveraged ETH", or just to experiment with the smart contract), might want to do it before Oct 31: after that the FUM/ETH price starts floating and fees will increase.
USM, a minimalist stablecoin (@usmfum) profile pictureUSM, a minimalist stablecoin@usmfum11 Oct 2021
Replying to @usmfum
Note that the FUM price is fixed at 0.00025 ETH (currently ~$0.90) until Oct 31: after that the FUM/ETH price starts floating. So no rush between now and then. Defunds (FUM->ETH) are also disabled until November.
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OK after a bit more thought, integrating USM with an L2 doesn't actually seem *that* bad. A sketch in one tweet (+ a thread)...
USM, a minimalist stablecoin (@usmfum) profile pictureUSM, a minimalist stablecoin@usmfum20 Nov 2021
Replying to @usmfum
I know people talk about the abstract challenge of "composability", for both L2s and sharding, but this seems like a very concrete and simple example. If we can't make even USM work on an L2 maybe we should just all switch to Solana 🤷
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In principle this setup could work with multiple L2s. The main annoyance to that is USM/ETH trading liquidity gets fragmented across further DEXes -> worse prices for users. (As a former market maker I hate fragmenting liquidity! Bad for everyone)
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But anyway to get this started doesn't seem too bad! Need to pick an L2... (And finish security audit) And then we can actually demo USM to our friends w/o gas sob stories. (I split a bill at dim sum today, would have loved to get people to pay with USM... Instead: Venmo 🙄)
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Man these fees eh. So how would a stablecoin system like USM work on an L2? Our smart contract needs to: 1. Read Uniswap v3 oracle prices, based on latest-block-fresh Uniswap v3 trades 2. Similarly Chainlink prices 3. Update ETH/USM/FUM balances (for itself and for users)
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Making each Uniswap pool a single seamless market across layers every block seems like a stretch. But if liquidity on each pool (eg USDC/ETH 0.05%) is fragmented across L1 + every L2, a priori that will severely reduce robustness of our oracle prices, opening USM to exploits...
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I know people talk about the abstract challenge of "composability", for both L2s and sharding, but this seems like a very concrete and simple example. If we can't make even USM work on an L2 maybe we should just all switch to Solana 🤷
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USM, a minimalist stablecoin (@usmfum) profile picture
USM, a minimalist stablecoin@usmfum12 Nov 2021
Replying to @RhysLindmark
We do have a discord! discord.gg/KZrhxCzgPT It was active earlier this year, we should get it going again. USM is a public good, there is no company, it will live or die by whether devs & users get involved - join us! Lots of cool aspects to discuss.

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It's now been a week since the USM system's "prefund" period ended, the FUM/ETH price has been floating, and the system just saw its first defund! (FUM->ETH redemption.) Everything seems to be working fine so far... etherscan.io/tx/0x2dc1987cbf…
Ethereum Transaction Hash: 0x2dc1987cbf... | Etherscan

Ethereum Transaction Hash: 0x2dc1987cbf... | Etherscan

0x4093eED4...a58f70c4c Transfer 800 FUM to Null: 0x000...000 | Success | Nov-07-2021 09:58:08 PM (UTC)

etherscan.io
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We're now going to start shifting gears from staying up at night worrying about USM to getting the word out about it. If you know any podcasts that would like to do an interview about a new decentralized stablecoin, get in touch...
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And we still welcome suggestions to add to the FAQ! github.com/usmfum/USM/blob/m…
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