WIP-34 Add TerraUSD (UST) for lending, borrowing and collateral

Hi Dear Community,

At the time we talk, Terra.money is gaining a lot of traction and hes stablecoin TerraUSD is growing fast.
I Already saw on the road that some mAsset will be add in the future and i think add TerraUSD for lending and borrowing can be a big plus for both eco system.

  1. Exposure to Terra.money.
  2. More choice for user to borrow or lend their favorite stablecoin.
  3. Use UST as collateral.
  4. Provide liquidity to mirror protocol, Sushiswap or Pancakeswap.
  5. Leverage his position in Terra.money asset.
  6. New way for locking Wing.
  7. Forgot to say the fee are very low on Terra network so the swap will cost nothing for user

What are you guys thinking ? Hope i clear enough cause my english is not perfect.

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I think we could try to add Terra into Ethereum version WING since we’re going to add mToken as well.

Nice, and After on onto for benefit of the low fee of ont and terra. Is that difficult for the team to swap beetween terra > onto ?

This deserved more attention. If you look at Mirror Protocol, then UST is an important part of their ecosystem. With the partnership coming, we should be ready to utilise their platform with as little effort as possible. Being able to borrow UST on WING would achieve that.

This isn’t simply adding another stablecoin. This actually has a clear usage case.

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Can’t agree with more.

Terra should be one of the supported assets in Ethereum version WING, it will attract more people to participate in Wing.

As a type of stablecoin, I suggest that the Collateral Factor of Terra can be 80% and the liquidation bonus can be 5%, the same as oneWING and USDT in Ethereum version Wing.

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Agreed. I think UST should be the first token voted on being added to Ethereum Wing after launch.

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would make a good WIP lots of liquidity coming from that ecosystem. the exposure it would bring to wing could prove extra beneficial.

Now that we are talking about UST, I think we should add another synthetic asset mTSLA under the Terra company into the Ethereum version Wing.

I would imagine that the mirror protocol link up will make those assets available?

I feel the same, as soon as possible.

Here are my opinions:

  1. UST is mainly used to swap mTSLA, I think it is meaningless to add UST alone, mTSLA should be added together;

  2. When the Ethereum version Wing was launched, some members actually proposed that mTSLA should be one of the participating assets, but considering the risk issue has not been added, I think now we can add mTSLA to Ethereum version Wing this time since mTLSA is accepted by more and more people.

Yes we have every intention of listing mTSLA. It won’t be on the first day of launch. We have two pertinent questions we need to discuss.

  1. What collateralization ratio should be set for mTSLA?

  2. How does Chainlink/Band oracles for mTSLA handle after-hours pricing? This was brought up to us by the Synthetix team to help us understand how to best manage synthetic assets.

Once we can comfortable answer these two questions, which we can discuss in this forum, mTSLA should be safe to list.

I agree. I’d love to see it supported, as popular as it is. I think that it won’t be a quick thing, or even plausible, to add native terra, however ERC20 UST should def be supported.

  1. In their own mint page
    50% is safe and 66.7% is the minimun, so I think the collateralization ratio should be 50% for mTSLA in Ethereum version Wing.

  2. 99.8% of mTSLA’s transactions are from Uniswap. https://coinmarketcap.com/zh/currencies/mirrored-tesla/
    I think Chainlink/Band oracles can directly take the price of mTSLA on Uniswap.

I suggest to add USDC, DAI and UST to Wing Flash Pool (Ethereum), they are all stablecoins, most people prefer stablecoin to participate in the DeFi project,more stablecoin will increase the TVL and market cap.

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99.6% of mTSLA is in UniSwap, low liquidity can cause the following problems:
(1) As the liquidity is low, the price of mTLSA is easily pulled up or down, making users participating in mTLSA lending vulnerable to attacks;
(2) As the liquidity is low, there will be fewer users participating, and the same situation as YFI may occur.

So I do not recommend adding mTLSA to Wing Flash Pool (Ethereum).