Adding USDT (Tether US Dollar) to tradehub
Dear Switcheo Community,
as you know we have the stable coins USDC and BUSD already on tradehub. I just wanted to throw the idea into the room to add USDT as stable coin to demex as well.
To start with I would suggest to open the market USDT/BUSD and link it to the pool BUSD/USDT with an Apy reward of 1x.
USDT has the highest volume amongst all stable coins. You can check it here.
USDT would attract more volume into the ecosystem of switcheo. I know the gas fees of Usdt transfer via eth network are still high. But Usdt is also available in Binance Smartchain, we could offer BEP2/BEP20/BSC/ERC20 Deposits and Withdrawals for USDT. According to coinmarketcap or similar reliable platforms USDT has a daily volume over 280 Billion US Dollar. To give investors /stakers/ hodlers the possibility to deposit Usdt to Demex would attract more capital and volume. For anyone who wants to transfer Usdt with low gas fees deposit via Binance smart chain is possible for Usdt. I would like to hear your ideas.
Quick clarifications :
- BEP-20 USDT is already on Demex
- BEP-20 USDT is not the same as ERC-USDT
If you want to list ERC20 USDT as well, then you will also need to list a BUSDT/USDT pair. This is because they are essentially different tokens. The only exception is SWTH because we can mint them.
Hope this clarifies.
@kang Thanks for the clarification. I would suggest then to add
BUSDT/USDT as pair and pool
and also USDT/BUSD as pair and pool. we should weight all of them 1x apy reward.
In my opinionen USDT is not required(yet) since it is just another ERC-20 token. For me I wont trade USDT at all or not much. The biggest problem is the high deposit and withdraw fees like all ERC-20 tokens already have. The new pair USDT/BUSD wont bring much volume since there is no need to swap between both. We dont have any other USDT pairs and I think USDT pools wont attract much liquidity.
@Devel484 I supported the proposal to create a token just so that if we need it in the future, it's already accessible. It's not a bad idea to create the token first.
It might be good to have USDT/USDC pair tho