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It often seems to pump later than other coins. 1 million more USDM were minted today, which is probably where the little spike was from a few hours ago. This has happened a number of times (1 million USDM minted, ADA goes up a few cents). Glad USDM seems to be growing quickly in the ecosystem.
>Cardano's TPS is currently sufficient for its volume. grats on having low enough volume not to stress your low throughput chain I guess? 🎉 >As I said, within a few years, we will ~100x the scaling. As I said, 7 years in isn't the time to be saying "in a few years". Cardano leans a little too hard into the "marathon not a sprint" ethos for my taste. But "in a few years" I guess we'll see. >We didn't take seven years to prioritize governance, but only the last few years You haven't improved scaling and you're just now implementing formal governance, so does this distinction even mean anything with regard to my point? If you didn't take 7 years for governance, what else was accomplished during that time, seeing as it wasn't scaling? >There is a big difference between holding discussions in a forum and letting a small group of stakeholders decide off-chain which proposals deserve final implementation, compared to an on-chain voting system where thousands of Dreps can make proposals and vote with liquid voting power granted by ADA holders, effectively controlling a half-billion-dollar fund in a decentralized way. In theory, not in practice. In practice formal decentralized governance is still very immature(we see this time and time again from the thousands of other "DAOs" that get mismanaged) and I'd guess that's why not many chains have chosen to prioritize it. >The USDM supply isn't 3 million; it's about 7 million right now. And I agree it's tiny. The community will work to get USDC on board after the Chang hard fork, since we will then take full control, and many of us want USDC to be natively supported here. Outside of this, Cardano is also being integrated into Thorswap at the moment, so around Q4 2024 or Q1 2025, we can swap ADA to USDC (and other tokens like BTC, ETH, etc.) back and forth in a decentralized way using the Thorswap DEX. I also agree Djed is a joke; that's why many within the community like USDM more at the moment. Just goes to show you that "native" assets are holding you back as much as they are helping you. Going out of your way to bridge wrapped stablecoins because your "native" ones suck too much. It's good that Cardano is finally becoming part of the multi-chain world, but I still foresee the liquidity lacking even with a bridge. I guess we can also file this one under "in a few years" we'll see. >If you're interested in Cardano statistics, Taptools.io is the go-to site. Check it out; it's amazing. I've used taptools before, it's alright, but there isn't much support for Cardano outside of Cardano-specific tooling, if at all. No Dune support, no Nansen support, no Zapper support, barely any DefiLlama support. Feels entirely siloed from the rest of the industry, both in data and liquidity. >And you don't have to worry about the treasury being depleted; the community would never allow that. if there is one community's judgment who I do not trust, it's 100% the people who you say would never allow it and even then, saying "the community would never allow that" means **absolutely** nothing. >We are sustainable; you are creating a fictional scenario where the treasury is suddenly gone and calling us unsustainable because of it, but that doesn't make any sense. It would take an incredibly long time before the treasury would ever deplete, and by that time, the transaction fees would contribute massively to the treasury. Your chain is generating near zero revenue and is somehow magically sustainable in perpetuity? Where is the money coming from? Has Charles Hoskinson discovered alchemy? >And those key insights aren't that meaningful. Almost every altcoin has had a hard time over the last few months. During an altseason, such numbers are radically different. Not necessarily, that may be the rule but there were definitely exceptions and not every bad Q2 is equal. So hand-wave it away just based on the market if you want, but there might be more to it. I feel like a lot of the defense of Cardano is just "it's bad but it will get better", what is actually good about Cardano? (and don't say decentralization but decentralization is only valuable if the underlying chain has value, most Cardano people also tend to fixate on just validator numbers and ignore the many other factors) What would make someone choose Cardano over Ethereum or Solana?
Cardano's TPS is currently sufficient for its volume. As I said, within a few years, we will ~100x the scaling. We didn't take seven years to prioritize governance, but only the last few years. I recommend checking out the Cardano roadmap. If you think that both groups will largely operate the same with regard to governance, you couldn't be more wrong, and I'd recommend watching videos about what the Chang hard fork will enable. There is a big difference between holding discussions in a forum and letting a small group of stakeholders decide off-chain which proposals deserve final implementation, compared to an on-chain voting system where thousands of Dreps can make proposals and vote with liquid voting power granted by ADA holders, effectively controlling a half-billion-dollar fund in a decentralized way. The USDM supply isn't 3 million; it's about 7 million right now. And I agree it's tiny. The community will work to get USDC on board after the Chang hard fork, since we will then take full control, and many of us want USDC to be natively supported here. Outside of this, Cardano is also being integrated into Thorswap at the moment, so around Q4 2024 or Q1 2025, we can swap ADA to USDC (and other tokens like BTC, ETH, etc.) back and forth in a decentralized way using the Thorswap DEX. I also agree Djed is a joke; that's why many within the community like USDM more at the moment. If you're interested in Cardano statistics, Taptools.io is the go-to site. Check it out; it's amazing. And you don't have to worry about the treasury being depleted; the community would never allow that. We are sustainable; you are creating a fictional scenario where the treasury is suddenly gone and calling us unsustainable because of it, but that doesn't make any sense. It would take an incredibly long time before the treasury would ever deplete, and by that time, the transaction fees would contribute massively to the treasury. And those key insights aren't that meaningful. Almost every altcoin has had a hard time over the last few months. During an altseason, such numbers are radically different.
>If we look at outputs per second, Cardano can easily send transactions to over 80 unique users per second (example: https://eutxo.org/block/929db73bc3c36f256206090384e514350c76656c4193b5759ec7db4ab2304b9c) because we can add more recipients in our wallets before sending a transaction. Not every chain can do this natively (like Ethereum). You are referring to a transaction used with the smart contract Disperse. What's the distinction? They are saying other chains can do this and don't use it to excuse low TPS. You're just saying other chains *do* actually do this, but just "natively"... how does that matter in any material way? >It's true that you'd have to send 1 ADA with every NFT on Cardano, whereas on Ethereum you don't. That is because NFTs on Cardano are native tokens and on Ethereum they are ERC-20 smart contract tokens. We could mimic this on Cardano, and you'd then not have the 1 ADA requirement anymore, but it would be way less safe. With native NFTs, we cannot get our entire wallet emptied by simply interacting with a malicious NFT, like on Ethereum, for example. Seems like a clunky way to handle security and wallet drainers generally happen irrespective of the NFT implementation. To get fully drained you would have to enable spending permissions for every single one of your assets(which should be very easily identifiable on most wallets before you confirm the txn) or the more likely and realistic scenario is your key was compromised and in that case it would really matter what token standard your NFT was using. Using a "native" NFT wouldn't protect you. >It may also be true that there can still be some congestion on Cardano with token launches (I haven't seen any recently, but I trust your word for it). This is because we prioritized governance upgrades over scaling. Cardano's most important hard fork will initiate within a few weeks, and 3 months after that, the community will have full control over the chain and the currently half-a-billion-dollar worth treasury. Every single ADA holder can vote for representatives that can make proposals and vote for changes, and anyone can become a representative—pretty cool. In contrast to Ethereum, with its off-chain governance model, where only a very small group of people decides which EIPs are final and going to be implemented and which ones are not. Both groups largely will operate the same, through social consensus whether on-chain or not. Taking 7 years to prioritize formal governance is fine, but it should not have come at the expense of scaling. >After the hard fork is complete, we will focus on scaling and specifically implement ZK-rollups on layer 1! And Ouroboros Leios will also result in about 100x the TPS with input endorsers. We already have peer-reviewed papers on these matters and can start developing them after the hard fork with Plutus V3. Within a few years from now, Cardano's maximum TPS will ~100x as a result of these upgrades. Transactions on Cardano have always been very cheap and will always remain cheap, whereas on Ethereum you can easily pay over $50 per transaction in a bull run. It's great that it is currently very cheap on Ethereum, considering their volume, which is impressive and great to see. Within a few years, Cardano will catch up with regard to scaling capabilities. I'll believe it when I see it, but even in 2024 this feels about 3-4 years too late. Also saying Cardano is cheap by solely comparing it to the most expensive blockchain isn't a great look. That's literally just saying "yeah, it's expensive but it's not the most expensive!" >I noticed you like to compared Cardano to Ethereum in your post, but Ethereum does many things worse than Cardano as well. For example, you need 32 ETH to stake independently, and it's locked up; you risk slashing. The team has given up scaling the layer 1 and solving the blockchain trilemma, etc. It does one aspect of staking worse? Most people are fine with liquid staking or custodial staking. This seems like an extremely fringe benefit that 99% of people do not care at all about. >iUSD is not seen as a real stablecoin within the Cardano community because it isn't a fiat-backed stablecoin but a synthetic one. The current fiat-backed stablecoin on Cardano is USDM with about the same market cap as iUSD. do we really wanna get into Cardano stablecoins? Pretty embarassing offerings, once again because of Cardano's obsession with "native" assets they cannot support the clawback that other custodial stablecoins require meaning no USDC nor USDT. USDM has a tiny supply ($3,000,000 on Cardano) and [barely even does 5 figures of daily volume on the most popular Cardano DEX](https://minswap.org/tokens/usdm). Also the stablecoin market cap on Cardano had a QoQ decrease for the first time since Cardano’s first stablecoins were launched in November 2022. DJED is even more of a joke, at least USDM *tends* to keep its peg even though it somewhat often deviates. Also, where the fuck is any of the tooling or dashboards for Cardano? I can't view pool stats on minswap, defilamma doesn't really support Cardano, GeckoTerminal doesn't support Cardano. Can't use Nansen, doesn't support Cardano, they're only EVM and Solana. (are you sensing a theme?). For a 7 year old chain, not a great sign that it's largely absent from almost all of the largest chain-agnostic tooling, assets, infrastructure, etc. Thank god Messari conveniently released their State of Cardano Q2 report 2 hours ago otherwise I don't think I would've ever found up-to-date statistics. >I'm also not sure what you meant by "not economically sustainable" because if the treasury depletes, we will relatively use more transaction fees to add to the treasury. The staking rewards % coming from the treasury halves about every 4 years by design. We currently have over half a billion dollars worth in ADA in the treasury that the community will take full (on-chain) control over; it would be a wonder if that ever depletes, and the proceeds from transaction fees will increase over time. There is nothing economically unsustainable about these well-researched mechanisms. You will *only* use transactions fees if the treasury is depleted and according to https://cryptofees.info/ , Cardano would need to survive on roughly $6,000 per day at the current level of fees and of course, the revenue and treasury balance is tied to the price of ADA, so you're at the mercy of the market as well. No one besides Ethereum has really become sustainable, but Cardano seems to have a very steep uphill climb to get to that point, as they need to simultaneously increase throughput and decrease fees, not an easy task. tldr: Cardano's "native" solutions aren't great design decisions(native NFT, no clawback, eUTXO) and haven't caught on even after 7 years, it's also impacted the crypto application with best PMF: stablecoin adoption, network activity isn't at a point to sustain the network and yet that small level of activity still leads to higher than normal txn fees relative to the industry, and Cardano doesn't seem to have any niche or any aspect that it would be consider an industry leader or even close that would make me hopeful for it's future to change. Cardano maxi's like to say "the market doesn't care about the tech" but the reality is the market just doesn't care about *your* tech because they don't like it and don't find it useful. You look at charts to see what the market cares about, you look on chain to see which tech people care about, and usually they are correlated. [and just some extra figures straight from Messari's Q2 report, sort of illustrates the same things, it's literally the entire "Key Insights" copy-pasted, I didn't cherrypick anything](https://messari.io/report/state-of-cardano-q2-2024): Key Insights * Revenue (USD) decreased 44.3% QoQ to $0.74 million. This was impacted by Cardano’s 27.5% QoQ decrease in average daily transactions, which fell to 31,800. * TVL (USD) fell from the all-time high set in March, down 41.2% QoQ to $219 million. * Stablecoin market cap fell for the first time ever in a quarter, down 26.2% QoQ to $16.4 million. However, USDM and MyUSD emerged as their market caps grew 2,557.6% to $3.2 million, and 694.8% to $2.1 million, respectively. * ADA’s token price decreased 39.7% QoQ to $0.39, with its market cap rank falling from 9th to 10th. * The NFT sector continued a downtrend that has sustained for over a year. Average daily NFT sales fell 57.4% QoQ to under 730, while average daily NFT volume (ADA) fell 44.2% to 150,000.
Thank you for this reply, but I'd like to comment on some points, though. Cardano's TPS is 0.38 TPS right now, but its maximum is 18 TPS (an amazing site for such statistics: https://chainspect.app/chain/cardano). If we look at outputs per second, Cardano can easily send transactions to over 80 unique users per second (example: https://eutxo.org/block/929db73bc3c36f256206090384e514350c76656c4193b5759ec7db4ab2304b9c) because we can add more recipients in our wallets before sending a transaction. Not every chain can do this natively (like Ethereum). You are referring to a transaction used with the smart contract Disperse. It's true that you'd have to send 1 ADA with every NFT on Cardano, whereas on Ethereum you don't. That is because NFTs on Cardano are native tokens and on Ethereum they are ERC-20 smart contract tokens. We could mimic this on Cardano, and you'd then not have the 1 ADA requirement anymore, but it would be way less safe. With native NFTs, we cannot get our entire wallet emptied by simply interacting with a malicious NFT, like on Ethereum, for example. It may also be true that there can still be some congestion on Cardano with token launches (I haven't seen any recently, but I trust your word for it). This is because we prioritized governance upgrades over scaling. Cardano's most important hard fork will initiate within a few weeks, and 3 months after that, the community will have full control over the chain and the currently half-a-billion-dollar worth treasury. Every single ADA holder can vote for representatives, make proposals, vote for changes, and anyone can become a representative—pretty cool. In contrast to Ethereum, with its off-chain governance model, where only a very small group of people decides which EIPs are final and going to be implemented and which ones are not. After the hard fork is complete, we will focus on scaling and specifically implement ZK-rollups on layer 1! And Ouroboros Leios will also result in about 100x the TPS with input endorsers. We already have peer-reviewed papers on these matters and can start developing them after the hard fork with Plutus V3. Within a few years from now, Cardano's maximum TPS will ~100x as a result of these upgrades. Transactions on Cardano have always been very cheap and will always remain cheap, whereas on Ethereum you can easily pay over $50 per transaction in a bull run. It's great that it is currently very cheap on Ethereum, considering their volume, which is impressive and great to see. Within a few years, Cardano will catch up with regard to scaling capabilities. I noticed you compared Cardano to Ethereum in your reply, but Ethereum does many things worse than Cardano as well. For example, you need 32 ETH to stake independently, and it's locked up; you risk slashing. The team has given up scaling the layer 1 and solving the blockchain trilemma, etc. iUSD is not seen as a real stablecoin within the Cardano community because it isn't a fiat-backed stablecoin but a synthetic one. The current fiat-backed stablecoin on Cardano is USDM with about the same market cap as iUSD. Minswap and Liqwid Finance are fully open-source and audited, as far as I know, so I'm not sure where you heard that about them. I'm also not sure what you meant by "not economically sustainable" because if the treasury depletes, we will relatively use more transaction fees to add to the treasury. The staking rewards % coming from the treasury halves about every 4 years by design. We currently have over half a billion dollars worth in ADA in the treasury that the community will take full (on-chain) control over; it would be a wonder if that ever depletes, and the proceeds from transaction fees will increase over time. There is nothing economically unsustainable about these well-researched mechanisms.
Nope, it will be in stablecoin, USDM.
Crazy that Charles has announced this context at Rare Evo conference. 1,000,000 USDM to the winner! The contest will be running end of October during the Cardano Summit in Dubai, but it looks like everyone can participate. The goal is to push Hydra and have 3000+ users to hit 1Mil TPS. Crazy times we live. [https://x.com/StakeWithPride/status/1825189341838336390](https://x.com/StakeWithPride/status/1825189341838336390)
tldr; Charles Hoskinson, founder of Cardano, has announced a $1 million bounty for anyone who can hack the new Lace Paper Wallet, introduced by Input Output Global (IOG) at the Rare Evo 2024 event. The challenge, open until the end of 2024 or until someone claims the bounty, aims to test the wallet's security, which features encrypted private keys using PGP to prevent unauthorized access and replay attacks. Participants must meet specific conditions, including KYC and exclusive vulnerability disclosure, to claim the reward in USDM stablecoin. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
It is a stablecoin, there is also USDM which is the main fiat backed stable coin. Also tagged you in other comment with proof. Brrp
So you don't know about USDM the main stablecoin on Cardano? Maybe learn about it first before making false statement. You stated there are no stable coins, well there is.. And here you go, not a flex but just to prove a point. https://imgur.com/a/yU3hfoH
Yeah I'd call 50xing my portfolio the most money. Can show proof if you'd like. Oh you're a deceiving type, never heard of USDM (fiat backed stable coin) or Djed? Why is it so hard to have a good-faithed honest conversation without being so butthurt?
I don't even know if that guy is telling the truth since I couldn't find any info about it, but maybe USDM had a rough rollout? I have no idea. It's only a few months old
Cardano has several stablecoins and USDM that launched recently is fiat backed. You just didn't bother to Google that before writing your post
There are a couple of them: USDM, USDA, DJED, etc. Some of them fiat backed some algorithm.
That's not true, Cardano has a thing called native assets and not smart contract tokens. They are actual tokens like ADA, BTC, or ETH that live on the ledger. There are no claw back or freeze mechanisms. In fact, USDM on Cardano is a new fiat backed stablecoin like USDC, except it is a digital dollar stored on the main ledger, not on the issuer's ledger, which the issuer controls. Native assets are much more aligned with cyberpunk ideals, but it concerns governments and regulators the same way they are concerned about bitcoin. They want control when criminal activity is involved, which I think many of us would agree is a good use of that power. We trust that centralized entities don't abuse their control. Unfortunately, that is reality so Cardano also has [CIP-113](https://cardano.ideascale.com/c/idea/120311) to give developers an option to build programmable tokens. It's actually a bit controversial in the community as you can imagine, it's like a step back in ideals. But as long as people still have a choice, that's what matters I think.
USDM, you fuckin goon. You just spew nonsense without doing any research
DJED an algorithmic stable coin and just recently USDM backed by fiat..
I have to agree on ADA. I’m holding a ridiculous amount of ADA. The main problem I have is that there aren’t any good projects, recently they’ve been taking about USDM and the website looks like a Wordpress Fiverr gig, absolutely ridiculous. For many years IOHK hasn’t put much attention on the Developer Experience. Aiken, a Rust based language designed to facilitate development in the network was released. It helps, but only recently that IOHK start showing interest. There’s a new open source initiative that’s welcoming many projects to create an open source ecosystem to enhance their capabilities, I believe it’s called Pasma or similar. IOHK is now preparing the Midnight project, a new blockchain project which utilizes TypeScript as the primary smart contract language. So, we are going from Haskell strictness and years of batching Rust and other languages to literally promoting what is a superset of JavaScript. How ridiculous is this?
>I wouldn't say Cardano maxis are any more zealous than those of other chains! They're all zealous, Cardano maxis especially are more idealistic than others. >Oh, and as for stable coins there is the algorithmic over collateralised DJED and just recently USDM (Mehen) I said "good" stablecoin. DJED looks less like a stablecoin and more like a good stock to swing trade... I mean, you can't even call it a "depeg" as it hasn't ever stayed on peg for longer than a day. https://www.coingecko.com/en/coins/djed and you literally just got USDM, time will tell if it can be good. >So if you think it has a sky-high valuation - What about Shib and Doge! They also have very high valuations. I'm not saying ADA is the only overvalued asset, but it's had much of it's future growth priced in since 2017 when it was a top-5 coin as a smart contract platform without smart contracts. >As for Charles H. he will have less of a role in the next Voltaire governance era . Doesn't really matter, Vitalik has less of a role (I don't even think he has a role at EF anymore) but people still perceive him as ETH's leader. Charles has to stay out of the spotlight entirely and I don't see that ever happening.
I wouldn't say Cardano maxis are any more zealous than those of other chains! Oh, and as for stable coins there is the algorithmic over collateralised DJED and just recently USDM (Mehen) So if you think it has a sky-high valuation - What about Shib and Doge! ?? As for Charles H. he will have less of a role in the next Voltaire governance era .
Has a new fiat backed stable coin: USDM.....
Simple yes: Use USDM on Cardano chain :-)
Not the same thing. With USDC/USDT, they can freeze individual accounts (or more specifically the USDC/USDT within those accounts) the same way they do a bank account. USDM has found a way to comply without that.
Actually, there was serious interest in bringing UDSC to Cardano. It was just that Circle asked IOG for some incredible amount just to get involved. But IOG is not a VC and shall not sponsor such efforts. >as the DeFi ecosystem is still immature I have a different opinion. How, come you believe that? >it's how large the market is for collateralized debt positions, leverage and other lending products This is more of an hen and egg problem. Which is now solved with USDM. >But you can't blame companies for not entering markets that don't exist yet. I don't blame Circle or Tether for missing out. Now it will much harder to gain traction on that chain. People will just embrace USDM. Funny enough, some people said same for smart contracts and DeFi last year. And now DeFi is booming on the Cardano chain. Even more so, as it seems that contracts there are much safer than on other chains.
To be fair USDM is different. its the first stablecoin that is backed by a real bank is the usa, which offers one to one reserves for people using said bank. no fractional reserve banking, they nearly wernt allowed to launch the bank because it was considered risky for the other banks that dont offer 1 to 1 reserves, aka the honest cop in the room. they launched a bank first, then launched the stablecoin. a real bank developed for the purpose of being able to host stablecoins without liquidation risks. so it can be audited by oracles on chain and there is no risk of mass liquidations as too much money held up in long dated yield. look at what happened to silvergate, they managed to shut down the other banks facilitating cryptos. as stablecoins settle too quickly for traditional banks to be able to act, to make sure they have the reserves needed on hand.
I doubled my money over night basically on ada last bullrun. Got about 20% of my portfolio in it now, I know a lot of people bought high last bull-run and are bag holding, but I got in around .98 and out just above 2.00. (I know I could’ve made more if I held little longer but I’m happy with 100% return). Bought back in January 23 around .52, the coin has a great community, crazy technology (DYOR), has never been hacked, low fees, quick transactions, just got backed by USDM. Has a bunch of other great things going for it if you check out the r/cardano sub. Still up from .22 in the bear to around .64 rn. Great currency IMHO and think it has a bright future, guess we’ll find out. Just wondering why it’s hated on so much. I mean you had 10k and bought it at .64 rn you could successfully day trade off this coin with its pretty stable ups and downs and take profits weekly or even daily in some cases depending on what you wanted. It hit .81 couple weeks ago, and hasn’t dipped below .58 in afew months. Seems like a great investment for the future if you were lucky enough to buy it at the right time. There’s certainly enough of us backing it, and way more going for it than the last bull run, so I know it’s a big IF but it should easily break its 3.10 ATH.
Check out USDM https://mehen.io/
USDM is new on the market this week. You mint or burn the stable token. Reserves for every minted token is public info.
It would not be at the token level like USDC or USDT (which is a good thing for the ethos of our ecosystem) but there is still some compromise where tokens can be frozen at the platform level when being redeemed or at the bank account level. I assume government has control at all 3 levels for USDC/T, but only at the latter two levels for USDM.
Right. In this case with those two there is bowing to the centralized forces whereas with a native token like USDM you can maintain full custody of your own stable
Mehen Finance is not anymore immune to regulation than USDC/USDT by choose to launch on Cardano. It is a Fiat-backed stablecoin, meaning that fiat has to live somewhere. It's in a bank account, which means that Mehen must still comply with regulations or risk having their accounts frozen (which I assume would lead to a bank run). If their compliance action is not blacklisting or freezing tokens in a person's wallet, it would probably be at the banking level-- disallowing certain wallets from being able to deposit fiat and mint USDM or redeeming USDM for fiat.
>t USDM has zero history, zero reputation, zero backing from anyone reputable so anyone with common sense would be avoiding this like the plague Their founder, according to his linkedin profile, US head of Money Market Credit at DWS group (seems like a quite sizeable investing firm). How the hell is that not credible? They would be locked in jail for the rest of their life if they ever rugged. >Not just Cardano. Lots of shitcoin scams where snakeoil sales scammers like Hoskinson lure low IQ crypto noobs You're so full of yourself it's incredible
> Charli3 is an oracle service...eyes and ears of a smart contract, providing real-world information...API serves as a bridge between the oracle service and Mehen’s bank accounts A fly by night company with no history and no reputation could easily game the system by: 1. Updating/altering the token issuance smart contract 2. Move funds into the bank accounts, mint tokens and move funds out > Convenient of you the ignore the biggest stablecoin I don't hold stablecoins. If I were to, I would hold USDC not Tether. Even so if I were to have to choose between Tether and USDM...well Tether might be shady but USDM has zero history, zero reputation, zero backing from anyone reputable so anyone with common sense would be avoiding this like the plague > just checked your history, you devote your life to hating Cardano Not just Cardano. Lots of shitcoin scams where snakeoil sales scammers like Hoskinson lure low IQ crypto noobs
USDM has third-party Oracle that independently verifies its reserves. It's always great to see innovation in the Crypto space that aims for mass-adoptable models.
They had stable coins before, just not fiat backed stable coins. And, for EVM compatible chains, USDT and USDC had a simple entrance path for those. I guess both companies weren't smart enough to develop Plutus contracts. Now, they have been tricked by USDM.
tldr; Cardano's DeFi ecosystem has introduced USDM, its first fiat-backed stablecoin, launched by Mehen Finance. Unlike algorithmic or synthetic stablecoins, USDM is backed by a reserve of U.S. dollars held in government-only money market mutual funds, aiming for a 1:1 peg with the U.S. dollar. This launch marks a significant development for Cardano, offering a stablecoin with the perceived security of fiat backing. The initial launch targeted institutional investors, with a public rollout for retail users planned for April 2024. USDM's success could attract new users and projects to Cardano, despite potential competition from existing Cardano-native stablecoins and concerns about regulatory actions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Depends on what USDM can do for the ecosystem. I'm skeptical that it can really get liquidity pumping Just get USDC already...it's plug and play
A centralised stablecoin (USDM) just launched on cardano. Seems interesting because it can't be frozen unlike tether and usdc, it's reserve is also verified by an oracle.
Cardano desperately needs USDC...plug and play liquidity. There are lots of good projects on Cardano but they are all starving. USDM will take too long to get things moving in my opinion.
That's algorithmic. USDM is fiat-backed. USDM is transparent and reserves are verifiable on-chain with an oracle, and since they are native tokens and not smart contract tokens, their functions are built in to the base protocol. Token issuers can't intervene (freeze/confiscate). It's a nice addition to the industry.
tldr; Cardano has introduced its first fully fiat-backed stablecoin, USDM, by Mehen Finance, entering a $146-billion market. Unlike other Cardano-based stablecoins, USDM is 1:1 backed by the US dollar, offering a stable option for users. The launch faced delays due to banking issues in 2023, particularly with the collapse of Silicon Valley Bank and others. Mehen overcame these challenges by partnering with fintech firm Plaid for minting and burning USDM. The stablecoin aims to expand services in the UK and Europe and is expected to be integrated by about two dozen firms, enhancing decentralized finance on Cardano. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
USDM launching on Cardano today, why is everybody fading this?
Why would I use LTC? All I can transfer with LTC is LTC. I use Tron so I can transfer USDT and USDC. When USDM launches I'll use Cardano instead. I haven't used Bitcoin since maybe 2020. LTC is and always has been pointless. It was only interesting when it was new because you could still profit from mining it with hardware that had become obsolete for mining BTC. Doge was more profitable to mine at the time though, so LTC was interesting for about 30 seconds there.
I agree Cardano need to get a stable coin that everyone uses on there. They have USDM coming soon which might stir things up. I think I read somewhere that because they use eUTXO it made issuing certain stable coins harder. Also I think you have to pay $100k+ just to request one of the major stable coins to provide access. Maybe they could use a catalyst fund to pay for that. I disagree on your point that Cardano doesn’t have many good projects though. Just look on taptools.io WMT IAG BOOK NEWM EMP etc
Overcollateralized, unbridged algorithmic coins like LUSD, USDM, etc are the 'safest' but they also have the least adoption and low liquidity so they easily depeg in extreme market conditions (there are financial incentives to repeg but it likely won't be instantly).