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Kava Network's USDX Stablecoin, Ranked #245, Has Remained Depegged Since September 2021
Kava Network's USDX Stablecoin, Ranked #245, Has Remained Depegged Since September 2021
Kava USDX Suffers Devaluation as UST Continues Implosion
Kava Network’s USDX tumbles to $0.65 as yet another stablecoin depegs
Kava Network’s USDX tumbles to $0.65 as yet another stablecoin depegs
Series of Stablecoins Lose Pegging Following TerraUSD (UST)
SwapDex: The Future of Decentralized Finance
Mentions
Yes, up to 16% on USDT, 14% on USDC, depending on the loyalty tier. Their USDX also has up to 15% APY.
If I remember correctly, Kava had $1 UST = $1 USDX coded in their platform. It pretty much never recovered it’s peg after that.
USDX is currently trading at 1.45374 what of it?
Not to contradict your points, but USDX is over 113, a level it hasn't held in over twenty years, while BTC is struggling. Go ahead and dismiss the value of USDX, but the situation makes a lot of people think they want greenbacks despite inflation and usury.
Maybe I'm looking at the wrong one but coinmarketcap calls USDX KAVA and it doesnt seem to have an increasing baseline
Holy shit you're right >USDX is at 108.14 Last year has been near parabolic growth for USDX - usually almost always a bad sign for crypto/stocks until it settles.
tldr; Kava Network's native stablecoin, USDX, depegged over a year ago in September 2021, and has never repegged since. USDX dropped to $0.65 in May, during the height of the Terra crisis, after it was revealed that Kava Labs used UST as a collateral. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I've been using Kava for a long time. USDX has not been pegged to the USD for most of that. Its not an algorithmic stablecoin, its over-colateralized like DAI. So you mint it using BTC, BNB, etc. as collateral. At its best it hovered around 97 cents because it only services an ecosystem that's relatively small. For whatever reason they never made it into a IBC enabled asset. When it began it hovered around 60 cents for months, eventually rising in price as the ecosystem saw more use. This drop was caused because they accepted UST as collateral, that has been resolved now. Decentralized governance takes. Not that much USDX was minted off UST. It will regain value organically over time once more, but it will take time. There is no death spiral. For those of us that minted it this just means we can pay off our loans on the cheap, same for those who wish to liquidate vaults.
Anybody else never heard of USDX?
Well, Kava’s USDX too. FML. This is bad.
Looking at other stables that are now depegging (USDX) it looks like its not going down without taking others with it.
USDX from KAVA just crashed too...
The moral is, don't pick a stable coin backed by the most volatile asset in the world. I honestly don't know what Do Kwon was thinking, he had to see this thing coming from miles away. Even Kava's USDX saw a spike, currently sitting on 0.9, and their BTC collateral is minimal.
The Kava Swap is still selling 1 UST for close to 1 BUSD or 1 USDX. Just saying. Could be a good moment for abritage trading
The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies. The Index goes up when the U.S. dollar gains "*strength*" (value) when compared to other currencies it’s weighted by 6 different currencies: Euro (EUR), 57.6% weight Japanese yen (JPY) 13.6% weight Pound sterling (GBP), 11.9% weight Canadian dollar (CAD), 9.1% weight Swedish krona (SEK), 4.2% weight Swiss franc (CHF) 3.6% weight And it’s calculated with this formula: USDX = 50.14348112 × EURUSD-0.576 × USDJPY0.136 × GBPUSD-0.119 × USDCAD0.091 × USDSEK0.042 × USDCHF0.036 Source: https://en.m.wikipedia.org/wiki/U.S._Dollar_Index
True I know their stablecoin pools are high yield and people like them with USDX but not sure about others and that sucks being only able to claim once a month! Kraken sends interest twice a week and it's too slow lolol I like being able to see it in real time 😂 it's fine though
USDX is minted by KAVA which backs coins 5:1 with popular assets like ETH, BTC, XRP. So because it’s all on the public ledger, it’s verifiable. It balances its stable coin via the algorithm method as far as I know.
Binding ATOM is used to mint HARD and KAVA, and the high APYs are dependent on depositing early enough (as usual with locking volume). HARD/KAVA swaps on chain are limited to USDX. Otherwise, it requires moving them to a CEX. Both HARD/KAVA have been around for a while, but as is the case with all tokens, there are no guarantees of stability.
USDX on kava/cosmos is pretty cool
> KYC rules are already in effect in many places, as are reporting requirements for taxes and other such things. Some chains and exchanges already blacklist certain addresses or coins, denying them access. All of that is even less effective than the Great Chinese Firewall. These measures are an impediment for the most unsophisticated users only. - KYC: https://kycnot.me - (capital gains)taxes: trivial to circumvent. In a two-step procedure {USD}<->{USDX}<->{BTC} capital gains are invisible. -Blacklisting: Not possible in BTC. Miners do not honor blacklists. Coins that do blacklist will eventually find out that users no longer accept them as payment. It's like blocking DNS domains. It only works with users who have no clue, and didn't really want to put in any effort in the first place. The relevant information is only one Google search result away for users who want to route around the problem.
I would definitely appreciate additional non-KYC peer-to-peer marketplaces to exchange {USD} <-> {USDX}, i.e. fiat to stablecoins. The second leg, {USDX} <-> {BTC}, i.e. stablecoins to Bitcoin or similar, is not a problem. There are lots of non-KYC marketplaces for that, some of them even beautifully noncustodial. In my experience, the ramp on/off in two steps works a lot better than in one step.
Yes, stablecoins are ultimately also shitcoins. However, the corresponding fiat currency is even more of a shitcoin. Therefore, if you really must use USD -- this may happen -- then try to use USDX instead. At least, USDX will bypass the fiat bankstering system altogether. Stablecoins are therefore the lesser evil.
I fully endorse the use of USDX, any stablecoin, really, as a means to avoid making payments through financial intermediaries. Just think of it. By offering to make payments through a bank, you encourage others to subject themselves to **the humiliation of opening a bank account**. You also encourage others to **trust their funds to that bunch of venomous vipers**. Therefore, it is necessary and obligatory to treat the banks with disdain, contempt, and revulsion because **our seething hatred of the banks is completely justified**. I hereby resolutely reject, repudiate, reprobate, and utterly condemn the use of payment intermediaries. Kick them out of the Jerusalem temple right now!
Imagine that you want to exchange USD for EUR. These are national things that can be regulated by national legislatures. Imagine that you want to exchange USDX for EURX. These are exclusively internet-based things. No national regulator has jurisdiction over the entire internet. That is why crypto-to-crypto exchange platforms do not listen to national regulators. National regulators simply have no authority nor the means to enforce it. So, national regulators should first ask themselves the question: - *Do I even have the authority to regulate this?* - *Do I actually have the means to do that?" Especially the American regulator should seek to deeply understand that attacking foreign nationals on foreign soil, is a practice that will backfire. They have tried, while spending $1 trillion, to regulate the Afghan hill tribes, and the only result is that they got unceremoniously smashed to smithereens and then resolutely kicked out of the mountains of Afghanistan. Teaching them this lesson was absolutely necessary, and I am utmost grateful to the Afghan hill tribes for their very commendable efforts and successes. In my opinion, it should happen more often. There is no other way to rein in imperialist arrogance than the hard way.
What is up with all these USDX coins. So confused.
Bearish on USDX, hope nobody around here is invested too heavily
Uhh, so Kava is a blockchain built around using a basket of cryptocurrencies as collateral to mint their stablecoin USDX. They also have a borrow/lend service like AAVE that HARD is associated with and a Dex with an SWP token. So far as I recall HARD and SWP are largely governance based but still work within their own protocols so they have utility.
Generally USDX is correlated negatively with crypto performance but also U.S. economy tanking could lead to a crypto sell off... So time will tell. Could be good, could be bad.
Currently offering %58 on USDX which just seems like a scam or something
Step 1 : Download Cosmostation Step 2: Inform your self about Kava Step 3 : Buy USDX stablecoin Step 4 : Lend your USDX Step 5 : Reinvest the earned Kava Rewards into Staking Step 6 : Wait one year ( vesting schedule ) Step 7 : Profit
I don't stake any, but here's my picks. Stake your stablecoins in Nexo. It offers 8% apy which is pretty good when compared to other exchanges's staking apy. Actually it's not staking in Nexo. You just transfer your assets and store them in Nexo. Storing them just generated your 8%apy interest. You can store following stables with their respective minimum amount required to generate apy. USDT 1 USDC 1 USDP 1 TUSD 1 USDX 1 EURX 1 GBPX 1 PAXG 0.001
Your post only gives me anxiety on how much I don't know. I would need to find a calculator online that puts those numbers into return. USDX just in staking can return me 5 to 40 percent? If it really is that way, it does not sound like a bad idea to put spare money there and have some to mess around in the stock market
Thanks so much for your work here. I have a theory and I want to run it by you. Everyone knows we are in the mother of all bull runs right now. That being the case, it makes sense to pool cryptos as they seesaw up and snag fees and rewards as they do. A wild bear market appears! Let's say you feel like we've entered the zone where it's topping out. Bitcoin "hit 100k" a few weeks to a month ago and has started down while alts are going apeshit. You know you want to lock in the value of your stacks and you want to ride a safety net down to the bottom of the bear market while still earning pool money on the way down. My hypothesis is this If you're in a crypto A/crypto B pair, unpair them. Split crypto A and Crypto B 50/50 with a stablecoin (USDT/C/Whatever). Pair Crypto A/USDX and Crypto B/USDX. Now you have a dollar value baseline for where you "exited" and ride that out to the bottom. There will be impermanent loss of a certain amount on the way down (barring exchange token rewards bridging the gap) but would one be increasing their stack on the way down? Assuming one could roughly judge the bottom of the bear market cycle, you could convert the USDX side back into the crypto A/crypto B pool and ride it back up with a much larger stack than you started with.
I think that Kava is out of touch with the DeFi world. Their USDX is separated from stablecoins. It is obvious that such players as USDC, USDT, DAI have already occupied this niche. If you want to hold, I recommend taking a closer look at the tokens of DeFi instruments: 1INCH, COMP, etc. Given the increased regulatory risks, their tokens will grow.
Anyone else here hold KAVA? Recently got into it. Considering staking on Kraken for 20%, or through the [Kava.io](https://Kava.io) app / trusted wallet for 22,5%. I know you can get 70% APY atm locking them up for a year by supplying USDX, but I'm hesitant. Anyone got any experience to share?
On kava.io you can lend their stablecoin USDX for 70%+ APR
If you take profits in USDX (KAVA stablecoin) or UST (TERRA stablecoin) you can provide it as liquidity and make around 20% APY
USDX is kind of shitty (it lost it peg greatly), so do be careful. The rewards are their liquidity mining reward, actual APY from fees alone are much lower.
I use kava swap. Currently over 100% on BUSD/USDX pair. Should be very stable considering they are stable coins. Getting over 200% on their native coin SWP/USDX. The real bonus is they have a zero fee option. So you can do swaps and claim rewards free if your willing to wait a bit longer. As the site gains more activity that option probably won't work as well I imagine.
I have to admit I have no skin in the kava blockchain so I just looked at it the first time right now and I don't know how you got your USDX but from what I understand the one who minted the USDX can reclaim his collateral... >Reclaiming Collateral >To reclaim your collateral, you must repay the USDX minted back to the Kava platform plus interest. If you repay the USDX amount minted without interest, you can still reclaim most of your collateralized assets. The amount returned would be the (Collateral) — (Collateralization Ratio) * (Interest Due) in USD value. Here are the risks the minter of USDX takes... >Risks >Participating as a USDX minter is not without risk. If your collateral value falls below the system set allowance for collateral-to-debt your collateralized assets can be liquidated. Kava’s platform is an open blockchain without any centralized party controlling it. All users assume full liability for any losses that occur. I don't know where to put you in all of this if you didn't mint the USDX by yourself. As far as I understand it when the collateral gets liquidated the minted USDX is not gone. Please take this all with caution because as I said this is new to me.
I just did a quick google search and it looks like you could get liquidated if the price drops (down market). >For example, if BNB has a mandatory collateralization ratio of 150%. This means with $150 worth of BNB collateralized you can mint only up to $100 in USDX. It is recommended to use much greater collateral amounts than is required by the ratio because it reduces the risk of liquidation if the collateral asset price falls.
Not sure about USDX. It may be an algorithmic stablecoin which I won’t try to explain because I’ll do a terrible job of it
So for example on kava swap I can mint USDX with kava. So how is that backed by fiat? Do they sell the kava for fiat?
I think regulation is good as long as they set realistic rules and give projects already trading stable coins time to adjust. I just started providing liquidity to kava swap. For example if they want rules that make kavas USDX non compliant they need to set reasonable time frames to allow the project to adjust otherwise they will cause exactly what they fear. Everyone will pull assets and the last ones out will get fucked. Like you said the fed and ill add our government in general could fuck up a wet dream lol.
Terra blockchain provides stablecoins like UST, primarily by binding Luna and issuing against it. Kava blockchain provides the stablecoin USDX, primarily by binding KAVA and issuing against it. The collateralized assets are not stable and therefore directly competing for adoption and use.
I'll give it a shot thanks. I'm still unclear how it works though. Do I need the USDX for fees or something? And my rewards are either HARD or SWP right? Then I would swap those for USDX and again for say KAVA to claim my reward?
I think the top 3 positions are locked in for this bull run with BTC, ETH and ADA. So personally I’ll keep DCA’ing these in reverse order for biggest potential gains. Top 100: harmony. Top 100-200: Ergo and Kava. I’m new to Kava but using Kava to mint USDX and getting 100% APY on that stable coin got me hooked in. Also not sure how it’s letting me do transactions without fees!?
I've started playing around with Kava which is on Cosmos (atom) and it's definitely peaked my interest in Cosmos. Side use Kava to mint USDX and get 100% APY!
I'm doing it the simple way on Kraken, but the real masters are staking on Cosmostation and minting USDX/HARD. They get around 103% APY 💦
**[U.S. Dollar Index](https://en.m.wikipedia.org/wiki/U.S._Dollar_Index)** >The U.S. Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners' currencies. The Index goes up when the U.S. dollar gains "strength" (value) when compared to other currencies. The index is designed, maintained, and published by ICE (Intercontinental Exchange, Inc.), with the name "U.S. Dollar Index" a registered trademark. It is a weighted geometric mean of the dollar's value relative to following select currencies: Euro (EUR), 57. ^([ )[^(F.A.Q)](https://www.reddit.com/r/WikiSummarizer/wiki/index#wiki_f.a.q)^( | )[^(Opt Out)](https://reddit.com/message/compose?to=WikiSummarizerBot&message=OptOut&subject=OptOut)^( | )[^(Opt Out Of Subreddit)](https://np.reddit.com/r/CryptoCurrency/about/banned)^( | )[^(GitHub)](https://github.com/Sujal-7/WikiSummarizerBot)^( ] Downvote to remove | v1.5)
Cosmostation, you can mint/stake USDX (Kava's stable coins) at 103% apy if you can tolerate some risk and lockup period.
I’m glad you mentioned KAVA, because nobody else has so far. That’s a good thing, though. This project has SO much room to grow once people start learning about 20% APY staking at a MINIMUM, plus all the other cool ways you can yield farm with it, witch is way more straightforward than leveraged trading, in my mind. Wrap it with another desirable coin, namely XRP, BNB, or stablecoins, pick your risk level or price you think is safe woth a handy dandy slider, and mint USDX with your own crypto as backing? That’s free money to invest however you need. Please don’t take this lightly, however, as you can still be liquidated, but even just sitting on Kraken without being locked up, 20% is a handsome yield. I bought in under 4 dollars just a few months ago and it has nearly doubled, with price predictions (I know, useless, but I don’t think these are a stretch) of 3 figures in the next 10 years, it’s better than any retirement investment I can think of.
Kava on Kraken is the play, for sure. Have you thought about putting it in [Kava.io](https://Kava.io) and staking for higher APY or wrapping with other tokens to mint USDX? I'm on the verge of moving mine to the platform to play with it, but I'm not sure if I'll mint any USDX because it resembles leveraged trading and that scares me a bit.
Kava USDX is infinitely better. They got all the tokenomics right.
>More room to grow doesn’t necessarily guarantee the product will grow. Very true, but Kava is the typical M.O. for significant growth, and the market cap allows it. The staking APY alone is attracting users in droves. ​ >I also doubt KAVA staking will remain at 20% if the value of the token continues to increase in orders of magnitude. The tokenomics ensures that'll be the case for a long time (due to USDX minting), so why not exploit it...
Let me know if you decided what to do with the minted USDX. This is akin to leverage trading, and I want to make sure I have a good use for it before I start minting.
Ooh! I know this one. It isn't an APY that you would get from staking, but yes, you get rewards for minting USDX in the form of the OTHER currency that you put up for collateral. In the above case, for minting USDX, you would get rewards in XRP. More detail from [this article](https://medium.com/kava-labs/usdx-minting-rewards-explained-82d0b74897a2), "the \[Kava.IO\] platform issues 74,000 KAVA each and every week to USDX minters using BNB collateral. This amount is split equally amongst all the USDX minters that used BNB that week."
Nice, if you're technical you can get 103% by minting USDX on Kava, but I haven't tried that yet. I like the simple Kraken approach of no lockup time.
Well, KAVA has 20% APY and no lockup period on Kraken. If you're technical, you can get around 103% APY minting USDX (Kava's stable coin)
I would buy Kava and stake it on Kava protocol to get Hard. Hard, I would lend to get USDX. It wouldn't be 2k per month, but, depending on the price of Kava and Hard plus stablecoin USDX, it would be around 500-1000$.
I've been lending USDX on Kava without any issues. Useful and nice passive income in the process.
I’d tell him about PAXG and USDX, as well, commodities including the blockhain sound pretty cool to me
Kava is a software protocol that uses multiple cryptocurrencies to allow its users to borrow and lend assets without the need for a traditional financial intermediary. In this way, Kava is considered one of a number of emerging decentralized finance (DeFi) projects. However, whereas most DeFi projects run on Ethereum, Kava is instead built on Cosmos, a design decision its team argues adds additional functionality. Users of its platform lock cryptocurrencies into smart contracts on Cosmos so that they can borrow loans denominated in USDX, a cryptocurrency pegged to the value of the U.S. dollar.
>USDX and the Forex market have a direct influence on what the value of currency will be. Yeah, it's complicated but there is a clear difference between a central bank using foreign currency reserves to prop up the domestic exchange rate, and actually printing stacks of 100 trillion dollar notes. >Psshhh everyone knows about the the DeFi aspect of Bitcoin, I’m sick of hearing already because it almost means nothing anymore. I'm not talking about DeFi. I'm talking about governance of monetary policy. Almost one in five US dollars were created in 2020. The increase of $3.38 trillion equates to 18 per cent of the total supply of dollars. You had no say in that whatsoever. None. It affects you and your whole nation, even the whole world, and it was decided by a handful of people most of whom never won an election. On the other hand everyone in any country can directly participate in how bitcoin evolves. > I don’t believe it will remained decentralized the bigger it gets. Governments won’t allow it. ..I’m pretty sure the old order will find a way to centralize bitcoin. ..and it would need to go down in volatility first. People like you have been having doubts like that since 2014. I'll leave this here for you: https://nakamotoinstitute.org/mempool/speculative-attack/ >Australian economics is old news. And just like that, the accumulated wisdom from thousands of years and thousands of lives is dismissed in 5 words. You do yourself a disservice. >It would be a clash between the culture of bitcoin/Culture of decentralization and old world order. Yes, that's exactly what it is. It's a revolution. A peaceful revolution. Participation is voluntary. Newcomers come in waves hoping to get rich quick. They learn about economics. They learn about politics. They learn what kind of computer science breakthrough this is and what is now possible. They discover and embrace new ideologies and philosophies. The mind virus spreads. Bitcoiners now occupy positions of power within politics and industry. Millions of ordinary citizens in every country are invested in seeing it succeed. The critical mass was reached years ago and the paradigm shift is inevitable even if it takes another generation of two for a majority to emerge.
> Our modern Emperors can't dilute the metal content of our currency anymore, instead they dilute the purchasing power of each unit (dollar) by flooding the market with more dollars. Inflation IS a feature of fiat currency, and NOT a feature of an exchange based market. Hmmm okay that’s actually pretty good info. This might not be a waste of time after all. That’s sum good shit. > China can't devalue the USD and vice-versa. The central bank in each country can devalue it's own currency, which they do to encourage exports. The exchange rate of bitcoins is a matter of demand and supply. Yes it can. USDX and the Forex market have a direct influence on what the value of currency will be. There are way too many moving parts to really determine how these new digital currencies will function and where BTC will fit in the whole thing. > The big deal about Bitcoin -which you still don't seem to grasp- is that it is decentralized it's impervious to debasement by decree, while also being not just "scarce" like every (freely chosen/popular/demanded) currency must be, but actually finite in supply. Again, understanding Gresham's law is helpful to gaining this enlightened perspective. Psshhh everyone knows about the the DeFi aspect of Bitcoin, I’m sick of hearing already because it almost means nothing anymore. I don’t believe it will remained decentralized the bigger it gets. Governments won’t allow it. It would be a clash between the culture of bitcoin/Culture of decentralization and old world order. I’m pretty sure the old order will find a way to centralize bitcoin. >After you've schooled yourself about Gresham's law, you'll also benefit from reading up on Metcalfe's law and Austrian economics. Okay I admit. Gresham’s law is good. Metcalfe’s law i haven't heard of either, but definitely immediately applicable to bitcoin since it’s built on blockchain which is essentially a new form of decentralize internet. Australian economics is old news. BTC is still not a currency. The taxation made sure of that. More developed countries will need to allow it to be freely exchanged without crazy taxation before it can function that way and it would need to go down in volatility first, which is just one of the variables needed for the BTC currency hypothesis.
Cosmos actually. I still really like KAVA but it's nothing groundbreaking. They do collateralized debt positions and offer loans in their native stable coin USDX. I will probably buy back in if it hits a lower price. That 20% staking is just so tempting.
I like ADA, but I'm also enjoying 20% APY on KAVA atm. HARD protocol has some pretty good rewards too - I think ~86% for USDX last I checked, but I believe you have to lock for 12mo, not positive.
Kava became one of my favorite crypto in my portfolio. I use Kava protocol to stake and earn Hard. With Hard, I earn USDX. I still didn't dare to borrow from there, but I have a friend who successfully does both and with app 15 000$ worth Kava (more or less, depending on the price) he earns 500$ each month on Kava protocol. I also use some Kava for day grading because I figgured out a certain pattern.
HARD is a KAVA DeFi protocol, lending and borrowing etc I believe. I earned some hard for staking KAVA a while back and haven't really dug into it but it is a KAVA project and they are pretty tight with Binance. KAVA is a Cosmos DeFi hub offering support for BTC, XRP, BNB and BUSD on both their native CDP to mint USDX and HARD Protcol for whatever kinds of rewards are there.
If there was a stablecoin on monero, I would snap that right up. Imagine cashing out to USDX and then dropping some cash in your bank account here and there.
Not apples to apples. I doubt many people dabbling in USDX futures lack the understanding of those things. At least I would hope not. And yes, it does matter. Anyone trying to get rich quick off of Bitcoin without understanding what makes it valuable will bail at the first sign of trouble, and then they'll FOMO back in later on. Those who do understand what makes it valuable know that not a damn thing has changed because of random tweets and rehashed FUD from 2017, and those people presumably did not sell a single Satoshi. The only thing that has changed is the price. The fundamentals are exactly the same.
Kava fucked me HARD. I supplied some USDX to the HARD Protocol and then congestion prevented me from protecting myself. I guess I'll get some fraction back once their systems come back online. Guess that was not a solid project. Thought my research told me otherwise.
Cosmos Hub itself doesn't have dapps, GravityDEX will change that. The Cosmos ecosystem though has plenty. There is Secret Network for privacy DeFi(Secret Finance), KAVA has a CDP minting USDX and will be launching KAVAswap soon. Their HARD protocol also just got an upgrade. Terra has Anchor and Mirror(which has stocks on blockchain). Sifchain has a really cool cross chain DEX similar to Thorchain, also built with the Cosmos tech. Switcheo is also built with the Cosmos SDK and Tendermint and will be supporting IBC, this means ZilSwap(Zilliqa DEX) is also powered by Cosmos. In the internet of blockchains there are many options and there will be many more as it grows.
He doesn't give 2 ducks about doge and doge cannot be a "stable coin". We have USDX's that are stable coins. We have Litecoins/XLMs that are stable ish but not actually stable coins.
You can stake every POS (proof of stake). Just google a list of POS crypto and see which ones you can stake and which ones of those you like. You can stake some on an exchange. I don't live in US so my Binance options are much broader. Like, I stake Harmony One there because of high APY. There are so many ways you can use your coins, it blows my mind. For example I hold Kava on Ledger and I connected it to Kava, for that I get Hard, Hard I've lent to get USDX. So, this way I use DeFi in best way possible. There are many wallets you can use, hard and soft like Trust wallet... google a little bit about all of the available wallets and pick the one that suits your needs the best. Out of crypto you have, you can stake ADA, ETH is transfering from POW to POS, so it should become stakable in usual way (there are some ways now) and XLM you cannot stake.
And we can expect more to come. There's also USDC, USDX for Kava on cosmos, I imagine cardano, dot, other exchanges, new third parties will all be trying to make their own versions too.
Wouldn't that value drop show on the USDX? The USDX is still around 90, the level it was at one point in 2017 and higher than it was from 2003-2015. I've been expecting the dollar to crash but I thought it would be happening by now
You need to add Hard_Protocol man. you get 29% apy on BTC! with trustwallet. USDX 39.55% HARD 62.66% KAVA 22.93% BNB 16.55% BUSD 72.39%(!) XRP 5.56% BTC 29.31%(!)
KAVA allows you to borrow back your crypto by creating a liquidity pool yourself, essentially. BTC, ETH, ATOM (others coming soon). Your holdings are collateral, placed in KAVA in exchange for USDX. Once staked, KAVA earns about 15% (at the moment). Check it out. [Kava](https://www.kava.io/)
It will get to the USD peg soon enough. Along with the rest of Cosmos KAVA lacks heavy usage. Currently all you can do is mint USDX and use it in the harvest pool. Pretty boring and pointless. That absolutely plays a role in the price. I think DAI and sUSD are comparable to what KAVA are doing but KAVA are doing it on a sovereign blockchain that currently lacks an ecosystem. Which is why I think IBC should be a higher priority. Wait until USDX has IBC support. As the only IBC stablecoin it has potential to be a game changer in Cosmos. If you haven’t researched it in depth it is certainly worth digging into. As you asked about IRIS though I would say IRIS > KAVA.
Well it’s in the name. USDX straight off basically just says “Stablecoin USD”. I was also confused why they seemed to have so many competing interests. Kava USDX. Then Hard Protocol. Honestly it felt confusing.
I’m with you more or less, I have vocalized it to the team as well when I went on a rant in the telegram channel. I used to have KAVA but they aren’t prioritizing IBC and more focused on Hard Protocol which is why I dumped it. USDX is still the odds favourite to become the DAI of Cosmos but that’s only if DAI isn’t adopted first through the Gravity Bridge. But again, I agree. They shouldn’t have released USDX until they had everything else sorted. But I also think if they just didn’t use USD as the peg target it would/could be different. Change the name and suddenly you have an innovative new crypto backed stablecoin.
Have you researched it at all? Unlike most it’s not pegged to any custodial based service. It’s backed by crypto. It’s a matter of liquidity to stabilize it and you can believe the team are aware of the bad look and working on it. USDX also suffers from the fact it’s competing with BUSD, KAVA is more integrated with Binance than Cosmos. What’s “wrong” is they are trying to do too much with a small team. They just launched a mainnet upgrade and HARD protocol is being upgraded. They are far from incompetent as well, Kava Labs have built some of the payment tools for Ripple that they claim banks like so much.
And USDX lost its 1:1 peg to the dollar with almost no explanation.....
None of the Cosmos projects are on the main Cosmos Hub. ATOM is sovereign and so to is SCRT and KAVA. Worth mentioning that neither SCRT nor KAVA are upgrading to IBC right away. Q3/Q4 expected. Secret Network now has SEFI and FATS as the shitcoins on their network. KAVA has HARD and USDX for theirs. ATOM doesn’t have any yet. Just ATOM. Maybe you knew this already but I’m sharing the comment for others that may not know.
I mean there’s cryptos that back gold and such like paxg or USDX which are regulated, I feel like these type of Funds would help adaptation, and less familiar people dive into crypto
For example my current reviewed coins. Maybe they have potential maybe not i'm not a profi: EXF BT XFI USDX BSD YFOX Have a look and tell me your thpughts about this. ! Thanks.
Zilliqa has XSGD pegged to the Singapore dollar. Cosmos has USDX from KAVA but the USD aspect is having some struggles staying at the peg. Secret Network supports ERC20 options USDC, DAI and USDT as privacy versions. NEAR supports DAI now as nDAI. Ontology also supports DAI, USDC and sUSD to their platform.
They are upgrading to IBC later this year and building native BTC support. They’re also partnered with Chainlink to provide Chainlink oracle data through IBC. All this while they are improving their CDP, Hard Protocol and addressing their USDX stablecoin price issue. Worth doing the research.
> As far as I know - not really but someone please correct me if I'm wrong. You can stake certain cryptos on your own if you run your own validator but even that is not the same as having your coins in cold storage somewhere. There's many ways to earn while holding your tokens. Most blockchains don't require you to run a node to stake. You can usually delegate your tokens to a node. You still get the rewards but you give your voting power to the node operator you're delegating to. There's plenty of other ways to earn interest while holding your coins. That's what defi is. You don't have to trust a third party but you do have to trust a smart contract or a system. That's what defi is. Decentralized finance. There are plenty of protocols where you can deposit tokens for liquidity and earn rewards. I don't like the ETH ones as the fees are insane. An example would be the Kava blockchain. You can interchain transfer BTCB (BEP2 Bitcoin) to your own kava address and then you can mint USDX with your bitcoin for around 60% annual reward paid in kava tokens. The USDX you have minted can then be deposited to the hard protocol and will earn you 35% paid in hard tokens. You don't have to trust anyone or anything but the kava system itself. That system has been audited multiple times and earned top scores. I'm pretty sure most people will use defi protocols instead of centralized exchanges in just a few years. This will happen much faster than many people think. Most people I know have very little money on exchanges anymore and many have even started pulling most of their money out of traditional banks and putting them in defi protocols. Even adding stable coins to a liquidity protocol can yield anywhere from 10-40% annual rewards.
I love KAVA. It’s the MakerDAO of Cosmos and USDX is not stable right now but is being considered as the DAI of Cosmos. Sputnik, the p2p bot exchange, is largely a KAVA led project so I’ve been more engaged with it then even when I was staking KAVA in the past. Overall I think they have a great platform. KAVA did a lot of behind the scenes work for Ripple and built a lot of their tooling so that has been integrated where it matters(also why they support XRP). Brian Kerr, the founder, is a hardcore BTC maxi through and through and so are a lot of the team. He was also an XRP maxi but I don’t know if that has changed now. Don’t confuse this as KAVA is part of Ripple though, this is more of a proving point that Ripple didn’t do anything special. KAVA has HARD protocol which is slowly growing and is a cross chain DeFi application. They are also the team leading the way for the BTC bridge into Cosmos. ETH/ERC20 will have the Althea Gravity Bridge(formerly Peggy) and KAVA are building the BTC support for Bitcoin with IBC transfers across Cosmos. This development should be starting in Q3/Q4 with BTC:IBC hopefully by early 2022. It’s not a wrapped Bitcoin like on Ethereum it will be a permissionless and trustless BTC peg. To my understanding holding BTC in Cosmos will be as safe as holding regular BTC.
As it’s p2p the orders vary based on who posts. The roadmap includes making it like an AMM with liquidity provider rewards etc. so it will be changing. KAVA are actively involved as it used to be their bot but rebranded. It used to be feeless for ATOM but after Stargate ATOM has new network fees that changed it to being 0.00025 ATOM. Still feeless for KAVA, HARD, USDX, IOV and SCRT. https://link.medium.com/BbnOAwW23db
oh i see, i have thought for a long time, its only a matter of time before a big bank or government brings out the USDX or the HSBCX coin and just totally shuts down all crypto, my strat is to try and profit as much as poss untill that happens