USM, a minimalist stablecoin

@usmfum

USM, a "stablecoin vending machine", the world's simplest decentralized stablecoin. github.com/usmfum/USM

Joined September 2020

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USM, a minimalist stablecoin
@usmfum
Oct 18, 2021
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
Oct 11, 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.
USM, a minimalist stablecoin
@usmfum
Nov 21, 2021
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
Nov 20, 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 🤷
USM, a minimalist stablecoin
@usmfum
Nov 20, 2021
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)
USM, a minimalist stablecoin
@usmfum
Nov 8, 2021
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...
Ethereum Transaction Hash: 0x2dc1987cbf... | Etherscan
From etherscan.io
USM, a minimalist stablecoin
@usmfum
Oct 30, 2021
Reminder - FUM/ETH price starts floating end of tomorrow (Oct 31), midnight UTC! Price might rise after that, might drop, but fees for fund() (ETH->FUM) ops will go up...
USM, a minimalist stablecoin
@usmfum
Oct 18, 2021
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.