I was curious on Unit Protocol I brought up a while ago in the forum (even tho was briefly). I still haven’t heard any views on it. Has the team/pilot league looked into Unit protocol and their stable USDP?
Now that the liquidity issue is going to get fixed soon, I highly recommend team to get in touch with them, so we can use IDLE as collateral and easily mint their stable coin “USDP”.
USDP is already usable on yearn and curve and several other places. It can easily be swapped for other stables if needed as well with ease. crvUSDP on yearn is currently 2nd in stable coin APY %, offering users 45%.
It’s not difficult to get listed on unit protocol. The team just needs to be legit and have liquidity (which IDLE has now). Process is fairly quick as well.
Also, they will likely be large player in the future, so we can even do a collab with them and get USDP listed on IDLE protocol. (but thats just an extra idea).
But please go in their telegram or discord and get this going, so we can have extra utility fairly quick. I know Maker/Dai is a goal down the road, but this is just as good for now and a lot easier.
Agree!
Unit was on the table recently and now that liquidity and b2b affiliate are moving forward nicely it can be a good time to follow up on this. I will reache out to them.
Thanks @Falcone for bringing this up, I see interesting synergies here. Having $IDLE as collateral in Unit protocol would allow adding a new use case for the token and allow many users to operate while holding $IDLE.
Regarding USDP integration in Idle: the only interest-bearing pool I see is on Curve (Yearn deposits into Curve as well) and the base APY is quite low (~1.12% at the time of writing), while if we net out CRV rewards gives ~89%. These rewards could be maximized through a vault-like strategy, but this model requires more infrastructures and opens some security questions. The implementation of the stablecoin might also require some cost/revenue projections and asset due diligence.
I suggest focusing on the listing of $IDLE as a collateralizable asset and take the time to discuss later other collaborations like USDP integration or auto harvested strategies. No need to approve too many ideas at the same time.
Thanks @salome for connecting the Idle community with Unit’s one! I would be keen to hear more when you get in touch with the team.
Hi @Falcone regarding Unit I can say that Idle reached out to the Unit team by Discord, Telegram and E-Mail, we are now waiting for their reply. I also managed to get in touch with some of the Unit’s community members that will also try to help us to get in touch with the team.
I have been doing some research about Unit and they made a public announcement on telegram on the 3rd of April stating that they had to cut the Keep3r oracle from their system and decided to switch to Chainlink oracles and they are also building their own oracle solution. So for the moment, the Unit protocol can only support all the current assets from the Chainlink feed but not all assets from smaller protocols, that Chainlink does not support. I will come back when there is any news.
We reached out to the Unit team by Discord, Telegram (several times) and via E-Mail, we are still waiting for a reply. As the communication seems difficult, we suggest putting this on hold for now and proceed to get in contact with other protocols that offer similar services.
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