USDe's arrival on TON Blockchain, particularly via #STON.fi , is quite a significant development, aiming to leverage Telegram's massive user base. The Ethena Points farming is also a key incentive.
USDe on TON: The integration aims to bring USDe and its staked version (sUSDe, branded as tsUSDe on TON) to Telegram's users. This is positioned as a way to offer a "globally accessible dollar savings vehicle."
STON.fi Integration & Ethena Points: STON.fi is a key DEX on TON for this. Users can swap, stake USDe, and provide liquidity. Crucially, participating in USDe liquidity pools on STON.fi can make users eligible for Ethena rewards (potentially Ethena Points or similar incentives).
USDe's Mechanism & Growth: USDe is a synthetic dollar, collateralized by crypto assets (like $ETH , stETH) and uses a delta-neutral hedging strategy to maintain its peg. It's been dubbed the "fastest-growing Dollar-denominated asset in crypto history" at one point, hitting a $2 billion market cap quickly. Its yield-bearing nature (sUSDe/tsUSDe) is a major selling point.
COMPARISON WITH USDT/USDC:
USDT: Still the king in terms of market cap and liquidity, widely used across CEXs/DEXs. However, it has faced scrutiny over reserve transparency.
USDC: Known for better regulatory compliance and transparency (regular audits). It's gaining traction, especially where users prioritize these aspects. It's quite popular on Solana.
USDe's Edge: Offers a crypto-native, potentially censorship-resistant stablecoin that also generates yield. This is a key differentiator from USDT/USDC which are primarily for stability and don't natively offer significant yield. The collateralization is different (crypto-backed with hedging vs. fiat/equivalent backed).
➠ READ MORE: 👇
https://blog.ston.fi/usde-ethena-on-ton-what-it-means-how-it-works/
➠ START TRADING $USDE ON STON.fi NOW:
https://ethena.ston.fi/
IMPORTANCE OF STABLECOINS:
They are crucial for liquidity, trading, and bridging TradFi with DeFi. Their transaction volumes are massive, even surpassing some traditional payment networks. They are especially gaining traction in developing countries as a savings/payment tool.
My Perspective
The "soon become like $USDC on the $SOL SOL blockchain" for USDe on TON is a speculative but plausible view, given the Telegram integration's potential reach. TON's user base is a massive distribution channel.
The "better collateralization than USDT" point for USDe is nuanced. USDe's is different (synthetic, crypto-backed with hedging) and aims for transparency. "Better" can be subjective. USDT's reserves have been questioned, so USDe could be seen as more transparent in its mechanics, if not necessarily less risky overall, given its newer and more complex model.
Synthetic stablecoins like USDe are not without risk. Their stability relies on the effectiveness of the hedging strategies, the liquidity of underlying collateral, and smart contract security. Yields can also compress in certain market conditions.
✍🏿ADDITIONAL RESOURCES
➡️ STON.fi DEX Data on DeFi Llama: See how much value is locked in STON.fi, a leading decentralized exchange (DEX) on the TON network. Currently, STON.fi boasts a TVL (Total Value Locked) of around $66M. Check out the details on DefiLlama.
https://defillama.com/protocol/ston.fi?volume=false
➡️ TON Stat: This website provides in-depth data on the TON network’s performance, including total transactions, fees, and overall health. Dive into the network’s activity and gain valuable insights on TON Statistics.
https://defillama.com/chain/TON
➡️ STON.fi Market on Dexscreener: Track STON.fi’s liquidity pools and supported trading pairs on Dexscreener. This can provide valuable information for traders interested in using STON.fi for their TON transactions. Check out STON.fi on Dexscreener.
https://dexscreener.com/ton/stonfi
