0xMoon

I didn't take a close look at this matter.
I glanced at the tweets from Teacher Yuxian and Boss Tang.
It seems that the frontend has been hijacked?

Phishing contracts send authorization requests to users.
Based on DeFi protocols, it's definitely a habit to authorize.
Most people casually clicked confirm and got stolen.

Be cautious with authorization and signatures.
Any contract that requires your authorization,
needs to be carefully checked.

Here's a cold knowledge tip.
USDT on BSC is not the native Tether.
Similar to 'wrapped' USDT, Tether has no right to freeze.

So, where are the life-saving tips?

Since I adhered to these habits, I haven't been stolen once.

1/ Try to use an Apple phone.

USDD is actually the 'wrapped' interest-bearing version of USDT

Actually, this idea just occurred to me as well. Why do I say the word 'wrapped'? In the past, when we talked about wrapping, it was mostly used for native tokens on public chains, such as WTRX being wrapped TRX, because generally, native tokens do not meet the network token standards, and smart contracts cannot recognize them.

So why do I say 'wrapped' interest-bearing version of USDT?

1/ USDD and USDT can be exchanged at a 1:1 zero-loss rate using PSM, which in a sense has the same redemption standards as wrapped tokens.

2/ USDT does not have a native interest protocol, while USDD has a native protocol with an APY of up to 20%. Currently, it has a 12% APY on Ethereum and BNB Chain.

Yesterday morning, the USDD financial activity started in the Binance wallet, and I immediately sent the tutorial to everyone. Some people said they were afraid of wear and tear, and others said they were worried about high Ethereum gas fees. In fact, there's no need to worry about these at all. I deposited it yesterday afternoon at five o'clock, and exactly 24 hours later, at five o'clock today, I want to talk about some precautions and my experience.

1/ Is there any wear and tear when exchanging USDT for USDD and sUSDD?

Answer: No

USDT-USDD is completely 1:1 with zero loss, and USDD-sUSDD also has no loss at all. Here we can see that the amount of sUSDD is less than USDD because sUSDD increases in value over time, but exchanging back incurs absolutely no loss, only more.

I believe everyone is aware that Balancer was hacked, resulting in the theft of $128 million, with the biggest impact on the Stream protocol's XUSD stablecoin. Since the theft began, the Stream team has publicly stated that the losses are huge, and XUSD started to decouple. Subsequently, the protocol was paused, and XUSD further began to be redeemed.

If the decoupling of XUSD is attributed to the hacker as a trigger, then its fundamental reason also lies in some of its own issues. I studied a bit and am here to compare various aspects of XUSD and USDD.

1/ Protocol underlying yield strategy

The underlying strategy of XUSD is a leverage of over 4X, with positions far exceeding the reserve assets. In fact, this strategy was already triggered to reduce positions during the Black Swan event on October 11. Such a strategy is still relatively aggressive and can be easily liquidated in extreme market conditions.

Everyone should have seen the collaboration between Binance Wallet and USDD; this event is very powerful. I've calculated that over a month, with a daily prize pool of $10,000, the current APY can reach 14.31%.

Moreover, the most important thing is that USDD and USDT can be exchanged at a 1:1 ratio with zero loss, so there is no wear and tear at all. It is a completely risk-free financial scheme, and this yield really outperforms many financial products in the current market.

Without further ado, let me provide you with the tutorial.

First, here are the three steps corresponding to the image below.

1/ Open the Binance exchange and select 【Wallet】 in the navigation bar at the top.