DefiDollar

DUSD on Binance Smart Chain (BSC)

DUSD on BSC - The case for scalable Meta Stablecoins

DUSD has been live on Ethereum since late August. We have since been eliciting feedback from our community and shipping product updates to that accord. This has resulted in a Savings Account feature and yield diversification for LP’S with a Curve Pool + Yearn Finance vault integration.

The DeFi summer and yield farming led transaction explosion has resulted in high fees and consequently priced out retail users. It has become a whale’s game and average users find it increasingly uneconomical to access open finance primitives like yield farming and diversification across protocols.

Add this to the already overwhelming decision for a novice to decide what stablecoin to hold and what are the pros and cons of these different assets.

This makes us believe that there is a lot of potential for a stablecoin index on BSC. On launch, DUSD will be the first metastablecoin on BSC and will introduce the following:

  • Savings account

  • Yield diversification across protocols

Retail focused savings account:

Leveraging cheap gas fees on BSC we will be able to provide a simple savings account where users can enter with stablecoins and earn interest in stables. Imagine being able to put $50 into savings while not having to spend $50 in gas!!! There is scope for having structured SIP for the savings account and more.

Yield Diversification :

The stack for Ethereum is as follows: We build using Curve Finance pools and the resultant LP tokens are deposited to yearn finance vaults to maximize yield. These protocols will be replaced by the BSC native protocols that help us fulfil our target of maximizing yield for our LP’s. We aim to gradually add multiple protocols to provide the best yields to DefiDollar LP’s.

We are currently exploring the following protocols live on BSC for the DefiDollar BSC stack:

  • Pancakeswap

  • Autofarm

  • Ellipsis Finance

  • Nerve Finance

  • Smoothy Finance

  • Beft.Fi

DUSD on BSC marks the transition of DefiDollar into a multi chain protocol aimed at retail users and institutions alike. DFD will remain the protocol’s governance token on both Ethereum and BSC.

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i believe we should prioritize pancake, ellipsis and smoothy. another protocol on which we could generate yield without converting away from stablecoin strats would be popsicle finance. swapping some of the DFD for fUSDT to stake in the popsicle stand would generate over 2% weekly or more than 100% apy.

one thing i would love to see is some type of implementation for DFD or DUSD directly into the BADGER ecosystem, in whatever form that may be. potentially a new farming pool on pancake for bBADGER/DUSD or bDIGG/DUSD.

Pancake swap and Ellipsis are the big ones! I think as long as we integrate with those protocols were golden.

I am not quite sure how appropriate it will be to sell DFD for fUSDT, but it does not matter as the fUSDT pool on popsicle.finance will be ended. Here is an announcement form the popsical discord:

"Hey @everyone ,

As we have discussed with many people, liquidity for fUSDT is needed on BSC and FTM- we thus are working on building farms for the Yearn, Curve, and Ellipsis fUSDT pool LPs.
The rewards would be coming from the fusdt single sided pool which would thus be deprecated.
If any strong opinions are against this, please voice them in the governance channel."

The good news is that we could earn some ICE by a stable vault fUSDT/DUSD in some of the mentioned protocols :slight_smile:

I oppose it.
I do not think light users on BSC will understand the advantage of DUSD.
It is better to focus on the Ethereum ecosystem like L2, and improve the product with multiple peaks. Some users including me never touches BSC.

Consider using Beefy Finance, which has vaults for almost all of the popular protocols on BSC. Beefy is able to maximize yield by farming other vaults that reward their native token, such as Autofarm.

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