Proposal: Add USDD/3CRV pool to the Gauge controller

Gauge Proposals
3

Hi @ON-DeFi

Thanks for your speedy feedback, we appreciate your taking the time to guide us on how we can explain our project better and understand how more information is needed. We’d like to point out that USDD was initially launched on May 5th 2022, and we are currently in the process of solidifying certain aspects. However, we will keep the community informed through our official channels and here in the Curve community forum. As a very new project, we are excited to work with the likes of Curve and look forward to bringing a decentralized, algorithmic stablecoin, with all its potential, to users. The community’s thoughts and comments are most definitely welcome as we aim for USDD to be a stablecoin of trust for DeFi!

Please find below our answers to your questions:

  1. Currently we use a 5/7 mutisig-wallet to control the issuance of USDD, which is controlled by 7 different institutions.
    USDDmultisig1: TLntW9Z59LYY5KEi9cmwk3PKjQga828ird
    USDDmultisig2: TPcnRbpuB89eKKkfH2E7iJooAqeEZPpdGb
    USDDmultisig3: THdUXD3mZqT5aMnPQMtBSJX9ANGjaeUwQK
    USDDmultisig4:TBEp1Gndqp88SUWnS4NQH5CAMhduHgpoNY
    USDDmultisig5:TXZafZLKKgcXWTAq4YpLp3oCD4T9smsgmV
    USDDmultisig6:TXCu9ivZfybabh7r3aSmDPfLH6YybLjuvX
    USDDmultisig7:TA1FNwAaekqAULEZvkhAKzxvKVSL9fuQfZ
    Each issuance binds with an equal value of TRX burn, which can be found here: https://tdr.org. All issuances have been audited. After the initial launch, the governance will be moved to the TRON Network system, which is governed by the decentralized 27 validators elected by TRX stakeholders. 27 validators are all different institutions including Binance, Huobi, Poloniex, ant group investment, JD investment, etc. Anyone can apply to be a validator and be elected in a decentralized way. Full list can be found here: https://tronscan.org/#/sr/representatives

  2. The 27 TRON validators will serve as the primary oracle for price feed,which can be found here: USDD We are actively working with Chainlink to provide USDD price feed in the future.

  3. We are currently contacting multiple security agencies for auditing code, assets, and other security aspects. We will provide the code auditing within 2 weeks. Current asset audits can be found here:https://tdr.org/

  4. There is no component of the protocol that has centralization vectors. USDD (Decentralized USD) is a decentralized stablecoin governed by 27 validators who are elected by TRX holders. 27 validators are all different institutions including Binance, Huobi, Poloniex, ant group investment, JD investment, etc. Anyone can apply to be a validator and be elected in a decentralized way. Additionally, anyone in the community is able to help 1 USDD pegged to 1 USD via the TRON protocol, which is also described in our whitepaper (USDD).

  5. USDD has never observed severe volatility and depegged. USDD has been very stable since launch. The USDD protocol is pegged to the USD, and to avoid severe volatility, we established a stable, decentralized, and tamper-proof USDD-USD system.In the USDD protocol, The validators absorb the volatility of the USDD price, bearing short term costs. When the USDD price falls below the target, USDD holders can choose to burn their USDD to mint TRX, which will bring USDD price back to the target level.

The liquidity on Curve USDD3CRV pool is $24M with 4.2 million volume within 2 days.

The bridge we are using is Bittorrent Chain bridge (BTTC): BitTorrent Chain - An Era of Connecting All Chains | BitTorrent Chain

USDD is issued on the TRON network and runs on the TRON protocol, and it is bridged to Ethereum and Binance smart chain through the BTTC cross-chain protocol. BitTorrent Chain is a heterogeneous cross-chain interoperability protocol, which leverages sidechains for the scaling of smart contracts. All registered assets from ETH/BSC/TRON can be transferred between the 3 chains. BitTorrent Chain bridge is a decentralized protocol governed using BTT token, and validators are decentralized and prestigious institutions including binance and huobi Lists can be found here: BitTorrent Chain - An Era of Connecting All Chains | BitTorrent Chain

TRX price has been quite stable since launch. By worst case scenario TRX price has been down around 70% and all the network is very stable in price volatility. TRON DAO Reserve also have over 10 billion USD worth of bitcoin/ethereum/usdc/usdt to maintain the stable price of USDD. Furthermore, if TRX price goes down, more people will convert usdd to TRX and buy TRX with USDT for arbitrage to earn profit, which helps the stability of the price as well.

Again, we are excited to work with Curve and the Curve community, and look forward to bringing a decentralized, algorithmic, USD-pegged digital dollar to the Curve protocol.

Looking forward to your feedback!

Best,

USDD team