The following is a discussion about adding USK into stablemint on the Harbor protocol.
Users would be able to mint CMST using USK 1:1. This allows users to diversify the assets they can use to mint CMST on stablemint, thereby making it more appealing to a broad and diverse range of users and limiting exposure to a single stablecoin. Adding USK for minting CMST as an asset could potentially boost CMST adoption. We recommend a debt ceiling of $50k for this asset.
Is there a clear market for swapping from a Cosmos-native stable to another Cosmos-native stable?
Until now we have mostly seen swapping from bridged stables into CMST, which attracts a different type of people I would say.
But for people already in the Cosmos ecosystem with their assets it might be a different story. They are familiar with IBC and such most likely.
Hmm,
I’m supportive of the idea of using $USK to mint $CMST. Having both assets overcollateralized definitely brings in an added layer of security to the entire process. Thats the positive part.
However, I’m curious about the user incentive. If someone can collateralize ATOM on Harbor, at 140% to directly get $CMST, what’s the pull for them to first collateralize ATOM at a higher 167% to get $USK & then use it for $CMST?
We need to think this through
I’m not too familiar with $USK, but is ATOM the only asset which can be used as collateral for USK? Or will it open up doors for other assets which are not included on Comdex yet?
I was just giving an example.
Also though they have lot of options, but ATOM & OSMO are the only 2 Cosmos based options & both need higher collateral than what is offered on Harbor
Others are UNI, FTM, MATIC, LINK, DOT, gPAXG, BNB & lot more… lol
Hahaha, yeah, that is why I was asking ^^
Thanks for the reply!
So in essence using $USK as collateral for $CMST would allow indirectly also gPAXG, DOT, UNI etc to be used as collateral, although it would require 2 steps to get there.