11/19/2023 0 Comments Loom crypto coinbase![]() However, CryptoSlate could not confirm any information on the RWA DAO and could not confirm the integrity of its partnership with Tether. During its launch, it was asserted that stUSDT would be governed by the RWA DAO and operated under a custody agreement with JustLend DAO. This is in no way innovative and is certainly not scalable.”Īdding to the apprehension is the governance structure of the stUSDT protocol. A human still must access and read this definition and process it accordingly. ensuring that all cash flows related to the RWAs are algorithmically defined within the asset itself.Ĭurrently, most tokenized financial products do nothing more than take a PDF of the financial contract and hash it into the token. “These current tokenization practices still fail to address the underlying issue that we’ve been talking about time and time again, i.e. Ralf Kubli, a board member at the Casper Association, told CryptoSlate that while “stUSDT is essentially positioning itself as an answer to Alipay’s “Yu’e Bao,” a money market fund product offered by Alibaba., it fails to address the underlying issues with RWAs. The sole source of information about the protocol’s investments has been its Daily Rebase updates on its Medium page. This lack of transparency, especially compared to other RWA protocols like Ondo Finance, has raised significant concerns within the crypto community. While the stUSDT website claims to invest in short-term government bonds, the specific details regarding the types of bonds in its portfolio remain undisclosed. StUSDT has come under scrutiny, primarily due to its governance and transparency. Nevertheless, concerns have emerged regarding the protocol, including allegations of Justin Sun utilizing it to finance his investments. This means stUSDT accounts for more than 80% of the total value locked in RWA despite being relatively new to the market compared to rivals like Ondo Finance and others. Since its launch, the project has enjoyed a meteoric rise, with its TVL gradually approaching $1 billion in less than three months. Meanwhile, stUSDT said it is governed by the Real World Asset Decentralized Autonomous Organization (RWA DAO), “offering users a transparent, fair, and secure channel for RWA investment.” The protocol’s website claims partnerships with crypto projects like Tether ( USDT) and Justin Sun-linked companies like HTX (formerly Huobi) and JustLend. The protocol says it pays a yield of 4.21% on the stablecoin in return for investing them in real-world assets. StUSDT is the first RWA platform on the TRON network designed to function as a money market fund.Īccording to its website, stUSDT is the receipt token users receive upon staking USD stablecoins on the platform. Source: DeFillamaĪccording to data from DeFillama, one project, Staked Tether (stUSDT), stands out as the driving force behind the remarkable growth in this subsector. Per the data aggregator’s dashboard, RWA’s TVL has more than tripled within the last few months to over $1 billion from the $270.29 million recorded on June 1. However, this decline has not impacted the Real-World Assets (RWA) subsector, which has experienced significant growth during the period, with its TVL more than doubling, according to DeFillama data. Specifically, the exchange evaluates a given coin’s level of centralization, whether it has a real use case, whether its code is secure and verifiable, and whether the team behind the project has made claims about whether the investment is an asset or a security.Decentralized finance (DeFi) protocols have seen a substantial decrease in the total value of assets locked (TVL) on them in recent months due to the current bearish sentiments saturating the market. The exchange says it routinely conducts legal, compliance, and technical security reviews while listing new assets, and regularly reviews already accepted altcoins to ensure they continue to meet its standards. In a blog post from back in May of 2021, Coinbase detailed the requirements needed for any altcoin to be listed on the platform. Investors in those assets will still be able to withdraw their funds indefinitely.Ĭoinbase has not explicitly outlined why it is removing the crypto assets from its platform, aside from stating that it “regularly monitor(s) the assets on our exchange to ensure they meet our listing standards.” ![]() The coins will no longer be available for trading starting on Wednesday, March 29th.
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