Everything EOS Short Clips and Rants, 17 Oct 2022

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From YouTube: Accelerating EOS DeFi Adoption with Native USDT Exchange Listings

Description

Yves Las Rose, Zack Gall and Denis Carriere explain why a EOS Tether based stable coin is important to the ecosystem, how the ENF is preparing to list this new token and what exchanges are interested.

Full Clip - https://www.youtube.com/watch?v=cLRUicu9r9E&t=4440s

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A

So we've been working with Colby and with binance, both in particular to try and list EOS usdt we've gotten quotes from Hobby SO waiting on finance, but yeah we're pushing that file along so there's when we took on this file earlier last year. That was one of the first priorities that we set as the enf. The regulatory landscape in China changed right after so for those who recall last year, if you had any account on any of the exchanges linked to China, basically by December, 31st and even around the world.

A

After that, you need to close your accounts or you could be a resident of that country anymore, et cetera, et cetera, and a lot of the listings just stop everywhere, but those reopened for those who don't know Justin's son just bought Colby. We are working with Obi to list usdt EOS we're looking at the what the marketing would be like what kind of campaign we would do, how we would attach that to yield to plus and we're doing the same thing with binance as well.

B

I saw it come up a few times recently as if the file wasn't moving along, but it has been. We said we would share news when there was news and now there's news and I think this ties in you've mentioned yield, plus it ties in heavily with yield plus um when D5 summer hit 2020. When D5 box launched and d5's network launched- and there was influx of defy activity.

B

Eos was quite Limited in its ability to take advantage of that because of the inability to access native, usdt, EOS version to deposit withdraw from exchanges who will be or like binance, because a lot of on-chain activity comes from different Arbitrage opportunities, especially at the time we had the some deep liquidity pools against dbtc and P eth, and when you're running these Arbitrage trades, you typically hold both sides of the trade on chain and both sides of the trade on some centralized exchange. So let's say you're arbing the EOS USD pair.

B

So if there's a better price on binance and you can buy EOS cheaper on chain, then you buy it on chain and your accounts are constantly rebalancing, but depending on the direction of the trades, you eventually get to this point, where on either the centralized exchange or on chain.

B

You have a bunch of tether, for example, and when you have a bunch of tether on EOS and it's the EOS version of tether, but you need to send it to binance you're in a bit of a pickle there and it just limits the ability to make these large multi-million dollar capital deployments on chain, because you can't actually close your Arbitrage trades and I probably did a very bad job at explaining that maybe the knee could help make it make more sense.

B

But it was a huge disadvantage for us at the time and we're working to close that Gap and it ties in perfectly with yield plus, which is going into its full launch. This Monday October 17th and that'll offer essentially a five percent yield subsidy on usdt Native usdt on EOS and EOS itself.

C

So you explained the trading opportunities, which is a really big thing. There's a lot of traders that trade across multiple exchanges. They usually have to provide liquidity on both sides. So if you block one of those sides, but you essentially block the entire trade and then all you do, is you essentially have to force exchanges to communicate in another asset non-eos because they have to use either Tron or ethereum or some other usdt pair, because the EOS rails are blocked for that exchange, but one of the big things is being a liquidity provider.

C

So let's say: if you are a holder of assets and you prefer using binance, you have KY seed or homie if you're a liquidy provider and you've done all your your kyc and you have a trusted exchange and you want to participate on chain activity and deposit, your tether or deposit, your assets on chain, and you cannot withdraw your tether from binance to on-chain. You are not going to provide liquidity on chain because you can't use your exchange, so it really blocks a lot of the potential of participating on chain.

C

So right now we see that there's a lot of EOS Movement Like EOS. The token itself is moving a lot between exchanges. The issue is that nobody can get on chain to participate in any incentive structures.

C

So right now we're with a yield plus we're going to be adding on-chain incentives to attract liquidity providers to participate in general purpose defy applications on chain, and you need tether and exchanges need to be able to deposit and withdraw so that we can get the community members that have assets on these exchanges to be able to withdraw safely and deposit.

C

So the second big use case is giving opportunities for liquidity providers and earning rewards on chain with these on-chain mechanism and the other big use case that actually we've seen a lot is Tron, so Tron, usbt, I, would say: I I use, Tron usdt, not because I like using Tron, because it's the cheapest tether transfer from all the exchanges. It's the only one.

C

That's like under 20: it's if you want to withdraw a tether from ethereum you're gonna pay a 10 to 20 withdrawal fee from the exchanges because they have to cover the transaction cost and Tron is under a dollar and they still have to make a profit. So the actual Unchained transfer might cost, maybe 50 cents, maybe 20 cents, but the exchanges will usually limit to about a dollar withdraw fee and Tron has actually been primarily the tether rails for a lot of people that are trying to do cheap tether withdrawals.

C

So once we can get EOS listed as a primary pair that has good rails for tethered. Between top tier exchanges, people will start using EOS because it will be the cheapest tether rail that blockchain has to offer that as long as the support is there for all the top tier exchanges. So the third use case, I would say, is just moving and tether around between exchanges as a really cost effective way and yeah. So those are the use cases for tether, there's I'm sure, there's more, but those are the the three big ones.