Spin Partners with Decentral Bank

Eris — Wed, 28 Sep 2022 16:50:30 +0000

Spin is partnering with Decentral Bank, the issuer of the USN stablecoin powered by the NEAR blockchain.

With USN set to become one of the major assets in the NEAR ecosystem, Spin plans to launch more USN stablecoin spot markets and launch USN-backed derivatives in the future. This will allow the NEAR users to trade on-chain Perpetual Contracts and other types of derivatives by depositing USN on Spin.

As USN’s ultimate goal is to become the backbone of decentralized finance in the NEAR and Aurora ecosystems, as well as Spin’s plans to build a one-stop decentralized trading platform, this partnership will expand the options offered to NEAR users. USN derives its yield from NEAR staking.

Partnership plans and goals:

When USN was launched, Decentral Bank’s big plan was for USN to be minted with NEAR. The original approach implemented in USN v.1 allowed USN to be minted with NEAR 1:1. Which obviously had its drawbacks when it came to rebalancing the reserve. USN v2, the current transitional model, only allows USN to be minted with USDT.

USN v.3, which will be launched in the third quarter of 2022, will allow USNs to be issued with whitelisted assets (including NEAR). It will also be a strong and reliable architecture that will allow NEAR to be absorbed into reserves. The NEAR from the reserves will then be staked and the NEAR staking rewards will be converted back to USN using the CDP model. In essence, users will be able to mint USN for NEAR with a very visible overcollateralized ratio.

In this case, Spin Perpetual Contracts will be great hedging and income-generating tool for users. Who would like to speculate on the price of NEAR using USN as collateral, for example. Perpetual trading makes capital more efficient because it does not require holding any specific asset in order to profit from its price fluctuations. Thus, users will be able to continue minting USN with whitelisted assets and use Spin Perpetuals to speculate on the prices of these assets. Sounds like a good plan, doesn’t it?

Spin will also list new markets that will allow trading USN against NEAR and other ecosystem tokens. On Spin, users are invited to benefit from trading with limit and market orders, super low fees, and instant speed. A great choice for on-chain traders! Try trading on Spin today (the current trading limit is $50,000) and stay tuned for the upcoming public release of Perpetuals on the NEAR Protocol mainnet!

About DecentralBank

Decentral Bank is the DAO developing and supporting $USN, the NEAR-native stablecoins. Decentral Bank DAO manages the smart contracts of $USN and its Reserve Fund. The DAO votes on the different aspects and decisions around $USN.

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About Spin

Spin is a DeFi infrastructure project built on NEAR Protocol, a reliable and scalable L1 solution. The on-chain order book solution offered by Spin provides a CEX-competitive experience to DeFi users.

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Tonic Launch $USN Liquidity Program

Eris — Thu, 08 Sep 2022 15:32:37 +0000

Tonic is thrilled to announce that they are launching a $USN Liquidity Program in partnership with DecentralBank throughout the month of September with a $50,000 USN incentive pool.

The program rewards are different from yield farms many users are familiar with. Their goal is to incentivize traders to actively provide liquidity on the orderbook while promoting USN. Furthermore, the Tonic SDK makes it easy for developers to create their own automated market making strategies to trade with.

Why?

The Tonic team believes in the vision for the decentralized stablecoin $USN and also, they want to help in any way possible.
Orderbooks are more capital efficient than AMMs, and liquidity incentives on Tonic will allow them to provide the deepest liquidity for USN/USDC across any DEX on NEAR.
USN/USDC is an easy pair to start with for traders unfamiliar with providing liquidity on orderbooks.

How To Participate

To be eligible, you must be a Greedy Goblin NFT holder. If you do not hold one, stay tuned 🙂
This program rewards maker orders on the orderbook. To learn more about maker vs taker orders, see this helpful guide from Binance.
Each qualifier splits the rewards among all qualifiers evenly by percentage of liquidity provided. The payment also will be a multiple of the normal maker rebate that is determined daily by the Tonic team.
Liquidity closer to mid-market price ($1) offers a better user experience for their traders and will be rewarded accordingly. Orders within 2 bps (0.02%) of $1.00 will be rewarded with incentives.
Buy side liquidity is more crucial at this stage for the USN project, since it helps maintain the peg. They will reward buy side liquidity at twice the rate of sell side.
Only orders that are filled (including partial fills) will count toward the incentive program.

Leaderboard and Reward Distribution

A leaderboard will go live on 9/12 with information about previous and upcoming reward payments. And also, the program will start with $250 in rewards daily and ramp up to $1000+. The rewards will be paid out once daily.

$USN rewards distribution as follows:

Total Liquidity incentives: $50,000 USN
Daily Liquidity incentives: $250–1000 USN
Liquidity Program duration: 30 days

How to whitelist for $USN Liquidity Program on Tonic DEX

Fill in your details in this form.
Ensure that the address you trade with has a Tonic Greedy Goblin while you are trading.

Disclaimers

The $USN Liquidity Program starts on September 12th, 2022.

The rewards pool is $50,000 USN but they reserve the right to change the amount that is given as liquidity rewards at any time.

Rewards earned in this program may vary due to the number of other participants in the pool.

If a qualified address did not submit the whitelisting form, it will not be eligible for the reward and its proportional reward will be allocated to other whitelisted addresses.

The $USN is distributed every 24 hours after 00:00 UTC. Make sure you have added liquidity to $USN/$USDC pair before the next rewards cycle.

Lastly, Tonic DEX reserves the right to modify or cancel this Rewards Program at any time, for any reason, and without notice.

About Tonic

Tonic is a fast, permissionless decentralized exchange built on NEAR. Tonic aims to bring the speed and convenience of centralized exchanges to NEAR while being fully decentralized. Their mission is to build an open protocol for trading on NEAR, owned and operated by the community.

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