USDT addition to Liquidity Baking

Well, someone had to propose it. And before someone starts saying RED FLAG, please watch this video to see why is baseless FUD, this guy is the same guy that called LUNA UST a scam for months.

What are you even saying.

What is your objection? Tzbtc hasn’t done anything for the ecosystem, the only ones getting any benefit from it are LPs (me included), tzbtc in LB is just a void where they money goes to the drain.

1.- it has been more than a year without passing above 300k USD of average daily volume, virtually 0 burning of XTZ has been done through trading volume.

2.- total minted coin supply has been stuck at 1000 tzbtc since ever, which in turn creates bottleneck that results in a artificial very high APY scheme (funded with inflation). This is because almost nobody is able to mint due to very tedious KYC/AML process.

3.- TVL has decreased 16M.

Im not saying to eliminate tzbtc from LB, im proposing to share the subsidy with usdt and see from there which gives better results and stats.

1 you still can trade relative high volumes. And you can use the LP as collateral on youves which has positive effects for the ecosystem as well.

2 there’s no bottleneck, there just hasn’t been higher demand.

3 your topic starter is such incoherent mumbling that it was in no way obvious what your intentions are

No there are no HIGH relative volumes, I just checked the liquidity baking contract, and the volume is barely $300,000 average daily. That’s literally nothing, the burning mechanism is ON the liquidity baking contract. It has literally no effect on burning.

Of course there is no HIGHER demand, because the KYC/AML process is very tedious and almost impossible to get in, also they require at least 5 BTC to mint tzbtc in wortoon and from all the gatekeepers only 1 answer the emails, wortoon. I’m telling you this because I spent 2 months trying to gather all the requirements of wortoon KYC/AML to finally getting in. There is a clear bottleneck because of that.

I don’t have BAD intentions, stop accusing me of such treachery, that’s clearly just an attack on me. My intentions are to make LB more successful that it is currently.

Wakenbake what do you think about the idea to solve it this way, instead of a protocol upgrade to change the asset Add a Toggle vote wether to add/change the Liquidity Baking asset or not

Yes, that would work, there must be more assets allowed to compete. Im not proposing replacing completely tzbtc with another asset, just to share the subsidy with usdt and see how they compare in stats.

Sorry my posts are being censored as you can see, the post above was hidden, even tho i didn’t say anything inappropriate. I was just stating facts.

Edit: post unhidden by moderator.