This thread has been created in order to discuss the possible addition to Hundred Finance’s Fantom deployment of Axelar-issued UST.
Key points:
- Axelar-issued UST is a wrapped version of the Terra Network’s native version of UST sent to Fantom using the Satellite bridge. Satellite is a decentralized cross-chain asset transfer application created by Axelar, which enables users to transfer assets they hold on a source chain to an address on a different destination chain. Documentation of the use of Satellite can be found here.
- The Axelar Network and its various components have already been audited by NCC, Cure53, and Oak Security and the team plans to continue performing throughout its development and that of its additional functionalities.
- Hundred Finance would use the Chainlink price feed for Axelar-issued UST, which can be viewed here.
- In response to a direct question of their security in the face of bridge exploits, their team responded that while “there’s never absolute guarantees in terms of security, it all comes down to the team and best practices to minimize the probability of hacks.”
- Axelar recently completed a funding round, raising $35 million USD at a valuation of $1 billion USD.
- Axelar recently reported that they have over $30 million USD TVL in Satellite.
Motivation:
UST is the native stablecoin of the Terra ecosystem. As a result, it has a significant number of holders who may wish to deploy it as collateral on Fantom for the purposes of yield farming, shorting cryptocurrencies, etc. As a result, offering a means of collateralizing the token/providing could draw a substantial number of users to the Hundred Finance platform.
Useful Links:
Terra announcing the launch of Axelar
