I checked the official updates this morning and saw some pretty solid numbers from Arbitrum overnight: USDG deposits in the stablecoin vault of a leading on-chain lending protocol went from about $10 million on October 13 to over $130 million in four weeks—a 13x increase.
The context is their stablecoin growth program, which launched in mid-October: teams using USDG as their primary stablecoin can each receive an additional 200,000 $ARB if they’re among the first 10 to reach an average USDG TVL of $10 million. The total prize pool is 2 million tokens, and they can also compete for a share of the 165 million tokens in the incentive program.
My take: L2s competing for stablecoin deposits is more promising than simply subsidizing transaction volume. Money needs to stay on-chain for lending and yield opportunities to follow. But what I really want to see is how much of that $130 million will still be there after the rewards are distributed. Hopefully it isn’t just hot money chasing subsidies and leaving once they’ve been claimed. The token price hasn’t really responded, either—it’s still down around 5% over the past 24 hours.
#稳定币 #On-chain yield
How much of the stablecoin deposits attracted by token rewards do you think will stick around?
The context is their stablecoin growth program, which launched in mid-October: teams using USDG as their primary stablecoin can each receive an additional 200,000 $ARB if they’re among the first 10 to reach an average USDG TVL of $10 million. The total prize pool is 2 million tokens, and they can also compete for a share of the 165 million tokens in the incentive program.
My take: L2s competing for stablecoin deposits is more promising than simply subsidizing transaction volume. Money needs to stay on-chain for lending and yield opportunities to follow. But what I really want to see is how much of that $130 million will still be there after the rewards are distributed. Hopefully it isn’t just hot money chasing subsidies and leaving once they’ve been claimed. The token price hasn’t really responded, either—it’s still down around 5% over the past 24 hours.
#稳定币 #On-chain yield
How much of the stablecoin deposits attracted by token rewards do you think will stick around?
