With BUSD already issued on Tron with a huge community, I strongly recommend it be also added to the JustLand DAO market. I genuinely hope the teams of JustLend DAO and BUSD could collaborate to make it happen, since BUSD will be a secure and high-quality asset to JustLend DAO’s ecosystem. This proposal aims to add BUSD, a full-reserve stablecoin, for borrowing and lending and as a collateral asset on JustLend DAO.
The presence of stablecoins on JustLend DAO is a key benefit for lenders of the protocol, providing lenders borrow liquidity for stablecoins against volatile assets lent to JustLend DAO. BUSD, a reliable and popular stablecoin in DeFi, would be an asset to JustLend DAO in this respect. BUSD also brings a high volume of liquidity and motivated users, which would in turn direct more liquidity to JustLend DAO.
As a stablecoin, BUSD is US$1.00 with a 24-hour trading volume of US$3.19B in real-time. The current CoinMarketCap ranking is #7, with a live market cap of $16.4B USD. Specifically, BUSD is a liquid asset with many token holders. BUSD holders may want to obtain additional liquidity without selling BUSD to still capture potential increase in value. With BUSD supported on JustLend, BUSD holders can borrow funds for a wide variety of DeFi use cases, such as margin trading or other investment opportunities, all without selling their current holdings. Therefore, having BUSD listed on JustLend DAO would increase the token’s functionality, grow the network effect of both the JustLend DAO and the BUSD ecosystems, and encourage closer collaboration between BUSD and JustLend DAO.
Project: Buy/Sell Bitcoin, Ether and Altcoins | Cryptocurrency Exchange | Binance
Whitepaper: Binance USD Whitepaper - The Whitepaper Database
BUSD on Tronscan: TRONSCAN | TRON BlockChain Explorer | 波场区块链浏览器
BUSD on Etherscan: $1.00 | Binance USD (BUSD) Token Tracker | Etherscan
Benefits for JustLend DAO
- As a transparent stablecoin with each token backed 1-to-1 by US dollars, users can stake BUSD into JustLend DAO to increase asset efficiency which will help grow the overall market securely and reliably.
- BUSD has a large community on social media channels and can provide marketing support and resources to promote the launch of BUSD on JustLend, thereby spreading more awareness about JustLend.
- BUSD has over 171,000 token holders, including VCs and other DeFi projects, and they would be able to have a direct use case for their tokens on JustLend.
- BUSD is expanding to a wide variety of chains, which is aligned with and can support JustLend’s expansion efforts to other chains.
1.Provide a brief history and ecosystem of the project
BUSD was launched in 2019, in collaboration with Paxos. In the past three years, BUSD has become one of the fastest-growing cryptocurrencies. On the 10th of March, 2020, BUSD had a market cap of $100M. This was impressive since the project had launched a little less than a year ago. At the same time, BUSD was listed on the approved Greenlist of NYDFS on 6th of August, 2020. This again was a significant milestone for the project.
In 2021, BUSD ecosystem had exponential growth. The stablecoin grew from a market capitalization of around US$1B at the start of 2021, to over US$14.6B at the end of 2021. This makes it the third largest stablecoin by market cap, behind Tether and USDC. This growth is largely due to more user adoption as wallets, platforms, and services, DEXes and CEXes support BUSD.
Top wallets like Metamask, Trust Wallet, Trezor, Zapper, and many more allow users to hold BUSD now. Platforms and services, like travel booking site Travala, payments gateways like Moonpay and Banxa, payment APIs like Wyre, and multi-currency payment services like ivendPay and Paylot are now supporting BUSD too. While PancakeSwap is the top DEX in the BSC ecosystem, numerous other top DEXes also support BUSD, including: Uniswap, 1inch, Curve Finance, Ellipsis, MDEX, SushiSwap, 0x and many more. Users of centralized exchanges (CEXes) can use BUSD outside of Binance and Binance.US too, with top exchanges like FTX, Gate.io, WazirX, MEXC and more.
2.Benefits of BUSD over other stablecoins
- Regulation. Paxos (BUSD’s issuer) and BUSD are both regulated by the New York State Department of Financial Services (NYDFS). On top of it, BUSD is “greenlisted” by the NYDFS since August 2020, making it pre-approved for custody and trading by any of the NYDFS’ virtual currency licensees.
- Fully backed by cash with guaranteed deposits. Every collateralizing deposit is held at FDIC-insured US banks.
- Attested. Every Paxos Standard bank account is overseen by US auditing firm Withum.
- No fees. BUSD is issued and redeemed without any extra charges.
- Transparency. Paxos publishes its BUSD monthly reserves report.
- Security. Paxos has bankruptcy-remote accounts. Even in the unlikely event that Paxos Trust became insolvent, it would not go through standard bankruptcy procedures. Assets held in custody by Paxos Trust would be returned to their rightful owners.
- Appealing trading fees. (1) Zero maker fees. On Binance. There are over 300 BUSD spot and margin trading pairs that now have zero maker fees for users who place orders on the order book. For market makers, they can enjoy appealing trading fees with BUSD. (2) Zero transaction fees. Besides, Binance offers zero transaction fees on all BUSD stablecoin pairs. If users hold other stablecoins but want to switch to BUSD, the process is totally free with Binance. (3)Zero gas fee on BNB Chain. In addition, users can withdraw Binance-Peg BUSD (BEP-20) with zero fees through BNB Smart Chain.
3.How is the asset currently used?
Based on the price stability, BUSD plays an important role in transactions, payments and settlement, and Decentralised Finance (DeFi).
Here are some use cases:
- Transfer your digital dollars (BUSD) anywhere in minutes at a low cost and on the blockchain.
- Trade BUSD on different exchanges and DEX.
- Deposit BUSD to earn an interest rate.
- Pay BUSD as payment for goods and services.
- Use BUSD as collateral and loan assets.
- Use BUSD as cross collateral in Futures.
- Store BUSD on an exchange or in a wallet.
- Market Cap (4th January 2023): $16,384,440,914
- Circulating supply (4th January 2023): $16,381,199,632
- 24-hour trading volume (4th January 2023): $4,599,483,693
- Top exchanges: Binance, Changelly PRO, Uniswap v3, BitMart, Bybit, Coinbase Pro, and more. In Total, 50 exchanges use BUSD as a stablecoin.
5.Social channels data
Website: https://www.binance.com/en/busd(Binance), Paxos Adds Bank of America, Coinbase Ventures, Founders Fund & FTX to Series D Funding Round - Paxos
Telegram: Telegram: Contact @BinanceDEXchange
GitHub: GitHub - paxosglobal/busd-contract: Solidity smart contracts for the Binance USD
6.Contracts date of deployments, Contracts Address, number of transactions, number of holders for tokens
Etherscan: Contracts date of deployments: 9 Sep, 2019
Contracts Address : 0x4fabb145d64652a948d72533023f6e7a623c7c53
Number of transactions: 1,643,888 transfer
Number of holders for tokens: 171,891 holders
Tronscan: Contracts date of deployments: 26 Oct, 2022
Contracts Address :TMz2SWatiAtZVVcH2ebpsbVtYwUPT9EdjH