Hello! In order to promote the stability of USN exchange rate, and after full discussion in the community, Defibox will adjust the annualized fee rate of USN stable coin to 18% at 09:00 (UTC) on December 24, 2020. The details are as follows:
The USN price is unpegged sometimes, and USN's goal is to peg to the US dollar 1:1. Based on comprehensive analysis, the reason for unpegged USN price is that USN’s larger market-making scale has led to a sharp decline in EOS+USN liquidity revenue, and its liquidity revenue is almost the same as EOS+USDT liquidity revenue. The willingness to hold USN is reduced. Therefore, we consider increasing the USN annualized fee rate to 18%, appropriately reducing some USN market-making scale to let the USN exchange rate peg again.
Note: Since BOX staking reward system has been delisted, no account has DAO voting right currently, and it is impossible to decide whether to adjust the rate by initiating a proposal vote. Therefore, this rate adjustment has been fully discussed in the community in advance and the consensus has been reached.
Thank you for your support and attention to Defibox!
December 24, 2020