VUSD Stablecoin In Beta, Vesper API Docs Released — The Week in Review

Also: Global Ambassador Program launches, USDCv3 migration begins, JeffTheBaker does an AMA, Unit Protocol, Ruler Protocol, and… logos.

Vesper Finance
Jun 5 · 5 min read

VUSD Enters Beta — A Crypto-native Stablecoin

We’re excited to announce that Vesper is actively working on a new crypto-backed stablecoin: VUSD.

VUSD is a proposed stablecoin pegged to the US Dollar, backed by interest-generating collateral as opposed to debt or the centralized management of the underlying asset (e.g., the promise of a dollar in a bank). The interest generated creates sustainable operations that enable a new base token for DeFi. Check out our VUSD beta information on GitHub to learn more.

Over $1 million VUSD has already been minted with over $1M TVL as well. We are also pleased to share that there is over $1M liquidity on Uniswap, $500k on Balancer, and $250k on Sushiswap

If you are interested in helping this initial mainnet testing of VUSD, instructions on zero-fee minting can be found on GitHub.

Users can additionally earn VSP for providing LP. A SushiSwap VUSD-WETH Gysr was established and is currently reporting over 200% APY.

As always, we recommend that risk-averse users wait until after the beta testing period is complete.

Vesper API Documentation Published

While you’re in the Vesper GitHub, head on over to the newly published API documentation. The team has been known to pay bounties for contributions in the past, so this provides an excellent starting point.

Global Ambassador Program Launched

Led by Mikey Coombe, the Global Ambassador Program launched this week, featuring representatives from China, Turkey, Russia, Japan, and Vietnam.

From the related article:

Ambassadors will also play a key role in evangelizing, maintaining, and evolving Vesper’s community relationships in key regions. They will also aid in translating and contextualizing documentation, content, social media and more to help bring in new Vespernauts.

Vesper has been diligently searching for the right type of candidates to help us realize this global vision. From a long list of potential candidates we have determined the below candidates to embody all of those characteristics important to the growth of the community and platform.

Get to know the ambassadors as they expand Vesper’s reach worldwide.

JeffTheBaker AMA

Vesper’s strategy team member and “Degen-in-Residence” JeffTheBaker held an AMA earlier this week to talk about all things Vesper and DeFi. As usual he brought his characteristic energy and aplomb to the proceedings. Here are some highlights:

Q: How did you come to work for bloq?

A: I did freelance work for several years (first journalism, then PR/marketing, then got more into tech work). Phil [Gomes, head of marketing for Vesper] found me on a local crypto Telegram chat. Tech writing is a pretty generic term that refers to anything documentation/developer/technicals. My first assignment with bloq was putting together developer documentation/tutorials for the managed nodes branch of the company.

Q: How can an engineer get involved in learning blockchain development?

A: Learn Solidity. Javascript or Python is a good precursor if you need to get the programming down. CryptoZombies is an old but good tutorial for learning solidity. Mostly I taught myself by deconstructing sh**coin source code to learn how the games were played.

Q: a) Bud Light or Pabst Blue Ribbon? b) Star Wars or Star Trek? c) Earth, Moon, or Mars?

A: PBR / Can I say Lord of the Rings? / Moon

Join the Vesper Discord to read the entire AMA.

Vesper Integrations

[DISCLAIMER: Adventurous users should exercise caution and due diligence.]

vVSP is now supported as collateral asset on Ruler Protocol, which advertises non-liquidatable DeFi credit. Currently, vVSP LTV sits at 33% on Ruler with 68% APR.

Unit offers Maker-like stablecoin loans for their USDP coin, which can be exchanged on Curve. VSP is newly supported collateral on Unit Protocol with 25% LTV and a 12% interest rate (stability ratio).

USDCv3 Migration Begins

On June 2, the team published a migration tool that would allow users an easy flight path from the older USDC Grow Pool to the newer one (USDCv3), which is the first to employ Vesper’s multi-strategy capability. Withdraw fees for the former have been set to zero.

This tool is available on the beta site at https://app.vesperdev.net/.

Insight of the Week — HODLers vs Supply

Looking at the Vesper Dune Dashboard, you can see that even though the amount of vTokens (mostly in the vETH, vUSDC and vWBTC Grow pools) has been declining in the last few weeks, the number of vToken holders has not. This indicates that predominantly users with high deposits have been leaving the pools, but most of our users are staying and Vesper keeps attracting new users with smaller deposits.

Let’s take a look at the vUSDC pool. The supply of vUSDC declined even as the number of vUSDC Holders has been increasing. How is that possible? When so-called “whales” withdraw a lot of funds, a lot of vUSDC is burned, but only a relatively small number is subtracted from the vUSDC holders. The fact that the number of vToken holders keeps increasing, means that Vesper continues to attract new users. Those new people are more likely to be relatively small-deposit users.

Our biggest pools are getting more evenly distributed. This seems like a very healthy growth pattern. Also, in one of the previous editions of the Vesper insight of the week we concluded that high gas fees are likely not the reason the existing user base stays — there must be something else. Everything combined, we see a flow of new people coming in and a strong user base that wants to stay and #HODLbetter.

Odds & Ends

This week’s Odds & Ends is dedicated to the community-driven discussion of the VUSD logo on Discord. Which one do you think is the community’s favorite so far?

As always, keep up with Vesper on:

#VesperFi

Vespernauts Michael, Simon C., Green Jeff, and Shazi_H contributed to this report. Edited by Phil Gomes.

Vesper Finance

Vesper is a platform for easy-to-use DeFi products.

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