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🌐USTC Revitalization and Incremental Peg to $1 through the implementation of a Peg Divergence Tax on Transactions both on and off chain🌐
January 23, 2023
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(Dinarian Note: This is by far the BEST re-Peg Plan I have seen, it will take time, but this would eventually re-peg the USTC to market value, giving utility back to the network, and eventually back to $1 USD. It's a Lottery ticket worth investing a little bit in... (NOT FINANCIAL ADVICE))

USTC Revitalisation and Incremental Peg to $1 through the implementation of a Peg Divergence Tax on Transactions both on and off chain

Nearly 8 months have passed since the collapse of Terra Luna (LUNC) and USTC last May, and while we’ve made great strides in updating the blockchain and keeping it secure we have been severely lacking in terms of developing on-chain utilities and repegging USTC.

Repegging USTC is no easy task, while on-chain transactions and swaps can be maintained algorithmically in a de-peg scenario, without off-chain implementation USTC relied on arbitragers maintaining the peg. If arbitragers failed to hold the peg USTC then relied on TFL(Luna Foundation Guard) having enough funds in reserve to defend the peg. When both these defence mechanisms failed the price of USTC crashed causing LUNC to mint into oblivion. This leaves us in the situation we are today with LUNC, a hugely inflated token that’s utility derived from the stability of USTC now gone and 0 capital in reserve to buyback or defend the peg.

There’s also a misconception that a stablecoins utility comes from its ability to be stable at $1USD. This is not the case, whether it’s one cent or one dollar, its utility comes from it being stable at a set value. So, I’m proposing we peg USTC to around its current market value by applying a peg divergence tax on both on and off-chain transactions and incrementally pull peg back to $1USD over time. Not only does this bring instant utility, it incentives dApps to use USTC over any other stablecoin as they stand to make more profit.

The Peg Divergence Tax

The peg divergence tax works by taxing slightly more than the spread (the difference between the selling price and the peg price). The taxes retained by the protocol are then used to buy back USTC to maintain the peg. In the beginning the tax is always on the seller side to incentivise buying and it always accumulates the more desirable asset. To work it needs to be applied to both on and off-chain transactions. At the beginning the depeg events may occur until the protocol has retained enough assets to buy back to the set peg.

Mathematically how the algorithm will operate:

For the worked examples I’ll be using a peg of 1USD and a profit multiplier of 1.1.

X = (Target Peg Price)

Y = (Market Price)

T – (Tax/Transaction Fee)

M – (Profit Multiplier)(optional)

Scenario 1: Where the price is below 1USD or (Y<X)
T = ((X-Y)*M)

Worked example : X = $1.00, Y = $0.99 , M = 1.1

T = (($1-$0.99)*1.1)

T = $0.011

Example: Seller creates a sell order at $0.99. Buyer pays $0.99 BUSD. Seller receives $0.979 BUSD. Protocol retains $0.011 BUSD.

Scenario 2: Where the price is above 1USD or (Y>X)

T = ((Y-X)*M)

Worked example : X = $1.00, Y = $1.01 , M = 1.1

T = (($1.01-$1.00)*1.1)

T = $0.011

Example: Seller creates sell order at $1.01. Buyer pays $1.01
 Profits are dependant on protocol purchase price. LUNC holders are incentivised to swap into USTC (using liquidity pool of USTC bought back by protocol)

Scenario 3: Where the market price equals the peg
If (X)=(Y) let T=0

In this instance the tax does not come into effect and is dormant.

Implementation

Phase 1: We re-peg USTC to around its current market value. This gives instant utility to the network by allowing dApps to immediately begin selling services/products on the Terra network in USD values.

Phase 2: We start the incremental pull back to 1USD peg by disabling the tax mechanism where the price is above peg, and just apply the tax to any deviation below. What this does is allows the price to deviate above peg but not below. As the price of USTC increases we repeg at incrementally higher values until we reach 1USD.

This incremental peg makes USTC more desirable than any other stablecoin to build on/invest in. The reason for this is when service/product providers convert their profits from stablecoin to FIAT its redeemable for the same value, USTC will be the only stable that will have the ability to 50x.

Phase 3: Use the USTC obtained by the protocol during buybacks to provide a liquidity pool which would allow unidirectional LUNC>>>USTC swaps without any minting. This serves to reduce LUNC supply without increasing USTC supply.

Phase 4: Once we’ve reached 1USD peg, we relax the algorithm’s parameters to allow for limited arbitrage to occur again and increase utility further. The algorithm is not switched off, it’s just lying dormant, and will reactivate in the event arbitragers fail and prevent any further de-peg scenario.

The Profits

The profits generated by the algorithm should be used to further develop the Terra Classic ecosystem and speed up both the re-peg to 1USD and to burn down the supply of LUNC.

A percentage of the profits should be retained for the following purposes:

  • To provide a liquidity pool so that we can re-enable swaps between USTC and LUNC but without minting. Swaps would be available while liquidity is sufficient.
  • A liquidity pool to buy back USTC at times of low taker and high maker volume. This will allow capital to move more freely and incentivise network utilisation.
  • CEXs should be compensated with a percentage of the profits generated. If they implement our code and help save USTC they deserve to be compensated.
  • To compensate developers, app builders and incentivise further development and building of community owned utilities.
  • To buy back and burn both LUNC and USTC and speed up recovery of our network.

Case Study : Binance BUSD/USTC Trading Last Quarter 2022

To prove it would beneficial for both LUNC/USTC holders and the CEXs to implement the protocol and give some indication to its feasibility I modelled it against the last 3 months trading between the BUSD/USTC trading pair on Binance. Binance has the highest trading volume of both USTC and LUNC and for the last quarter USTC has had an average price of approximately $0.025 BUSD. I’ve modelled the date based on a rate multiplier of 1.1 and three different peg levels of $0.02, $0.0225 and $0.025. Fees shown are those retained by Binance as they are currently implemented at a rate of 0.002%.

The above values show profits retained by the protocol with divergence tax applied to trading data as though it had no effect on the trading volume or prices and did not buyback of USTC. We should assume that the tax will have a massive reduction on trading volume below peg and to reduce these figures accordingly. During the month of October the price of USTC never fell below 0.025 so the protocol would not have come into effect and would have retained no profits. If we were to assume a 90% reduction in trading volume below the set peg levels we would still have retained over $52,000 at a peg of $0.02, over $1,593,000 at $0.0225 and $5,448,00 at $0.025 over 3 months of trading. If we then gave even 10% of these fees back to Binance they would have increased profits of approximately 16%, 38% and 67% for the respective peg levels over the same time period.

Conclusion

Given that we are going to whitelist Binance wallets I believe we should capitalise on the close relationship and be the first blockchain to have their capital controls implemented algorithmically both on and off chain. But this is not a utility and should not be viewed as such its more of a failsafe.

This approach should appeal to both USTC and LUNC holders alike and allow us to slowly but safely collateralise USTC with BUSD. It also doesn’t require any minting, funds from the Oracle/Community Pools or an external liquidity provider so there shouldn’t be any major initial negative price action.

It doesn’t interfere with any of the other proposal that have been put forward so far by the community and if anything it should augment them.

This proposal requires more work and discussion around buyback rates and tax multiplier rates.

Negatives:

  • Most likely will have a dramatic reduction on trading levels below peg.
  • If the markets react badly and without and current onchain utilities to drive demand it could result in stale/no trading.
  • If there isn’t sufficient demand at/above peg and you need to sell you will be taxed quite aggressively offramping.

Has to be implemented by everywhere USTC is traded including off chain.

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There will be a LOT of spam, scam, uncertainty and crime surrounding the Midnight airdrop (@midnightfdn).

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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' đŸ€Ż
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❀
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments. 
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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