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Short Article: How USN can be a game-changer for NEAR Ecosystem?

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Written by   11
1 month ago

USN, aka NEAR Stablecoin, is out! It brings lots of opportunities to the ecosystem.

First, is widespread. Previously, we speak about stablecoin allows widespread of an ecosystem; but that's related to the stablecoin ecosystem. For USDT or USDC aren't related to NEAR directly, people might adapt them but not necessarily relate them to NEAR Ecosystem. With NEAR Stablecoin, mass adoption of USN also means mass adoption of NEAR, directly or indirectly.

Next, is ease. Previously, we speak about paying for products in stablecoin rather than worry about volatile coins; now that NEAR stablecoin is out, swapping of USN and NEAR could be done directly in NEAR wallet without a DEX or CEX, users could directly swap a small amount, enough to pay for what they need, into USN just to pay immediately, if they were to buy a bread in the future. Integration within the web wallet makes easy compared to going through another platform for swapping, plus worry about price impact, slippage, tolerance, and all those crazy factors that would take normal people much attention to care about.

Talking about slippage, this article mentions swapping between USN and NEAR has zero slippage, and you only pay for commission fee. Slippage has something to do with rapid changes in bid/ask price, according to this article, and native stablecoin pegging means this slippage is eliminated? One don't really understand what slippage is, so....

Really, with NEAR stablecoin, holding USN or holding NEAR isn't too much difference anymore, since they're soft-pegged to each other. For investors trying to earn price difference (buy the dip, sell the dunk), exchanging to other non-native stablecoin reduces the price benefit of the coin as less people holds it. Now with USN, people could hold USN when high (sell the dunk) and hold NEAR when low (buy the dip), and it's still considered holding NEAR Ecosystem's coin. Ultimately, more people holding a coin means it's more popular, more use cases, and more adopted. USN allows that without swapping to other stablecoins.

Conclusions

Despite the shortness of this article, native stablecoin might bring lots of benefits that one cannot see to NEAR Ecosystem! The points mentioned are clearer benefits to NEAR Ecosystem, while there may be other blinder benefits difficult to spot. Hopefully, as people realizes the head-aching bank procedures just to open a bank, make some transfer, and even entering a password, people might start adopting cryptocurrencies, and NEAR would attract more users by then.

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Unrelated Side Story on "Entering a Password"

Previously one was at a place where internet connection was quite cranky, and one tries to log into my bank. However, it says "the digital security pin you entered is wrong. If you continue entering for more than 3 attempts, we would lock your account". One thought, what the f$$$ are you speaking about? Then one tried to "Forget your digital pin" and it brings me to password page. Believe me, one had entered these passwords for a long time before, until recently the bank asks for (forces you to create a) digital security pin only one create a pin for that. But entering a password, one got "the password you entered is incorrect. If you continue for more than 3 attempts..."

Ok that just sounds stupid, you just put one to bathe inside a pot of boiling water! Luckily after regaining strong internet connection, the pin one entered (correctly previously) does not get the error message because of stupid internet connection.

So, be grateful for cryptocurrencies replacing these entities that makes our life more miserable as if they aren't miserable enough.

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Written by   11
1 month ago
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