This proposal would enable the creation of Supercharged Liquidity pools using USDT as a quote asset.
Quote assets restrict the combinations of pairings possible in Supercharged Liquidity pools to improve routing. as mentioned in Proposal 532.
Quote assets in use at launch are OSMO, ATOM, USDC, and DAI. This proposal would add IBC native USDT, via Kava, as another quote asset for Supercharged pools, allowing Supercharged pools to be created paired with USDT.
Launched in 2014, Tether was the first stablecoin issued and remains the most prevalent stablecoin in use across the crypto ecosystem.
USDT is now available natively on IBC chains via Tether’s contract deployment on Kava.
Target on-chain date: 1st August 2023
Looking at the dates; this one needs to pass before Create USDT Supercharged Pools can be passed?
Yes, but not before it can be proposed.
There’s a check at pool creation, and if this has passed, then the create pools one will too; if this fails and for some reason, the create pools passes… which wouldn’t make sense, then this would fail.
I learned that you can even front-run parameters in these proposals. Kava has a proposal adding USDT to their EVM<>IBC link, passing on the 13th, even though the parameter only exists on the chain on the 12th.
Intending to go to chain on the 1st August.
These pools are not an issue because it is natively available in contrast to BNB/MATIC like we saw on chain earlier?
The issue isn’t native or not (although that is the simpler messaging!), but the exponent/decimal accuracy of the token. i.e. some “native” tokens such as Evmos and INJ still use 18, and some EVM such as WBTC use lower exponents.
USDT looks to be a 6, possibly because it is a native IBC token which should clear any issues.
So it really doesn’t matter on whether an asset is Cosmos-native or not, but how many numbers can be put after the “,”. Clear!
Going on chain a day earlier than intended - still well above the 3 day target though!
Turns out that USDT pool creation is blocked on this passing and wanted to have them live next week.