Weekly Updates

Changes to the TF Weekly and Q&A with Stably CTO David Zhang

This week, we’re announcing some exciting changes to this weekly update as well as a Q&A with Stably CTO David Zhang. Stably recently announced their USDS stablecoin is being built on Tezos and we caught up with David to get some insight on the project.

In terms of changes, starting Monday, January 18th, we are transitioning the current weekly spotlight of exciting projects and teams within the ecosystem over to Tezos Commons and TQ Tezos. For a roundup of ecosystem updates each week, we encourage you to follow AJ and the Tezos Commons team, who will provide a weekly roundup on Twitter in addition to their excellent Baking Sheet Newsletter. TQ will release a weekly Spotlight on their blog every Monday with interviews, articles, videos, and more to highlight the incredible work being done on Tezos. 

At the same time, we will continue to prioritize transparency and communication from the Foundation by keeping our weekly Agora and Reddit Tezos community Q&A with community manager Robert Fontaine and continually updating the FAQ section of our website. We will also begin providing a new monthly update on grantees with updates on our grant platform and other Foundation-led initiatives. 

We’re excited to keep building and strengthening the Tezos community and push the Tezos project forward with this new breakdown of community updates.

Onwards, Tezos! The Q&A with David can be found below.

 

What is Stably? How did it come to be?

Stably is a fast growing venture backed FinTech company based in Seattle with a distributed global team. Stably’s mission is to bridge the gap between traditional finance and DeFi through asset-tokenization and fiat-onramp solutions. The team has raised close to $3M in funding to date from angel investors and venture capital firms like 500 Startups, BEENEXT and Pay It Forward.

Stably came from the idea that finance should be programmable, accessible and transparent for everyone. Co-founders Kory and David approached the space as traders in 2016 but quickly realized that we are in the midst of a financial transformation too big to ignore, and so in early 2018 they quit their jobs to build Stably full-time.

 

What is Tezos USDS? Why does it matter?

Tezos USDS is a USD-backed stablecoin built on the Tezos blockchain and issued by regulated US financial institutions. You can learn more about USDS at https://www.stably.io/stablecoins.

USDS brings the ability to seamlessly use USD on the Tezos blockchain, unlocking various trading, lending, payments, and other DeFi use-cases that fiat currency is currently more suitable for.

 

How are you building USDS and how will it work in practice?

USDS is implemented as a smart contract following the FA2 standard. Specifically USDS is a single fungible asset that represents USD. To create new USDS there must be an equivalent amount of USD deposited into the collateral trust account held for the benefit of USDS holders. You can issue or redeem USDS by opening an account at https://www.stably.io/ or you can acquire it on a secondary market like a decentralized exchange.

USDS also makes use of Permit (TZIP-17) which will eventually allow users to pay for their on-chain fees in USDS and make for a familiar payments experience.

 

You’ve built on Ethereum before, why did you choose to build this project on Tezos?

Today is still Day 1 for blockchain and cryptocurrency. The future of DeFi must be secure and easily verifiable if it is to become widely adopted. Tezos embodies these principles and empowers users and developers to build a strong foundation for trustless finance. The tools and standards have matured significantly and we were especially excited by what we saw with the Delphi amendment, where Tezos was able to drop gas fees significantly.

 

What three things are you most excited to see built on Tezos?

Crypto is not ready for its “Netscape moment” yet, there are still many infrastructure pieces missing before crypto can become mainstream. At Stably we are particularly excited for:

  • Developer tools and frameworks that enable non-experts to create useful and secure applications (like meta-transactions and gas abstraction)
  • End-user tools that enable easy interaction with DeFi without a technical background (like what we’ve seen in Kukai’s Direct Auth feature)
  • Scaling tools like plasma, lightning, and other layer-2 solutions

FAQs

We have created an FAQ module on our website that we will update each week with responses to frequently asked community questions. You can find the FAQ here

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