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Say hello to... "baby USM"! Deployed today, baby USM is a temporary (1-month), capped-supply, but *real-money* version of the USM stablecoin/contract.
Baby USM is just like the full USM version coming in January, except:
- Max 1 ETH per tx
- Max 100 ETH total in the contract (40 today, increasing daily)
- Becomes withdraw-only after Jan 15
- Max 1 ETH per tx
- Max 100 ETH total in the contract (40 today, increasing daily)
- Becomes withdraw-only after Jan 15
We invite you to try all four operations!
- mint: send ETH to USM contract, get back USM stablecoin tokens
- fund: sent ETH to FUM contract, get FUM (non-stable, "funding") tokens
- burn: send USM to USM or FUM contract, get ETH
- defund: send FUM to either contract, get ETH
- mint: send ETH to USM contract, get back USM stablecoin tokens
- fund: sent ETH to FUM contract, get FUM (non-stable, "funding") tokens
- burn: send USM to USM or FUM contract, get ETH
- defund: send FUM to either contract, get ETH
So, if you send 1 ETH to the USM contract, and the current ETH/USD price is $600, your tx will send you back somewhere less than 600 USM tokens, depending on fees.
See also @acuestacanada's 2-minute video demonstrating these operations via MetaMask on last week's testnet deployment: https://twitter.com/acuestacanada/status/1338452651244212224
The main baby USM contract is at https://etherscan.io/address/0x03eb7ce2907e202bb70bae3d7b0c588573d3cecc. The FUM contract is at https://etherscan.io/address/0xf04a5d82ff8a801f7d45e9c14cdcf73deff1a394. And there's a proxy contract at https://etherscan.io/address/0x4ed6d61c17e5b10fe6312a86134acb76ef546e83 for if you prefer to send/receive WETH.
Usage/fee tips:
1. You'll need to increase the gas limit to 120k or so: these are not simple 21k ETH transfers.
1. You'll need to increase the gas limit to 120k or so: these are not simple 21k ETH transfers.
2. Your operation's fee is based on its size relative to the contract's ETH pool: since this pool is capped, fees will tend to be somewhat high. (They'll be lower in the full uncapped version.)
You can get a better price (gas aside...) by breaking down your operation into smaller operations: eg, five 0.2-ETH mints instead of one 1-ETH mint.
3. Fees are also increased by recent activity: if a bunch of people just bought FUM, buying FUM will be pricey. You can expect a good price if no one else has bought/sold in the last 5-10 min.
Please send/tweet any feedback or questions you have about baby USM, so we can make January's full launch better. That is after all the purpose of this pre-launch!
(Thanks to @musatheredguard for the idea of staging our launch this way. Because the contracts will be immutable, we really want to work out the kinks now.)
Again, even with the capped pool this is real money, so please be careful and don't go overboard... This is still quite raw code...
And final reminder that you have LESS THAN 24 HOURS to help with our audit expenses in Gitcoin round 8! https://gitcoin.co/grants/1375/usm-a-minimalist-stablecoin
