Changes to Stablecoin Pools

Update: The Trading fee for stablecoin pools is now 15bps (from 4bps). This changes will come into effect immediately. (June 3rd 13:50 GMT)


Recently, we launched our stablecoin pools, including USDC-USDT, DAI-USDC, and DAI-USDT. These pools have helped our total trading volume surpass $140mm while upkeeping mean-zero impermanent loss.

However, we ran into a pool imbalance issue that is ultimately caused by a 5 – 20 bps price discrepancy between Uniswap V2 oracle and Curve.

We will upgrade our oracle by mid-June, which will fix this issue properly and enable us to sustainably maintain our current 2 bps trading fee + SUM(Curve, Uniswap V3, Binance) liquidity depth. The new oracle is likely to be Uniswap V3, but we are also actively expediting our strategic integration with Chainlink in order to roll out to different L2s.

In the meantime, we will roll out a quick fix:

  1. Stablecoin pools will distribute LP rewards at any pool ratio. The Ratio Rebalancing Program has been temporarily removed from USDC-USDT, DAI-USDT, DAI-USDC pools.

  2. The Trading fee for stablecoin pools will increase to 4bps. This may increase further if our pools deviate from mean-zero IL.

These changes will come into effect immediately and last for the next two weeks.

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Integral Insights

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