fix usdt bug for skip go #5919
fix usdt bug for skip go #5919
Conversation
there are two usdt's displayed on skip go on every cosmos chain and it's unclear which one is native (kava) and which one is the alloyed grouped asset from osmosis. This should make it clear. only kava usdt deserves the ticker since Tether minted on kava
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The canonical USDT on Osmosis is the Alloyed version of USDT. And Kava's USDT on Osmosis is recommended to be converted to the Alloy. |
Canonical? Do you even know what canonical means? https://tether.to/en/supported-protocols Tether has chosen the Kava chain to mint USDT for Cosmos, just like Circle has chosen the Noble chain to mint USDC for Cosmos. Osmosis alloyed usdt is a vastly inferior version that mixes actual real usdt from kava with all the stupid bridged versions. They did so because they want all of cosmos to use their stupid usdt. No one will bow to them. Sei uses kava usdt. Persistence uses kava usdt and Terra uses kava usdt. This is the canonical version in Cosmos and if you don't comply, then you hurt the whole Cosmos to bow down to osmosis. |
Sorry I wasn't trying to antagonize. The point is that the whole Cosmos uses Kava USDT and Cosmos USDT is Kava USDT. Your alloyed USDT is not getting adoption across the ecosystem because it's inferior. You're effectively creating a derivative that merges native usdt with dangerous bridged versions that can be hacked and exploited. Alloyed usdt would only be useful if there was no native cosmos usdt. Kava USDT is integrated in many exchanges and can be transferred to evm chains via stargate.finance/bridge . Alloyed usdt cannot. You're fracturing liquidity. And we all have to merge liquidity to unlock Skip's true potential. This is for the benefit of Osmosis aswell to make kava usdt the main usdt on osmosis. We do not want to confuse new users to cosmos with 2 versions of usdt. |
same thing. clear distinction must be made while swapping in cosmos wallets between native and bridged usdt versions
No worries, I encourage you to join the Telegram group to discuss further: |
Indeed, and that creates a good argument for claiming USDT to be the official version of USDT on Kava's EVM, but each app has its own thoughts on how to label assets. The Cosmos Chain Registry isn't meant to enforce how apps aught to label assets, but rather to merely record how they opt do so (on the chain's primary app); this is why IBC transferred assets may have registered metadata that differs from its IBC source version. The perceived superiority/inferiority doesn't affect how metadata is registered here. Some context on Alloyed assets: it is my understanding that Osmosis' Alloyed assets can serve many purposes, including: providing fungibility among of variants, spreading risk, and/or controlling decimal precision, all of which are meant to enhance Osmosis as a liquidity layer, but generally not meant to be moved off Osmosis to other chains. The reason they don't have an Alloy for USDC is because CCTP provides effective interoperability for users, but Tether doesn't have the same benefit, and users wanted a a way to transfer USDT to non-cosmos chains. |
Thanks for the response and indeed, tether does not have a mint-burn mechanism like CCTP. However, they do have tons of interchain liquidity on Stargate Finance, the largest multi-chain bridge in all of crypto. Only native assets are allowed, hence only Kava USDT is connected to stargate finance (via Kava and Sei). I've done it many, many time to transfer usdt in an out of cosmos and it works wonderfully. You simply convert your USDT to Kava EVM first on app.kava.io/transfer . On top of that, Kava USDT is also the only cosmos usdt connected with exchanges, because again, it is native. With kind regards. |
there are two usdt's displayed on skip go on every cosmos chain and it's unclear which one is native (kava) and which one is the alloyed grouped asset from osmosis. This should make it clear. only kava usdt deserves the ticker since Tether minted on kava