Motivation
Analyzing DefiLlama data, we observe that Tron ranks second only to Ethereum with a Total Value Locked (TVL) of $8.5 billion. What drives Tron's high TVL with only 35 protocols? In my opinion, it is the near-standardization of USDT transfers on Tron. As an active user, I utilize Tron exclusively for sending USDT due to its efficiency.
“I urgently need to send USDB to a Wallet. I don’t have ETH at the moment and can’t waste time bridging.”
“I received USDB from a friend but I can’t move or send it to anyone without having ETH on the BLAST network”
Proposal
I propose integrating a mechanism that allows transaction fees for sending USDB on the BLAST network to be paid using USDB itself, instead of requiring ETH. This would align with our goal of enhancing user experience and growing the BLAST ecosystem.
Benefits
1. User Convenience
Many users face challenges with transaction fees, particularly when lacking the necessary ETH for gas fees. By allowing USDB fee payments, we eliminate the need for users to maintain an ETH balance, simplifying the process.
2. Cost-Effectiveness
By enabling USDB fee payments, BLAST can become the most economical and versatile platform for stablecoin transactions, appealing to a broader audience.
3. Increased Adoption
Simplifying the transaction process by using USDB for fees can attract more users to the BLAST ecosystem. This would not only enhance user satisfaction but also drive the adoption of USDB as a standard for transactions.
4. Innovation and Differentiation
Introducing a feature where fees are paid in the stablecoin itself, and then automatically converted to ETH by the protocol, positions BLAST as a pioneer in user-friendly and innovative DeFi solutions.
Technical Feasibility
The proposed solution involves allowing users to pay transaction fees in USDB. The protocol could then automatically convert the USDB fees to ETH to cover the necessary gas fees. This approach would ensure that the underlying blockchain mechanics remain intact while offering a seamless experience for the users.
Conclusion
Implementing USDB fee payments could significantly enhance the user experience on BLAST, making it the preferred platform for stablecoin transactions. This proposal aligns with our vision of making USDB not only the first yield-generating stablecoin but also the most cost-effective and user-friendly option available.
Prior Proposals
This is the initial submission of this BLIP.
True and Complete
By submitting this BLIP, I represent and warrant to the Progress Council and the Blast Foundation that all the information it contains is true and complete to the best of my knowledge.