Proposal Discussion - The Unit: Should defi platforms replace the USD as a unit of account?

Intro

We are here building the future. However, in many ways, we are stuck in the past. Check out this site, for example, Uniswap Info. All prices display the currency USD. Why do we choose to give a central bank this much power over our prices?

As Satoshi Nakamoto once said:

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”

So in the spirit of Satoshi, we should not keep promoting these currencies. Instead, we need new ways to set prices–methods independent of central banks that do not promote or are subject to the volatility of a specific coin.

The Unit

We propose Uniswap Governance to back the creation of a crypto-native community-managed algorithmic unit of account as an alternative to “stable coins.” At 2ØY (To Know Why), we are creating The Unit, and we want UNI holders to make Uniswap the first defi project to promote these ideas. Moreover, we want UNI holders to be the first to help develop a unit of account for the whole metaverse.

The Unit is an index including the most significant portion of the crypto market. An initial version of our paper, The Unit paper, outlines how to choose the contents of the Unit index. Currently, UNI is the top defi project in the index and, for that reason, the leading protocol and pricing oracle for The Unit to interact.

After past simulations and several months of running it in real-time, The Unit has shown desirable performance as a market benchmark and the potential to replace the USD as the leading unit of account in crypto.

Proposal

We propose to use 200k UNI from Uniswap governance to fund the development of The Unit under the 2ØY organization. Uniswap Governance will become a seed founder of the project and will own a corresponding allocation.

Benefits to UNI Hodlers

  1. UNI holders participating in this proposal will get rewarded with The Unit governance tokens.
  2. Uniswap governance will receive a reward proportional to the corresponding 200k UNI contribution to The Unit development.
  3. Uniswap Governance participants will receive an airdrop from The Unit.

Join the 2ØY Community

Our site: https://20y.org/

Twitter: https://twitter.com/20Y_org

Discord: 2ØY

Medium: 2ØY – Medium

Forum: https://forum.20y.org/

Thank you so much for reading! We will follow this post with a Temperature Check.

11 Likes

We welcome all questions, proposal additions, comments, suggestions, etc. We appreciate your interest.

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This is a medium article that expands on what the unit is and how to indexes cryptocurrencies and creates a better view of crypto markets than USD. I believe this is much needed in crypto especially as we go deeper into the metaverse.

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It’s time we unpeg the cryptocurrencies from central banks by replacing fiat as the defacto accounting unit! It’s a must to achieve true decentralization

3 Likes

Good idea, support!!!

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From what I read, the Unit is 20-30x more stable than USD - it is probably the first of its kind innovation in the crypto world.

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UNI has been trading around the value of 25-27 USD for the past 7 weeks so I think the UNI Token clears the threshold for being a stablecoin well enough already.

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:joy: :joy: In all seriousness, in the same 7 weeks, UNI went from 10 units to 6 units in value. Not that stable, kind of a bad performer.

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The Unit is the real algorithmic crypto-native measure of value in the crypto space. Not fiat.

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Interesting, this is like the SP500 of the crypto space. Its a very useful tool, looking forward to what happens next

your ideas are good i like them, support

1 Like

i am the one whom agree with this proposal

I like this proposal and agree with this

1 Like

I am myself completely agree with this proposal
but I want to add some proposals too

oh! i think agreeing with this is good
go on

1 Like

This week we have been overwhelmed with interest in The Unit. Thank you, everyone, for your support! We are updating the project’s structure and visual identity and continue to work on the product. For these reasons, the links on this Proposal Discussion are outdated. Here are the new links:

Join The Unit Community

Our site: https://theunit.one/

Twitter: https://twitter.com/TheUnit_one

Discord: The Unit

Medium: 2ØY – Blog

Forum: https://forum.theunit.one/

When we finish the update, we will make an announcement! We are looking forward to our Temperature Check.

2 Likes

I welcome all the proposals and i am agree with all of them

i am also agree with this