USDD, the Tron-based Stablecoin founded by Justin Sun, recently launched a new safe, SA001-A, also known as the ‘Smart Allocator’.
This vault has grown immediately to keep around $ 260 million in collateral, about 61% of the total collateral for USDD, and all these assets came out of the sun advised HTX.
This safe places assets in loan protocols to help subsidize the yield paid by USDD, currently 20%. De Kluis is currently collapsing in an JustLend in Aave and founded.
However, the launch of the safe increases serious questions about how USDD is ruledWhere his assets come from and the role of sun.
No USDD board
USDD’s Governance Page claims that “the administrative framework of the USDD ecosystem is designed to be community-driven and decentralized, thereby guaranteeing inclusiveness, transparency and adaptability.”
It continues: “Governance enables stakeholders to make critical decisions about the future, stability and growth of the protocol.”
In addition, the FAQ claims for this project that “USDD is governed by a decentralized community where users actively participate in the decision -making process of the protocol. This ensures that no central authority checks USDD.”
In addition, USDD claims on Medium that the asset vlatforms for the so-called “Smart Allocator” “have been selected by USDD and only DAO teams based on strict risk management”.
Read more: USDDs Tron Dao Reserve closes his Dao
Despite this claim, an evaluation of the righteous DAO does not contain any votes with regard to the launch of this safe.
There are actually No management votes with regard to USDD Not at all. Nor is there any proof of any decentralized board for USDD, despite the repeated claims that it exists.
USDD Funds from HTX
Further concern about concern is the source of the funds placed in this safe.
The funds deposited in Aave came from 0x18709e89BD403F470088ABDACEBEBEBE86cc60DDA12E, an HTX address. HTX is an exchange advised by Sun.
The funds that were deposited in the sun that was Justlend initially came from TDTOUXX8SH4Z6MOQPK3ZLAN24EUPU2IVA4, another HTX address.
Read more: Justin Sun has stored USDD reserves at HTX for proof-of-reserves
These transactions come a few weeks after HTX did a strange series of Aave transactions in which it briefly retrieved huge amounts of funds, spiking rates before it returns most funds to Aave.
Broadly speaking, the lack of decentralized administration and the origin of funds comes from HTX advised by the sun Taking serious concerns about the role of Sun in USDD.
Proto’s contacted USDD to determine why there was no administrative mood with regard to the launch of this safe, but it did not respond immediately.
