Wrapped UST Token (UST) API and Price Oracle

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Wrapped UST Token

UST
$
Information
For informational use only; request a custom oracle/API for production below.
General information
Contract address
Smart contract address of the asset
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0xa47c...1acD
Network
Blockchain network where the asset is deployed
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Ethereum
Methodology
Pricing methodology used to determine the price of the token in USD. By default, all price feeds on the DIA App are calculated with a MAIR methodology. This parameter is customisable.Learn more about methodologies.
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MAIR
Update frequency
120 seconds is the default update frequency. This parameter is customisable.Learn more about oracle updates.
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120s
Next update
24h Volume
The total volume captured by DIA across all the integrated sources.
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Source
Volume 24h
Trades 24h
Pairs
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Token information

What is Wrapped UST Token (UST)?

Wrapped UST Token (UST) is a cryptocurrency that represents the value of Terra's UST stablecoin. It is designed to be compatible with Ethereum's ERC-20 standard, enabling UST to be used in decentralized applications within the Ethereum ecosystem. The token was created by Terra, a blockchain platform specializing in stablecoins and decentralized finance. Founded in 2018 by Daniel Shin and Do Kwon, Terra aims to provide stable and scalable digital currencies. The Wrapped UST Token's name reflects its function of "wrapping" the UST stablecoin on the Ethereum network.

How does Wrapped UST Token work?

Wrapped UST Token is a technology that allows users to convert UST (TerraUSD), which is a stablecoin native to the Terra blockchain, into an ERC-20 token that can be used on the Ethereum blockchain. This interoperability allows UST to be used in various decentralized finance (DeFi) applications and protocols on Ethereum, expanding its utility and accessibility.

The underlying technology behind Wrapped UST Token is the concept of token wrapping. It involves locking up UST on the Terra blockchain and issuing an equivalent amount of ERC-20 tokens, known as Wrapped UST (wUST), on the Ethereum blockchain. These wUST tokens are backed by the locked UST reserves on Terra, ensuring their value.

To achieve this, a bridge is used to facilitate the movement of UST between the two blockchains. When a user wants to wrap their UST, they send it to the bridge, which verifies the transaction and mints the corresponding amount of wUST on Ethereum. Conversely, when a user wants to unwrap their wUST and obtain UST, they send the wUST tokens back to the bridge, which burns them and releases the equivalent amount of UST on Terra.

This process is made possible by smart contracts and oracles that enable the seamless transfer and mapping of assets between different blockchains. By wrapping UST, users can leverage the functionalities of the Ethereum ecosystem while still accessing the stability and security provided by the Terra blockchain.

It's important to note that the Wrapped UST Token relies on both the Terra and Ethereum blockchains for its operation. Users should be aware of the associated fees and potential risks when utilizing this technology.

What are the benefits of Wrapped UST Token?

Wrapped UST Token, also known as UST, is a wrapped version of Terra's stablecoin called TerraUSD. It has several benefits that differentiate it from its direct competitors, such as Tether (USDT) and USD Coin (USDC).

One of the notable benefits of Wrapped UST Token is its interoperability. Being built on the Ethereum blockchain as an ERC-20 token, UST can leverage the vast ecosystem and infrastructure of Ethereum. This allows users to easily integrate UST into a wide range of decentralized finance (DeFi) applications, such as lending, borrowing, and yield farming. In contrast, competitors like USDT and USDC primarily reside on their respective blockchains (Omni and Ethereum), limiting their interoperability.

Another advantage of Wrapped UST Token is its stability mechanism. UST maintains its value by utilizing an algorithmic stabilization mechanism called the Terra Protocol. This ensures that the value of UST remains pegged to the US dollar, making it an attractive option for users seeking stability in a volatile crypto market. In comparison, USDT and USDC rely on a more traditional approach where each token is backed by an equivalent amount of fiat currency held in bank accounts.

Furthermore, Wrapped UST Token offers transparency and decentralization. Terra's stablecoin is backed by a collateral pool consisting of various digital assets. This collateralization approach is designed to provide greater transparency and reduce counterparty risk. In contrast, USDT and USDC have faced scrutiny for their lack of transparent audits and centralized control, which some view as potential risks.

In summary, the benefits of Wrapped UST Token include interoperability, stability, transparency, and decentralization. These features make it an attractive option compared to its direct competitors, such as USDT and USDC.

What is Wrapped UST Token used for?

The Wrapped UST Token is a form of digital asset that represents the underlying TerraUSD (UST) stablecoin. It is used to bridge the gap between the Terra blockchain and other blockchains like Ethereum, allowing users to transfer and utilize UST on different platforms.

One common use case of Wrapped UST Token is in decentralized finance (DeFi) applications. By tokenizing UST on Ethereum using Wrapped UST, users can access a wide range of DeFi protocols and take advantage of various lending, borrowing, and yield farming opportunities offered in the Ethereum ecosystem. This interoperability enables users to leverage the stability of UST while benefiting from the broader DeFi ecosystem on Ethereum.

Additionally, Wrapped UST can also be used for cross-chain transactions. For example, if a user wants to send UST from the Terra blockchain to a user on the Ethereum network, they can wrap their UST into Wrapped UST Tokens and then transfer them to the Ethereum network. The recipient can then unwrap the tokens back into UST on the Terra blockchain.

In summary, the Wrapped UST Token is primarily used to enable the transfer and utilization of UST on other blockchains, particularly in DeFi applications. Its interoperability allows users to leverage the stability of UST while accessing the broader features and opportunities offered by different blockchain ecosystems.

What is DIA's Wrapped UST Token API?

DIA's Wrapped UST Token API is part of DIA's suite of API endpoints that provide real-time price feeds of crypto assets. These price feeds are constructed using raw data sourced from over 85 on-chain and off-chain cryptocurrency and NFT exchanges, resulting in comprehensive and reliable information.

While DIA does offer free API endpoints for developers to test, the real value lies in the custom feeds that they create. These custom feeds can be tailored to specific requirements, including sources, methodologies, update mechanisms, and more. By offering fully customizable options, DIA ensures that users can access the most relevant and accurate data for their needs.

The use cases for DIA's API are vast and diverse within the blockchain ecosystem. In the DeFi space, the price information from DIA's API can be leveraged for derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, and money markets, among others. In the NFTfi sector, the API enables peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and more.

API, short for Application Programming Interface, is a set of rules and protocols that allows different software applications to communicate and interact with each other. APIs enable developers to access and retrieve specific data or perform certain actions within a specific system or service. In the case of DIA, their API enables developers to access real-time price data for crypto assets and use it in various applications within the blockchain ecosystem.

In summary, while DIA provides free API endpoints for developers to test, the true value lies in the custom feeds that can be tailored to specific requirements. These custom feeds offer greater flexibility, accuracy, and relevance for users in the DeFi and NFTfi sectors. By leveraging DIA's API, developers can access real-time price feeds and integrate them into their applications, enabling a wide range of use cases and possibilities within the blockchain ecosystem.

What is DIA's Wrapped UST Token price oracle?

DIA's Wrapped UST Token price oracle is a smart contract that provides real-time price feeds for cryptocurrencies. DIA is integrated with over 35 layer 1 and layer 2 networks, allowing it to deploy price oracles on multiple blockchains. These price feeds are constructed using data from billions of individual trades sourced from over 85 on-chain and off-chain cryptocurrency and NFT exchanges.

DIA offers both demo oracles and custom-configured price feeds. The demo oracles are free for developers to test and can be found in DIA's documentation. However, they are only intended for testing purposes and cannot be integrated into production applications.

For users who require specific configurations for their price feed, DIA can build a dedicated price feed oracle. These custom oracles can be tailored in terms of sources, methodologies, update mechanisms, and more. To request a custom feed, users can get in touch with DIA via Discord or Telegram.

DIA's price oracles have a wide range of use cases in the blockchain ecosystem. In the DeFi space, they can be used for derivatives, options and futures, lending and borrowing markets, collateralized stablecoins, synthetic asset issuance, money markets, and more. In the NFTfi space, they can be used for peer-to-pool NFT lending and borrowing, on-chain NFT derivatives, NFT renting, NFT fractionalization, and many other applications.

A blockchain oracle, in general, is an external information provider that supplies verified data from outside the blockchain to smart contracts. It enables smart contracts to interact with real-world data, making it an essential component for various blockchain applications.

Why use DIA's UST API & price oracle?

DIA's UST API and UST Price Oracle offer a multitude of benefits for users in the blockchain ecosystem. These technologies provide access to accurate and reliable price data for cryptocurrencies and NFTs, giving users confidence in the information they receive.

The key advantage of DIA's API and Price Oracle is the high level of customizability they offer. Users can tailor each oracle and API endpoint to fit the specific needs of their decentralized applications. This includes configuring data sources, applying data cleaning filters and pricing methodologies, and determining update mechanisms and frequency. This customizability ensures that the data and oracle remain robust and resilient to market conditions, providing users with a tailored solution.

Transparency is another major benefit of using DIA's API and Oracle feeds. Users can gain full and granular transparency throughout the entire data journey. Additionally, DIA provides various tools for tracking and monitoring its oracle and API feeds, allowing users to closely monitor the data they receive.

Overall, DIA's UST API and UST Price Oracle bring customizable and transparent solutions to the blockchain ecosystem. By leveraging these technologies, users can access reliable price data and customize their data sources and configurations to suit their specific needs. These benefits contribute to a more efficient and reliable blockchain ecosystem.

Why use DIA data feeds and oracles?

Transparent
DIA provides full insight on the oracle’s data journey as well monitoring tools to track feeds in real-time.
Customisable
Oracles can be tailored to any use case in terms of data sources, methodologies and update mechanisms and much more.
Broadest coverage
DIA provides price oracles for 3,000+ cryptocurrencies: from blue-chip tokens to long-tail assets.