# GP12 DeFi Rewards (TDR) Proposal - Algomint **URL:** \ **Category:** Rewards Proposals\ **Tags:** targeted-defi-reward\ **Created:** [May 10, 2024, 6:54am UTC](https://forum.algorand.co/t/gp12-defi-rewards-tdr-proposal-algomint/11969 "2024-05-10T06:54:44Z")\ **Posts on this page:** 1\ **Showing post:** 15
**Author:** ![Algomint](https://sea2.discourse-cdn.com/flex016/user_avatar/forum.algorand.co/algomint/32/3062_2.png) [@Algomint](https://forum.algorand.co/u/Algomint)\ **Post date:** [May 20, 2024, 11:19pm UTC](https://forum.algorand.co/t/gp12-defi-rewards-tdr-proposal-algomint/11969/15 "2024-05-20T23:19:30Z")
@oysterpack @ROAM @mochanerd @bitshiftmod @APT Hey folks, We wanted to share our thoughts around goUSD, emphasising the important role it has played over the past year and why we believe it deserves continued support and further refinement. Prior to Algomint’s baskets, there were limited options for stable swaps on Algorand. The commencement of our USD baskets, including goUSD, was responsible for the vast majority of stable swaps. In fact, USDC\<\>goUSD achieved a TVL of over $900k in May 2023 with a daily volume of between $15k and $115k ([here](https://chat.chatbotapp.ai/chats/-Nxzqbz7kUOebsjgU-2w?model=gpt-4#) ). When looking at goUSD\<\>USDT, we were the first to supply this stable swap in June 2023, with a TVL over $110k and daily volumes up to $50k ([here](https://chat.chatbotapp.ai/chats/-Nxzqbz7kUOebsjgU-2w?model=gpt-4#) ). The data clearly shows that goUSD baskets were the key driver for USD stable swaps on Algorand. This was true until the inclusion of xUSD, which was intended to support a native decentralised stable token. We provided xUSD with a home and utility, which was successful until demand to move from xUSD to other USD tokens to take advantage of TDR rewards became too great. This was compounded by TDR rewards not being awarded to xBacked or Algomint, driving yields from xUSD options to USDC and USDT options. In light of this, we view goUSD as a success and don’t believe it should be retired due to the recent depegging of its price. It’s important to note that goUSD is backed by more than 1 USD token per goUSD, indicating that the depeg was always going to be temporary. We remain keen to support xUSD, as we believe that an over-collateralised USD token in Algorand is an important asset that needs to succeed. We understand that some community members were sceptical of adding xUSD to the basket, and we chose to support this native asset. The new TDR plan helps to correct the imbalance there currently is in the baskets, with a cautious approach with minimal support for xUSD stable pairs and a focus on USDC and USDT aiming to return the basket to its previous standing and utility. Whether Algomint’s support of xUSD should continue is a question for the community. If there is a resounding ‘no,’ then we can implement a process of removing it. --- _[View the full topic](https://forum.algorand.co/t/gp12-defi-rewards-tdr-proposal-algomint/11969)._