XIP-48

Support USDT

authorkmao
typeintegration-upgrade
networkEthereum, Base, Arbitrum
statusImplemented
created2024-06-24

Proposal Summary

XIP-48 proposes enabling support for USDT.

Specification

Overview

Infinex currently supports only supports USDC and USDE stablecoins. Adding USDT as another supported asset will further grow TVL.

Infinex will need to update the UI to effectively reflect USDT deposits and withdrawals, as well as the current market price of the asset. The value of these assets will be denominated in USD and determined by a 3rd-party market price feed and will also be counted as TVL for the upcoming Craterun campaign.

Rationale

USDT is the biggest stablecoin by marketcap, and various Infinex users have already accidentally deposited USDT. By enabling support for USDT, these users will be able to stake their funds, and also withdraw them.

Technical Specification

Infinex will add support for deposits and withdrawals of USDT on all supported chains except Base and Optimism. Some networks will have the native USDT token supported, and other networks will have a bridged variant supported. The token addresses can be found below.

NetworkToken Address
Mainnet0xdac17f958d2ee523a2206206994597c13d831ec7
Arbitrum0xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb9
Polygon0xc2132d05d31c914a87c6611c10748aeb04b58e8f
Optimism0x94b008aA00579c1307B0EF2c499aD98a8ce58e58
SolanaEs9vMFrzaCERmJfrF4H2FYD4KCoNkY11McCe8BenwNYB

The Infinex account currently does not block deposits from all ERC-20 tokens, which means to support USDT deposits, Infinex will simply just need to upgrade the backend infrastructure to track those deposits.

Copyright

Copyright and related rights waived via CC0.

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