USDap Review

USDap

USDap is a stablecoin that serves as a principal asset for the BondAppetit platform that is based on the DeFi protocol. According to the vendor, this cryptocurrency is backed by real-world assets and it has a total insurance of 3,729,520 USDap. 

At this moment, it is unknown where the company is based out of. It has profiles on several social media platforms like Discord, Telegram, Twitter, Github, and Medium. On the official website, you also have the option of subscribing to email newsletters.

USDap Overview

This coin is issued automatically based on an algorithm. It has real assets kept as collateral, and verification of the same is performed by public oracles. In this aspect, this is a unique stablecoin. The price for this coin is always $1 and there is always sufficient collateral accompanying the asset.

Since BondAppetit is a decentralized platform, USDap does not have a central issuer. Provided the necessary amount of collateral is available, the coin is issued through smart contracts. You can check the status of the collateral at all times.

While many cryptocurrencies have liquidity issues, USDap is different in the sense that it possesses its very own liquidity pools. These are in part filled by liquidity flows from real assets.

The stability in price is related to the platform’s asset. This price lies close to that of the USDap stablecoin. There are no legal bodies overseeing the transaction of this coin, rather it is decided by the BondAppetit community only when collateral is available. The assets serving as collateral consist of fixed-income bonds provided by borrowers as loan collateral. 

The Idea Behind USDap

With the market cap for stablecoins being steadily on the rise, the members of the crypto community are demanding secure options that let them hold and transfer assets. BondAppetit, the protocol behind USDap, aims to build a technology that bridges the gap between generic debt assets and decentralized finance. Organizations can borrow money in terms of cryptocurrency using this platform.

The Core Team

The core team of BondAppetit is headed by founder and CEO Artem Tolkchev who used to be the former head of the Blockchain Lab at Deloitte. He has been working on blockchain technology for more than seven years. Sergey Stopnevich, the co-founder, is known as the founder of Wise Wolves Group Ltd. that provided financial services to large and small banks.

Vlad Komissarov is the CTO of the company, and he is a highly experienced web developer. The people serving as advisors include Amedo Cristofaro, Roger Ohan, and Alexander Ivanov.

Safety of USDap and the Network

A security audit report for the platform is available on the GitHub website. During this audit, several major issues were pointed out. These issues could lead to potential user issues. 

There is a general concern regarding the security of stablecoins. It all depends on how reliable the custodian is, and many people have lost money while dealing with custodians who were not trustworthy. It is mentioned on the official website that the USDap token does not carry any obligations of the protocol, its members, or third parties.

Other Notes

Whenever you make a purchase, the platform will create a certain amount of USDap that is equal to the amount of dollars bought. You can trust in the value of the coin to remain stable since there will only be as many of these coins available on the market as the amount of dollars invested in the platform. 

Client Testimonials

We were unable to find any customer reviews on USDap on reliable third-party review websites. It seems like the BondAppetit platform has not yet managed to carve out a reputation for itself and that there are not many people using this stablecoin. With decentralized stablecoins slowly growing in popularity, it is quite possible that members of the crypto community will eventually get to hear about this platform and its token currency.

Our Verdict

Our Verdict
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After studying the different aspects of the stablecoin and the platform through which it is traded, we don't think it would be prudent to invest in USDap as of now. It seems the BondAppetit platform still has some security issues to sort out, and until that time, it is best to opt for a different stablecoin using a decentralized platform. USDap does show a lot of promise, however, and provided it manages to deal with the above-mentioned issues, the future could indeed be bright.
After studying the different aspects of the stablecoin and the platform through which it is traded, we don't think it would be prudent to invest in USDap as of now. It seems the BondAppetit platform still has some security issues to sort out, and until that time, it is best to opt for a different stablecoin using a decentralized platform. USDap does show a lot of promise, however, and provided it manages to deal with the above-mentioned issues, the future could indeed be bright.

Pros

  • Backed by real-world assets
  • Decentralized cryptocurrency with a set price

Cons

  • Safety issues with the platform
  • Lack of user reviews
  • Largely unproven
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