Review on USDK by Stephen Toluwani
A Stable Coin project built by the OkexChain
If you will look indepth to the way Stablecoins are proliferating the markets, you will understand that the battle for a reliable project to provide stablecoins that are actually stable, is a fight for sovereignty. Well, here's a choice for you to take from; USDK, the stable coin project built by the developers of the OkexChain. The major reason to why I will choose USDK among many others (though there are others worth using which I still use) is the regular audits they get to ascertain the true amount of USD held in their reserves. I have done a lot of calculation from the circulating supply to see if it correlates with the US Dollars held in reserves which gives them a better edge off others.
The USDK is still on the Ethereum Blockchain awaiting parrying to the OkexChain which makes it almost as expensive as the others which makes it a flaw to me. The contract code for the token though is well audited for any mishaps in the overall write-up so safety has been taken off my concerns with the stablecoin. Pending till the final release of the OkexChain, USDK will be on the sidelines for me to use as we expect a more scalable chain release by the team for the USDK stablecoin
Pros
- The issuing of every 1 USDK is insured by 1 USD from a Prime Trust Special Account
- Regular audits on the holdings of the Special account helps to keep things in check
- The USDK project has undergone audits from Certik and the rest which assure us of a bug free contract
Cons
- USDK is still on the Ethereum Blockchain, considering the high fees and congestion, it's almost same as other stablecoins
