Summary:
Whitelist the gauge for the USDD/FRAX/USDC Pool to receive BAL emissions.
References/Useful links:
• Website: https://usdd.io/
• Whitepaper: https://usdd.io/USDD-en.pdf
• Twitter: @usddio
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Protocol Description:
USDD (Decentralized USD) is the first over-collateralized decentralized stablecoin with a guaranteed minimum collateral ratio of 130%. It has been launched collaboratively by the TRON DAO Reserve and top-tier mainstream blockchain institutions. The USDD protocol runs on the TRON network, is connected to Ethereum and BNB Chain through the BTTC cross-chain protocol, and will be accessible across more blockchains in the future.
The real-time collateral ratio is now over 300% — a total of $2.3 billion of assets backing the 725 million USDD in circulation.
PSM (Peg Stability Module) is a stablecoin swap tool launched by the TRON DAO Reserve. Users can swap between USDD and USDT at a 1:1 ratio.PSM offers a more stable and competitive price with no slippage and zero fees.
PSM helps keep the USDD peg close to $1 U.S. dollar during times when USDD demand outstrips USDD supply. With the newly introduced PSM, the process of USDD SWAP is actually the process of USDD issuing via the fixed ratio collateralizing. All PSM users actually participate in the issuance of USDD.
Motivation:
Balancer is an automated portfolio manager and trading platform which can attract more liquidity. Adding the veBAL gauge will give more incentives to USDD community members to deposit their tokens into a Balancer pool.
Specifications:
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Governance: We set up the Pool Owner to the Balancer DAO governance.
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Oracles: No external oracles are used.
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Audits: Our audit report from SlowMist.
For TRC20：https://usdd.io/SlowMistAuditReport-USDDTRC20.pdf
For ERC20：https://usdd.io/SlowMistAuditReport-USDD.pdf -
Centralization vectors: The token is not upgradeable or pausable.
The owner has limited minting capabilities and cannot blacklist the contract.
The team behind the token is known and can be held responsible for abuse. -
Market History: We have already set the pool on Curve, Convex, Ellipsis, SUN.io, and JustLend DAO.
And for UniSwap, Curve, Ellipsis, PancakeSwap, SUN.io, and SunSwap, users can also trade on those platforms.
Gauge LInk:
Pool Address:
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After 10 days since we posted this forum proposal, we are ready to go for a voting process. @SolarCurve
cheers, will ask the governance council to put it up with this week’s round of votes on Thursday.
For me I think I’ll have to vote no. While you are actively bribing on convex your volume in the curve pools is very low. Thus one can see a scenario where you secure a large amount of BAL emissions but subsequently generate zero protocol revenue. Plus the whole thing about USDD having the same risks as UST if I understand correctly.
Something like USDD/bbaUSD might be easier for me to support, as at least we’d have the yield earnings as a floor on the revenue your pool would generate.
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Agree with @solarcurve - I have become rather critical in adding low liquidity gauges. I also cannot support this proposal as it stands given the USDD risk profile.
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