Add More Decentralized Stablecoins to Fulcrum

I think we should seriously consider adding more decentralized stablecoins to Fulcrum such as TerraUSD (UST), Fei Protocol (FEI), and mStableUSD (mUSD).

I do not like how USDC and USDT are being used when they are centralized corporate entities and may be positioning themselves to being absorbed into current Federal Reserve banking system.

The threat of government and/or the Federal Reserve pressuring USDC, USDT, USDP, etc… into locking any funds in DeFi protocols and we need to keep our options open for any potential “crackdowns” and oversteps by bureaucrats that do not know or appreciate these new technologies.

DAI is great but not enough in my opinion.

If worried about regulatory weight of tether and USDC, I wonder if it would also make sense to add Rai. It is on Aave and has really performed nicely in conjunction with Rari

I agree in principle that we definitely need to add more stablecoins (do you mean trading pairs with them?)

A couple of thoughts:

-Do these all have Chainlink price feeds? That is a key requirement for anything on Fulcrum right now so if they don’t we can’t add them yet.
-When Permissionless Listing goes live (in a few months), anyone will be able to add any trading pair they want for any token that is on Uniswap/SushiSwap - and then you won’t need Chainlink feeds either.
-For now the DAO devs will need to review and add tokens manually and a Chainlink feed is required. I am not sure how much work there is involved in adding new tokens and if they have the capacity to do it now since they are currently totally focussed on the rebrand, followed by Optimism.

TerraUSD (UST) should be for sure, it is the stablecoin in the Terra LUNA ecosystem which uses Chainlink.

I do not know about RAI. Rai appears to be a stable asset not a stablecoin.

I suggested UST, FEI, and mStableUSD because they have large market caps and provides more options outside of just DAI for DeFi stablecoins to prevent funds being locked by centralized corporate entities like Tether and Circle.

I humbly suggest you read more into Rai as it appears to be a very stable token that has the flexibility to remain so. It is collateralized and backed by Ether and has performed admirably. It also is censorship resistant and resistant to the regulatory FUD regarding USDC and Tether. I think this thread lays it out pretty well.

Yeah, again RAI is a “stable asset” not “stable coin”. RAI’s price is not pegged to the US Dollar at $1.00 value.
Thus it is not a stable coin.
I am making the point of expanding our decentralized stable coins outside of just DAI.
RAI is something totally different but thank you for bringing to my attention.

RAI is the only stablecoin on Ethereum at the moment. Don’t know why or when pegged assets became “stablecoins” but several people, including members from the original MakerDAO team made the point about pegged coins not being stable.

Sticking to $1 or to another fixed target is the definition of a pegged asset.

As @Josephit mentioned, RAI is performing amazingly well on markets like Aave and Fuse and has several integrations that are not present in the pegged coins you mentioned: Coinbase, BarnBridge, Idle, Kashi etc.

Tl;dr the options you mentioned are at best “stable assets” and RAI has several integrations not present in the assets highlighted above.

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You guys can shill RAI all day but the market cap is still around $55 mill.

I do not see how a 52-week range of $2.57 to $3.66 is “more stable” than the others I mentioned.

There are more from the top of the list that are decentralized that should be added before RAI.

Useless to point to the 52 week price, it’s way past its bootstrapping phase.

“It’s still 55M market cap” and yet it has more integrations than any other pegged coin launched in the last year :man_shrugging:

Do what you will with that.

All it’s integrations and no one really using it?

After UST ($1.4B), FEI ($425M), and mUSD ($41M), we can take a serious look a RAI ($55M).

As long as it is more decentralized than USDT, USDP, and USDC; I don’t care if digital feces gets added to Fulcrum. That is the point. Make sense?

“No one”.

Fei bought $10M worth of RAI, DXdao bought $3M for their treasury, RAI market size on Aave is $19M, $21M market size in Fuse pool 9, Polly finance ditched pegged coins for RAI.

You can add what you like in your protocol, doesn’t mean market cap will actually reveal anything meaningful.