VIP-023 Add BUSD and DAI as the new markets at Vires.Finance

Proposal ID
9QsC1TZtUfo6WssYuKusQQBGL464xkwK8wkkjs2unyve

Summary

This proposal:

  • • adds two new markets: DAI and BUSD, with the same rate, limits, and other asset parameters as USDT,
  • • enables borrows of all assets except for WAVES, USDN, and EURN, for everyone except the suppliers of USDT or USDC(via “Prohibited Collaterals”, more information below)

Prohibited collaterals

As the operations slowly return to normal mode and new assets are added, opening borrows is a necessary step towards it. However, before enabling borrowing, it’s crucial to make sure the new and existing markets will not be instantly drained by suppliers of the markets that are still in distress. To achieve that, the concept of “prohibited collaterals” is introduced. With few exceptions, the collaterals(except for Locked supplies) in USDT and USDC can’t be used to make further borrows or to reduce health other than withdrawing USDT or USDC.

The easier way would be to set the ColalteralFactor for USDT and USDC to 0, but this would mean instant liquidation of “loops”, which is seen as too harsh. So instead, the accounts with USDT or USDC collaterals can’t make new borrows(no matter if the current borrows exist). A counterintuitive extension to that: due to the potential tricks with importing/locking/unlocking, in case of outstanding borrows and existing deposits in USDT and USDC, withdrawing assets other than USDT or USDC is also prohibited. These measures are aimed to allow “unlooping” instead of forcing the liquidations.

Transaction Payload

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  "timestamp": 1657543353186
}

Will prohibited collaterals (USDC/USDC) still receive yield if this proposal goes through?

If not, then no way it should pass.

This proposal is actual fuck.

2 Likes

支持!

The worst collateral is USDN. It should be nullified as collateral, unless they create the oracle for this, highly requested.

Otherwise the usual will happen: USDN depeg → people buying the coin at 0.6X and bringing it here 1:1, hoarding all the other interesting stablecoins (previously USDT/USDC, with this proposal: BUSD and DAI too) and leaving the account.

3 Likes

I try to be as supportive as possible, but this proposal would result in the following:

  1. Providers of WAVES/USDN/EURN will not receive income from borrowers, because these assets cannot be borrowed. I have concerns that staking income and Vires token income will not be enough to attract capital.

  2. The borrowable assets are all tokenized assets from other blockchains. This presents a serious liquidity risk to the Waves gateways if borrowed tokens are sent off-platform.

  3. USDC/T providers will be discouraged as the utility of providing liquidity without locking is reduced to income only; being required to lock to use as collateral.

1 Like

OK wait does this statement:

enables borrows of all assets except for WAVES, USDN, and EURN, for everyone except the suppliers of USDT or USDC

mean that those who deposit BUSD or DAI will be able to borrow USDN, WAVES, and EURN, but depositors of USDT and USDC (the “distressed” assets) will not?

I’m all for more adding more stuff I can make money on, but unless we add more waves assets, then as Descrypt and Dragonfire says, we’ll just end up with another similar case, of people buying at 50% and running off chain with zero intent of repayment. Like the thief recommended people on here do not long ago.

I’d like to see WX, SWOP, Puzzle and EGG added on top of DAI and BUSD… If we could have all assets related to Waves Association, it’d be even better. The more Waves related assets, the more stability we’ll see. as more money will stay onchain.

I would also like to see BNB added along with DAI and BUSD… I’d say SOL too with the current volume, but the way they handle market cap is a bit sketchy.

1 Like