AIP #1: Add GUSD to Alkemi Earn

Proposals
#1

AIP #1: Add GUSD to Alkemi Earn

Author(s): @eclipse

Summary

Vote on adding GUSD, a 1:1 USD-backed stablecoin, to Alkemi Earn, along with ALK incentives for lending & borrowing.

Abstract [What?]

By adding GUSD to Alkemi Earn, current and future GUSD holders will be able to earn & borrow with their cryptocurrency. Additionally, they will be able to gain exposure to ALK, the Alkemi Network DAO token.

Motivation & Goals [Why?]

This will allow the many users of GUSD to deposit and borrow into Alkemi Earn. The addition of GUSD will increase ALK adoption and potentially introduce DeFi to Gemini’s user base. GUSD depositors/borrowers can also contribute to the DAO and the direction of Alkemi Network over time as they accrue ALK.

Specification & Implementation [How?]

ALK incentives should be supplemented on top of an in-kind lend and borrow rate.

Vote

Sentiment check [DEADLINE: 14/01/2022]:
  • :white_check_mark: Yes - Approve the proposal
  • :x: No - Do not approve the proposal

0 voters

3 Likes
#3

The vote has successfully passed and the proposal is now live on Snapshot:

https://snapshot.org/#/alkemidao.eth/proposal/QmTpKZ249V8R1v1NhofZZyGeVCdvYvMmVFeBMpFM2ZrLgn

1 Like
#4

The first-ever Alkemi Network proposal was voted ‘for’ unanimously and passed successfully! We will add GUSD to the platform.

https://vote.alkemi.network/#/proposal/QmTpKZ249V8R1v1NhofZZyGeVCdvYvMmVFeBMpFM2ZrLgn

It will now move to the final ‘Implementation Stage’. Adding GUSD to the platform will be fairly straight-forward, but some complexities do exist. There is currently no test-feed for GUSD’s price from ChainLink e.g. Also, the pool will require a new liquidator to provide security in the face of changing exchange rates. These issues and others are being considered and solved presently. Soon, the Alkemi Network Core Team will announce a time table for implementation.

1 Like