Cake announced today that they are bringing the EUROC stablecoin to their platform. I would like to use the token on the chain and enable the same support as USDC and USDT, but with less rewards.
dEUROC-DFI Pool
dEUROC-dUSD Pool
dEUROC as collateral in vaults
How do we get the token on chain? The Quantum Bridge bridges the ERC20 token or Cake does the custody as it does for the other crypto tokens on defichain. I would like to give both option the backing of the masternodes so they know their work has a direct benefit.
To incentive liquidity in these pools I propose to shift the rewards as followed:
dToken Rewards Distribution:
dUSD-DFI 25% (-5%)
Reduced by 50% for the Buy-Burn-Bot
USDC-dUSD 10%
USDT-dUSD 10%
EUROC-dUSD 5% (+5%)
Reduced by 50% for the Buy-Burn-Bot
=> 5% from dUSD-DFI to EUROC-DUSD
Crypto Rewards Distribution:
BTC-DFI 74.88%
ETH-DFI 14.55%
BCH-DFI 0.73% (-0.24%)
LTC-DFI 1.46% (-0.48%)
DOGE-DFI 0.08% (-0.02%)
EUROC-DFI 0.74% (+0.74%)
USDC-DFI 1.62%
USDT-DFI 3.23%
=> approx. 20-25% from BCH, LTC and DOGE to EUROC
Commission:
Default commission of 0.2%
Additional Information
EUROC is listed by centralised exchanges like coinbase and bittrex
How does this DFIP benefit the DeFiChain community?
More Liquidity (TVL) on DEX
One of the first to fully integrate a EUR stablecoin
Users can invest with EUR instead of USD
improves the user experience for most European users (increases adaption)
Non-obligation
I understand that vote of confidence for DFIP carries no obligations by any developers to implement the proposals. DeFiChain is a community projects. Pull requests can be submitted by community and reserved to be evaluated for safety and general community acceptance.
DFIP Overview
Describe your proposal
Cake announced today that they are bringing the EUROC stablecoin to their platform. I would like to use the token on the chain and enable the same support as USDC and USDT, but with less rewards.
How do we get the token on chain? The Quantum Bridge bridges the ERC20 token or Cake does the custody as it does for the other crypto tokens on defichain. I would like to give both option the backing of the masternodes so they know their work has a direct benefit.
To incentive liquidity in these pools I propose to shift the rewards as followed:
dToken Rewards Distribution:
=> 5% from dUSD-DFI to EUROC-DUSD
Crypto Rewards Distribution:
=> approx. 20-25% from BCH, LTC and DOGE to EUROC
Commission:
Default commission of 0.2%
Additional Information
EUROC is listed by centralised exchanges like coinbase and bittrex
It's an EURO Stablecoin by Circle backed 1:1 with EUR
How does this DFIP benefit the DeFiChain community?
improves the user experience for most European users (increases adaption)
Non-obligation
I understand that vote of confidence for DFIP carries no obligations by any developers to implement the proposals. DeFiChain is a community projects. Pull requests can be submitted by community and reserved to be evaluated for safety and general community acceptance.