Over the course of September, we had received a couple different forum proposals that eventually made their way to the voting round. These weren’t your normal proposals that tap dance around about the possibility of implementation, these were full on “LET’S GET TO WORK” proposals.
As part of our effort to create a global financial ecosystem inclusive to all currencies and to eventually reign as the number one stablecoin protocol, we are not holding anything back! That’s why we released the following stablecoins and updates that will help bring us closer to that goal!
1. [DIP-001] Add NZDS/USDC pair
This was our first DIP proposal by the community and it went amazing! We received overwhelming support to add this pairing and whenever it was up to be voted on it passed without a problem!
Reference: NZDS is minted with 1:1 New Zealand Dollar held on trust (complying with NZ trust law) in a New Zealand bank account (100% collateralized).
NZDS Website: https://www.techemynt.com
Token contract: 0xDa446fAd08277B4D2591536F204E018f32B6831c
Discussion: https://forum.dfx.finance/t/proposal-to-list-nzds-usdc-pair/21
2. [DIP-002] Liquidity Mining Incentive Scheme
We know most were indifferent about this proposal and it’s totally understandable. However, we needed to come to a consensus on how we would move forward with the rewards that would be issued out to each pool once they get voted on. This is something that will be talked about for quite some time, because it’s going to depend on the overall usage of each pool independently.
Whenever it came to the voting process, it was the most highly contested but eventually ended with an overall approval from the majority.
Reference: Proposed allocation of DFX liquidity mining rewards as follows:
80% of DFX tokens allocated to Ethereum mainnet stablecoin pools
20% of DFX tokens allocated to Polygon stablecoin pools
A point system is to be implemented such that each currency can have up to a maximum of 10 points. It scales down linearly based on currency volume but the community can vote to increase/decrease it by up to 2 points per proposal if the community deems the stablecoin as high/low demand (i.e. PHP, INR, etc.). The source of the volume will be Bank for International Settlements (BIS) report. https://www.bis.org/statistics/rpfx19_fx.pdf
Discussion: https://forum.dfx.finance/t/proposal-to-list-nzds-usdc-pair/21
Note: We highly recommend learning more about the point structure, because its based off the Bank of International Settlements (BIS).
3. [DIP-003] Add TRYB/USDC pair
Last but certainly not least, the proposal involving a digital Turkish Lira. Just like the NZDS, TRYB hasn’t had its proper visibility. Both of these stablecoins are not new and they have been around for quite some time. However, many don’t get the chance to learn about these stablecoins because they are not tied to ‘USD’. Don’t worry though, here at DFX, we will be changing that and will show the world just how valuable other 100% fiat-backed currencies from other nations are.
Whenever the proposal went out, we were curious to see what kind of traction TRYB would have. Not only because of the visibility but because it was the first proposal since the new liquidity mining scheme, [DIP-002].
As we stated in our recent update, in the final moments of voting we were able to reach quorum and successfully pass TRYB! This was a major moment for all of us at DFX, because it showed just how powerful our community is and just how well we can all build a better financial ecosystem for the future.
Reference: TRYB, the first fiat backed stable coin pegged 1:1 to the Turkish Lira, was developed in April 2019 to ensure financial inclusion for all and to connect everyone with decentralized financial products.
TRYB Website: https://www.bilira.co/
Token Contract: 0x2c537e5624e4af88a7ae4060c022609376c8d0eb
Discussion: https://forum.dfx.finance/t/proposal-to-list-tryb-usdc-pair/45
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