List RAI (and possibly ETH/RAI LP) as Collateral Asset

Summary

We propose to add RAI—our stable-ish coin—to Cream for lending & borrowing.

RAI is an asset backed only by ETH, governance-minimized, and programmed to maintain its own price stability without needing to peg to an external price reference like the USD. We believe these qualities make RAI ideal initially as an alternative to pegged-coins for use in DeFi as collateral and as a stable reserve asset, especially for programs where resilience is critical.

We just announced our launch ~2 hours ago, and there is already $7.5M in liquidity!

For
Add RAI to Cream for lending & borrowing.

Against
Do nothing

Motivation

RAI: 0x03ab458634910AaD20eF5f1C8ee96F1D6ac54919

Cream is the leading lending platform for the long-tail of DeFi assets, often being first to list innovativenew assets. In the case of RAI, maintaining system stability is greatly assisted by having a leverage facility to balance ETH/RAI longs. By depositing RAI as collateral in Cream, borrowing ETH, and selling for more RAI, traders would be able to go long on RAI/ETH and help correct short-term RAI price dips. As such, Cream could be instrumental to helping RAI establish itself as a new independent stable reserve asset for DeFi, and the Cream community could earn fees from our activity along the way :slight_smile: .

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Background


^ best RAI meme so far, click the link :wink:
^ presentation I gave explaining RAI

you beat me to it haha. My only concern is a good price feed, are you talking to chainlink about getting a RAI feed up soon?

I am not familiar with Cream Oracles. But Reflexer has its own audited RAI/USD Oracle that could be reused by cream.
The RAI/USD works with a 15h TWAP of the RAI/ETH highly liquid Uni pool combined with the ETH/USD price from ChainLink.

This is the Reflexer RAI/USD price feed contract:

Just call the function read from there:

Selection_453

It’s was audited by Quantstamp and it’s really core to the RAI protocol. You can be confident about its reliability for as long as RAI is alive.

The voting will start soon

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