Summary
We propose to list aUSD for lending and borrowing.
Token address: 0x41e3df7f716ab5af28c1497b354d79342923196a
For: Add aUSD to Cream listing/borroring
Against: Do nothing
Background
aUSD is a fully decentralized stablecoin backed by FTM as collateral. It is generated when users open a Trove in the Aquarius system and borrow against their FTM (akin to MakerDAO). All Troves must maintain a minimum collateral ratio of 110%, ensuring that aUSD is sufficiently backed by collateral.
Aquarius Key Facts
- Top 10 DeFi project according to CoinGecko with $250M+ market cap on FTM network.
- Aquarius has attracted an >$5M TVL, while aUSD has grown to a supply of >2.80M.
- aUSD Token has $0.2M+ in trading volume
- 6k+ followers on Twitter & 1k+ on Telegram
Benefits to CREAM
Aquarius community has a big need to borrow and lend tokens. This almost guarantees a big trading volume. Aquarius also agreed to make a marketing campaign around that which Aquarius will take on with the Cream marketing team directly. There is an incentive program planned for people depositing or lending aUSD tokens on Cream which will be directly coordinated with the Cream team after listing.
Aquarius will get at least one of the 3 influencers talk (or write) about how Aquarius users can maximize the utilization of Cream. This will be a great marketing for the Cream ecosystem as well.
Specification:
● aUSD is a fully decentralized stablecoin backed by FTM as collateral.
● aUSD maintains its peg through direct arbitrage opportunities. aUSD’s price floor of $1.00 is protected through a redemption mechanism. At any time, an aUSD holder can redeem aUSD against the system such that 1 aUSD = $1 of FTM. When aUSD is redeemed, it is used to pay off the debt of the riskiest Troves in the system in return for their collateral. When aUSD <$1, this is a profitable opportunity. Its price ceiling is protected by low collateral requirements, since a borrower can take out a loan at the 110% minimum and sell their aUSD on the market.