VAP-005 - Create Asset - DAI ($DAI)

🗳️ Governance Proposals Asset Proposals
1

Title

VAP-005 - Create Asset - DAI ($DAI)

Summary

This proposal requests to list DAI($DAI) as a settlement asset on the Vega Network.

Rationale

  • The first decentralized, collateral-backed cryptocurrency, DAI is a crypto asset that attempts to maintain a stable 1:1 value with the U.S. dollar by locking other crypto assets in contracts. Dai is a stable, decentralized currency that does not discriminate. Any individual or business can realize the advantages of digital money.
  • The Name, Symbol & Decimals are all driven by the values of the ERC20 contract so will not be discussed here.
  • Given DAI has 18 decimals and 1 DAI = 1 USD, its conversion to quantum decimals is 1000000000000000000
  • The withdrawal delay is set to 1 will act as a buffer in case of a bridge exploit.
    The lifetime limit is set to $10,000 USD (equivalent) which would be sufficient for alpha mainnet given the high leverage.

New Asset/Update Details:

  • Name = DAI
  • Asset symbol = DAI
  • Decimals = 18
  • Quantum = 1000000000000000000
  • ERC20 Contract Address = “0x6B175474E89094C44Da98b954EedeAC495271d0F”
  • Withdrawal delay threshold = 1
  • Lifetime deposit limit = 10000000000000000000000 (i.e, $10,000 USD)

Full Proposal JSON:

{
  "rationale": {
    "title": "VAP-005 - Create Asset - DAI ($DAI)",
    "description": "This proposal requests to list DAI($DAI) as a settlement asset on the Vega Network."
  },
  "terms": {
    "newAsset": {
      "changes": {
        "name": "DAI",
        "symbol": "DAI",
        "decimals": "18",
        "quantum": 1000000000000000000
        "erc20": {
          "contractAddress": 0x6B175474E89094C44Da98b954EedeAC495271d0F
          "withdrawThreshold": "1",
          "lifetimeLimit": 10000000000000000000000 
        }
      }
    },
    "closingTimestamp": 1692698400,
    "enactmentTimestamp": 1693216800,
    "validationTimestamp": 1693303200
  }
}
2 Likes
2

I’m interested in this proposal but I’m confused between DAI and Frax. After depeg problems, Which stablecoin will be less risky. Looks like Frax because Frax is collateralized with USDC and USDT. DAI is collateralized with other Crypto assets on Daomaker

3

DAI is backed by a bunch of different collateral: ETH, WSTETH, GUSD, USDC, & RWA’s. I would say DAI is arguably more trusted and used + has better peg protection mechanisms.
You can check DAI’s backing here: Dai Stats

1 Like
4

:bear: :bear:
Dunno about you but this looks bearish (and thus volatility?). WTF they plan on doing with a solana stack

Ethereum co-founder Vitalik Buterin sold all his MakerDAO MKR tokens for $581,000 after Rune Christensen mentioned using Solana’s tech stack to create an appchain for MakerDAO.