Title: [ARFC] CRVUSD Onboarding on Aave V3 Ethereum Pool Author: @marczeller - Aave-chan Initiative Date: 19-10-2023
Summary
This ARFC proposes the onboarding of the CRVUSD stablecoin, minted by the Curve Protocol, into the Aave V3 Ethereum pool.
Motivation
CrvUSD is a USD-peg stablecoin minted by the Curve Protocol. While it's relatively young, it has grown to a circulating supply of over $130M with strong peg resilience. Onboarding this asset into Aave will:
- Reinforce synergies between Aave and Curve.
- Offer Aave users an additional decentralized stablecoin option matching the ACI diversity support ethos.
- Strengthen the relationship between the CRVUSD & the GHO stablecoins.
As the primary usecase for stablecoins is to be deposited by users looking for a passive yield and used as a borrowable asset and not as much as a collateral asset, the ACI proposes a CRVUSD onboarding outside isolation mode but without collateral properties.
Following CrvUSD maturity, the Aave governance can propose a collateral activation for crvUSD at a later stage.
Specification
Ticker: CRVusd
Contract address: 0xf939E0A03FB07F59A73314E73794Be0E57ac1b4E
Price Feed: 0xEEf0C605546958c1f899b6fB336C20671f9cD49F
We propose the following parameters for a crvUSD onboarding:
| Parameter | Value |
|---|---|
| Isolation Mode | No |
| Borrowable | Yes |
| Collateral Enabled | No |
| Supply Cap (CRVUSD) | 60M |
| Borrow Cap (CRVUSD) | 50M |
| Debt Ceiling | N/A |
| LTV | N/A |
| LT | N/A |
| Liquidation Bonus | N/A |
| Liquidation Protocol Fee | 10.00% |
| Variable Base | 0.00% |
| Variable Slope1 | 5.00% |
| Variable Slope2 | 80.00% |
| Uoptimal | 80.00% |
| Reserve Factor | 10.00% |
| Stable Borrowing | Disabled |
| Stable Slope1 | 13.00% |
| Stable Slope2 | 300.00% |
| Base Stable Rate Offset | 3.00% |
| Stable Rate Excess Offset | 8.00% |
| Optimal Stable To Total Debt Ratio | 20.00% |
| Flahloanable | Yes |
| Siloed Borrowing | No |
| Borrowed in Isolation | No |
Next Steps
- If ARFC snapshot stage outcome is YAE, escalate to AIP stage.
Disclaimer
The Aave-chan Initiative is not presenting this ARFC on behalf of any third party and is not compensated by Curve for creating this proposal.
Copyright
Copyright and related rights waived via CC0.
Off-Chain Vote
Timeline
Nov 10, 2023Proposal created
Nov 11, 2023Proposal vote started
Nov 14, 2023Proposal vote ended
Jan 31, 2026Proposal updated