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DFX FinanceDFX Financeby0x8f0D4Cd6F0Dc60E315188Ccc1C42F266E8dE86AeCoty

[DIP-32] Enable PAXG/USDC Gauge (Polygon)

Voting ended about 2 years agoSucceeded

Overview:

I propose with the advent of DFX V3, and the power of chain-link oracle data. We bring the vast commodities market to the DeFi space. I believe to start; we should add Gold backed tokens to the DFX exchange. Eventually, we could branch out to silver, oil, and other commodities. The commodities market is expected to reach 5 trillion dollars by 2026. Picture DFX as the one stop shop for Forex trading a 6 trillion market and commodities.

I believe the DFX exchange should be the forefront of the crypto Forex and Commodity markets. We should start with the beacon of the commodity market, Gold.

Paxos Gold – (PAXG): https://polygonscan.com/token/0x553d3d295e0f695b9228246232edf400ed3560b5

Paxos Gold Oracle - https://polygonscan.com/address/0x0f6914d8e7e1214CDb3A4C6fbf729b75C69DF608

Paxos website: https://paxos.com/paxgold/

“Pax Gold (PAXG) is a digital asset. Each token is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s vaults. If you own PAXG, you own the underlying physical gold, held in custody by Paxos Trust Company.”

Specification & Implementation:

The PAXG/USDC LP is already created using the "create pool" function. The key now is getting it added to the gauge for DFX emissions.

Pros:

  • We add a gauge to the liquidity pool, and veDFX users can vote to add emissions.

(We could also reach out to Paxos to see if they would be interested in tweeting out the LP or potentially help sponsor it)

Con:

  • We don’t add a gauge.

Off-Chain Vote

For
453.32K veDFX100%
Against
0 veDFX0%
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Discussion

DFX Finance[DIP-32] Enable PAXG/USDC Gauge (Polygon)

Timeline

Dec 06, 2023Proposal created
Dec 06, 2023Proposal vote started
Dec 09, 2023Proposal vote ended
Dec 09, 2023Proposal updated