[DSLA-IP2] [ENG] Add Support for BUSD, LUSD and EUROC

Summary

💡 DSLA's approach to integrated risk management enables the downside-protected delivery of goods, services and digital assets without intermediaries. Learn more at stacktical.com.

[DSLA-IP2] is a proposal to add support for BUSD, LUSD and EUROC stablecoins to DSLA Protocol.

Abstract

Providing more stablecoin options benefits the DSLA ecosystem and all ecosystem participants. The three stablecoins being proposed give access to different types of stablecoins and offer exposure to additional sources of liquidity for DSLA Protocol.

BUSD, LUSD and EUROC all have a different strategic benefit warranting their addition to DSLA’s list of supported assets.

Rationale

BUSD

Binance continues to expand its reach with recent regulatory approval in France. BUSD is Binance’s USD pegged stablecoin, and is the third largest stablecoin in circulation by marketcap. Adding BUSD support gives access this liquidity and one of the main stablecoins on Binance’s BNB Smart Chain.

LUSD

LUSD is the stablecoin issued by Liquity, a decentralized borrowing protocol that issues LUSD loans to borrowers who deposit ETH, and only ETH, as collateral. It is managed in a decentralized and algorithmic manner, providing an alternative to other centralized and/or fiat-backed stablecoins.

EUROC

EUROC is a 100% fiat backed Euro based stablecoin issued by Circle, who also issues the USDC stablecoin. Circle has recently started offering EUROC, and it provides an alternative stablecoin that is not USD denominated for ecosystem participants who prefer to deal in the EURO.

Peg Parity SLA Support

Adding support for these three stablecoins will also allow for them to be covered by Peg Parity SLAs, discussed in [DSLA-RFC0], upon the rollout of DSLA v2 and launch of the Peg Parity SLA use case.

Proposal

Add support for BUSD on all networks where it is available. Token address list:

• Ethereum: 0x4fabb145d64652a948d72533023f6e7a623c7c53
• BNB Smart Chain: 0xe9e7cea3dedca5984780bafc599bd69add087d56
• Harmony: 0xe176ebe47d621b984a73036b9da5d834411ef734
• Avalanche: 0x19860ccb0a68fd4213ab9d8266f7bbf05a8dde98
• Polygon: 0x9fb83c0635de2e815fd1c21b3a292277540c2e8d

Add support for LUSD on all networks where it is available. Token address list:

• Ethereum: 0x5f98805a4e8be255a32880fdec7f6728c6568ba0
• Polygon: 0x23001f892c0c82b79303edc9b9033cd190bb21c7

Add support for EUROC on all networks where it is available. Token address list:

• Ethereum: 0x1abaea1f7c830bd89acc67ec4af516284b1bc33c

Discuss this proposal Commonwealth!