MIP-0032: Bridge USDz onto XLayer with a 500k Borrow Limit and trial of the Cross-Chain DD Modules

Abstract

In this proposal we document the opportunity to use the ZAI Direct Deposit Module to mint 500k USDz and supply it onto the borrow side of ZeroLend with a borrow cap of 500k.

Brief about X-Layer

xLayer is the new and upcoming blockchain of the OKX exchange and also one of the crucial steps to get MAHA possibly listed on the OKX exchange in the near future.

With this proposal we propose to mint a 500k limit of USDz and supply it onto ZeroLend on the borrow side. By supplying to the borrow side, we always ensure that any USDz borrowed is always over-collateralised by the collateral backing it.

We also propose using the LayerZero bridge to support the bridging of the ZAI stablecoin. This also brings an opportunity to introduce USDz to various LayerZero dApps (such as Stargate).