PGP-34 l Launch Parallel Stablecoins Price Feeds using DIA

Summary:

This proposal aims to launch price feeds for USDp & sUSDp against USD using DIA, a decentralized & trustless oracle infrastructure.

Rationale:

One of the main use cases for USDp and sUSDp is their use in lending protocols (e.g. Morpho, Silo, Euler), both as lending and collateral assets. In order to have USDp & sUSDp on lending protocols, it is essential to be able to price them securely. To this end, we propose to build price feeds using DIA.

DIA DIA is a decentralized and trustless oracle network. Its modular design, based on a rollup architecture, enables verifiable data sourcing and distribution across any blockchain (diadata.org). DIA is the twelfth biggest oracle infrastructure by Total Value Secured (TVS), per DeFiLlama. DIA delivers a wide range of data, available both on-chain and through APIs (REST / GraphQL), including digital asset prices, tokenized real-world assets, staked tokens, verifiable randomness & proof of reserve.

DIA Architecture:

• Lumina Stack: a next-gen oracle architecture, fully on-chain, built on Lasernet, an L2 rollup that executes critical operations transparently and verifiably.
• Nexus Stack: the classic stack (live since 2020), providing price feeds, verifiable randomness (VRF), and fair value data.
• Decentralized Sourcing: independent nodes collect data from 100+ sources (DEXs, CEXs, NFT marketplaces, etc.).
• Data Transformation: handled by “Pods” and “Aggregators” on the Lasernet network, ensuring auditability and verification.
• Crosschain Delivery: via “Spectra” data can be delivered to more than 50 L1 and L2 blockchains.

Parallel Price Feeds

We propose to launch 2 price feeds:

• USDp/USD: A market price feed tracking the price of USDp against USD
• USDp/USD: A fundamental price feed tracking the redemption price of USDp against USD
• sUSDp/USD: A price feed tracking the ratio value of sUSDp against USDp (via sUSDp contract) multiplied by the market price of USDp against USD

Note: sUSDp/USD price feed will have a different price on each chain since sUSDp contract is specific to a chain.

Requirements DIA has specific criteria that must be met in order to deploy a market price feed for USDp against USD:

• $1M in liquidity in a pool on a supported DEX (see supported DEXs here)

There is no specific criteria required to deploy a fundamental price feed (i.e. sUSDp/USDp).

Cooper Labs & Mimo Labs, via the approved PGP-29 l Marketing & Growth Strategy Phase I will make sure to meet these requirements.

Setup & Chains Once requirements are met, DIA will start the development of price feeds, which will take a few weeks. A one-time $5,000 setup fee will need to be paid to DIA in order to deploy price feeds on a chain, regardless of the amount of price feeds per chain.

Given current demand from business development, we propose to deploy price feeds on 6 chains, including:

• Sonic: $5,000
• Base: $5,000
• HyperEVM: $5,000
• Avalanche: $5,000
• Tac: $5,000
• Unichain: $5,000

This means that a $30,000 (6x$5,000) one time setup fee will need to be paid to deploy Parallel price feeds.

Maintenance A $2,000/year maintenance fee is applied by DIA for each chain where price feeds are deployed, regardless of the amount of deployed price feed per chain. This would mean:

• Sonic: $2,000/year
• Base: $2,000/year
• HyperEVM: $2,000/year
• Avalanche: $2,000/year
• Tac: $2,000/year
• Unichain: $2,000/year

This will represent an annual cost of $12,000 to maintain price feeds on these chains. Maintenance fees will be paid every 3 months to DIA. In addition, it will be necessary to pay gas fees in order to update price feeds automatically. Given the low price variations and negligible gas fees on the chains where price feeds will be deployed, the cost related to gas fees should be low for the DAO.

Additional Networks & Agreement In order to get flexibility in terms of growth opportunities we propose to allow Cooper Labs & Mimo Labs to jointly deploy USDp/USD & sUSDp/USD price feed on 3 additional networks (eg. Katana, Plume, Ink, Unichain, etc.). The additional cost to deploy price feeds on a network will be $5,000 one time setup fee + $2,000 yearly fee per additional chain. (+ gas costs)

An agreement will be signed between Cooper Labs & DIA if this proposal is approved. We propose to set this agreement for a 1 year period, renewable via a proposal.

Means:

• Human Resources: DAO multisigners will need to sign and execute transactions to execute the proposal.
• Treasury Resources: $30,000 one time payment in USDC + $12,000 yearly payment in USDC + gas costs in USDC. Payments will be made to Cooper Labs, which will then make the payment to DIA, due to an agreement signed between the two parties. Gas Top Up will be made by Cooper Labs.

Technical implementation:

• On Ethereum, the DAO Multisig will:
  • Transfer 30,000.00 USDC to 0x876C4D1Bd31af0d99191fC896F15a3A97D71aaB3 (Cooper Labs)
  • Transfer 3,000.00 USDC to 0x876C4D1Bd31af0d99191fC896F15a3A97D71aaB3 (Cooper Labs) every 3 months
  • Transfer required amount to cover gast costs in USDC to 0x876C4D1Bd31af0d99191fC896F15a3A97D71aaB3 (Cooper Labs) every months

Voting options:

• For the Launch of Parallel Stablecoins Price Feeds using DIA
• Against / Rework the Proposal
• Abstain

Author(s): Jean Brasse from Mimo Labs