MIP-14.1 | paUSD launch, first tokens as collateral

Summary:

This proposal is introducing the first tokens as collateral that will back paUSD.

Context

Since the paUSD will be an over-collateralized stablecoin, it is obvious to assign collateral to it.

For simplicity and efficiency, we suggest using the same collateral as the PAR (Except xSUSHI, DAI and FRAX) and also wUSK. They have mostly proven their ability to be strong, decentralized and liquid. In addition, they have all been recently studied by the Mimo Labs team in order to establish the best collateral parameters to not put the protocol at risk.

Rationale:

Here is a summary of the different collaterals and their parameters :

Collateral	Liquidation Ratio	Minimum Collateral Ratio	Debt Limit	Liquidation Bonus
wUSK	102%	102%	500k paUSD	3%
USDC	103%	103%	250k paUSD	3%
wETH	125%	125%	500k paUSD	3%
wBTC	125%	125%	500k paUSD	3%
RAI	115%	120%	50k paUSD	3%
LUSD	105%	108%	100k paUSD	3%
CRV	135%	140%	25k paUSD	5%
BAL	130%	135%	50k paUSD	5%
AAVE	130%	135%	50k paUSD	5%
LINK	130%	135%	50k paUSD	5%
SUSHI	140%	145%	25k paUSD	5%
wstETH	125%	130%	350k paUSD	6%
cbETH	135%	140%	250k paUSD	5%

Means:

• Human resources: If the proposal is accepted, DAO Multisig signers will have to sign transactions to execute the proposal.
• Treasury resources: There is no cost for the treasury.

Technical implementation:

To be described in MIP-14.2

Voting options:

• Accept first tokens as collateral for paUSD
• Against first tokens as collateral for paUSD / Rework the proposal
• Abstain

Authors: @starny & @JeanBrasse from Mimo Labs