QIP239: Onboard Beefy cUSDC to QiDao PSM

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network: All Chains author: Benjamin.lens implementor: Guardians implementation-date: post approval created: 2024-05-14

Summary

Approve Beefy's cUSDC vault on all chains to QiDao's peg stability module (PSM), starting with Polygon PoS.

Abstract

The change involves adding Beefy's cUSDC vault as a approved strategy for a PSM on PoS. USDC will be accepted by the PSM and automatically deposited into this Beefy strategy. The mechanisms will be the same as those on the Base PSM.

Motivation

QiDao needs a PSM on PoS in order to regulate its price, as has been done on Base and Linea. cUSDC is an already-approved asset on Base and has functioned very well for the protocol.

Specification

Rationale

Circle, Compound, and Beefy are all blue chip projects that the protocol can rely on for the PSM.

Technical Specification

Development team will create a PSM for Beefy cUSDC on Polygon PoS. Once Compound migrates to native USDC, the PSM will migrate to that version of USDC.

Configurable Values

Not applicable.