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Ricochet ExchangeRicochet Exchangeby0x2F069F429d036aeBD2dC13de8B63C16AE9f8bB1a0x2F06…bB1a

Streaming USDC to bank.

Voting ended about 4 years agoSucceeded

Proposal is to start a stream to REX Bank contract.

Background Currently, the Bank is not funded at all after the proposal for buybacks was in place.

The REX Bank contract allows Ricochet (RIC) token holders the ability to use the token as collateral to borrow USDCx. The REX Bank contract is a fixed-rate collateral-backed lending contract that supports any ERC20 token.

REX Bank features an owner-controlled asset-backed lending contract where the owner provides the USDCx used to lending and the owner managed liquidations. The price feed is provided by Tellor Oracle rather than the contract owner.

This essentially helps REXForce to get funds without selling RIC, as of now the liquidity of RIC in exchanges have been very low with high slippage the price have been very volatile. This proposal might impact RIC volatility, as less RIC will be out in the circulation (for a short timeframe).

Proposal The proposal is to start streaming USDCx from the Ricochet DAO Treasury to the REX Bank contract after keeper liquidation DAG is completed (as currently there were some liquidations pending).

The rate chosen will be the option that gets the most votes.

Off-Chain Vote

75K USDCx/month
155.22K 100%
50K USDCx/month
0 0%
25K USDCx/month
0 0%
10K USDCx/month
0 0%
0K USDCx/month
0 0%
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Timeline

Feb 25, 2022Proposal created
Feb 25, 2022Proposal vote started
Feb 27, 2022Proposal vote ended
Oct 26, 2023Proposal updated