REX Bank Funding

This is a proposal to transfer the USDCx in the Ricochet DAO Treasury to the REX Bank contract.

Background

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.

Proposal

This proposes we transfer all the USDCx in the DAO Treasury to the REX Bank.

This is a yes-no vote. If the majority votes “yes” then all the USDCx in the treasury will be transferred to the REX Bank. If the majority votes “no” then no action will be taken.

Advantages

• Provide early contributors a liquidity source
• Demonstrate the latest Ricochet Exchange product offering
• Put the idle USDCx accumulated from the launch pad to work
• Show the community that a RIC lending market is safe and profitable to operate