SIP-9: Deploy Saddle to Evmos

Summary

Deploy Saddle to the Cosmos-based Evmos blockchain launching initially with a Stablecoin Pool V2 comprised of Nomad-bridged versions of USDC, USDT, and DAI.

Abstract

Governance will decide whether to deploy Saddle to new Cosmos-based Evmos blockchain. If ratified, Saddle will deploy the necessary protocol contracts to Evmos to allow users to LP for and swap with a Stablecoin Pool V2 to start. Motivation

Background

The Saddle core team believes the future will be decentralized across blockchains. Whether that takes the shape of a multi-chain or a cross-chain world is still to be determined. The Cosmos ecosystem is strongly positioned to capture the cross-chain market. As it currently stands, there are no major EVM-compatible chains plugged into the Cosmos ecosystem. In other words, there are no major EVM-compatible, IBC-enabled block chains. Evmos will mark the first major foray into this space and as such serves as the intersection between the burgeoning Cosmos DeFi ecosystem and the already strong and still growing Ethereum-based DeFi ecosystem.

More importantly, Evmos will usher in an era in Cosmos DeFi where multi-billion dollar stablecoin assets such as USDC, USDT, and DAI will be able to trade cross-chain assets on DEXs like Osmosis. This presents a unique opportunity for Saddle to capture the StableSwap market, the backbone of DeFi, in this growing interoperable DeFi market.

Finally, this presents a unique opportunity to bring Saddle closer together with the Nomad bridge who are uniquely positioned to be the preferred bridging partner of Evmos team (https://twitter.com/EvmosOrg/status/1498388619328905218).

Specification

We plan to launch initially with a Stable V2 pool composed of the three major Ethereum based ERC-20 stablecoins USDT, USDC, and DAI all bridged using the Nomad bridge 7.

For:

Deploy Saddle protocol smart contracts onto Evmos with a Stablecoin Pool V2 comprised of Nomad-bridged versions of USDC, USDT, and DAI.

Against:

No change.