Add DAI as Collateral for Jet Protocol

1/2 Hello this is Doo from Stable Node and Maker Growth. Happy holidays! We would like to apply Dai as collateral on Jet Protocol. The proposal layout is based on the Collateral Asset Onboarding Template.

Collateral Asset Profile

Collateral Name (and symbol):
-Dai Stablecoin, DAI

Collateral Short Description:

-Dai is a leading decentralized stablecoin.

Total Value in Circulation & Total Value on Solana :
-$9.2 billion across all networks

On Solana, there are:
-$9.9 million Dai Stablecoin (Wormhole)
-$2.2 million Dai Stablecoin (Wormhole v1) , wDai
-$1.3 million Wrapped DAI (Allbridge from Avalanche)

Price Oracle Feeds:
There are several Oracle platforms that support Dai price feeds including MakerDAO’s own Oracle and Chainlink.

Proposal:
Detailed description of the asset and the reason(s) the Jet Community should consider onboarding it:
While Dai is a major stablecoin for many blockchain networks, its use and liquidity have been limited on the Solana ecosystem. Therefore, we are interested in having Dai as collateral to support Jet Protocol as well as Dai liquidity on the Solana ecosystem.

Use Cases
Description(s) of who will use the asset as collateral and for what purpose it will be borrowed against:
As Dai is a leading decentralized stablecoin. It’s widely used in various DeFi and NFT protocols across different networks as well as remittance, payments, and many others.

Official Links
Link to Asset Marketing Site
Link to White Paper: The Maker Protocol White Paper | Feb 2020
Link to Asset Community: Discord

6 Likes

2/2
Relevant Metrics
Total Value In Circulation: $9.2 billion
Total Value Locked: All Dai is in circulation
Age of Asset: While Sai (Single-collateral Dai) was launched earlier, Dai (Multi-collateral Dai) has been live since late 2019
List sources for metrics in #Additional-Links:makerburn.com

Risk
Technical Risk:
Counterparty Risk:
Liquidity Risk: Currently, Dai liquidity on Solana is not as high as other stablecoins.
Price Feed Risk:
Bridge Risk: As Dai liquidity on Solana is created via bridges, there might be risks if the bridges suffer exploits
Other Risk:

Additional Links
Any links used for reference or research in this creation of this proposal

Links to any available audits of the project:
-There are several audit reports. This is an audit report by Trail of Bits: audits/trail-of-bits.pdf at master · makerdao/audits · GitHub

More Information About Stable Node:
StableNode operates Blockchain Node Validations and uses the accruing rewards for Investments in early-stage Crypto and Blockchain ventures as well as for liquidity provision in DeFi Applications.

We provide a broad range of hands-on growth and governance advisory, supporting and guiding our portfolio companies, founders and their teams from early-stage to growth-at-scale.

Our core lies in accelerating growth in new markets and scaling business strategies along the way.

More Information About Maker Growth:
The Growth Core Unit aims to grow the available distribution channels for the Maker protocol and increase the supply and demand of Dai in the global markets.

6 Likes

Hi, thanks for the writeup. Could you speak about the adoption and use cases of DAI on Solana?

In terms of liquidity I think there are only two LP:

Saber/ 2m DAI ( Saber Info)

mercurial/ 2.6m DAI (Home | Mercurial Finance)

Is this correct?

2 Likes

From what I gathered:
On Solana, there are:
-$9.9 million Dai Stablecoin (Wormhole)
-$2.2 million Dai Stablecoin (Wormhole v1) , wDai
-$1.3 million Wrapped DAI (Allbridge from Avalanche)

In terms of LP, I think you are correct.

Thank you and happy holidays!

3 Likes

happy to see dai join jet
happy new year

4 Likes