Summary:
Deploy a version of crvUSD that’s backed only by ETH/wETH.
Abstract:
The deployment will be basically a fork / copy-paste of crvUSD that will only by backed by ETH/wETH, with the promise to never add another markets to it.
Motivation:
Basically a “maxi” approach where the underlying asset is backed only by ETH/wETH in order to compete with other stables like USDC/USDT/DAI. The idea is that we want people to hold crvUSD just like you hold fiat in your wallet and not expose yourself to the underlying risks of multiple markets like: stETH/wBTC etc. where yield is a priority.
Specification:
We already have markets for wETH/ETH on crvUSD, it’ll just need to be redeployed with limitations. The technicality should be that complicated, except from some edits where even the DAO can’t add more markets to said asset (crvUSD-E). I’m not a developer and I can’t talk about the full technicality for the purposal.
For:
Attract stable holders who don’t want to interact with DeFi while still bringing fees to the DAO and competing with other stablecoins. Creation of more pools and markets for the underlying asset. Maxi approach, as it’ll most likely be the one and only stablecoin backed purely by ETH.
Against:
None I can think of.