sCIP#13 - Proposal about adding QUSD [QUSD,[3pool]] Metapool to Curve

Proposals
#1

Summary:

A proposal from the QIAN community to create a Curve Metapool for QUSD and the 3Pool stablecoins (USDC, USDT, and DAI).

QUSD is the first stablcoin issued by QIAN protocol, which was launched in September 2020, it has 19,821,684.1677 circulations in Ethereum and Binance smart chain market at the time of proposal.

QIAN has made innovations based on the design of stablecoins such as MakerDAO and KAVA, introducing price balance and exchange rate arbitrage mechanisms to reduce risks under extreme market conditions.

QUSD community is rapidly growing, creating an QUSD metapool would attract more liquidity to the Curve platform and lead to increased trading fees.

Abstract:

QIAN is a stablecoin protocol based on Ethereum. It provides a one-stop liquidity solution for mainstream cryptoassets. It is committed to providing users with immediate access to liquidity by the assets they hold with low risk, no cost, and no loss of ownership. Users can lock their cryptoassets (such as ETH, HBTC, WBTC, USD stablecoins, mainstream exchange platform tokens, etc.) to the protocol and mint the stablecoin QUSD, the stablecoins can also be returned to smart contracts to redeem their assets.

QIAN has made innovations based on the design of stablecoins such as MakerDAO and KAVA, introducing price balance and exchange rate arbitrage mechanisms to reduce risks under extreme market conditions. In addition, the QIAN series of stablecoins are based on excess cryptoassets and are issued completely on the chain without compliance risks. Due to the diversification of the underlying assets of the QIAN protocol and mainstream consensus, coupled with the internal stability mechanism of the system and the dynamic balance of the external exchange rate market, the security of its minted assets is relatively high.

When the price of QUSD deviates from its value scale USD, there is room for arbitrage, the following process shows how the automatic price balance arbitrage mechanism works based on the trading market such as Curve:

If the value of QUSD in the market depreciates, for example, the market price becomes 1 QUSD=0.9 USD, QIAN minters will buy QUSD from the market, and then redeem the locked assets from the contract at a price of 1 USD to obtain a difference of 0.05 USD. In the course of this transaction, QUSD is recycled, the number of QUSD circulating on the market decreases, and demand increases, so its price will rise accordingly.

If the demand for QUSD in the market rises, for example, it becomes 1 QUSD=1.1 USD, minters will mint QUSD with the value of 1 USD, and then use the minted QUSD to sell it in the market to obtain a difference of 0.1 USD. During this transaction, the quantity of QUSD will increase and the price will return to the target value.

In addition, based on the price of QUSD and the exchange rate changes between USD and various foreign exchanges, various types of arbitrage opportunities will appear, providing investors with new trading targets.

Details about QUSD:

QUSD is the first stablcoin issued by QIAN protocol and has 19,821,684.1677 circulations in Ethereum and Binance smart chain market at the time of proposal. Assets obtain immediate liquidity while users inject encrypted assets into the protocol and lock them in order to mint the QUSD in the QIAN protocol. Besides, QUSD can also be returned to smart contracts to redeem crypto assets.

QUSD token address:
https://etherscan.io/token/0x59d4CCC94A9C4C3d3b4bA2Aa343a9bDF95145DD1
https://bscscan.com/token/0xb8c540d00dd0bf76ea12e4b4b95efc90804f924e

QIAN protocol was developed and constructed by the QIAN governance committee, which has complete community-driven governance.

QIAN has made innovations based on the design of stablecoins such as MakerDAO and KAVA, and introduced automatic risk control adjustment and smooth debt liquidation mechanism to reduce risks under extreme market conditions.

Liquidity:

QUSD was launched in September 2020 with over $55.91M circulating at its peak. The supply of QUSD is currently ~$19.82M. QUSD can be traded on Balancer, s.finance on Ethereum, and on bStable, Equator on BSC network.

Motivation:

Effectively expand the popularity and utilization rate of Curve among Asian users.

Effectively expand Curve’s performance and revenue.

Effectively enter into a huge potential DeFi market obviously.

Primary Resources:

Website: https://qian.finance
White paper: https://qian.finance/qian_whitepaper_en.pdf
Audit report: https://qian.finance/PeckShield-Audit-Report-QIAN2-v1.0.pdf
Source Code: https://github.com/QIAN-Protocol/
Governance Forum: https://forum.qian.finance/
Twitter: https://twitter.com/QIAN_Stablecoin
Discord: https://discord.com/invite/MYKm35s

Additional Resources:

DeBank - QIAN: https://debank.com/projects/qian
DeBank - QUSD: https://debank.com/projects/qusd
DAO belongs to community - Qian stable coin new generation of crypto stable coin: https://shorturl.at/lpLU7

For:

QUSD is a decentralized asset-backed stablecoin, which is fully issued on-chain, with traceable information.

QUSD has passed the code audit of PeckShield -a well-known security audit company.

QUSD has made innovations based on the design of MakerDAO and Kava, and introduced price balance and exchange rate arbitrage mechanism to reduce the risk under extreme market conditions.

Against:

Currently, QUSD has relatively low on-chain usage and liquidity. The issuing is largely influenced by liquidity mining incentives.

Poll:

https://signal.curve.fi/#/curve/proposal/QmUgRdGx5RYHKapKKAs9RDhVvTe2fVsnNdyiv1xE2v4siy

6 Likes
#2

I hope Qian can get on the Curve, which can achieve a win-win situation for both parties.

#3

I hope to add QUSD. It will be a cool stable coin.

#4

Qusd from Qian Protocol have more and more application scenarios, which make Qusd got to be added in Curve to creat trading opportunites.Really great job from the team and community.

#5

I would vote for it.

#6

Of Course，this is a good proposal, coz Curve will once again expand its influence and market size.

This stable currency has good performance both in security and innovation.

As a crypto asset backed stable coin, QUSD passed the code audit. It has been on-line for nearly 3 weeks, and no problem so far.

And , it has creatively improved Makerdao’s problems on liquidation. I am eager to see how it works LOL.

2 Likes
#7

QIAN is a stable currency protocol that provides a one-stop liquidity solution for mainstream encrypted assets, dedicated to allowing users to instantly acquire liquidity through their holdings of encrypted assets at low risk, no cost, and no loss of ownership.
Users can inject encrypted assets (such as $ETH、HBTC、WBTC、 stable currency, mainstream exchange platform currency, etc.) and lock them in order to cast stable coins in the QIAN protocol (QUSD is the first stable currency of the protocol, assets such as QHKD、QEUR will be introduced in the future), or return stable coins to smart contracts and redeem encrypted assets.
I hope you will vote for QUSD!

#8

I hope to add QUSD!go go go!

#9

It’s time for Curve to add a new pool that includes QUSD. I would like to vote for QUSD.

#10

Finally I saw this proposal working in process. During the last few weeks I participated the liquidity mining of QUSD and witnessed the popularity of the QSUD community. No doubt it will bring Curve more than expected.
So I fully support this proposal and gonna vote for QUSD.

#11

Qian is a fast growing Defi project , it is moving on , minted QUSD over 80M in only 5 days, awesome! Anyway , i like it. let’s add QUSD on curve 3pool

#12

This is absolutely good idea to list QUSD on curve, the security of its minted assets is relatively high. I will definitely vote for Qian :slight_smile:

#13

As a stable coin swap agreement, Curve Finance currently have 19 pools. QUSD, the new rising stable coin in the East, has achieved good results in a short period of time. I bet it is reasonable and necessary for Curve to integrate QUSD, which will improve the stable coin matrix of Curve.