sCIP#14 - renZEC/wZEC Pool

Summary:

renZEC and wZEC are ERC-20 tokens on Ethereum, both backed 1:1 by ZEC. renZEC was launched by the Ren project (https://renproject.io/) and wZEC was launched by Wrapped (https://www.wrapped.com/). renZEC is secured by RenVM, which is transitioning into a decentralized network, while wZEC is secured by a centralized qualified custodian, and hence both cater to different market actors.

We are proposing to launch a new pool containing both of these assets (renZEC/wZEC).

Motivation:

Zcash has a limited presence in the Ethereum scene which partly is due to its recent entrance and still relatively low liquidity. A Curve pool would boost the liquidity for both of these assets and kickstart the applicability for Zcash on Ethereum.

For:

Bring a new kind asset to Curve that is not representing USD or BTC, diversifying the kinds of assets you can trade on Curve
Help kickstart ZEC’s presence on Ethereum

Against:

Both renZEC (https://etherscan.io/token/0x1c5db575e2ff833e46a2e9864c22f4b22e0b37c2) and wZEC (https://etherscan.io/token/0x4A64515E5E1d1073e83f30cB97BEd20400b66E10) currently have low liquidity

Poll:

https://signal.curve.fi/#/curve/proposal/QmVvFTCcdzywN4ntHjpRWTMzZ35dmTqttyp5RTGTPGgT41

14 Likes

Happy to see renZEC in this pool. I personally will always prefer the more decentralised version.

2 Likes

Huge thanks to Charlie who helped put this up!

If anyone has any questions about renZEC please let us know. Similarly to the native BTC deposit into the BTC pools on Curve, you could natively deposit ZEC into the ZEC pool if the Curve team also implements that RenJS feature here.

The Wrapped team can be reached on Telegram.

5 Likes

Thanks for coordinating and posting Charlie. Happy to answer any questions from the wrapped side.

Thanks!

-Mason

1 Like

Unfortunately for proposals like this one it will be very difficult to receive the required 5% signal quorum. I am a long term holder of Zcash but you can’t expect a significant part of veCRV holders to also have or support Zcash. Currently 16 people have voted “for” with 207,810 veCRV while nobody voted “against”.

The situation is different for new stablecoin pools such as sCIP#11 for ESD. For example, I currently don’t own any ESD stablecoin but I could still participate easily in that pool with the other stablecoins I have. While for a pool like renZEC/wZEC one needs to have ZEC in order to participate.

Right, yeah it is tricky. But do veCRV holders need to be holders of Zcash to support this? Feels like veCRV holders want Curve to suceed and that involves building a deep moat for Curve as the stableswap exchange, and new asset pairs is in line with that for the most part.

If it was that easy then why haven’t we achieved the required signal quorum already? I agree with your view but the voting shows us that other people are indifferent to this proposal. Also, Uniswap wouldn’t have been the leading DEX now if the only trade-able pairs were BTC/USDT and ETH/USDT.

Interesting - you are saying its too challenging to wrap it in the first place, given it requires ZEC?

No, that’s not what I meant; it’s not difficult to wrap assets (I am one of the “For” voters). I meant that veCRV holders who not hold any ZEC (or renZEC/wZEC) at the moment, might not be interested in buying ZEC/renZEC/wZEC if this pool goes live. This was just a hypothesis as to why this proposal might not get enough traction.

Happily there are currently more “for” voters but to my understanding we still lack around 2 million veCRV “for” voters in order to pass this proposal.

1 Like

I certainly in favor of this and would love to see more integrations of Ren

so did this end up getting quorum? Also is there an easy way to check what quorum is for each proposal?

Go there https://etherscan.io/address/0x5f3b5DfEb7B28CDbD7FAba78963EE202a494e2A2#readContract

Find the block creation on snapshot, scroll to totalSupplyAt(), enter the block number and you can find how many veCRV there was at creation.

This has gotten quorum