Summary:
This proposal would see the addition of the [alUSD, [3Pool]] Metapool to the Curve UI.
Abstract:
alUSD is a hybrid collateral and future-yield backed stablecoin powered by the Alchemix protocol. alUSD is minted when users deposit DAI into Alchemix and then borrow alUSD. The deposited DAI earns yield in yearn.finance and daily harvests pay off users alUSD debt automatically. Harvested yield and all loan repayments go to the Transmuter module which supports the peg by allowing 1:1 conversions of alUSD to DAI.
Motivation:
After launching at the end of February, Alchemix has grown to over $1bln TVL and alUSD has a supply of over 300m. It has had the most liquid curve factory pool since its creation and alUSD has held its peg remarkably well. The peg of alUSD is also bolstered by over 200m DAI in the transmuter module, which acts as a backstop to the peg.
Being on curve.fi will help users find alUSD for trading compared to the lesser known curve factory sites. It being one of the deepest stablecoin pools in DeFi, period, also strengthens its case to get on the official curve front end.
Specification:
alUSD is a hybrid collateral and yield-backed stablecoin.
alUSD maintains its peg via 1:1 conversions of alUSD to DAI using the transmuter (which is bolstered by debt repayments and yield harvests), incentivised liquidity provisioning for this curve pool, overcollateralised DAI positions, and peg arbitraging for debt repayments.
Website - https://alchemix.fi
Github - https://github.com/alchemix-finance/alchemix-protocol
alUSD Contract address - 0xBC6DA0FE9aD5f3b0d58160288917AA56653660E9
Alchemix Vault (alUSD) Contract address - 0xc21D353FF4ee73C572425697f4F5aaD2109fe35b
Poll:
Vote https://signal.curve.fi/#/curve/proposal/QmYDjrShruxA49X7zNnRErucYW8AbbhrE1tDK2U8yqdE4j