This proposal would deploy and add a custom RAI-3pool Metapool to Curve.
RAI is an ETH pure, non-pegged stablecoin that resembles the original vision for Single Collateral Dai. RAI solves an issue present in all decentralized pegged assets, namely the fact that they cannot charge negative rates to their holders and compel them to sell when the market price of the asset is above the peg. RAI was designed as a reserve asset for other DeFi protocols as well as a first step to detach from fiat monopoly.
RAI is currently getting adopted in a wide array of protocols ranging from Aave, BarnBridge and Fuse to other stable assets like Fei which now holds approximately $10M worth of RAI in their reserves. It is also starting to be picked as a primary option in DAO treasuries and is one of the few stable assets released in the last year that were listed on Coinbase.
Curve is the go to avenue to trade pegged assets, sitting at a $12.77B TVL according to DeFi Pulse. Up to now, Curve has been primarily focused on fiat pegged assets or BTC and ETH synths. This proposal presents the idea of a non-pegged stable asset to be added in Curve using the following metapool contracts made by the Reflexer community. The community is currently checking whether the current pool factory can be used to deploy the RAI pool or if it needs adjustments.
Here is a description for all the modifications brought to the vanilla Curve code so that it can work with RAI. It boils down to the pool reading the current RAI target price from the Reflexer protocol using this contract.
A question for the Curve community is whether we (the Reflexer team) should have an audit for the pool and potentially for the pool factory in case it needs to be modified to accomodate RAI.
Deploy and add the [RAI, [3pool]] Metapool
Do not deploy the [RAI, [3pool]] Metapool
Will post the snapshot vote once we get clarity on audits for this custom RAI pool as well as the pool factory.