Outline Greenlight Process for Currencies and Collatoral

Hi All

For the purpose of decentralisation, transparency and clarity. What are your folks thoughts of establishing a system to greenlight new currencies and collateral to the angle protocol.

Everybody will want their currency to be represented and their collateral of choice to be implemented but we need a logical and fair way to do this.

We can build on the shoulder of giants with what has had proven success with makerDao’s Greenlight process.

If there is appetite I am keen a to get help get it written uprite it up :slight_smile: or start the process at least!

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Hey,

Thanks for the great question and proposition! It’s in the roadmap of the Core Team to establish a system to green light new currencies and collateral to the Angle Protocol!
The thing is that we’re still in the early days of Angle building stablecoins, so the goal is first to show that the protocol works with “safe” collateral types and to test its functioning. Once we’ll be more confident about the protocol, and have understood how it works in real market conditions, I think we’ll have more insight on what is an acceptable stablecoin/collateral for the protocol and will be able to work on guidelines.
But happy to see you starting sharing some thoughts and ideas around this process, and start planning for it. I’d love to take a look!

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I wholly agree and Maker makes a great example of how to organize. Having a system in place and users getting accustomed to it sooner rather than later has merit on its own. However, as mentioned above, it could be a weebit too early to go fully DAO.

I clearly read enthusiasm and vision in your post, happy to have you onboard

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Aye totally understand we’ve got a long path ahead of us, in my mind it’s going to take a while to get a reasonable process written up any way. I’ll slowly chip away at it and share!

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Awesome! This is exactly the kind of initiatives we need to grow this DAO!
A few topics I had in mind:

  • for a new collateral/stablecoin, we need to have robust oracles, if the collateral is volatile we need a reliable Chainlink feed compared with a solid Uniswap V3 pool, this is the least we can do
  • when deploying a new stablecoin, we should keep in mind that there is always a chicken and egg problem, so multiplying stablecoin launches potentially harms existing stablecoins which are penalized by a smaller amount of LM rewards
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