Summary:
Proposal to add a crvUSD/VUSD Pool on the Ethereum blockchain to the Gauge Controller, enabling users to assign gauge weight and mint CRV.
References: Addresses
Token 0x677ddbd918637E5F2c79e164D402454dE7dA8619
Pool 0xB1c189dfDe178FE9F90E72727837cC9289fB944F
Gauge 0x898e9fD99047DF6646D8B1eC84EEFc8637bD6982
Link to Curve pool on Ethereum: Curve.finance
References: Background:
VUSD is a meta-stablecoin, backed by over-collateralized stablecoin assets (USDC, USDT, DAI, others) that are deposited into yield-generating blue chip markets such as Compound V3 while idle. The system is autonomous and non-custodial. All assets are on-chain and provable.
Users may freely mint VUSD by supplying treasury-whitelisted stables, and freely burn VUSD and receive treasury stables. This is the mechanism that ensures arbitrage can directly address peg stability.
Full documentation is available at https://docs.vdollar.finance/
The source code is available at vusd-stablecoin/contracts at main · hemilabs/vusd-stablecoin · GitHub (and also every block explorer near you)
Motivation:
Primary stablecoin of Hemi network, currently the largest bitcoin side chain. VUSD philosophy is Curve-aligned (prefer immutable > non-custodial > governed) and seek to minimize gov over time. This will help grow the Curve ecosystem and the Hemi ecosystem, win-win. (sorry for cliche but its true)
Governance:
The strategic goal for all VUSD contracts is to be ungoverned/permissionless, as a default. VUSD is currently managed by the Hemi blockchain team and Hemi DAO, and the plan is to transition VUSD governance from that DAO to its own governance-token-driven on-chain system in less than 12 months.
The governance address can be queried from the VUSD contract, and is currently 0x6c2e3f1a88C19Bf4cf14fa38B8f745330573Da37.
Oracles:
VUSD relies on Chainlink oracles for USDC, USDT and DAI pricing, for treasury-in and treasury-out operations.
Centralization vectors:
Covered above in governance. Protocol is default immutable/non-custodial, with notable exceptions for contract upgrading.
Market History:
Stablecoin has existed since ~2021 at low liquidity in skunkworks mode, and we are now post-audit “turning up the volume”, especially on the Hemi L2 network, where it is the preferred stablecoin.
VOTE
Please vote to approve Curve.finance