This is my proposal to include Chi Gastoken (CHI) as a collateral asset for MCD.
2) Provide a brief high-level overview of the project, with a focus on the applying collateral token.
1 CHI corresponds to 1 SELFDESTRUCT refund, currently worth 24000 gas. It’s value tracks the product of its ~36000 gas creation cost and the long-term “safeLow” gasPrice. It’s primarily used by traders on 1inch Exchange to offset gas costs by up to 50%, but anyone can mint or redeem it.
ERC20 Address: 0x0000000000004946c0e9f43f4dee607b0ef1fa1c
Chi Gastoken was 1inch.exchange’s submission to the 2020 ETHGlobal hackathon. 1inch.exchange launched Chi Gastoken 45 days ago as a more-efficient alternative to the long-established GST2. It has overtaken GST2 in AMM liquidity and volume but hash reached 1/3 of GST2’s market capitalization in that short time.
No audit available
Investors primarily acquire CHI in anticipation of saving gas during network congestion, during which network bandwidth is more valuable.
Gastokens provide stability to the gas price by both consuming cheap bandwidth and doubling bandwidth under high demand.
Chi is directly integrated within 1inch.exchange, but other services may integrate it, and they would hold their value even if 1inch ceased to exist.
7) Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
No, CHI is fully decentralized and trustless.