MIP13c3-SP10: Declaration of Intent - eurDai
MIP13c3-SP#: 10 Author(s): Tim Schuppener (@ultraschuppi), Sébastien Derivaux (@SebVentures) Contributors: n/a Status: Formal Submission Date Proposed: 2021-02-27 Date Ratified: Declaration Statement: Analysis of a EUR-pegged DAI Declaration to Replace: n/a
Context and Motivation
- Maker has been focusing on creating a stable coin soft pegged to the USD. Since the launch of MCD more than 20 different collateral types have been onboarded and more than 2B DAI have been minted
- However, it has always been one of the long term goals of Maker to expand not only in terms of collateral types (including real world assets), but also on providing stablecoins pegged to other currencies
- This would not only be helpful for growth outside of USD-using countries, but would certainly also help on onboarding more real world assets as collateral
- The discussion thread on EuroDAI generated a lot of interest.
- MakerDao should investigate about and build a subprotocol providing a DAI-like stablecoin pegged to the official currency of the European Union (€)
The investigation should be contained by the following elements:
- The subprotocol must be controlled and governed by the Maker Protocol
- Debt auctions in the subsystem should not dilute MKR (not flopping MKR) until governance decide otherwise
- Surplus auctions in the subsystem should be beneficiary to MKR holders (flapping MKR if possible)
While limited to exploratory and analysis work, this declaration of intent might trigger some costs (e.g. technical resources). MakerDAO intends to devote up to 50k DAI to this declaration of intent managed by the mandated actors multisig.