[Signal Request] Approve New TUSD Implementation

The smart contracts domain team has finished reviewing the code for the newest TUSD implementation.

The team at TUSD did an excellent job of reducing complexities and potential vulnerabilities in this newest implementation, so the smart contracts team has decided to approve it.

This is a signal request for this new implementation to be allowed in the TUSD-A join adapter, reactivating TUSD as collateral in the Maker Protocol going forward.

Should we add this new implementation of TUSD to the Maker protocol?

  • Yes
  • No
  • Abstain

0 voters

This poll will last for one week, ending on September 11, 2020.

9 Likes

@lucasmanuel I’m voting yes- it’s been great working with you and the community and I think this new implementation addresses all of the concerns you brought up. Looking forward to having a lot of TrueCurrency-backed DAI in the future!

In case anyone doesn’t have context on TUSD, this thread has most of the discussion so far:

6 Likes

Hey all, I’m the lead smart contract engineer at TrustToken! I was in charge of the refactor of the TUSD smart contract and oversaw the process from start to finish.

Here is a link to the audit: https://github.com/trusttoken/audits/tree/master/TrueCurrency

The audit is for all TrueCurrency smart contracts, as they are all the same contract. Very excited to mint some TUSD-backed DAI soon and see more collaboration between stablecoins!

1 Like

The cost of adding and maintaining small coins as collateral is greater that the benefit that DAI/MKR owners get. That cost should be covered by the interested parties.

There will be less than 4M DAI minted from TUSD (<1%) unless we allow 101% CR.

If we implement the [Signal Request] Quantitative easing to fix the peg (aka Manual PSM) , a TUSD vault will be essential to collateral diversity. It will bring huge value to DAI holder to have a peg at 1. Having a better product will be good for MKR as well.

1 Like

Quick note on the timeline @lucasmanuel. If you want this to be included in the weekly polls on Monday 14th September, you will need to submit the poll wording to github on Wednesday the 9th. Given that this seems very one-sided so far, I’m happy for you to submit the on-chain wording prior to this poll ending (before Wednesday, 9th.)

2 Likes

@LongForWisdom sounds good will do!

3 Likes

Thanks for having us on the call this morning! @lucasmanuel if there’s any way we can help with the poll wording for today, please let us know.