Onboard fdUSD to Aave v3 on BNB chain
01Summary
Proposal to onboard fdUSD, a fiat-backed stablecoin issued by First Digital Labs, to Aave v3 on BNB Chain. fdUSD will be configured as an isolated asset with an 8M supply cap, 7.5M borrow cap, 70% LTV, and integrated with Binance's web3 wallet for enhanced liquidity and user access.
- Type
- protocol addition
Key changes
- Add fdUSD stablecoin as a new borrowable and collateral-enabled asset on Aave v3 BNB Chain(high)
- Configure fdUSD with isolation mode enabled, supply cap of 8M, borrow cap of 7.5M, and 70% LTV(high)
- Enable flashloan functionality for fdUSD(medium)
- Integrate with Binance web3 wallet for user access to deposit fdUSD through Earn program(medium)
Notable concerns
- fdUSD is issued by First Digital Labs, a Hong Kong-incorporated subsidiary, introducing counterparty risk
- Debt ceiling set to USD 0 limits cross-protocol borrowing
- Stable borrowing disabled for the asset
Generated by Kvorum
02Description
Simple Summary
The proposal aims to onboard fdUSD, a fiat-backed stablecoin, to the Aave v3 protocol on the BNB Chain.
Motivation
fdUSD is a dollar-pegged stablecoin that provides stability and value preservation for users on the BNB Chain. It is issued by FD121 Ltd. (First Digital Labs), a subsidiary of First Digital Group that is incorporated in Hong Kong.
As part of the approved deployment on BNB chain, fdUSD will be a key asset for supply liquidity and borrow demand. The proposal seeks to leverage the strong demand for stablecoins and the growing popularity of the BNB ecosystem to provide users with enhanced liquidity options.
Benefits of listing fdUSD:
- Enhanced liquidity options for Aave users on the BNB deployment
- Increased utility for fdUSD as it becomes available for lending and borrowing
- Strengthened collaboration between Aave and the BNB ecosystem, fostering growth and innovation
Aave’s BNB deployment will be integrated with Binance’s web3 wallet, making easy access for Binance users to deposit fdUSD in Aave through the Earn program.
Specification
Ticker: fdUSD
Contract Address: 0xc5f0f7b66764f6ec8c8dff7ba683102295e16409
Chainlink Oracle: 0x390180e80058a8499930f0c13963ad3e0d86bfc9
The table below illustrates the configured risk parameters for FDUSD
| Parameter | Value |
|---|---|
| Isolation Mode | true |
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (FDUSD) | 8,000,000 |
| Borrow Cap (FDUSD) | 7,500,000 |
| Debt Ceiling | USD 0 |
| LTV | 70 % |
| LT | 75 % |
| Liquidation Bonus | 5 % |
| Liquidation Protocol Fee | 10 % |
| Reserve Factor | 20 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 6 % |
| Variable Slope 2 | 75 % |
| Uoptimal | 90 % |
| Stable Borrowing | DISABLED |
| Stable Slope1 | 13 % |
| Stable Slope2 | 300 % |
| Base Stable Rate Offset | 3 % |
| Stable Rate Excess Offset | 8 % |
| Optimal Stable To Total Debt Ratio | 20 % |
| Flashloanable | ENABLED |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | ENABLED |
| Oracle | 0x390180e80058a8499930f0c13963ad3e0d86bfc9 |
References
- Implementation: AaveV3BNB
- Tests: AaveV3BNB
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
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04Actions
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