Open a RAI bonding curve with 6 million FEI subsidized. This would mean the PCV acquiring about 2 million RAI (0.8% of the PCV). The RAI would be allocated to the Rari Capital Fuse pool 9 which currently yields about 50% APY.
RAI is a decentralized and governance minimized stablecoin. It launched in February 2021, the current market cap is $50m and the TVL is $160m. RAI has managed to stabilize using its on-chain PID controller and is now undergoing a governance minimization process with the intention to harden the protocol. RAI follows the same overcollateralization model of MakerDAO’s DAI but is exclusively backed by Ether. While not being strictly pegged to 1 dollar, RAI is stable showing a daily volatility well under 1% on most days.
- Coingecko page:
- RAI stats:
- Dune analytics stats:
- Main app:
The goal is diversification of the PCV, getting some exposure to fiat currencies. RAI offers a truly decentralized alternative to traditional stablecoins that are often directly or indirectly backed by custodial assets. Acquiring RAI is a first step toward achieving the stablecoin allocation target according to the PCV guidelines (
For this risk analysis we reuse the recent assessment from the Aave team from the RAI aave onboarding proposal (
Smart-contract audit repo that includes audits from OpenZepplin, Quantstamp and Solidified:
Open a RAI bonding curve with 6 million FEI subsidized.
Bonding curve parameters:
- Scale 6M FEI
- Mint cap 10M FEI
- Discount pre-scale 0.3%
- Premium post-scale 2%
Allocation: Rari Fuse pool 9 (app.rari.capital/fuse/pool/9) AND/OR Aave,
There are 3 options possible:
- 100% Aave
- 75% Aave + 25% Fuse
- 50% Aave + 50% Fuse
RAI/ETH Chainlink Oracle for the bonding curve:
Rari Fuse pool 9 RAI cToken Address:
Rari Fuse pool 9 Comptroller:
Rari Fuse fFEI token:
In addition, 1m FEI could be added to the Rari Fuse Pool 9 if FEI is added to the pool if this is accepted. See:
TODO: Add poll, I can’t add it because of forum restriction.
Edit 1: Changed the pre-scale discount from 1% to 0.3%
Edit 2: Renamed proposal to FIP-19
Edit 3: Added allocation options