RAI is the soundest stable coin in the industry today. We care for decentralization, so the ungovernance / ETH only collateral combo is very appealing to us.
We also have been fascinated by the autonomous rate setting and how well it worked since the system inception.
The recent sanctions on smart contracts and actions of centralized entities that followed proved these were the right choices. Most of defi dapps lost touch with crypto’s ultimate mission: To provide means of transacting value in uncensorable and anti-fragile ways.
The current consensus in the crypto industry (since the sanctions) is that RAI is one of the best stablecoins out there. It is also common knowledge that ETH only systems can only scale to a point.
Although we agree that ETH is the single best collateral for a stablecoin, compromises need to be made for a system that can scale further than RAI.
In our opinion this can be achieved by having a multi-collateral version of the system and only onboard of collaterals that are sufficiently decentralized. The natural first choices are ETH liquid staking derivatives, as well as other decentralized ETH derivatives. And of course, RAI!
Another compromise for a multi-collateral system is more governance, so other decentralized currencies can be included in the system down the road.
TAI can be generated from many different crypto collaterals, not just ETH. Each collateral will have distinct borrow rates and collateralization ratios and be supported by their own oracle. Different versions of each collateral(ETH_A, ETH_B, etc) will be supported.
Since the system will have the ability to add new collaterals, there will somewhat more governance than RAI. In light of this, we can create an add-only collateral blacklist to prevent certain collaterals from being supported. Other aspects of the system can still be ungoverned in the same fashion RAI was.
TAI will not launch with staking, although that can be included after the initial deployment. We are also continuing to research the best parameters for the the system.
TAI will use the same governance token strategy as RAI, buyback and burn. Also, the same market price feedback control system will be used.
Incentive Program: 52%
Reflexer DAO: 8%
There will be startup and infrastructure costs that Reflexer DAO can potentially help with grants. In exchange, TAI could offer incentives to the Reflexer DAO.
Some possible costs are:
- Bug bounties
We have deployed an instance of the system to the Fantom testnet, and the contract addresses are listed below.
Fantom is being used just as a testnet and not the final destination of TAI.
GEB_MULTISIG: '0x336281cB29D22914242edFC4467E1f458FB378c7', SURPLUS_AUCTION_RECEIVER: '0x0000000000000000000000000000000000000001', GEB_PAUSE_AUTHORITY: '0x98021387676fc04DB5ae803e700BFC87B8b2f77b', GEB_PAUSE: '0xAebF433b4886705F42ba6A75E315016199548580', GEB_PAUSE_PROXY: '0xfA1b411B863BDD734e2F83b59055dC395f43F580', GEB_PROT: '0x6a358ee7A25a6bd0a9Ce0521353c577076F90845', PROTOCOL_TOKEN_AUTHORITY: '0xdB1e7BA6fD20DE23efD2Cf258b59DdAAe8096277', GEB_SAFE_ENGINE: '0x4BE63C56f4317B35409e5B2a3d1B7A92b8cA67B5', GEB_ORACLE_RELAYER: '0x033076b3d8FF49F399A0bB38cD5d14A4BD748838', GEB_COIN: '0xc7773CD41D9093A3c1B70dFCA013f1657aC9193a', GEB_COIN_JOIN: '0x222B6A39D5c0d78104b85f3e089DC96c9A15c8B0', SYSTEM_COIN_ORACLE: '0x3f4d84FCAcBab807ac46BbC6E22ddDE366AE9120', GEB_TAX_COLLECTOR: '0xB4cDA799D8BDdaA6D37eC1D36E7934C665C7A0aE', GEB_SURPLUS_AUCTION_HOUSE: '0xDAD5a164A3049A443eD1530B70390Ed7663AaD1f', GEB_DEBT_AUCTION_HOUSE: '0x2475B9fAAcF7b83457c62023Fe36a53458cEdBC5', GEB_ACCOUNTING_ENGINE: '0x57fd4825620cdF37a94cAd24013c5103088969F7', GEB_STABILITY_FEE_TREASURY: '0x1380Ba5AF0799da9eD4f1072929bdC55Cb899BD5', GEB_LIQUIDATION_ENGINE: '0x8f9374e559272F7f8CB9AA5E6E207de02eD8A03B', GEB_GLOBAL_SETTLEMENT: '0x740418969eC7B1e89Ca05Cebc72b4C4391920f4a', GEB_ESM_TOKEN_BURNER: '0xFbc54a3AD2Ef5DbCF340C81616F643f8b96C6742', GEB_ESM_THRESHOLD_SETTER: '0x4c64D96ca5Ed86d878DD574D034A396ffFF592a7', GEB_ESM: '0xBf591dA19f6c5B052751D574294d1851960D503A', GEB_RRFM_CALCULATOR: '0x29e088Fbb205AfeFF3eF965EC97281A317a64c0c', GEB_RRFM_SETTER_RELAYER: '0x2e98CA49cfa1Fb8dE6f76D64CCb2Fbd7E7Ab915E', GEB_RRFM_SETTER: '0x16e33c991900B3C9374b652e07116f2b26914d49', GEB_GOV_ACTIONS: '0x383F54aDf5A35F7988e9D5CD8B6738e86E9A0a34', PROXY_ACTIONS: '0x333c0a395AD2c065cF7b8fb814EF4E7B4F9D2229', SAFE_MANAGER: '0xC44B60E1517D56c8BE6C72AAFE0412D7d3c81B14', PROXY_FACTORY: '0xA359D4C2D45495B6fbb2495e67ff2FF5D6fe1eF7', PROXY_REGISTRY: '0x72C0C5e08f1B222475CF79bb6a7e650acf629927', DEBT_POPPER_REWARDS: '0x7b8b250273B0C1407450E9F3333F9fDE01088CA7', COLLATERAL_ORACLE_ETH: '0x11A5396515c7b7FaD8152b42f099335F98cCA82c', FEED_SECURITY_MODULE_ETH: '0xb7278a61aa25c888815afc32ad3cc52ff24fe575', ETH: '0xD832462B1bE2b0c600CC87b734E630408736E875', COLLATERAL_ORACLE_WSTETH: '0x52e8ED5e47544b9Cf92f744EaAe0B1438B91Bb70', FEED_SECURITY_MODULE_WSTETH: '0xdeeb424b6e7F82B9bD2a3Ee7d5bc4e9a79CCFc8B', WSTETH: '0xf07E2BD112D0Ac4b21EF403AC937943b1077F5f4', COLLATERAL_ORACLE_RETH: '0x2A90E4e1610d6e020E52abfbe1eD0961fB310BAf', FEED_SECURITY_MODULE_RETH: '0x5f1eAEFDfB1296FaffaB3dc6c1F63c759Ad2a4EC', RETH: '0xEabe9e688689cB53De9bEcc2D27cd6bC517c3935', COLLATERAL_ORACLE_RAI: '0x0Dbce9D1E875772cf370f14f10Cd22f71B6B6F95', FEED_SECURITY_MODULE_RAI: '0xC0277148e804B180F340e02d87E106ebDf5F53D2', RAI: '0x80F975B4c9f2bcEBe86c80819B37877D2Be26B9B', PAUSE_EXECUTOR: '0x1289b5313aC14FC09736687Fcb9ED9405B345F23', GEB_JOIN_ETH_A: '0x15D0EFa53aD10011a7C53068eA78DF464d1aaaCE', COLLATERAL_AUCTION_HOUSE_ETH_A: '0xDd8902F8413f6D794bDAfda85Bd40DD32Db4a1AE', GEB_JOIN_ETH_B: '0x59b86cf4d8B566602a687Bd9A2979792e73316d9', COLLATERAL_AUCTION_HOUSE_ETH_B: '0x20eBEE002d53dbC02eaD1C55Bd7E31FF67615Ce0', GEB_JOIN_ETH_C: '0x7C18EA94043e9759394a2cdBC7D9BceBd5B2df1d', COLLATERAL_AUCTION_HOUSE_ETH_C: '0x9043F8858c67f19dCaf3b7298a60DdFFE93F442B', GEB_JOIN_WSTETH_A: '0xA700528a2B9Bd3126c96378b76f2c99f5F0e0F76', COLLATERAL_AUCTION_HOUSE_WSTETH_A:'0x7ad1630b2E9F0e5401f220A33B473C7E5551dd3e', GEB_JOIN_WSTETH_B: '0xE278796A143a9C8d8628B7dd65D3Af9BA25edF87', COLLATERAL_AUCTION_HOUSE_WSTETH_B:'0xcB37C34c8Cd1C5Ee225Aa9807B7D83e70Ae736Bf', GEB_JOIN_RETH_A: '0x9B946889657e8f2D943A3841282fBf5751241E85', COLLATERAL_AUCTION_HOUSE_RETH_A: '0x00c0402BDE9E2c2962cA7586a5DABb38fAd515a8', GEB_JOIN_RETH_B: '0xCd40ae7648E53B92e338CCaAF78734397D2Fe2A4', COLLATERAL_AUCTION_HOUSE_RETH_B: '0xF5A39660A894698074593A5B1fBd33697dCa4091', GEB_JOIN_RAI_A: '0x5e988D9618a4d2681D899CC2fe8cdDC70EC92089', COLLATERAL_AUCTION_HOUSE_RAI_A: '0xF0E812fd6906362f945196712318D42b9Ba93197',
There is no UI for the contracts yet, use our forked version of geb-console to interact with it.
Note: Many of the existing Geb.js functions have been upgraded to accept a
collateralType parameter, although their names have been kept the same for now. For example,
openLockETHAndGenerateDebt supports all collateral types, not just ETH.
npm i -g @money-god/geb-console
// in geb-console const my_address = '<YOUR ADDRESS>' // First build a proxy. Only need to do this once! tx = geb.contracts.proxyRegistry.build() metamask(tx) // get proxy p = await geb.getProxyAction(my_address) // Lock 30 ETH(FTM) into ETH_C and mint 5000 TAI tx = p.openLockETHAndGenerateDebt(wad(30), ETH_C, wad(5000)) metamask(tx)
To be deployed (test with ETH(FTM) collateral for now).
We ask for community feedback on the settings of the system, the target network, and partnership terms. We feel this is a natural next step for the Money God League, expanding its reach, and are excited to become a part of this experiment.