mUSD/imUSD as staking collateral for insurance fund

Hi DerivaDEX community,

This is derc from the mStable community & partnerships team. I’ve been following DDEX for a while and thought that maybe I’ll do an outreach on behalf of the mStable community.

I would like to propose mUSD or imUSD (interest-bearing mUSD, similar to cUSDT, cUSDC) as another option for stablecoin collateral for DDEX insurance mining program.

About mStable

mStable is building autonomous and non-custodial stablecoin infrastructure, and leverages lending income with trading fees to produce higher yielding, more capital efficient assets. It was created to tackle three major issues facing stablecoins today such as fragmentation of same-peg assets, lack of native yield and lack of protection against permanent capital loss.

About mUSD

mUSD is a diversified meta-stablecoin that tracks the US dollar. It is available and liquid on Curve and Balancer and is increasingly being integrated across the broader DeFi ecosystem: 1inch, ARCx, Rari Capital, OpenDAO’s Open Market and many more.

mUSD currently has a market capitalisation of US$47m.

About imUSD

imUSD is a tokenised and composable representation of mUSD deposits in mStable’s Save v2 contracts, a best-in-class savings account for DeFi. imUSD currently has a market capitalisation of US$27.5m.

mUSD is currently only supported on CREAM’s Iron Bank. imUSD is not yet supported on any major lending markets.

Benefits of adding mUSD/imUSD as staking collateral for DDEX

  • Further diversification of stablecoins as staking collateral while having exposure to mStable’s community, currently 7500+ MTA holders, 5,140 mUSD holders, 15K Twitter followers
  • Potential to further the collaboration and expand to other products further down the line on DDEX’s derivatives exchange once live

Useful links

Contracts

  • mUSD: 0xe2f2a5c287993345a840db3b0845fbc70f5935a5
  • imUSD: 0x30647a72Dc82d7Fbb1123EA74716aB8A317Eac19

Audits/Security reviews:

A full list of our audits and security reviews can be found here in our docs https://docs.mstable.org/protocol/security#auditing

Do let me know your thoughts! I’d be happy to answer them and looking forward to hearing your responses.

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