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ARC: Add Support for RAI

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governance.aave.com

TL;DR:

The proposal to introduce RAI, a self-stabilizing asset-backed credit facility, into Aave Money Markets (ARC) received majority support from the community, despite some concerns about its stability. The move, which aims to diversify Aave's exposure to stable assets and increase its Total Value Locked (TVL), concluded with the preparation of an Aave Improvement Proposal (AIP) for RAI, indicating potential future integration.

The discussion primarily revolved around the proposal by James to introduce RAI, a self-stabilizing asset backed credit facility, into Aave Money Markets (ARC)1. RAI, a fork of MakerDAO’s Multi-Collateral DAI (MCD), has seen significant activity since its launch in February, with over $100m worth of RAI minted and more than $300M worth of ETH deposited in the protocol. The proposal suggests that the inclusion of RAI would diversify Aave's exposure to stable assets beyond traditional dollar-pegged stablecoins and increase the protocol's Total Value Locked (TVL). Currently, the majority of the stable asset liquidity on Aave is centralized, with only a quarter being decentralized. The addition of RAI would increase the proportion of decentralized assets1.

The proposal received support from several community members, including Cryptomooniac and Josef, who expressed their approval for the inclusion of more stable coins, particularly those not pegged at $1 2,3. Niceguy and Jshinehorn also showed their support for RAI, appreciating its stability and simplicity 4,5. Stefan, presumably a team member, thanked everyone for their support and mentioned that an Aave Improvement Proposal (AIP) for RAI is being prepared6.

However, not all responses were positive. Aavenger expressed concerns about RAI, describing it as risky, experimental, and only somewhat stable. He strongly opposed its inclusion7. Despite this, the overall sentiment towards the proposal was positive, with the majority of the community showing support for the inclusion of RAI in Aave Money Markets. The discussion concluded with the preparation of an Aave Improvement Proposal (AIP) for RAI, indicating a potential future integration of RAI into the Aave ecosystem.

Posted 3 years ago

Last reply 2 years ago

Summary updated 2 months ago

Last updated 03/12 08:01