Funding Brale integration into Kusama Asset Hub to introduce branded stablecoins (v3)
a year ago
Executed
Please visit https://rfc.decent.partners/t/funding-brale-integration-with-kusama-assethub/57 for full proposal.
Comments (9)
Proposal Passed
Summary
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Aye (68)0.0 DOT
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Did you seriously just copy pasta the same proposal that got rejected before? I'm not going to waste my time reiterating my points from last time.
This is getting absolutely ridiculous.
@Adam_Clay_Steeber
Gm Adam, thanks for your thoughtful response.
No, it's a completely new version, version 3.
As a newly minted Decentralized Voices delegate we're assuming you took your responsibility seriously and took the time to click the link to review the proposal before commenting.
If for some reason you didn't, here are the changes:
This is now just a simple integration with Brale, enabling the issuance and management of branded stablecoins on Asset Hub - what you might call a new 'common good feature' in the ecosystem.
Focus on Brale integration to reduce complexity - leading to...
Removal of Glo Dollar and therefore,
No market making
No marketing
50% reduction in spending.
To aid understanding, we've also changed the format of the proposal, there is now a series of slides, rather than just a wall of text.
The calls to cancel the second scheduled payments are included in the proposal.
Lots of other tweaks to the copy.
It might be useful for you to check your previous comments against version 3.
Please note you can track all the changes across the three versions using this useful button.
Here's some Iggy Pop, have a great day!
A new USD yield-bearing stablecoin that works across 1 - AssetHub for Polkadot 2 - AssetHub for Kusama AND 3 - N other EVM chains is a extremely good idea. With USDT exiting Kusama and USDC integration being basically non existent on Kusama, this creates a strong path for Brale stablecoin. 2 is just a testing place, like the rest of Kusama, whereas 1+3 is where 99.9% of users can come from. I have basic due diligence on Brale (the dominant beneficiary of this proposal) and can confirm the $125K quote is precise, but I think it should cover ALL of 1+2+3. I think Rich simplified this proposal correctly and if we can get 1+3 along with 2 its extremely valuable for this to pass. That fact that it is Rich of Decent Partners doing it hardly matters, all the work is just being done by Brale. The $125K cost is not so much a real estimate of cost but just an indication of seriousness, a common tactic for any business to build and maintain something for a long time. It might take less than a week of actual engineering time but maintaining it forever securely is entirely other matter -- the integration work is noise relative to everything else. Brale is a VC-backed business with the goal of competing with Circle in its own way, sharing back yield. They couldn't care less about earning $125K, but they don't want to waste time on projects that aren't serious. If the community isn't serious about being part of the larger ecosystem from day 1 (like Circle's USDC and Tether's USDT) and isn't requiring 1+3, and focusses on the cost of $125K [or 10% commission], it indicates to them the level of sophistication of the community decision makers. There are a couple of really high quality projects funded by Kusama, but the idea that Kusama is a hotbed of sophisticated innovation is just not true. I understand the Kusama community is not crazy about Rich+Decent Partners, but Rich is crazy about Kusama. However, this proposal is all about Brale + the stablecoin. If ever there is a case where an idea should be "tested on Kusama first", this is it. Since Rich is leading this proposal, I think its essential to guide it in a "consortium" direction with as many networks as possible from day 1.