Proposal: Add RAI as a Collateral and Underlying in Yield V2

[stefanionescu]

Summary

RAI is an ETH backed stablecoin created by Reflexer Labs. Recently, RAI was the most popular choice in a Twitter poll made by the Yield team asking which stable asset to add in the Yield v2 protocol.

Motivation

RAI is currently the only non-pegged stable asset on Ethereum. It is only backed by ETH and managed by an on-chain PI controller. RAI doesn't target anything in particular (such as a 1:1 peg with a fiat currency) and is meant to act as a native unit of account for the Ethereum economy.

Currently, RAI is listed on several money markets such as Aave, CREAM and Fuse and has a growing ecosystem fuelled by concerns around current models promoting "stability" on-chain. A key use-case that RAI is just starting to tackle is fixed rate loans which would offer token holders more predictability in terms of costs associated with their positions.

Moreover, given that RAI is a stable asset meant to remain purely backed by ETH and become governance minimized over the next year, it is also an ideal collateral type that other protocols can leverage.

Integration Parameters

Loan maturity dates - 3 months & 6 months

Lending oracle for fyRAI - Fuse Pool 9

RAI price oracle - Chainlink RAI/ETH

RAI address - Etherscan page

Audits/Security Reviews

OpenZeppelin audit for the RAI core contracts

Quantstamp audits for periphery contracts

Solidified audits for periphery contracts

Copyright

Copyright and related rights waived via CC0.