Add a custom RAI stablecoin feeder pool to mStable, making it the first pool to handle a non-pegged stable asset.
The Reflexer community adapted the mStable Feeder pool code as to handle a non-pegged stablecoin like RAI. This change adapts the feeder contracts to handle RAI by keeping the mechanism used to adjust the precision of fAssets but updating the ratio whenever it’s used rather than only setting it during initialisation. The updates ate performed by reading RAIs redemption price and using it as a scaling factor on the original ratio set by the precision.
The addition of the RAI feeder pool would open up a new market sector for mStable, namely real stablecoins that are not pegged to any particular value. RAI’s value for mStable as well as for the whole Ethereum community revolves around the fact that it’s a first step toward detaching DeFi from fiat monopoly and further down the line open the possibility to remain stable and potentially beat inflation.
The mStable team checked the RAI feeder pool code although we would like to invite the whole community to give their opinion: mStable-contracts/RAI_FEEDER_README_TEMP.md at master · stefanionescu/mStable-contracts · GitHub.
Assuming this proposal resonates with the community, we can put it up for vote and addition to mStable.
- Open mStable to a new market sector promising an alternative to pegged coins
- Add a new decentralized stablecoin on mStable’s stack
- Brand new feeder pool logic that introduces smart contract risk