Idea Incubator Proposals: MakerDAO-Like Stablecoin Protocol, Negative Rebase Insurance and More

One of the objectives outlined in the DAO’s H1 2021 Vision is funding 1-3 proposals that receive support and are approved for implementation via community voting.

Today, we are inviting the community to review and discuss key Idea Incubator Proposals that have been submitted over the last four months. The next steps related to these proposals will be to:

  1. Monitor the conversation around these proposals to understand how the community views their potential impact and feasibility
  2. Invite individuals who submitted the most well-supported Idea Incubator proposals to develop an APP that will be scheduled for community voting

Below is a listing of key new or previously discussed Idea Incubator proposals for community consideration:

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  1. Let’s kick this off.

    AMPL is the first rebasing asset and is therefore considered a primitive money. However, provenance is not everything and leadership is required for the asset to be widely adopted; hence, the coordination of shared interests within this DAO.

    To this end, it would be helpful to segment ASDAO directives into short-term and long-term goals (perhaps even medium-term).

    Short-term:

    Short-term goals should aim to incentivize widespread adoption of AMPL. Lending and borrowing are the easiest use cases. Though AMPL is not a stablecoin, it’s role in the EeFi sector should be similar to that of USDT, USDC, or DAI in DeFi – the go-to “stable” value asset.

    Collaborate with other elastic/rebasing communities and help them integrate AMPL
    • A number of new experimental models have sprung up over the past few months. These include Value, ESD, DSD, Frax, BASED, YAM (though this community recently voted to eliminate rebasing), and many other forks.
    • These communities should be encouraged to utilize AMPL as a source of liquidity for their DAOs, DEXes, etc.
    • Because AMPL is simple (relatively, compared to models using bonds and coupons) and the most well known, the stability and predictability could serve to expand the EeFi sector
    • Importantly, this would increase demand for AMPL and lead to sustained positive rebases

    To further drive adoption, let’s introduce wAMPL
    • By introducing a new representative money that is always pegged (1 wAMPL = 100 AMPL), the ecosystem establishes a benchmark
    • This offers clarity and stability to interested investors, borrowers, and lenders
    • wAMPL can be loaned out to other players in the EeFi ecosystem
    • wAMPL could be an asset created using the Maker-DAO type model: When someone decides to “mint” 100 AMPL using a kMPL vault, those AMPLs could be automatically “wrapped” into wAMPL

    Partnership with Meme Ltd and APY.Vision; would also like to add LINK-SWAP
    • Memes are extremely popular and are here to stay
    • Meme Ltd. Partnership could enable the DAO to gamify education and make things fun
    • With the prospect of exciting developments like Charged Particles around the corner, the NFTs could be “charged” with interest bearing AMPLs as an example; there is a ton of potential here
    • Furthermore, the NFT minting could require AMPL/kMPL/wAMPL instead of ETH
    • APY.Vision – agree with reasons mentioned in initial post
    • LINK-SWAP:
    ○ This ecosystem is flourishing it a very rapid pace
    ○ They also have 50,000 governance tokens (YFL)
    ○ Let’s integrate some of their mechanics that already work, and add is what is unique to EeFI
    ○ Partnership to add AMPL could dramatically increase demand and catalyze another positive rebase cycle
    ○ This community is also very good with memes
    ○ Potential for a LINK-AMPL pool as well

    Long-term:

    Long-term goals should aim to further stabilize the market through the introduction of advanced money legos such as derivates, perpetuals, and Insurances.

    Similar to how mycelium symbiotically thrives in an ecosystem, AMPL could be the primitive money that is a source of abundant liquidity. This is why it would be beneficial to partner with other EeFi experiments (like the ones mentioned above). In this ecosystem, AMPL is analogous to hyphae whereas the nodes could resemble KMPL vaults and points of ASDAO leadership.

    1. Thanks for your comments. There’s a lot in the area of ecosystem development and engagement happening that we’re pursuing as per the H1 2021 Vision document.

      As for the other items, those are separate ideas posted to the Idea Incubator that are being discussed currently. It would be great if you could add your comments to those individual proposals as the community considers them.