QIP228: Onboard sDAI to QiDao PSM

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network: All Chains
author: Benjamin.lens
implementor: Guardians
implementation-date: TBU
created: 2024-03-09

Summary

Add sDAI to QiDao's peg stability module (PSM).

Abstract

Adding sDAI as collateral for MAI via the PSM will allow users to mint and redeem MAI with sDAI at a fixed rate. In parallel, the protocol will earn the yield made from sDAI while it is held in the PSM.

Motivation

Many chains on which QiDao is deployed do not have any dependable single-sided stablecoin yield. Using sDAI from Ethereum as a yield source for the PSM will allow QiDao to establish it's PSM strategy on every chain where it is deployed.

Specification

Rationale

sDAI is a bluechip stablecoin yield product that the protocol can rely on to power its PSM.

Technical Specification

Development team will create PSMs on every chain where QiDao is deployed to accept sDAI as collateral.

Configurable Values

Not applicable.