The governance forum for GnosisDAO and the Gnosis ecosystem — propose and
debate Gnosis Improvement Proposals (GIPs), follow treasury and delegate
updates, and help shape what comes next.
I see it a reasonable spending but also would love more focus on bringing liquidity to the chain. Right now there aren’t many exchanges allowing direct withdrawals to gnosis and the liquidity depth issues that others have mentioned are concerning.
In general as an experiment sounds good but my feel is that the DAO is trying different things but not really tracing an actual plan in the direction of becoming the forex platform.
One of my biggest questions is: okey you have gEURO, now what? What is the utility? Will the gnosis pay team push for its usage with the cards? will metri use it? or is it only a coin that you swap for other stables?
It would play a role with other protocols like aave and maybe balancer/curve pools but I would like to know what is the exact idea with it. THe proposal mentions
Native euro settlement layer for Gnosis Pay.
but is it something already discussed and coordinated?
Also why this list of collaterals?
sDAI, wstETH, GNO, osGNO, WBTC
has the liquidity of those studied? is WBTC still relevant in the ecosystem?
RaidGuild is known for their excellent work; their reputation speaks for itself. A native Euro stablecoin is a strategic initiative for Gnosis, and it’s well worth it for us to fund the audit to launch this project on a solid foundation. Have you the the detailed audit estimate @Elco ?
I am torn here. I think this is not a terrible experiment to try out. So I don’t want to block it by voting NO.
But I think this is yet another side quest the DAO would end up going for instead of focusing on the real problems.
We already have EURe. EURe is a great tool, and yeah it’s not on-chain or CDP based but it works. Works with SEPA, works with Gnosis Pay and has improved the lives of hundreds (thousands?) of people. Real life. Not theoretical shit.
Now it has some serious problems. Top of which being liquidity in Gnosis chain. And also integrating Gnosis chain with exchanges and making offramping/onramping easier. I would much rather see serious focus of the DAO on those things.
Literally no one is stopping you from swapping USD to EUR, making a bank account at Monerium and get this liquidity. Idk, all of you want to find easy ways to pretend there is more than there actually is. Put your money where your mouth is, or get other people to do so. Increasing the risk through leveraging will come biting back eventually. We have been here before as an industry. This house of cards have been build before. We all know how this ended.
What if EURe LP tokens could be used as collateral? I believe there has already been experiments doing exactly that on another liquity v2 fork. Being able to have exposure to the Euro, provide liquidity, and still be able to participate in the GC ecosystem freely sounds attractive to me.
Edit: I came back to this commenting looking at the latest comments, completly forgetting that the stablecoin would be Euro-based to begin with. In other words, you can ignore the comment for that reason and because it passed anyways. Still, I am very curious about RaidGuild’s progress and what collateral they plan on supporting.