Summary
The objective of this proposal is to deprecate the axlUSDC market on Osmosis.
Motivation
Currently there are 2 USDC markets on the Red Bank: axlUSDC and nobleUSDC. Since both are representations of the same asset, having both listed on the Red Bank is suboptimal UX. Thus, the motivation behind this proposal is to improve UX by offering a single version of USDC within the Red Bank. There are 2 main reasons why we think the version of USDC we should support is nobleUSDC:
- It is understood that nobleUSDC is the native version of USDC on Cosmos.
- Since launch, nobleUSDC liquidity on Osmosis has been growing, while axlUSDC liquidity has been shrinking. This highlights nobleUSDC’s increasing adoption within the Cosmos and on Osmosis in particular.
Given the above reasons, this proposal should enhance UX, while at the same time potentially improving the safety of the platform.
Implementation
To avoid hurting current axlUSDC depositors, this proposal will only affect future users of the platform. Current axlUSDC depositors and borrowers will be able to continue using the platform as they have been doing so.
To deprecate the axlUSDC market, the following parameters should be modified:
- axlUSDC Deposit Cap = 0. This disallows new deposits into the market.
- axlUSDC Borrow Cap = 0. This disallows new borrows from the market.
Note that this won’t affect current depositors or borrowers in any way. This only affects future users of the Red Bank.
This is a signaling proposal, not an executable proposal.
The Mars smart contracts on the Osmosis chain are currently controlled by the Builder Multisig address. If this proposal passes, the builders will utilize their multisig to make the necessary parameter changes.
Copyright
Copyright and related rights waived via CC0.
Disclaimers/Disclosures
This proposal is being made by Mars Protocol Foundation, a Cayman Islands foundation company. Mars Protocol Foundation engages in research and development of the Mars Protocol. Mars Protocol Foundation and certain of its service providers and managers own MARS tokens and have financial interests related to this proposal. The aforementioned persons or their affiliates may also have financial interests in complementary or competing projects or ecosystems, entities or tokens, including Osmosis/OSMO. These statements are intended to disclose relevant facts and to help identify potential conflicts of interest, and should not be misconstrued as a complete description of all relevant interests or conflicts of interests; nor should they be construed as a recommendation to purchase or acquire any token or security.
This proposal is also subject to and qualified by the Mars Disclaimers/Disclosures. Mars Protocol Foundation may lack access to all relevant facts or may have failed to give appropriate weighting to available facts. Mars Protocol Foundation is not making any representation, warranty or guarantee regarding the accuracy or completeness of the statements herein, and Mars Protocol Foundation shall have no liability in the event of losses or damages ensuing from approval or rejection or other handling of the proposal. Each user and voter should undertake their own research and make their own independent interpretation and analysis of all relevant facts and issues to arrive at their own personal determinations of how to vote on the proposal.