Alright everyone, I would like to kick off a discussion here about what five tokens we should aim to add to @PercentFinance by the end of October. For now, we are limiting the scope to tokens currently on this list of price feeds available to us from Chainlink:
We are talking to the Chainlink team about adding new price feeds for future tokens, so if you don’t see the token you want on there, don’t worry. Hopefully we will have the ability to list it over the coming months.
I want to suggest three tokens that I think would be smart additions to make out of the five for October: sUSD, LRC, and MANA.
- Maker is increasingly seeing DAI collateral become trusted assets like USDC as opposed to trustless assets like ETH:
To me, this means there will be a competition over the next 6 months with respect to who fills in the market share for a completely trustless stablecoin. Dai isn’t going anywhere, but many people will want a stablecoin that is completely censorship resistant, and my bet is that Synthetix wins this market. They are shipping like crazy, have a real layer two plan with Optimism, and sUSD is only backed by the trustless SNX token.
Aave has sUSD listed, and if people follow Aave, they will have seen how sUSD spikes in lending to aggressive levels like often over 20% to pay for borrowing it. Clearly someone finds use there already and I think that interest will only grow, so us adding this would be a smart way to pick up on that interest.
- Loopring is increasingly becoming essential infrastructure on Ethereum. See below for a cool project built on top of it:
The LRC token also recently became permissible collateral in Maker’s system. It has a community, but no places I am aware of for borrowing and lending. Easy win there for us.
- I have made the case at length that we should position ourselves well to capture the growth of the NFT space. Decentraland is a good proxy to this. They have an active community and we could likely get some good coverage from having their MANA token on Percent. This is a good play because the Decentraland community has a different user base than normal DeFi, so we have the potential to pick up a different set of users.
Additionally, it could be interesting to list COMP, which ironically doesn’t have a money market supporting it; KNC or MKR to make a more expansive step into the DeFi token community; and sDEFI (which is a basket of DeFi tokens and would double down on our relationship to Synthetix). But I digress.
Over to you all!