DFIP-2205-E: Enable dToken loan repayment via futureswap against vault collateral #150
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uzyn
changed the title
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signmessage 8cZqD6X14ipFqmvz6pYYR5p7Dp5n4xc9VT "DFIP-2205-E-yes" |
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signmessage 8VKs5jqADhwRTHVXsf8hhMmJm5r8FpWF7h dfip-2205-e-yes |
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$ defi-cli signmessage 8KFsvQJ6uMsaydwfqmho1kCof1PWV3v9kg "dfip-2205-e-yes" |
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defi-cli signmessage "8LaQQZhfYiLukaZM9qekTB1b7UAR3Bapn2" "dfip-2205-e-no" |
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$ defi-cli signmessage 8QHLgmQVqMFQyN3cjPU2EDoKv7enHKstyn "dfip-2205-e-no" |
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$ defi-cli signmessage 8WpKkyyMdDQVnuYxZ87aqremVQ4GKnRTJL "dfip-2205-e-yes" |
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Thank you everyone who has cast votes. If there are any outstanding concerns I can address, please feel free to raise them on the Reddit thread and I will do my best to answer them. |
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$ defi-cli signmessage 8V77Hhv6pen56H54LJSwt7b3SYjDAgGJBr "dfip-2205-e-yes" |
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$ defi-cli signmessage 8SW9FEuf7KsTiGGWJP65XbPo5P7NiNCfa6 "dfip-2205-e-neutral" |
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$ defi-cli signmessage 8YBcHsAMiQkVSdmRutroDJYzhmk7XfPrme "dfip-2205-e-yes" |
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signmessage 8P24qRzccs9FJXkqrrzPZGa2aNXxqBkrmb "DFIP-2205-E-yes" |
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signmessage 8cS4WTshRjjhKJ5fizs7tNmK49yRufM5Vt dfip-2205-e-yes |
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Votes of the DFX Community Votes: signmessage 8KirKNGVgrsQsmWuy1Ee4ZmsnXVVkAEzh2 dfip-2205-e-no |
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$ defi-cli signmessage 8LzsRaBsXMKxGZhc5w3ViRLvbTeSfew8kS "dfip-2205-e-no" |
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signmessage 8dJLcKddBnwXzzXBLeZLYqzHehfeB8UWa2 "DFIP-2205-E-no" |
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defi-cli signmessage 8daGYPTDTzMRtUx61uWRjg7p9GECMjuip8 "cfp-2205-e-no" |
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signmessage 8XjGQuumUBGyevsG8Jn4yZQ6QBpkA4ukgM "dfip-2205-e-yes" |
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signmessage 8S4J5K9ohSkxgbYFc2Cbfmf3rf6WjfYH8T dfip-2205-e-neutral |
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mnstate_validate.log |
and others
DFIP Overview
Describe your proposal
Allow a "dUSD->dToken" futureswap which uses dUSD collateral in a vault as the input, with the output dToken "locked" into repaying the dToken vault loan.
Example
Elias owns a 150MIN vault (ID=a1st...).
In the past, Elias deposited 10000 dUSD to his vault, and took out a loan for 6000dUSD worth of dTSLA.
Elias would like to close out his loan, but he needs to keep all his dUSD in his vault to maintain collateralization and avoid liquidation.
There is a futureswapblock approaching, so Elias decides to perform a futureswap to close his loan. Elias estimates that it will take 6,512 dUSD to pay off his loan with interest at the current oracle price + 5%, so he issues this command:
futureswap a1st... 6512@DUSD TSLA
When the command is executed, the 6000 dUSD locked into the TSLA loan in vault a1st... is contractually bound to the upcoming futureswap. Additionally, 512 dUSD from vault a1st... is contractually bound to the upcoming futureswap. Elias may add or subtract from his futureswap position as desired until the futureswapblock is reached.
When the futureswapblock is reached, the contracted dUSD is burned, and any dTSLA produced are first used to repay the loan, with any excess dTSLA being deposited to vault a1st...
How does this DFIP benefit the DeFiChain community?
Enabling futureswaps against vault loans/collateral would roughly double the utility of collateral in a vault. Unlocking this functionality will allow more vault users to participate in futureswap arbitrage, which in turn should drive market pressure to minimize/normalize the oracle->dex premium.
Given the example above, if Elias wants to unwind his loan under the constraints of the present system, he would need an additional 6512 dUSD sitting idle in a wallet outside his vault just to be able to participate in the upcoming futureswap. Functionally, that means Elias needs to commit 16512 dUSD (and likely more to hold his collateralization) just to transact a 6512 dUSD value short position in dTSLA - this is very inefficient use of capital and greatly reduces investors effective ROI.
By increasing the utility of capital in vaults, DefiChain will lower the bar to entry for those who wish to take out loans in the dToken economy. By incentivizing increased and novel uses of vaults, DefiChain would be making a value proposition not available on other Dexes, reinforcing and underscoring the narrative that this is a unique ecosystem within the crypto economy.
Non-obligation
I understand that vote of confidence for DFIP carries no obligations by any developers to implement the proposals. DeFiChain is a community projects. Pull requests can be submitted by community and reserved to be evaluated for safety and general community acceptance.
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