| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-230 | Switch from sUSD to USDC as main collateral for Thales Markets dapp on Optimism, deprecate Thales Vaults | Draft | Padzank (@padzank) | Switch from sUSD to USDC as main collateral for Thales Markets dapp on Optimism, deprecate Thales Vaults | https://discord.gg/thales | 2024-09-30 |
Switch from sUSD to native USDC as main collateral on Optimism for Thales Markets dapp and deprecate Thales Vaults across Optimism and Arbitrum
Due to Overtime V2 already using native USDC across all networks, instability of sUSD stablecoin and uncertainty of it's future, this TIP proposes to formally adopt native USDC as main collateral for Thales Markets dapp as well. Additionally, the Thales Vaults subproduct of Thales Markets have remained unutilized and unpopular for a prolonged time and should be fully deprecated. This TIP proposes the Thales Vaults deprecation to be executed within the same update.
Latest deployments of Overtime V2 all use native USDC across Optimism and Arbitrum. Using the same collateral across networks simplifies any potential future crosschain simplifications and abstractions of Thales Protocol contracts. Additionally, the sUSD stablecoin is not widely used and illiquid, meaning multicollateral abstractions that include swaps to and from sUSD are suboptimal UX for end users. By switching to native USDC for Thales Markets, it goes more in line with recent V2 deployments and improves UX across the board.
Deprecation of Thales Vaults are motivated by no PMF of this product and unfeasiblity of it scaling with the current Thales Protocol deployments.
This TIP entails the Thales Protocol DAO to transition Thales Markets dapp smart contracts to support native USDC (0x0b2c639c533813f4aa9d7837caf62653d097ff85) as main collateral and depracate support of sUSD (0x8c6f28f2f1a3c87f0f938b96d27520d9751ec8d9) as trading collateral. Additionally, allow any external liquidity providers of sUSD pools or vaults to withdraw funds from legacy positions even after formal deprecation has been executed.
This TIP additonally entails the Thales Protocol DAO to deprecate Thales Vaults contracts across Optimism and Arbitrum networks.
TBD
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