PIP-57 l USDp Chains Deployment Phase II

Improvement Protocol (PIP)
1

Summary:

The proposal aims to expand USDp deployment on additional chains to cover growth needs.

Context:

As voted in PIP-51 l Launch USDp, the new Parallel USD Stablecoin, USDp has been deployed on 16 chains. In order to facilitate growth we propose to expand USDp deployment on more chains.

Rationale:

We propose to deploy USDp on:

  • X Layer
  • Plume
  • Plasma
  • Linea
  • Katana
  • Fraxtal
  • World
  • Hemi
  1. Proposed Parallel Modules Deployment:

Thanks to the modular architecture of Parallel V3, Parallel Modules can be deployed on demand. For now we propose to deploy Flashloan & Bridging modules on these chains. Parallelizer & Savings modules deployments will be proposed to the DAO depending on growth needs, as they require an active management & strategy.

  1. Bridging Module:

Deploying the Bridging Module on all the newly chains where the core protocol will be deployed will allow USDp to freely move across any chain, including those where the Parallelizer Module is not deployed. This will also enable us to move forward extremely quickly in terms of integration and business development, requiring no additional development work to deploy the token on a lending protocol or DEX. We propose to deploy the Bridging Module on these chains with these parameters:

  • X Layer:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  • Plume:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  • Plasma:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  • Linea:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  • Katana:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  • Fraxtal:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  • World:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  • Hemi:
    • DVNs: (2 of 1 of 2)
      • Required: 2
        • LayerZero Labs
        • Nethermind
      • Optionals: 1 of 2
        • Horizen
        • Canary
    • Mint Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Burn Limits:
      • Daily: 2,500,000.00
      • Global: 10,000,000.00
    • Fees:
      • Rate: 0.00%
    • Isolate Mode:
      • No
  1. Flashloan Module:

Flashloans play an important role in Parallel V3, enabling USDp assets in backing to be rebalanced in the Parallelizer Module, and allowing future USDp liquidity pools to be arbitraged in order to maintain the best price between all pools. To facilitate these operations, we propose to deploy the flashloan module on additional chains. Fees will be sent to the FeeCollector contract in order to be redistributed. We propose to deploy it on these chains with these parameters:

  • X Layer:
    • Fee: 0.00%
  • Plume:
    • Fee: 0.00%
  • Plasma:
    • Fee: 0.00%
  • Linea:
    • Fee: 0.00%
  • Katana:
    • Fee: 0.00%
  • Faxtal:
    • Fee: 0.00%
  • World:
    • Fee: 0.00%
  • Hemi:
    • Fee: 0.00%
  1. Fee Distribution:

We propose to distribute Parallel V3 generated fees by the USDp codebase on these chains as follow:

  • sUSDp: 90.00%
  • DAO Treasury: 9.00%
  • Angle Labs: 1.00%
  1. Deployment Costs:

In order to support the cost of deployment we require a funding of $500 in USDp to be sent to Cooper Labs.

Means:

  • Human Resources: Multisig signers will need to sign transactions to execute the proposal.
  • Treasury Resources: $500 in USDp for Cooper Labs.

Technical implementation:

On each chain where USDp will be deployed:

  1. Core Protocol:
  • Deploy the AccessManager contract
  • Deploy USDp contract
  • Set targetSelector of USDp contract to USDp_MINTER_ROLE by calling the accessManager
  1. Bridging Module:
  • Deploy BridgeableUSDp contract
  • Setup Peer and DVNs to link BridgeableUSDp with others chains
  • Set targetSelector of BridgeableUSDp contract to GUARDIAN_ROLE and GOVERNOR_ROLE
  • Grant USDp_MINTER_ROLE to the BridgeableUSDp by calling the accessManager
  1. Flashloan Module:
  • Deploy FlashParallelToken contract
  • Set targetSelector of FlashParallelToken contract to GOVERNOR_ROLE
  • Grant USDp_MINTER_ROLE to the FlashParallelToken by calling the accessManager
  1. Others Operations:
  • Send 500.00 USDp to 0x876C4D1Bd31af0d99191fC896F15a3A97D71aaB3 (Cooper Labs)

Voting options:

  • For USDp Chains Deployment Phase II
  • Against / Rework the Proposal
  • Abstain

Author(s): Cooper Labs

Community poll:

  • For USDp Chains Deployment Phase II
  • Against / Rework the Proposal
  • Abstain
0 voters
2 Likes
2

For it. Let’s fuel these chains with yield.:fire:

2 Likes
3

Nice one guys, keep building!

3 Likes
4

The proposal is now live on Snapshot from November 24th to December 3rd. To vote: https://vote.parallel.best/#/proposal/0x72d78f90ba0329ed71c174d18f36936751da61d877a791fb13067409f72d8ca1