SIP (#000): Launch June cUSDC Market

On our guarded mainnet we currently have only one market live, a cUSDC market that matures in late March.

That said, with minimal liquidity on the cUSDC-March market, it may now make sense to begin launching an additional market.

With this in mind, I am proposing that we launch an additional cUSDC market that matures an additional 3 months after the current march maturity.

The primary motivation here is to begin to offer a bit of a yield curve without diluting liquidity.

Further, this June 23rd USDC maturity also aligns with Yield Protocol’s june maturity. This allows for additional contextual lending and aggregation and potential arbitrage between the two over time.

These maturities also align with FTX’s quarterly futures maturities which provides additional contextual information when compared to potential USDC or other funding yields.

Changes:
Launch cUSDC-June 23rd

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Question to the community: should we plan a rolling cycle of new markets to open up on a regular basis going forward, or simply approve each one individually? Does it make more sense from an efficiency perspective to plan a series of future market maturity dates and a calendar, or should we wait until we’ve gone through several new markets to put this in place?

Further to this, assuming there is interest in a rollling series is there any opinion about what maturity dates the community would like to see markets opened against: e.g. syncing with Compound, Yearn, Aave etc. Or multiple yield protocol maturity dates? Or generally recognized financial market conventions such as IMM
Dates: 3rd Weds of March, June, September, December)

I think the question might be whether traditional IMM dates are consistent w/ web3?

I think the suggestion of just using FTX futures makes sense just because they have so much more futures volume than anyone else?

I talked briefly with the guys @ Element while at ETHDenver and a bit more in their discord and it seems like theyve tried a few variations of before/at/after some futures dates without much conclusion :shrug:

I think we should leave the topic up for more discussion, but aligning ourselves with Yield Protocol and retaining dates alongside FTX futures dates definitely seems to be where we are headed :slight_smile:

2 Likes

Using ftx dates makes sense :slight_smile:

I like the idea that they are the same dates as FTX.
But don’t you think that the fact that there are more different pairs will bring more liquidity and users?

glad to see more stable coin listed…when $UST lol

great work

  1. Looking forward to coming in June