Proposal: Add Wanchain-Bridged $PYUSD market to the Liqwid Protocol

Proposal Overview
This proposal seeks to add $PYUSD (Bridged via Wanchain) on Liqwid markets, enabling users to supply PYUSD and use it as collateral to borrow any other tokens brought through the Wanchain bridge.

Market Reasoning
Wanchain-bridged USDC, USDT, and DAI are already used extensively on Liqwid, demonstrating strong demand and utility after being fully supported by the Liqwid Protocol. PYUSD, PayPal’s fully-backed and NYDFS-compliant stablecoin, is the latest addition to the list of stablecoins supported by Wanchain’s bridges, and should also be added to Liqwid as it is yet another asset which could be used to bring liquidity into the ecosystem. This will strengthen DeFi on Cardano even further. Wanchain’s bridge has proven to be reliable, and has an extensive track record often being used as the go-to solution to bring liquidity to and from the Cardano ecosystem. With such a strong track record, adding PYUSD to Liqwid markets seems like an obvious choice.

Risk Considerations

Wanchain’s bridges have been running interrupted for more than 7 years now, with zero downtime or exploits. Assets have been bridged to and from the Cardano ecosystem for more than a year now, with no incidents thus far. Wanchain-bridged assets have bolstered DeFi on Cardano and PYUSD should also be considered.

Conclusion
Wanchain-bridged PYUSD should be added for lending and borrowing on Liqwid as it aligns with past integrations of Wanchain assets. The addition of another stablecoin is an easy way to bring more liquidity into the ecosystem especially since PayPal has a very wide userbase.

3 Likes

I am all for this. I would even say we could enlarge this proposal to list out all Stables, in the sense of giving the team carte blanche to list any stable that makes its way to Cardano and has liquidity.

2 Likes

I think adding PYUSD will bring new users and capital into the Cardano ecosystem.

1 Like