QIP083: Add CEL as Collateral for MAI
Proposal from CelsiusX:
Summary
Recently, Celsius launched CelsiusX to provide bridging infrastructure for a truly interoperable multichain future. The cxTokens have been adopted by QiDao, and now we are requesting the listing of Celsius’s native token, CEL.
CEL is a top 100 market cap token with a $1bn+ market cap. CEL token has a fixed supply cap and a deflationary monetary policy. Celsius purchases CEL from the open market to pay rewards to its community, putting consistent buy-pressure on CEL. In addition, the CEL token has a weekly burning mechanism. Celsius is launching several initiatives to increase utility and adoption for CEL token, including a CelsiusX partnership with QiDao and other Polygon DeFi protocols to incubate liquidity.
CelsiusX would love to partner with QiDao to adopt CEL tokens as collateral for MAI. We believe this will create utility and adoption for both parties - increasing the liquidity and collateral types for MAI (as the premier stablecoin on Polygon) and for CEL token by bringing it into DeFi and creating liquidity and use cases.
Proposal details
- The Celsius community, over time, would deposit $3-5mm+ CEL token collateral into QiDao to mint MAI
- The initial MAI minted will be used to provide stablecoin liquidity on AMMs as well as other MAI lending opportunities
- This would create opportunities for the Celsius and CelsiusX community (1.5mm+ users on the Celsius platform) to use the native CEL token in DeFi on Polygon
Quorum Standards
The option with the most votes will be adopted.
A weighted average will be used to decide on the minimum CDR if the following conditions are met:
- The options to add CEL token collectively outweigh the option to not add CEL
- The option to not add CEL tokens receives fewer votes than any option to add CEL
Options
- Add CEL at 130% min CDR
- Add CEL at 135% min CDR
- Add CEL at 140% min CDR
- Further discussion needed
*min CDR = minimum collateral to debt ratio
Links to CEL Information:
- 2018 ICO $50mm Raise: https://icodrops.com/celsius/
- Rank #80 on Coingecko: https://www.coingecko.com/en/coins/celsius-network-token
- CEL weekly buy & burn: https://twitter.com/CelsiusNetwork/status/1504877945722134531?s=20&t=ln9hOcK_DnDapV_BKpT7Ow
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x312F...F89e9C | 6.543M | Add CEL at 135% min CDR |
 0x5D22...5a142D | 4.404M | Add CEL at 135% min CDR |
 0x6523...456547 | 2.698M | Add CEL at 135% min CDR |
 0x80B3...3E6e1d | 2.067M | Add CEL at 135% min CDR |
 0x329c...543eD4 | 1.204M | Add CEL at 140% min CDR |
VOTE POWER
Proposal Status
- Sun April 03 2022, 01:01 pmVoting Period Starts
- Wed April 06 2022, 03:00 amEnd Voting Period
Current Results
1-Add CEL at 135% min CDR
18.842M
2-Add CEL at 140% min CDR
2.391M
3-Add CEL at 130% min CDR
254,348.521