Date: 3 August 2023
The Silo Treasury currently holds $4.2m in $USDC. While $USDC is, and likely will continue to be, one of the leading stablecoins, it remains a centrally backed asset in a so-called decentralized space.
$LUSD is a fully decentralized $ETH-backed stablecoin by Liquity. With its overcollateralized design and stability pool, we believe that it is one of the most resilient decentralized stablecoin and the best candidate for a decentralized alternative to $USDC.
This proposal recommends the swapping of 1m $USDC from the Silo Treasury into equivalent $LUSD.
This is beneficial to the SiloDAO for two reasons:
- Minimize exposure to stablecoins that have centralization risk
- Support decentralized stablecoin alternatives
Yes - Swap 1m $USDC from the Silo Treasury into equivalent $LUSD
No - Do not swap 1m $USDC from the Silo Treasury into equivalent $LUSD