The Aave-Chan Initiative (ACI) acknowledges and appreciates the proposal presented by @oneski22. We understand that the proposal primarily focuses on creating a robust framework for GHO facilitators. The ACI is supportive of the idea and recognizes the importance of having a well-defined framework to foster growth and development.
However, the ACI would like to emphasize that our current stance is to prioritize reaching a critical mass of secondary liquidity before considering the onboarding of new facilitators. We believe that achieving this liquidity milestone is a crucial prerequisite for a successful stablecoin. It is essential to recognize that even well-designed stablecoins cannot be deemed successful until secondary liquidity allows large market participants, such as market makers and whales, to confidently exchange the asset on secondary markets with minimal slippage. This aspect is critical to ensure the stablecoin’s widespread adoption and acceptance in the ecosystem.
Moreover, establishing strong secondary liquidity for GHO will also make it more attractive to potential new facilitators. Since all GHO is the same asset, regardless of its minting origin, creating a GHO facilitator allows third-party projects to bypass the liquidity and peg-resilience work, which is the most challenging aspect to achieve in DeFi. By choosing GHO instead of launching their own liquidity or stablecoin protocols, these projects can leverage the already established liquidity and stability of GHO, making it a more appealing option.
While we appreciate the forward-thinking nature of @oneski’s proposal, we would like to reiterate that our focus should remain on solidifying the stablecoin’s position within the market and ensuring its stability through the achievement of secondary liquidity with Aave V3 as an overcollateralized facilitator.
Once this critical mass of secondary liquidity has been reached, we will be more open to discussing and considering the onboarding of additional facilitators in line with the framework proposed by @oneski22. Until then, we believe it is crucial to concentrate our efforts on establishing a strong foundation for the stablecoin.
In conclusion, the ACI supports the TEMP CHECK and acknowledges the importance of the proposed framework. However, we also advocate for a phased approach, prioritizing the achievement of secondary liquidity before expanding to onboard new facilitators. This strategy will not only strengthen the stablecoin but also make it more attractive to potential facilitators, ultimately benefiting the entire ecosystem.