It’s been almost 5 months since our very first vote when we decided to launch $PSP on new chains.
Although Avalanche came second, we decided to pause it until we’re ready to use the native Bridge. The reason why it’s taking time is that the bridge requires PSP to be listed on Chainlink, which requires at least $3M / day in volumes across various exchanges, while our current volume is quite volatile ($500k-$2.5M).
1. Proposal Number and Name
Launch $PSP on Avalanche
Chain expansion, PSP, community
3. Simple Summary
Launching $PSP on Avalanche using the multi-bridge model.
I propose that we launch PSP on Avalanche using Celer Network as we did on BNB chain, where we built a multi bridge model that makes sure we’re not vendor locked and we’re limiting the downside of a major hack. This will allow us to expand into other Bridges including the native one.
Increase exposure to the Avalanche community, boosting volumes, accessing the Avalanche Rush program and potentially other incentive programs through partnerships with native Avalanche projects.
No capital commitment. We just need to limit the mintable amount as we did in BNB chain. I think we can limit it to 40-50M PSP, then increase it as we need to.
The main metrics to track will be volume and liquidity increase. Other metrics will be the increase of the overall volume on the ParaSwap Protocol as we get more exposed to the Avalanche community.
8. Forward-thinking considerations
Once the implementation is done, the main parameter to adjust is the mintable amount, a higher number means a higher demand on Avalanche. We also need to make sure we have decent liquidity through partnerships and POL.
9. Implementation Overview
There are 2 steps:
- Deploy the PSP token using the multi bridge model psp-token/PSP_ERC20.sol at master · paraswap/psp-token · GitHub
- The Celer Network does the mapping
- We can create a security committee with a new Multi-sig or reuse and reinforce the existing Multi-Sig. We can also introduce a governor module but it requires some tooling.
10. Voting Options