So I have started a thread to work toward a proposal to address this.
@roman i found that Band Protocol on celo already reports on the cUSD/USD peg:
Their mainnet contract has āCUSD/USDā quotes as well as āUSDC/USDā, āUSDT/USDā quotes.
The only one missing is āDAI/USDā
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Throwing in an idea that I had. I have not thought about it deeply. So it might be unrealistic. In traditional finance you have different client categories, e.g. private client, cooperate client, accredited investor. A private client has limited options with regard to financial products but more consumer protection.
I am thinking whether we could replicate this on chain as free choice: A vulnerable user adds a flag / modifier to her account which only allows interactions with an allowlisted set of smart contracts. In exchange this account receives increased protection via an insurance fund, @diwu1989ās lifeboat etc.
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Thanks, @Nadiem. This is definitely an interesting idea that we should explore in more detail. Iām not sure how it would work with the idea @diwu1989 had, but in general I certainly think its worth looking into.
But the lifeboat is meant for everyone and not to be discriminatory.
The only discriminatory aspect of the lifeboat contract is that it only does robot assistance for up to 1K cUSD.
Btw, cUSD:USDC lifeboat contract is already deployed https://explorer.celo.org/address/0x0D2dB8611C7730B7e0423b1F6b0C817D200d9d08/contracts
Iām building the offchain portion now. It should all be ready in time for the Huobi hackathon deadline.
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Wishing you the best of luck!