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SIP Title Author Status Track Created
0054
Integrate Mynt with Zero
Ororo Munroe (@ororopickpocket), Tyrone Johnson (@tjcloa)
Ready for vote
Contract
2023-02-23

SIP-0054: Integrate Mynt with Zero

Description:

Mynt is a BTC-backed stablecoin aggregator. Like BabelFish, Mynt aggregates different “basket” stablecoins (“bAssets”) into a single “meta” stablecoin (“mAsset”). By aggregating multiple BTC-backed stablecoins, each with its own stability and scalability mechanisms and limitations, Mynt is able to create a stablecoin that is more resilient and scalable than any individual stablecoin backing it. The first bAssets that will be supported by Mynt are DOC (issued by the Money On Chain protocol) and ZUSD (issued by the Zero protocol). The mAsset of Mynt is the Sovryn Dollar (DLLR).

In order to provide a seamless user experience, we built a tight integration between Zero and Mynt, which allows us to perform following actions in a single transaction:

  • open a line of credit on Zero and convert the ZUSD into DLLR
  • convert DLLR into ZUSD and repay a line of credit
  • convert DLLR into ZUSD and deposit into the stability pool
  • withdraw ZUSD from the stability pool and convert it to DLLR
  • convert DLLR to ZUSD and redeem them for RBTC

Proposed changes:

Code changes:

DistributedCollective/zero#179

Contracts updated:

  • BorrowerOperations: 0x6dafc71f49f9aa25325126dd9fec426624afb878
  • StabilityPool: 0x86cC28cdc46c515c866426Daa40d6Fc763E1c4Dd
  • TroveManager: 0xF365CC004d4c3826b53B943f5fc7B8aec6e43341
  • TroveManagerRedeemOps: 0xd4CE65a6DB60BeDD51c499b716969d57998Cd941
  • ZUSDToken: 0xc0B70D65A665911B0D6Dbd1eD58094F9c85F5A39

License

Copyright and related rights waived via CC0.