Add IDRX to Moonwell Ecosystem on Base

Proposals Community Proposal
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1

I’m, pleased to propose integrating IDRX, the Indonesian Rupiah stablecoin, into the Moonwell ecosystem. This initiative aims to enhance market utility, drive ecosystem growth, and provide users with a decentralized, stable asset. Additionally, it will expand collateral options, improve liquidity, and increase user engagement within the Moonwell Protocol.

General Information

Token Asset Name: IDRX $IDRX

Project and Token Description

IDRX is a stable token pegged to the value of the Indonesian Rupiah (IDR). It is designed for rapid, global transactions and 24/7 access to financial markets. IDRX is a regulated digital asset that offers seamless conversions and can be redeemed at a fixed rate for the Indonesian Rupiah.

Benefits to the Moonwell Community

  1. Increased Liquidity and TVL (Total Value Locked)

  2. Diversification of Collateral and Borrow Assets

  3. Enhanced Borrowing and Lending Opportunities

  4. Attracting New Users and Community Growth Especially from Indonesia

  5. Another Revenue Generation for Moonwell

Resources

Contact information: 0xwildan

Author’s relationship: The proposal author is a contributor in IDRX

Social Channel Metrics

  • Followers: 998

  • Engagement Rate: 4.2%

Market Risk Assesment

Market Cap: $534,108

Total Supply: 8,798,339,880 IDRX

Market Listing

  • Indodax: $245,014.81

  • Polygon Uniswap V3: $123,47K

  • BNB Chain PancakeSwap V3: $63,143K

  • Base Uniswap V2: $54,463

  • Base Aerodrome V2: $41,952

  • Solana Raydium: $2,565

  • Lisk Velodrome V2: 2,004

Gini Coefficient and Herfindahl Index

Base:

  • Gini: 0.9768900449998265

  • Herfindahl: 0.3721919612633254

Lisk:

  • Gini: 0.8624228647062959

  • Herfindahl: 0.7290023440469882

BNB Smart Chain:

  • Gini: 0.9703215119328196

  • Herfindahl: 0.30888051286296875

Polygon:

  • Gini: 0.9998143140771992

  • Herfindahl: 0.4644689606421146

Decentralization

Top 10 Holders:

Polygon

  1. 0x91Dca37856240E5e1906222ec79278b16420Dc92 (Indodax): 60.5261%

  2. 0xe818c9573dD90766C1263cF6330aB1ac2476b2b9 (Pool): 31.6572%

  3. 0x3C02290922a3618A4646E3BbCa65853eA45FE7C6: 2.8428%

  4. 0x0e7fd1205A7220c34481B522f21c3De4945b0717 (Indodax Hot Wallet): 2.5578%

  5. 0x081C71ef74D5fA52472cCa3D4940F41CEF3AF94C: 1.4984%

  6. 0xf80fdF246928B7862B23e094b3a14C4E36eE117E (Contract): 0.1227%

  7. 0xB0e497f7525A83c3c02f2125e9029731FCe93E15: 0.1221%

  8. 0xdEE0D6Da6eff627C0A8324eeD0eEba7336711001: 0.0591%

  9. 0xd6911F0298Ed5B52bBE6BeE4ACc0BE43Eab37108: 0.0584%

  10. 0x1271CAba4bf23f8Fb31F97448605d65EE302CA51: 0.0373%

BNB Chain

  1. 0x2ebBe1681d914369a0dFcff42213004844472a3F (Wagon Network Lending): 27.2547%

  2. 0x9a5cF6De1d8BDBCa49e8e786413F6949fCd70d7B (Pool): 26.2773%

  3. 0xaBa3002AB1597433bA79aBc48eeAd54DC10A45F2 (Indodax): 25.0744%

  4. 0x91Dca37856240E5e1906222ec79278b16420Dc92 (Indodax): 11.7770%

  5. 0xEe9f10f5b66eA1b1d700bbA96CA12Aee832A5A02 (Nusa Finance Contract): 5.4700%

  6. 0xFCDD28163aC6fE6BDe0C508CcB2b62A86a26CD25 (Team Multisig): 3.5105%

  7. 0xdEE0D6Da6eff627C0A8324eeD0eEba7336711001: 0.1529%

  8. 0xe075f462f1101AD30195a3C80c0eb816A2470b09: 0.1022%

  9. 0x95f9ea97D15d6f114BFA6E7AE9Ba4ab8EcA03F97: 0.0454%

  10. 0x3a3D7dfc03FcCDd46f933160b1F05279661745ef: 0.0341%

Solana

  1. 5xKBPD7rJWtRkndqdBvZKfrPUXMzULeDk2VeQRnyyWas (Pool): 85.26%

  2. 3bPXLywWynmAWkpWJ7bfHCRHKheKp97KqqFpPJaz3MKK: 12.10%

  3. 6nN3c8UoocxtdQHW2GN9Sf7PLy3ASb87cPfAcHGJGKAs: 0.87%

  4. 2v2SUT9mhnoRTWagUx1Tyk3STbv2uuSrtnSUyHdtUxWA: 0.27%

  5. BXcnsEUwD8FEorFWmhNNo9Vi8whLmtDEG6haBZcxfpJq: 0.26%

  6. 5uH1Nn8XPcxWymGqoCNsH5RHumixDsvtQPYNqT5JZK7j: 0.26%

  7. uPvgY8Br9bTgPeKdcS8EYcnKB3YXMdtfp7oT1aG5Dhj: 0.12%

  8. 25mYnjJ2MXHZH6NvTTdA63JvjgRVcuiaj6MRiEQNs1Dq: 0.09%

  9. DAX6ZJDsStbA9nuuCoWsPCa4E7yKNzRdh96Yo4pxvhY5: 0.09%

  10. 7NghGj2TVtdtUJMWz4FDsznaqBt2S8LGm7go7oMRsLyF: 0.08%

Base

  1. 0xE22C335Bc83f4013930768c450a5E50318DEe2DB (Aerodrome Pool): 47.7451%

  2. 0xbf416c248648Ea19dC3ED09fee00383a882bC7E0 (Uniswap Pool): 36.5270%

  3. 0x91Dca37856240E5e1906222ec79278b16420Dc92: 8.7771%

  4. 0xf80fdF246928B7862B23e094b3a14C4E36eE117E (Team Multisig): 3.7249%

  5. 0x3C02290922a3618A4646E3BbCa65853eA45FE7C6: 1.9103%

  6. 0x22c9eC74654841AA15bE0E0Ff7bdD7754BCeE735: 0.4158%

  7. 0x7693B95d831417266e61BBD6ad71bdA375df889b: 0.2077%

  8. 0xdEE0D6Da6eff627C0A8324eeD0eEba7336711001: 0.1636%

  9. 0x36881AFE45DaB34d0C6Ad703Afe28D36D06eD46A: 0.1167%

  10. 0x8BD53F7fF88fD895D3686fe6369a07432822d30F: 0.0669%

Lisk

  1. 0x77B2D6400d814588e33A6BFb344f8e47C0c4684A (Pool): 84.05%

  2. 0x22c9eC74654841AA15bE0E0Ff7bdD7754BCeE735: 13.72%

  3. 0x1095bBe769fDab716A823d0f7149CAD713d20A13: 1.45%

  4. 0x8BD53F7fF88fD895D3686fe6369a07432822d30F: 0.27%

  5. 0x46d58b6230bE4Af3dFa7883Fffd6a17bA1Db2965: 0.22%

  6. 0x638c706e6d711ABCEf33E38C771f4814F2053d17: 0.15%

  7. 0x638c706e6d711ABCEf33E38C771f4814F2053d17: 0.08%

  8. 0x58b20e33b461A1d93ecAD422aC0a3419c339D303: 0.02%

  9. 0x4313816F7Bfcff384053C70365eb6F3a4dbDD39f: 0.01%

  10. 0xAE80AC646393cef5983ECac2D5B28d3040b3a82f: 0.01%

Privileged Roles

Role: DEFAULT_ADMIN

  • 0xcaC3cf6b226317D91c2e72ac7193a83C34728b2C Owner

  • 0xf80fdF246928B7862B23e094b3a14C4E36eE117E Multisig 1

Role: MINTER

  • 0xcaC3cf6b226317D91c2e72ac7193a83C34728b2C Owner (will be revoked)

  • 0xf80fdF246928B7862B23e094b3a14C4E36eE117E Multisig 1

  • 0x942ca56d502c08E5F2d5dE7097d4fa667FBC6c5f Multisig 2

  • 0x3274da26046eED0D315a81050507FF07D3993eb4 Multisig 3

Role: PAUSER

  • 0xcaC3cf6b226317D91c2e72ac7193a83C34728b2C Owner

Role: UPGRADER

  • 0xcaC3cf6b226317D91c2e72ac7193a83C34728b2C Owner (will be revoked)

  • 0x58AA9720f456667c97093AAF87623d656f1eE6Fa Timelock

Role: BLACKLIST

  • 0xcaC3cf6b226317D91c2e72ac7193a83C34728b2C Owner

Role: PLATFORM_FEE_SETTER

  • 0x58AA9720f456667c97093AAF87623d656f1eE6Fa Timelock

  • 0xcaC3cf6b226317D91c2e72ac7193a83C34728b2C Owner (will be revoked)

Token Pausable: Yes

Blacklist Feature: Yes

Codebase and On-chain Activity

Repository: IDRX’s Github

Verified Contracts

Token Age

  • BNB: 573 days

  • Polygon 625 days

  • Solana: 173 days

  • Base: 100 days

  • Lisk: 93 days

Number of Transaction

  • BNB: 2134 transactions

  • Polygon 26755 transactions

  • Solana: 1610 transactions

  • Base: 966 transactions

  • Lisk: 108 transactions

Audits

Bug Bounty Program: No

Emergency Contract: Nathanael Monday to Friday (09:00-18:00) UTC +7

Security and Verification: Hardhat

Monitoring Service

  • Internal Telegram Bot

  • Internal Dashboard

  • Alchemy Dashboard

Upgradability

Upgradeable: Yes

Authorization: Wallet with the UPGRADER Role. Right now, 2 wallets have this role (Owner and Timelock). We will revoke the UPGRADER role for owner sometime in the future.

Time to Upgrade: After the UPGRADER Role is revoked from the owner wallet, there is a 2 days timelocked delay for an upgrade.

Upgradeable Components: We use OpenZeppelin’s UUPSUpgradeable proxy contract pattern.

Upgradability Design: Our engineering team manages the upgrade and the upgrade is done through a timelock contract.

Emit Event: Yes

Oracle Assesment

Chainlink Oracle: We don’t have any

Wrapped/Staked/Synthetic Asset with Chainlink Pricefeed: Not applicable

How IDRX is Created

  1. Users deposit IDR to IDRX’s treasury bank account

  2. IDRX validates the transaction

  3. If valid, we mint the $IDRX.

Underlying Asset: Fiat on Treasury Bank Account

How we verify IDRX is always more than the underlying asset: IDRX is always validates incoming transactions to our treasury and we conduct a quarter

How to verify PoR: We conduct a proof-of-reserve assessment every quarter that you can read here

Volatility

n the last several months, the price of IDRX has fluctuated between 0.975 IDR to 1.040 IDR mainly because of the influence of USD on Rupiah.

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Event That Can Trigger Depeg: In the open market, depeg happens when there is a high-demand transaction. But, we always guarantee users that they can mint and redeem IDRX 1:1 to IDR.

Conclusion

Integrating IDRX into the Moonwell ecosystem presents a strategic opportunity to enhance liquidity, diversify collateral options, and attract a broader user base, particularly from Indonesia. With its strong regulatory framework, transparent reserves, and robust market presence, IDRX is well-positioned to contribute to Moonwell’s growth while providing users with a stable and efficient asset for borrowing and lending.

By adding IDRX, Moonwell can expand its market reach, drive higher engagement, and unlock new revenue streams, ultimately strengthening the protocol’s position as a leading decentralized lending platform. We look forward to collaborating with the Moonwell community to make this integration a success.

Invitation to Gaunlet

We invite @Gauntlet to review IDRX as collateral and provide a risk recommendation to ensure a thorough assessment and alignment with Moonwell’s risk management framework.

2

I will be voting against this integration. It is a highly centralized token, has very low TVLs across the board and it’s centralization can pose huge risks.

  • If somebody get’s control of the minter access, they can mint infinite amount, place them in Moonwell markets and drain other pools.

  • If somebody decides to block any or very specific transactions, they can wreck the Moonwell implementation.

Given the low TVL and usage and distribution, I don’t see much value for Moonwell, when compared to the potential risks. I’d only reconsider this if the TVL was higher, the minter is at least a multisig if not a DAO, and blacklisting was removed.

Check the security assessment: https://idrx.co/docs/Security%20Assement%20IDRX%20-%20Certik.pdf

The most important findings have only been Acknowledged, which expresses the conscious unwillingness to change these parts. This might be due to regulatory reasons, but that doesn’t change the fact.

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