Adding PAXG on ETH Mainnet to Lend/Borrow to Moonwell

Ideation & Discussion Idea
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PAXG is a gold backed coin where one unit = one ounce of gold.

From the website:

“The allocated gold that backs PAXG is custodied in LBMA vaults and audited monthly. Paxos is a trust company and custodian regulated by the New York State Department of Financial Services.”

“PAXG is the only gold token you can redeem for LBMA-accredited Good Delivery gold bullion bars. Institutional customers can also redeem for unallocated Loco London Gold. Redeem for USD at current gold market prices at any time.”

Allowing users to add Gold to Defi portfolios could be a solid “anchoring” option in the wildly volatile digital asset sector.

It also adds an option to “take profits” into an alternate to fiat based stables while staying in Defi during all market cycles.

Moonwell could emerge as the leader in offering PAXG as a collateral option potentially attracting new users as I have not found any other Defi option to lend/borrow a gold backed crypto. Additionally, PYUSD could be added in conjunction (stable coin offered via Paxos)

Love to have feedback from the community and partner with anyone with experience drafting an Onchain proposal to add PAXG to Moonwell

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This is an awesome idea, but Moonwell currently does not have an Ethereum mainnet deployment.

It’d be awesome if we could get some form of tokenized gold onto Moonwell, but almost all trading for this is on Ethereum mainnet as far as I can tell. I doubt that we would be able to get this on Base currently (at least as the PAXG token) as the majority of PAXG that is available on Base is controlled by one address.

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Thank you for pointing this out. I didn’t realize that there wasn’t a mainnet option despite being a Moonwell user for 2+ years since most of my use has been on Base.

Seems like an upgrade that would be useful overall… but I’m sure there is a lot that goes into such a project.

Or like you pointed out - perhaps there will be a PAXG bridge onto the Base layer in the near future.

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