Proposal: Add alETH as a Collateral Asset on OP Mainnet
Summary
This proposal seeks to add alETH as a collateral asset on Moonwell’s Optimism deployment.
alETH is a synthetic asset that represents an Alchemix user’s debt position.
Motivation
With the upcoming Alchemix V3 launch — which will generate significantly higher demand for alETH and introduce much stronger peg mechanics — we are proposing to add alETH as a collateral asset to Moonwell’s OP deployment before V3 goes live, so that Moonwell and its community are in the optimum position to benefit from Alchemix V3.
Adding alETH will:
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Bring Alchemix users to Moonwell
Alchemix will support this integration with co-marketing and encourage our OP users to use Moonwell with their alETH. -
Generate revenue for Moonwell
We anticipate strong borrowing demand using alETH as collateral as we roll out Alchemix V3. -
Enable new strategies for Moonwell users
Such as Alchemix yield vault looping.
Oracle
We propose using the below chainlink oracle for this integration:
0x0805fAA94F056C06c2a69e115Aa7633EfD3efDca
Asset Overview
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Token Name: Alchemix ETH
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Symbol: alETH
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Contract Address: 0x3E29D3A9316dAB217754d13b28646B76607c5f04
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Chain: OP Mainnet
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Token Type: ERC-20
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Number of Holders: 3,797
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Liquidity: ~$5.3M on Optimism
Conclusion
The addition of alETH to Moonwell’s Optimism deployment will bring more users and revenue to Moonwell by enabling Alchemix users to access Moonwells money markets. We propose getting alETH integrated before the Alchemix V3 launch so Moonwell and its community can maximise the benefits of an alETH integration by having the asset listed from day 1.
We look forward to community feedback on this proposal and next steps.