qip: QIP-3
title: The first community vote of QUSD for new collateral assets listing
author: Community developers
* discussions-to: N/A
status: WIP
created: 12/9/2020
* updated: 12/10/2020
* requires: No
* resolution: Vote on Snapshot
Brief Summary
In order to effectively increase the circulating supply of QUSD and the members of QIAN community. QIAN will hold the first community vote for new collateral assets token listing.
Abstract
The QIAN community will hold the first vote for new collateral assets token listing. In this proposal, the community developers will explain the reason, function, organizational process and time limit of this vote, for establishing a standard procedure for further votes.
Motivation
The circulating supply of QUSD is affected by factors such as the type of underlying crypto assets, mining revenue, and usage scenarios, among which the type of underlying crypto assets is undoubtedly the most important.
Recently, our community partners like REN and CAKE have made proposals to establish cooperation, community member Dominator008 also suggested adding ETC assets on BSC, community KOLs like Cao Yin proposed to add assets such as WBTC.
Therefore, it is necessary to carry out the very first community vote to promote the listing of more new collateral assets token, the circulating supply of QUSD and the growth of community members.
Event Process
In order to help QIAN community members as well as those who care about and want to understand the voting rules for listing new collateral assets in QIAN protocol, we propose the following procedure:
Forum proposal and opinion collection
Goal
Select the candidate token for this round of listing and proceed the formal vote
Details
All community members can table your proposal of token listing in this post, but the token name and contract address are necessary.
If you represent a project or community, please introduce it and offer some rewards if possible, to attract more community members to allow vote.
Once the 72-hour proposal discussion ends, the forum administrator will make statistics, and all qualified tokens will get the chance to enter the formal voting.
Note that if the contract logic of a token conflicts with the QUSD minting method of QIAN, it will lose the chance to be listed, the conflicts including but not limited to transfer deduction fee, deflation mechanism, rebase, etc.
Listing Requirements
In order to guarantee the basic quality and security of token listing, reserve token of QIAN protocol must have sufficient transaction liquidity and not easy to be manipulated by the market whales to ensure the security of QUSD and other stablecoins of QIAN protocol. The proposed token must meet the following requirements:
If it is a project token or community token, it must have be listed on a well-known exchange, limited to Coinbase, Binance, Huobi Global, OKEx, Upbit, Bitfinex, Bittrex, Gate.io, Kucoin, CoinEX, Kraken, BitMax, FTX, bitFlyer;
If it is a project token or community token, it must meet the requirement that within 15 trading days before the post is published, the daily trading volume is greater than 10,000 USD, and the price fluctuation range is less than 50%
If it is a cross-chain token of mining coins like BTC, FIL, etc. It must have a circulation of more than 1 million USD value equivalent tokens and a reliable method to verify the asset reserves;
If it is a stablecoin, it must have a circulation of more than 1 million USD equivalent tokens and a reliable method to verify the asset reserves;
Algorithmic stablecoins, like stablecoin with rebase logic, have no chance to join this listing event;
Passed the contract code verification of Etherscan, BSCscan, and other blockchain explorers, and can provide code audit reports of well-known audit institutions with community consensus.
Vote
Goal
Select the token that meets the benefit of QIAN community from the official voting candidates, and officially launch as pledged assets
Details
The core development team will initiate a formal vote on QIAN's governance voting system.
This vote adopts the "vote out mechanism". Community members vote for the token that they oppose listing, and the top 20% tokens with the highest number of votes will be disqualified from listing.
For example, a total of 7 tokens were selected for voting, of which 5 tokens were voted for out. Since 7 × 20% = 1.4, the approximate value is 2, so the top 2 tokens with the most against votes will be disqualified for this round of listing.
There is another vote option: "support all the above tokens". If this option gets more than 80% of the votes, or no token gets against vote, all candidate tokens can be listed.
Tokens that are disqualified in this round can join in the next round of listing vote without going through the forum discussion.
Time duration: 48 hours
Parameter settings for minting rewards
For minting rewards, the underlying crypto assets will be divided into three levels:
Ranked in CMC top 50 or CoinGecko top 50, it is set to the same minting reward parameters as HBTC or USDT-BSC according to Ethereum and BSC networks;
Ranked in CMC top 100 or CoinGecko top 100, according to different networks, it is set to the same minting reward parameters as YFII or LINK-BSC;
Ranking below CMC top 100 or CoinGecko top 100, according to different networks, it is set the same minting reward parameters as YFI or ADA-BSC;
New token minting reward duration
According to the logic of KUN token distribution and contract settings, the minting reward of new tokens will last for three to six months. The community development team will explain through a forum post when the token minting reward is launched.
Copyright Waiver
Abandon all copyright and related rights through CC0
