We would like offer G$ users a savings plan where they can put their G$ into their “savings” account and earn interest.
The process will integrate many DEFI tools on fuse, to deliver a super simple low risk user friendly financial service.
The savings plan will work as follow
- User wants to save G$ currently worth X$, he deposits the G$s to the savings smart contract (GoodSavings)
- GoodSavings swap G$ for FUSD on fuseswap
- GoodSavings supply FUSD on ola
- GoodSavings borrow Fuse on ola
- GoodSavings stake Fuse in consensus
- GoodSavings daily:
- compound the earned fuse And swaps fuse earnings to G$ (according to user preffered allocation)
- repay interest + any extra fuse tokens required to keep collateral in check
This results in the user initial principle in a stable coin, so he is neither exposed to G$ nor Fuse volatility.
The borrowing from Ola is also safe as the borrowed fuse tokens are kept locked in staking, and can always repay the debt from collateral or unstaking the fuse tokens.
Upon user cashout all earnings are returned as G$s
- User requests to cashout
- GoodFuseStaking unstake user share of fuse tokens (original stake + rewards)
- GoodSavings repay fuse debt for user initial principle in FUSD
- GoodSavings converts FUSD principle + fuse rewards to G$
- GoodSavings returns to user his G$s (from principle + fuse rewards + fuse rewards that were swapped daily to G$s )
- The current proposal for unlock period of fuse staking isn’t compatible with this proposal (or any other attempt to wrap fuse staking as a defi tool), we are trying to discuss the issue with the fuse dev team.
- How long will Fuse staking APY stay higher than Fuse lending APY (ie why would people choose to lend fuse instead of staking it and earning higher interest)
- Develop GoodSavings contract 3K$
- Develop interface in G$ wallet + educational screens 3K$
- (Optional) Develop interface in fuse.io to save with any token that’s convertible to FUSD 2K$