Fees should only be paid in DAI

Right now, fees are paid in ETH which is volatile.

If fees were paid in DAI (stablecoin pegged to USD), it would be easier for traditional corporate entities, and each of us, to understand and use Livepeer.

Discuss.

2 Likes

I agree with the stable coin… but the problem with most of the stablecoin (DAI in this case), is not listed in major exchanges yet.

yah agreed. Some product questions that don’t have simple answers…

  • single collateral or multi collateral DAI?
  • what happens if the DAI peg breaks?
  • any other stable coins that should be supported?

There are answers, but the reason I say they aren’t simple is because they may create a crazy-complicated user experience, and requirements for what needs to be built across every Livepeer tool to support something like “services can be priced in any token.”

Definitely a good objective to get stable coin support though!

I think this is a solid idea as well, but a few things to consider:

  1. Definitely multi-collateral DAI over single collateral DAI. The entire system will be shifting to MCD by end of year 2019 and sunsetting the SCD product shortly after that. No reason to incorporate SCD into Livepeer if it’s just going to be obsolete. Another aspect to consider is that the MCD contracts will not be battle tested for a little while. So this initiative should be considered, but tabled until we have better info about MCD

  2. It might be worth it to keep both ETH & DAI as fee payment options in the event that the DAI peg does break. Just utilize some sort of on-chain swap (i.e. Uniswap) to issue the staker whichever currency they want

  3. For the time being, I think it’s wise to just consider DAI due to its censorship resistant/trustless nature. Incorporating one of the fiat-backed stablecoins introduces counterparty risk to the Livepeer system