Deploying Fathom Protocol on Additional L1 and L2 Networks

General
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The following suggestion has been made in Fathom, and is a topic that deserves some serious discussion.

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Description
DAO Proposal: Deploying Fathom Protocol on Additional L1 and L2 Networks

This proposal recommends expanding the Fathom Protocol to additional Layer 1 and Layer 2 blockchains beyond the XDC Netowrk. This strategic move will bring the FXD stablecoin and the protocol’s cross-chain collateral solutions to a broader range of ecosystems. By deploying on other chains, Fathom will unlock new liquidity pools, enhance the adoption of FXD, and integrate diverse collateral sources across multiple blockchains.

Benefits:
Expanding to other L1 and L2 networks will enable Fathom to tap into a wider, cross-chain liquidity base, allowing FXD to be utilized in new DeFi protocols and environments. This increased liquidity and exposure will amplify FXD’s use cases, making it more attractive to a broader user base. Additionally, introducing cross-chain collateral from other networks will diversify the collateral base on XDC and strengthen Fathom’s stability. By bridging multiple blockchains, Fathom can foster greater interoperability, bring more users into both the XDC and Fathom ecosystems, and position itself as a leader in cross-chain DeFi solutions.
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This discussion needs to be open. However, there is not much time before the vote. It starts on the 29th. I am concerned about the proposal moving forward in this state.

I have listed the issues I currently feel about this proposal, but any issue is fine. I would like to consider whether the community should encourage this strategy or not.

❶Proposal objectives and strategy:

DAI from Sky (formerly MalerDAO), which is deployed on Ethereum, is used in DeFi such as Aave, Compound, Curve, Uniswap, Yearn, etc. These DeFi are currently deploying multi-chains.

DAI on Ethereum established its position within Ethereum before deploying to other protocols. As a result, the number of DAI holders increased and liquidity increased. On the other hand, FXD differs from DAI in that Fathom’s scaling is not sufficient. However, does this mean that the strategy is to scale it early by deploying it to other protocols?

❷ Collateral management:

Am I correct in understanding that FXD on the XDC mainnet will be moved to other chains through the bridge? In other words, basically, the collateral for FXD on all chains will be managed on the XDC mainnet. FXD on each chain will continue to be backed by FXD or CGO on the XDC mainnet. For example, does this mean that FXD on Solana or Polygon will also have its value secured by collateral on XDC?

❸ Possibility of other chains becoming collateral:

Is there a possibility that native assets of other chains will be used as collateral in the future? For example, is it possible to issue FXD on Solana with SOL as collateral?

➍ Bridge security and audits:

How will the security risks of the bridge due to cross-chain deployment be addressed?

Will additional audits be conducted? If so, how long will they take?

In this case, will Fathom’s XDC scaling remain untouched?

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