2022-November Centrifuge Monthly Summary

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2022-November Centrifuge Monthly Summary

Welcome to our monthly summary of developments, events and protocol updates from the Centrifuge Ecosystem for November!

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November was another important month for the Centrifuge ecosystem with a new strategic investment by Coinbase & Blocktower and with the proposal of the founding documents for the Centrifuge DAO. This and more exciting news can be found in the newsletter below!

Key Metrics

  • Total Value Locked: $82M (MakerDAO: $21.5M; RWA Market: $4.5M)
  • Total Active Loans: $78.8M
  • Total Assets Originated: $194.2M
  • Loan Repayments in the last 30 days: $600k
  • Milestone: $200M of assets financed all time! :partying_face:

Ecosystem

The Ecosystem is focused on educating the world about Centrifuge, creating visibility and opportunity for RWAs, and sharing the narrative of how the world’s credit will be financed through decentralized finance.

November highlights include:

  • Big news: Centrifuge secured a $4M investment by Blocktower and Coinbase! Even bigger news, because it is more than an investment: Blocktower will provide $70M in form of junior capital to launch a pool on Centrifuge together with another $150M from Maker!! This is how long-term growth is made!

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  • The second episode of DeFi trip with SĂ©bastien from Maker & Cassidy from Centrifuge was a talk about the role of RWAs in DeFi and Maker DAO. Who is Seb? He was one of the first core contributors from Maker to onboard and integrate assets from Centrifuge to MakerDao

  • This is a very thorough coverage of the FTX’s downfall and bankruptcy, the effect it had on the whole crypto market and why FTX has nothing to do with Decentralized Finance. On the contrary the report compares traditional Finance (TradFi) to truly decentralized protocols such as Centrifuge

Community

The Community is represented primarily by individuals and organizations that are actively participating in governance, contributing to processes and discourse, and are economically tied to the success of Centrifuge.

  • Phil Fogel from Flowcarbon talked at the Sustainable Blockchain Summit about the “ReFi Stack” and the carbon offset market. You never heard about ReFi (Regenerative Finance)? In a nutshell the partnership with Centrifuge democratizes project finance, brings it on the Blockchain and gives every investor the chance to earn yield by funding voluntary carbon credit projects.

  • Martin joined “Real world assets get real”, an event organized by our partner Defactor where DeFi leaders of RWAs and lending markets raise awareness. In Panel 1 Martin speaks about the future of real world lending

  • We established the Introductions category in the forum earlier this year to introduce core community members (Team, issuers, ambassadors, investors…). As the ecosystem is constantly growing we received a few more introductions! Welcome on board in building the future of DeFi!
    Please feel free to drop your introduction in the forum. There is no formal way to do that but the introduction could include your background, your experience related to DeFi, DAOs and why you are bullish on Centrifuge and Real World Assets (RWAs).

  • The Centrifuge offsite from 30.10-5.11 was a unique opportunity for three ambassadors (Orhan, Ivan and me) to learn to know the core team and DAO members, its mindset and vision for Centrifuge. All three of us were surprised by the level of focus on institutions, we knew this was a factor in Centrifuge’s strategy but we didn’t realize how important this was. No worries, retail investors are still a part of our flywheel of building momentum for Centrifuge.

Governance

  • The phrases “Governance is how the owners of the protocol decide what to do and build, next” and “Core contributors are effectively shaping the future of RWAs and tokenized assets on chain via governance” are taken from the invitation to governance call #11 and highlight the priorities of this month’s call: the presentation of the new governance framework, the founding documents of the DAO and an open discussion on “the limits of governance”.

  • Kate shared a discussion post on some basic foundations for distributed governance which could be utilized by contributors to the Centrifuge DAO. The very detailed thread exists of Part I (the shared mission) and Part II (the DAO principles).
    The continuation of the founding documents covers in depth the Code of Conduct (Part III) and the Levels of Engagement (IV)

  • An important update from Subsquare which should make voting in governance referendums easier: Subsquare now supports notifications about governance events via email.

  • The first five Altair collators were onboarded a few months ago and now the Altair network is ready to onboard the next batch of collators. For collators, who haven’t posted their introduction yet, the deadline is December 5.

  • For all referendums and polls (ongoing, passed and non executed) please take a look into this well prepared overview by our governance facilitators:

https://docs.google.com/spreadsheets/d/1hykLGF4zs3RQa7mSSzwzAxrTnNoqdqFutADJgVJlGXQ/edit#gid=82696936

Protocol :cyclone:

The Protocol is represented primarily by organizations that are actively using Centrifuge’s technology to facilitate the underwriting, structuring, and financing of RWAs.

Product & Engineering

  • Real world assets (RWAs), DeFi and Blockchain are related and for the ones who are interested to explore the broader topics there is a new category in the forum with Industry news and updates concerning marketplaces, traditional finance and on-chain credit

  • Well done and congratulations: The Polkadot treasury has funded a grant to develop “FUDGE” - a FUlly Decoupled Generic Environment for Substrate based chains. The fund will make it easier for our ecosystem to keep building powerful & secure infrastructure!

Stay tuned for the next monthly update with more news, updates and developments from the ecosystem!

What are your thoughts or your feedback? Do you have any topics you want to have covered in the next call?
Please leave them in the comments below or you can get in touch with the team, our ambassadors or moderators in Discord!

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