[Issuer] 1754 Factory

Real World Assets Pools
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We appreciate you DYOR and will always encourage everyone to do their own DD.

Centrifuge platform offers one of the best frameworks for investors and issuers in the industry. Every investor signs a legally binding subscription document that explicitly stipulates the terms, conditions and enforceability for the conduct of both Investor and the Issuer.

One note that is important to restate is that us as the Issuer (1754) provided the capital to fund the TIN (junior) tranche in order to offer a layer of financial protection to the DROP (senior) tranche holders. In our case we provided 541,507 DAI in the junior tranche for the Bling Pool. We thus hold the first losses to protect drop token holders investment if there is an event of default from the Asset originator.

The current state:

As of today 8 assets are late due to a divergence in maturity between the assets issued on chain and the real world asset maturity dates.
19,597 DAI are locked for redemption (0.04% of the total AUM) and should be executed within the next few days as we bring back more liquidity on-chain.

The last redemptions (3 investors) for a total of 266,223 DAI occurred Oct 12, 2022.

Pool data:

  • Assets issued / financed: 124 ; 20,252,731 DAI
  • Assets ongoing: 16
  • Assets closed/repaid: 108 ; 14,541,423 DAI
  • Investors (since 2020): 133
  • Investors withdrawal: 77
  • Current investors: 30 ; 4,905,475 DAI
  • Max TVL: 6,522,692 DAI
  • Current TVL: 4,905,475 DAI
  • Last investor redemption:
    • October 12, 2022;
    • Amount: 266,223 DAI;
    • 3 investors.

The pool is currently in the process of winding down, as of today 1,617,217 DAI has been withdrawn from the pool and the pool is set to close and return the remaining DAI to its investors with the pool last assets 134, 135, 136 scheduled to close in January.

Even though we (1754) is closing the Bling pool and wonā€™t continue to support its funding with the Centrifuge platform in the future, we can say that Bling has always been innovative while staying diligent by engaging with the regulator (ACPR). They will continue to innovate in a compliant manner by providing loans and additional services via their new app across Europe.

We are grateful and happy to have been part of this companyā€™s journey and saw DeFi, Centrifuge platform and our investors playing a key role here in millions of peopleā€™s lives, which was achieved through financing via the Centrifuge protocol.

The key objective was to demonstrate early on (2020) that the Centrifuge platform as a DeFi protocol could also be used as a source of financing that support MFI and more broadly fintechs in the lending space.

DeFi with Centrifuge in the front end has successfully helped millions of people by financing needed cash advances and microloans. In my opinion one of the best RWA use cases.

Itā€™s my opinion that even if at some point a few assets (<10%) were late due to material constraints with smart contract structures not supporting 100% of the real world asset structure (We will be able to do this soon in the future as smart contracts continue to evolve to include more financial instrument structures), we were able to execute our strategy consistently and operate this pool without too much friction as demonstrated since 2020.

Please feel free to DM anytime.

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86

The post above from @RWA-Student highlights some interesting research I hadnā€™t done and that is likely on me but all the late assets are making me nervous. Some transparency would be great considering whatā€™s going on in crypto. Why are these assets late and what is being done exactly? At the very least has a payment schedule been set up? When can we expect repayments?

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Anything to share @Fab or @Fabien???

No response or action for a month. This is incredibly unprofessional as assets approach 100 days late and 1.8M sits lateā€¦

A Response at this point isnt enough, we need to see action

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Hi Lumination,
You are absolutely right about the delay, I will make sure I check this forum more frequently. Please also donā€™t hesitate to communicate via email.
As described above in my previous message we are actively liquidating the assets and are planning on bringing back the full liquidity (DAI) on chain to close this pool.
The goal is to allow full pool redemption before the last assets arrive to maturity which is fairly soon.
I hope this answers your question.
Thank you

1 Like
89

Thanks for your response. Are we waiting for all assets to mature for a large repayment? There is 500k of redemptionsā€¦

90

It is a very good point.
I saw the redemptions :lock:request last week, and they will be able to redeem shortly (we wonā€™t wait for all the assets to mature). Since day 1, as a rule, we tried to honor every redemption within 30days or less, regardless of the maturity of the underlying assets.
Have a great rest of your day.

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I do appreciate that and your response but redemptions have been backed up much longer than 30days. Where can I see past epoch closures for redemptions???

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You can find epoch for this pool at this address here: 0xdf69bf5826ADF9EE6E7316312CE521988305C7B2

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Thank you Sirj.
As for the last epoch / redemption it occurred Oct 12, 2022.

The last redemptions (3 investors) for a total of 266,223 DAI occurred Oct 12, 2022.

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94

Will redemptions be possible before the end of the year?

Thank you for this. A list of addresses per pool would be very helpful as well in each pools forum section

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That is a good idea, let me discuss with core contributors and see what we can do :wink:

96

This is accurate, we are on it.

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The contract addresses for all pools are already publicly available here:

You can look at the most recent release and check out the IPFS file with all contract metadata to get any contract address used in Tinlake.

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We will be keeping an eye out.

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hello serr, can issuer explain why asset repayment delayed? if one asset delay i can understand, but you have 8 asset delay repaymentā€¦ and now other pool like alt1.0spv are following because they see no consequence for it even after 100days+ , its irresponsible and disrespectful for the investors, iā€™m asking centrifuge team to take some responsible and issuer to repay the loan as soon as possible. thank you.

100

@hepp please review above, @Fabien (@fab) have expressed that they are working on liquidating the assets in coordination with their late asset plan.

Fabien has also expressed that the funds will be in by the end of the year for redemptions as they work to close down the pool.

Repayment for redemptions

Ultimately the Issuer is responsible for adhering to their internal practices of collections for late assets, which is not clear onchain. I do agree @Fabien should be communicating more clearly and should have created a separate forum topic for weekly updates on these late assets as it is clear from the many above messages that investors are uneasy from these late assetsā€¦

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We are coming to the end of another weekā€¦ any update @Fabien @Fab @sirj ??? :melting_face:

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Hi
You are right almost EoY.
We are actively working on it and are on track to respect the EoY timeline.
I will post a message here as soon as we close the epoch.
Like every issuer we are also planning on posting a full update in a few weeks (mid January).

Regardless of this I hope you enjoying the holiday season.

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1754S1 Pool: Update & Timeline

By EoW (12/31)

  • Repayment of late assets
  • Epoch close and redemptions processed

Timeline

  • 12/29 to 12/31: Late assets repaid. Please note that the Tinlake UI and Drop token price (senior tranche) may not reflect the actual value of the token and its underlying asset (up to 30% divergence).
  • 12/31 to 1/8: Assets due on 12/29 cleared and Drop tokens back to their normal NAV
  • 1/8: The pool and all assets brought current
  • 1/20: Investor update and 2022 1754S1 financials published
  • Last week of January (date tbd) 1754S1 investor call

As of today, all underlying assets (off chain) are current and no default occurred.
As per the PPM, Drop token holders are protected by the TIN tranche.
1754S1 benefits from Davoa LP full guarantee.

I wish you all a peaceful EoY and I look forward to collaborating, learning and building in the RWA space with you in 2023.

Warmly,
Fabien

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Progress underway ā€” next update January 3rd.

Happy New Year to all!