For each criteria, either a (criteria not met) or (criteria met) will be given.
Below you will find the results of the individual criteria:
Business Years in Operation:
Off-Chain Institutional Investors:
Strong Pipeline:
Volume Originated last 2 years:
Historical Loan Tape:
TIN Tranche:
DROP Tranche:
Pool Value at Launch:
Pool Value in 1 Year:
Asset Maturity:
RESULT
This proposal meets the threshold of >66% and has passed step 2.
NEXT STEP
Step 3 will be to get a recommendation from the Centrifuge DAO and the result will be published here on the Forum.
If you want to see all the steps of Stage 1 of the POP process, you can check this post here.
We hope everyone has had a nice holiday break and a great start to the new year. We are happy to advize that Havenly Digital has secured an initial commitment on the first $1M of pool funding to support the launch of our mortgage-backed RWA investment pool.
This initial investment represents an important first step forward for us in achieving our goal of expanding access to home ownership through expanded liquidity options. We aim to grow the pool to $100M over time and are continuing to engage other De-Fi liquidity sources and traditional investor communities.
Our ability to fully fund our initial round despite the FTX and Coinbase market disruptions demonstrates the strength of our product and continued investor appetite for Havenly’s RWA. Consequently, we are excited to proceed with next steps in the Centrifuge on-boarding process (pool-party et al) with a target launch and funding in Q1 2023.
As always, keen to hear any questions or feedback, and looking forward to discussing next steps.
Is that the senior tranche? Or both the senior and the junior tranche?
The ability to bring institutional investors into your Centrifuge Pool on-chain is a key part of the ecosystem building initiatives I am most focused on.
@ctcunning apologies, I missed your first question: Who is funding the first 1M?
These are private accredited investors that our team has had relationships with for many years. They plan to onboard directly to Tinlake or through a broker/dealer relationship we have that will onboard directly to Tinlake to manage the investments.
I don’t think it’s required, but maybe it’s something worth polling for anyway? cc @Tjure07
My sense is that this could be interesting but I wouldn’t want you to spend too much time there without some buy-in.
For my part, I think $1M is a nice start but it still doesn’t explain two things
Who is going to provide Havenly Senior Capital lines from 1 → $100M? Without that senior partner at the table, I’m skeptical of the long-term sustainability of this pool.
Who is going to issue and manager the debt facility/fund on Havenly’s behalf?
Perhaps that’s part of the Pool Party?
But I think without that commitment, it’s a difficult journey ahead
A Pool Party does not only provide a platform for people managing active Pools to explain their business model and share their vision of the future. It is a general opportunity for the Centrifuge Community and for DeFi participants to ask questions and understand the size and value of RWAs.
As we slowly transition to V2 of the POP where the process is simplified and a Pool party is optional, I don’t think we need a poll and community vote. What do @Rhano and @ImdioR think?
However I believe we need to make sure how to raise enough interest in the community and which format and platform is the best.
On the question of how we intend to grow from 1 → 100M: We continue to engage our investor community and work with other De-Fi platforms and protocols (e.g. Maker). We believe that getting our pool launched is a key step in showcasing the Tinlake platform and our product to support these continued engagements. In particular, we have another investor group open to committing the next 5M once we have launched on the platform.
Regarding the pool party, poll, or community vote: We believe the pool party is the better opportunity for us to introduce our pool and the Tinlake platform to our investors as well as the wider Centrifuge community. We need to confirm investor availability and would be ready to present given a couple weeks notice once we receive the go ahead.
Hi both, please would you advise the next steps for us to support pool launch? As highlighted, we would like to progress with the initial 1M in order to support scaling discusions with the additional 5M.
This is just an idea from me…what about a poll to the Community? I wonder if there’s a way to engage broader interest?
I’ve loved going back and forth with you, and I greatly appreciate the working in public nature of our interactions, but I feel as if I’m the only right now showing interest towards the opportunity.
I’d like to hear from the broader Community and understand the interest to support you here!
I second this idea because it is the right decentralized approach to determine the sentiment of the community,. My additional thoughts: to create a poll in the forum, I recommend the excellent description in the governance manual on pages 5-6.
I phrased the poll to gauge general sentiment on moving forward with onboading the Havenly pool; but yes, we would very much like to provide a pool party in order to introduce the team and provide a forum for any further Q&A.
More generally, we’re assuming we’re following the pool onboarding process outlined in the documentation, so would anticipate some sort of vote following the pool party and then to engage the Centrifuge and credit teams to begin discussing pool parameters and NAV.
We also understand that this is an evolving process so happy to continue to receive guidance and steer from the Centrifuge team on the best way forward.
Hello @Tjure07 and @ctcunning, The Havenly poll has been running for about 5 days now and only has 8 responses so far. Would you recommend doing anything else to increase the level of response? i.e. is there a tag I should use to solicit more feedback?
/ 
.
(criteria not met) or 
(criteria met) will be given.
This proposal meets the threshold of >66% and has passed step 2.