Proposal type: CP-4
Technical/non-technical proposal: non-technical
Date proposed: 2022-12-14
Proposal for an improved POP V2 from the current POP (V1) that exists today.
High level objective
To simplify the POP process for RWAs onboarding through the Centrifuge protocol and to increase the Community engagement and participation in the process. If this proposal is to pass in the future, it will be added as CP-5 (POP) to the governance process.
The POP has been active for over 6 months. In that time, we’ve seen 12 POPs submitted, a number of Introductions, a couple of Pool Parties, and the discussion and engagement around RWAs continues to rise across the Forum.
A POP Workshop back in October revealed opportunities for improvement, with insights coming from both the Community and POPs directly.
For those interested in what the POP has accomplished to date, please review this POP Pipeline Summary.
Why the POP Exists
Let’s quickly revisit why the POP exists.
The POP is a community owned and CFG governance-led process for onboarding RWAs into DeFi through the Centrifuge protocol.
The POP is intended to both simplify the process, as well as curate the quality of RWAs financed through Centrifuge in a transparent, open structure that enables participation from the community as well as from experts.
The process is held by the Community, and most specifically CFG token holders, using their tokens to vote on POPs.
Detailed description of proposal
This RFC begins an informal discussion around a POP V2 proposal, which I expect will result in a formal proposal led through governance sometime in January 2023. I am sharing this before the end of the year, to give the community time to review and provide feedback for improvement in the POP V2 below.
This POP RFC hopes to accomplish:
- A long-term vision to develop a decentralized onboarding process owned by the community through on-chain governance
- An immediate term way for easier access to the Pools and better investor engagement around high quality opportunities reviewed by the Credit Group
- A more clear outline of requirements and process to launch a Pool through Centrifuge
I’d like to invite the Community, CFG token holders, and the broader realm of RWA participants in DeFi to review, comment, and improve this POP as initially drafted in the documents below.
The V2 process is simpler, provides on-chain voting to CFG token holders, and places the Credit Group more prominently into the process, to report on each POP.
Please review and comment on the Process (image below) and use the accompanying POP V2 - Process Appendix, which includes an explanation for each step above. There have also been adjustments to allow for more subjectivity and more description in the POP V2 - Proposal Template, while intending to be more helpful through the POP V2 - Proposal Guidance, which will be agreed upon by the Community to help provide guidance and direction to POPs before they submit a POP through governance.
Alignment to the mission of Centrifuge DAO
This process attempts to decentralize the onboarding of RWAs and drive decisioning through governance and the Centrifuge Community.
The Next Steps
After the RFC period, which I would hope to be about 4 weeks’ time, the RFC would incorporate all feedback and input from the Community and be submitted as a formal Proposal.
I hope that the Centrifuge Community will take the time to review this documentation and this process to provide meaningful feedback and propose solutions to improve this process for future POPs who seek to finance RWAs through the Centrifuge protocol.
I will bring this up as often and publicly as possible through our Governance and Community calls. I also hope to see discourse and dialogue around this through the Forum.
Depending on the level of engagement to this RFC, we could host a POP V2 Workshop in January 2023 should the Community believe that would be of use to better understand this RFC, provide live feedback, and ensure alignment before moving to a proposal.