Unfiltered feedback - Idea.
Congrats, Aligning underwriter and Investors interest is absolutely fundamental and probably create a path way to success.
Let’s Centrifuge (Tinlake) be the financial arm of the world Amazon fulfillment.
#1 for the underwriters, may I suggest some kind of whitelisting as a filter in addition of a purely economic incentive “filter”.
Risk assessments - pricing - APR accuracy are crucial especially at this early stage.
We need to demonstrate a high degree of professionalism to attract both capital and demand.
#2 I will like to introduce the idea of a warehouse (pool) to back the underwriters’ effort on prefinancing the debt issuance.
The idea here is to create speed and fluidity using a warehouse like mechanism (could be a tokenized SPV or a Pool).
The warehouse (pool) would provide the initial capital via DAI to buy the full issuance and receive TIN and DROP tokens or another specific token TIN+ or SuPN (Secured underwrote Promissory Note) and sell the inventory of TIN and 
DROP via Swap on balancer or uniswap or Tinlake … to investors using DAI. We can also imagine the Warehouse providing liquidity on private pool to create secondary market.
So LP and investors could from there buy TIN and DROP in secondary for a like a 10days period and eventually sell in secondary with discount (penalty).
The warehouse (pool) would get a very small cute to provide initial liquidity and speed.
The cute can be fairly small (0.5%) while still be attractive as the same funds can finance serval issuance, up to 30+ cycles per year (365/10) depending on the length of the secondary period sales.
Warehouse mechanism
Asset Originators - Debtors issue and own digital assets (tokenize secure promissory notes) as the representation of an invoice or merchandize (stock of good) or balance sheet etc (collateral asset) with the help of the underwriters TIN and the vote of the warehouse TIN+.
The Warehouse TIN+ after approval (gov) finance the all set of TIN and DROP issued and open a 10days period or more where “retail” investors can buy in.
*TIN+ warehouse could be warehouse lending platform to act as a buffer between debtors and creditors. The warehouse is funded by actors wanting to acquire a stable coin product collateralized by debtors professionally underwrote.
