“We just got a 5MM credit line from MakerDAO”AMA Thursday 22 April 18:00 CEST
The Tinlake integration with@MakerDAO has passed the Maker executive community vote and it is now live on Mainnet!
We have cracked the code to bring trillions of dollars worth of assets to the world of Decentralised Finance. Centrifuge is the first to back Maker’s Multi Collateral DAI (MCD) with real world assets! This has huge implications for the future of Defi and finance. If you want to be ahead of the curve join our AMA to get the d-low on how this happens and what it could mean
We are excited to host the key architects of this big innovation from the Maker side, Sébastien Derivaux, William Remor and Phil Chang and CEO of Centrifuge @lucasvo and Partnerships lead @Lea to ASK ANYTHING.
This should be good! I remember hearing in the community call that New Silver was the first AO to complete all the legal side of things with Maker. Also Sébastien Derivaux mentioned in that linked vid that diversification was key to making this safer. They had also mentioned something about eventually having a half billion dollar debt celling, was getting a little lost in that video but did I understand that correctly? This leads me to a few questions.
What other AO from the tinlake pools are in the process of onboarding with Maker?
With the potential for such a high debt celling, will this help more AO want to onboard?
Was there a reason New Silver where able to complete he legal side of things first? Is the real estate sector easier to quantify as collateral in comparison to other sectors?
By no means I am no expert, quite the contrary this is the first time participating in any of the crypto communities (And to have such luck to stumble uopn such a beautiful community )
And I have been digging for the last couple of months and this is what I have found.
All of the pools denominated in DAI went through a few steps before they went live. They went through a onboarding RWA model which is called Centrifuge model but all of this happened on MakerDAO forum. I don’t want to go through the detalis as this is very complex (for me) and I am not sure if I fully understand all of the details but here is a link to start with.
HTC, Fortunafi, Paperchain and are others are in line as well as some that I don’t recognize (on the maker collateral framework official there is one named P1-drop which I haven’t researched yet). And I remember reading that NS onboarding will pawe the way for the others, meaning it will go faster. I also remember that the debt celling right now is 15mil$ and I think that this celling is for all the pools combined. I think that this is also due to how Maker debt celling vote works. I think that for the every maker vault, community votes to increase or decrease debt celling. I view this in this way, if we have a big influx of investors on Tinlake and TVL reaches 15mil DAI, at this point AO may have originated new assets but they can’t be added into the pool because the dept celling was reached.
On the legal side, what sparks my intrest is the fact that somebody within the Maker, with power of attorney, in this case Sebastien, is still needed to sign subscription documents. No matter that the Maker is a decentralized “system” and comunity but they still need a person to represent them in the eyes of law.
Those are the informations that I have found so far, and I’ll definetly keep on digging.
And just a last thought, trying to understand and trying to get a firm grasp on what Centrifuge is and what are they trying to accomplish, all I can say that the Centrifuge team is filled with people that will go down in history books as biggest and brightest pioneers of the industry!
This is Huge! Fantastic news. Love the work of the Maker team and their governance process. Amazing things can happen when you bring two incredible communities like this together. Great partnership.
Ivor - we’ll make @lucasvo and @Lea from Centrifuge and 3 of the people involved from Maker as our experts in the AMA so if, from your analysis, you would like to pull out any specific questions for them - and join the call that would be excellent!
Ques 1) How the process works takes into consideration the legality of subscription agreement? I mean on one hand there is AO and the other is decentralized Maker protocol? Keen to know who will be responsible/authorized representative that can be accounted since it is decentralized Maker protocol that is financing/leasing out loan to AO?
Ques 2) How does Centrifuge/Maker decides when and which AO will be in a position to be awarded line to credit/borrow? If yes, is there any limit of finance for specific AO? Can the sole selection of AO be made by Maker?
Ques 3) Are there any reservations in terms of AO financing based on geographical locations or specific sectors ?
Ques 4) What happens if at any moment Maker decides to redeem back the assigned finance similar to individual investor (when one decides to get back the invested DAI from pool)? How does centrifuge takes this into consideration if there is no pool reserve?
Ques 5) In case of default of one of the pool, how does Maker plan to deal with such situation considering centrifuge still be a middle platform?
Another AMA question.
What other stablecoins is Centrifuge planning to integrate with?
Any plans to integrate with Terra stable coins? When? (i.e. UST, etc. There are mor than 12 stablecoins in Terra network)
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