This is a discussion toward adding 3 new assets to be used as collateral on the lending protocol.
Hifi currently uses two common fungible asset for testing out the Public Preview of the lending protocol. (Specifying ‘fungible’, as we know NFTs as collateral are also upcoming). At the time of writing this, the assets are wrapped BTC and ETH on the Polygon network. The assets used as collateral are documented here in the Hifi docs. You can see them directly on the protocol’s borrowing interface here as well.
As there are only two types of token available, the lending protocol is quite limited from the perspective of collaterals. Even tough NFT lending is upcoming, we need to keep in mind the usage of the protocol using traditional cryptocurrency (aka fungible tokens or coins) assets as well, as the protocol was designed from the ground up with this feature in mind.
Having more collateral entries might also generate more interest from the public to try out Hifi’s fixed-rate solutions. Lot of people keep BTC for future value, and ETH for gas expenses. However, they would certainly benefit from providing their other holdings as collateral for a fixed-rate loan.
This proposal suggests having a total of 5 different assets available as collateral on the lending protocol, while keeping the current wrapped BTC and ETH tokens. As such, this discussion should open the door for 3 new collaterals to be available on public preview. The discussed collaterals will be limited to tokens within the scope of the top 30 tokens by market cap. Selected tokens can be ERC-20, BEP2 or any other standard that the protocol is able to use. This will require feedback from Hifi development team and administrators into this forum thread, to understand the limitations in this matter, regarding standards, before a proposal vote is created.
Success of this proposal is reached once 3 additional tokens are available to provide as collateral on the Hifi Lending Protocol, for a total of 5 (excluding non-fungible assets).
Not sure if this is a proper KPI, but everyone’s input in this thread will be taken into consideration, to generate a snapshot voting event that will give everyone a voice into selecting collaterals.
Try suggesting your collaterals by using their capitalized token names as well as a description explaining in details why it should be used. Be convincing and don’t forget to elaborate, so others think it’s also a good idea!
- Name: BNB
- Explanation: < Your excuses here for using BNB as collateral! >
- Name: SOL
- Explanation: < It’s the new kid on the block >
- Name: MATIC
- Explanation: < It makes sense, because we need to spend Polygon gas anyways >
When this proposal is ready for snapshot, a multiple-choice vote will be created using weighted voting type. Each token that were discussed in this thread will be available to vote on. Reminder that the suggested tokens must be in the Top 30 asset by market cap at the time of snapshot proposal creation, and has a standard compatible with the lending protocol (ERC-20, BEP2 or other fungible standard as confirmed by the Hifi Team below.)
Given all the upcoming changes and announcements from the team, and potential conflicts with HIP 1, no specific timeline is defined for now. We also need a maximum of data from the community into this thread, to trigger a voting event that will suggest 3 specific collaterals too add, from the top 3 results from weighted voting.
A basis for the timeline would be to create a snapshot, one month after the following events:
- HIP 1 is complete
- A new market is available on the Lending Protocol
This gives enough time for everyone to discuss their token suggestions.