Summary (TL;DR)
The last market of Hifi Finance’s platform ended on march 25th. There should be new lending / borrowing / pooling markets available, to ensure continuity and active usage of public preview.
Background:
Hifi public preview is currently up and running. This is one of the last steps before launching on Ethereum mainnet later this year. According to the original blog post from Hifi here, the main goals for public preview are the following:
Try out the protocol in an environment leveraging real funds
Stress test the multi-collateral liquidation bots
Gather community feedback
Go through several full market lifecycles to educate users
Begin the process of formally verifying the smart contracts
Problem:
The last market ended on march 25th on the protocol. There are no markets available as of today. This prevents the goals above to be realised, when some of the features are not available.
Solution:
Create a new market with a suggested 3 month maturity date, to ensure public preview provides minimal function of all its available features. The new market would provide the same assets as the previous market.
USDC for Lending / Borrowing / Pooling
Wrapped BTC & wrapped ETH as collaterals.
– Additional types of collateral should be suggested through a different proposal.
Requirements:
No specific requirements are required. However, the proposal is to be considered successful when a new market is available for lending, borrowing and pooling on Hifi public preview. The suggested maturity time can be discussed through this proposal, and might end up being different from what has been suggested in the solution above. The vote will help define the final market maturity date and make sure the new market is to be provided on the protocol for everyone to use.
KPIs:
N/A
Conclusion:
The main objective of this proposal is to ensure proper continuity of all features of the Hifi lending protocol Public Preview. Market maturity date can be discussed through this proposal, with the suggested default being 3 month. The snapshot voting process shall start on April 12 and happen over six days (three days voting delay + 3 days voting period), delivering the final result on April 18. Once the vote is passed, the team will have two weeks to enable the new corresponding market on public preview.
Excellent proposal @muchfungible, great work! I fully agree that we should create a new market.
A new market is yet another opportunity for us to stress test the protocol and the liquidation bot, as well as sustain the live bug bounty which the Hifi v1 Public Preview on Polygon essentially is.
I realize after reading the blog post about Introducing the Hifi DAO that I need to set a 3-day voting delay + a 3-day voting period. I will update the proposal accordingly.
well written mate
I agree a new market is needed, however curious to know if there are any technical challenges or other reasons that we may not be aware of as to why this has not already occurred?
I think its because Hifi Improvement Proposal (HIP) 1 will need to be voted on and passed before any new lending / borrowing / and pooling markets are available. I could be wrong, but this is why I think there has been a delay.
This is definitely a possibility. But then, as the governance is live, it’s now our privilege to raise ideas, even if we’re not sure about them.
If there was to be a potential conflict with their current plan, I’m sure they would raise it and let us know.
Also the fact that as of today, only the Hifi admins are able to create snapshot events. As such, they still have control and this is merely a nice place to practice ourselves creating opportunities for all!
Also… maybe they just waited to see if someone was going to notice the fact there’s no market anymore? Who know!
Agree we should def have this, and we needed it a week ago. Since the polygon preview is HiFi’s testnet on mainnet, is it worth exploring a new proposal to add unusual but still safe collateral that are already on Polygon? Im thinking things like Stablecoins (RAI, sUSD) maybe MAI?
I know the reason! Other priorities pushed this down the list. It’s not the most descriptive reason but this weeks blog posts as well as those coming in the coming weeks will help frame where our attention has been internally.
Given the lack of liquidity in what we have put up, I think new markets will be more successful when we have a way to ensure we can support additional markets with healthy liquidity.
We discussed this extensively in our all hands meeting this week, and there was some debate about the strategy and timing of transitioning to the updated changes to the protocol, as well as the migration to mainnet, and the pending support for NFT collateral. Several moving pieces, and ideally we don’t loose anyone in the shuffle.
Assuming I know your train of thought, your saying something like
Lets get Liquid NFT released
Lets get NFT lending protocol released
Add new collateral types
It does make sense to me. But i’m torn on progression within the HiFi community. The previous steps 1-2-3 are I assume going to take 2-3 months. And I wonder if theres an option that strengthens the community by showing the both the positive and negative of their own decision making that could be done within that timeframe. Put another way, let the community stumble during this period where there is very little damage that can be done to HiFi if we collectively make a poor decision.
I think its somewhat reasonable to add a new collateral type, specifically a stablecoin and we could have some KPI’s set like if it doesnt get $300k within 90 days then its unwound/End of Life.
I really admire the work of the team.But,nothing can be perfect.if the project can’t launch in the real world,we can do this on paper all the time.Am I a little too anxious?
The lending protocol was live as a MVP early 2021, and is now running as a Public Preview on Polygon. It is planned as per the roadmap to launch on Ethereum in Q3, 2022 with a completed audit and new NFT lending features.
This is all activity that is actually happening and was launched, not only on paper.
Business is being done, people are being paid and project is growing toward improved market fit.
And now, with governance, community is able to contribute as well toward Hifi’s success. Just like this current proposal suggesting to add a new market as the previous one was closed recently, and continue trying to onboard people and projects into the protocol.
I also really admire the work of the team, but please, you will need to define what launching in the real world means for you @castle !
And btw, it’s okay to be anxious, we all are from time to time. WAGMI
