This improvement proposal aims to establish a ruleset for onboarding vintage vehicles as collateral in the Hifi Protocol. This proposal updates and expands upon the framework established in HIP 3, moving from single-vehicle approval to a broader category-based approach for vintage vehicles.
Scalability: Enables efficient onboarding of multiple vintage vehicle loans without individual governance proposals
Risk Management: Establishes clear parameters for collateral quality and loan terms
Market Opportunity: Addresses demand for financing in the classic/vintage vehicle market while maintaining conservative risk parameters
Standardization: Creates consistent framework for evaluation and monitoring of vintage vehicle collateral
Voting
Upon this proposal’s success, Hifi DAO will execute the necessary variable changes to the Hifi Protocol’s Fintroller and take the necessary technical steps to integrate $VVC1 Tokens into the Hifi Protocol with the set collateral ceiling and fixed oracle value. It is recommended that DAO members review the full agreement for a comprehensive understanding before casting their votes.
The proposal is expected to go live Friday, November 13, 2024 with voting expected to begin on Sunday, November 15, 2024 (48-hour delay).
This HIP 12 improvement really great knowing this updates and expands established in HIP 3, beside that this will take the necessary technical steps to integrate $VVC1 Tokens into the Hifi Protocol and fixed oracle value.
The HIP 12 proposal is set to revolutionize residential construction financing by making it more accessible and efficient. This update paves the way for fair progress, allowing property owners with lower-value assets to join the journey. With HIP 11, we’re building a more inclusive future in construction finance, where everyone has the opportunity to grow and succeed!
Sounds very good guys. This proposal for a Vintage Vehicle Collateral Ruleset seems like a strategic and innovative addition to Hifi Protocol’s collateral options, allowing the protocol to tap into the valuable vintage vehicle market while establishing risk-conscious safeguards This will eventually make history
HIP 12 is a fantastic addition to Hifi Protocol! By enabling vintage vehicles as collateral, it taps into a unique asset class with clear guidelines for value and condition, ensuring stability and scalability. This proposal is a smart way to diversify collateral options while managing risk—great for collectors and lenders alike!
HIP 12 provides a comprehensive framework for vintage vehicle collateral, enhancing scalability by moving to a category-based approach. With strict eligibility, valuation, and insurance requirements, this proposal ensures only high-quality assets are used as collateral. Tailored loan terms based on vehicle condition offer flexibility for borrowers, while risk is managed through conservative LTV ratios and secure storage requirements. HIP 12 effectively taps into a high-demand market, promoting growth while safeguarding stakeholders.
HIP 12 proposes a ruleset for accepting vintage vehicles as collateral, emphasizing vehicles over 25 years old with strong documentation, condition standards, and secure storage. Key conditions include a 5-year maximum loan term, a 125% collateralization ratio, and 80% LTV for vehicles in excellent condition (or 60% for good). It mandates comprehensive insurance, assigns specific duties to lending partners, and establishes a designee for record oversight and auditing.
HIP12 Has done a nice job with the thought of Vintage vehicles which is a great collateral especially with people in the crypto asset space who like a bit of vintage style and a touch of classiness.
Wow this actually interesting,
HIP 12 makes construction financing more accessible.
It expands construction loan eligibility.creating Consistent framework for monitoring vintage vehicle is a very nice benefit .
HIP 12 improvement really great knowing this updates and expands established in HIP 3, beside that this will take the necessary technical steps to integrate $VVC1 Tokens into the Hifi Protocol and fixed oracle value.
I like the fat that this proposal taps into a unique market opportunity while providing a consistent framework to evaluate vintage assets, appealing to both collectors and lenders. As voting approaches, it’s essential for Hifi DAO members to understand the potential impact on liquidity, market engagement, and overall system stability
This HIP 12 proposal to add vintage vehicles as collateral in the Hifi Protocol introduces a thorough framework for expanding collateral options. By establishing clear guidelines for vehicle eligibility, valuation, and loan terms, it addresses both risk management and scalability in the classic car market. This approach not only taps into a unique asset class but also ensures consistent standards for collateral quality, potentially boosting liquidity and engagement within Hifi’s ecosystem.
The Hifi Lending Ecosystem lets you borrow against tokenized assets. The tokenization of real-world assets represents the single largest onboarding of value to blockchains that will ever occur.
This proposal HIP 12 is an exciting expansion for Hifi Finance! By allowing vintage vehicles as collateral, it taps into a niche but growing market with clear and well-defined rules. The focus on risk management and scalability shows a solid strategy to bring more value to the Hifi Protocol. Great move to diversify collateral options and drive liquidity!
This will eventually make history 