We are reaching out to the issuers of the tokens we plan to offboard and conversing with them to get feedback and understand why they or their token holders are not using Maker Vaults. We have spoken with Brave, Loopring, Decentraland, Kyber and waiting to talk with 0x. The feedback we are getting is similar from all the teams:
- They want to maintain their position as collateral
- They (as a project) are not using Maker Vaults for different reasons (their treasury is for helping them to grow, so they use it in their partners and marketing, they are defining how to manage their treasury, their treasury team is not aware of the current risk parameters)
- They are interested in having special terms for their vault
These conversations are taking longer than expected because the decision to open a Vault to take the remaining DC requires time. We explain to them that we will be waiting until September 1st to see if the utilization of the vault changed and that that will be taken into account when the community decides what the next steps are.
We are talking with a large custody platform and a major digital asset trading platform about Maker Vaults. We have their interest, and if we can have them opening vaults, that will increase Dai supply and reduce our USDC exposure. What do we want to do to achieve this:
- We need the institutional vault product asap. Growth, PE, Risk CUs, and Nexo are working together on the proposal of this product.
- We need to solve the KYC part. We are working with our legal counsel to understand these companies’ requirements and determine what kind of structure we need to incorporate or with whom we need to partner to solve it.
- Institutions have off-chain requirements: like the one-to-one relationship to set agreements and a larger liquidation window.
Oasis.app users will receive notifications that would help them to manage their Maker Vaults, including:
- When the Vault might be at risk of liquidation on the next price update due to a sudden price drop
- When the Vault has reached a certain collateralization ratio that you’d like to take a certain action at, either to buy additional collateral, or repay.
- When risk parameters, such as Stability Fee’s or Debt Ceiling changes are made by Maker Governance that affect a Vault you own.