Engagement and discussions started early 2019 about methods to utilize the Maker credit facility to deploy capital into the real-world for then existing real-estate projects (same scope as today).
Discussions accelerated after a new structure and design were constructed by 6s Capital in Q2 2020.
From there 6s Capital has:
- Routinely engaged with the community in discussions regarding legal structures
- Submitted a Technical MIP MIP21: Real World Assets Off-Chain Asset Backed Lender
- Submitted a Declaration of Intent subproposal MIP13c3-SP4: Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan
- 6s followed the then established process, went through governance submitting proposals, received feedback and adjusted components during the Request For Comments (RFC) phase, the outcomes were unanimous YES votes for moving both proposals forward to the inclusion poll.
- The inclusion poll (including both MIP21 and its subproposal and others) also PASSED.
- An Executive Vote (including both MIP21 and its subproposal and others) were then put forth to the community for their ratification which also PASSED.
From a 6s perspective, the above along with the on-chain poll to prioritize real world assets, are such that it appears the community is on-board to have 6s implement the structure.
Six months later, here is where we are
Per the approved MIPs, 6s will now go out and deploy the contemplated structures and demonstrate as such before the community for its review.
Up until Friday, 06 November 2020, 6s was still waiting to finalize the Trustee selection for the fiduciary role over the Trust. On Friday, 6s received word that we have a preliminary ‘yes’ from Wilmington Trust.
This is huge progress.
At this stage, 6s is moving to a transactional tactical execution phase to implement the structure.
More updates soon.