Implementation Updates for Real World Assets - MIP21 & MIP13c3-SP4 for 6s Capital

Background

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.

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Thank you for the update Matt!

On the last G&R call there were indications that RWA will not be a “thing” until early 2021–does that hamper your ability to do any deals this Winter, or it’s a good thing to get a few more months to prepare before “mainnet” ?

Also, has the experience with Wilmington Trust been “easy-peasy”, or do they have thousands of questions pertaining to their involvement in a crypto-related trust? I would imagine this will be their first?

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We are engaging tax counsel this AM and the remaining commercial items are all things that the attorneys engaged have done before. The operative documents still need to be finalized and then shared with the community. I will then have calls to get folks comfortable with the substance of those documents. That time is unknown, but my hope is that the community will be actively engaged in the review to then allow for the needed sequence (forum -> on-chain poll -> executive) to raise the debt ceiling. I am still hopeful for 2020. It will be tight.

Many questions. It has been “interesting”. Far from easy…

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