Hey DAI community,
We at Decentraland would like to put in an application to have MANA accepted as collateral in Multi-collateral DAI. I’ve included our application below - please let me know if you have any question.
Thanks for the support!
1. Who is the interested party for this collateral application?
The Decentraland Foundation, established under the laws of the Republic of Panama, in its capacity as holder of the intellectual property assets of Decentraland. Since the launch of the platform, a Decentralized Autonomous Organization (DAO) has been created through which the control of the platform is in the hands of the MANA holders and LAND owners
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.
Decentraland is the first-ever decentralized virtual world. Being decentralized is not a side detail, but core to the platform’s value proposition. In this context, decentralization means that the world is in the hands of its users, which include artists, builders, game developers, and enthusiasts, and they have the final say on the policies of the world.
MANA is the currency of Decentraland. At the inception of the MANA token, the total supply was 2,805,886,393. Due to its utilization and burn in the Districts Terraform, LAND auctions, and purchases, trades, and fees in the marketplace, that figure has been reduced to around 2,197,924,865 as of April 2020.
2. Provide a brief history of the project.
Initially ideated in 2015, Decentraland has been consistently growing through the efforts of its community of creators who also take part in regular creative events. Aside from the scenes, games, art installations, and many more features that make up what is known as the ‘metaverse’, Decentraland is also a model of decentralized ownership and decision-making and a steward of the development of the Ethereum ecosystem.
The virtual world consists of a decentralized ledger for land ownership, a protocol for describing the content of each land parcel, and a peer-to-peer network for user interactions. Land in Decentraland is permanently owned by the community, giving them full control over their creations. Users claim ownership of virtual land on a blockchain-based ledger of parcels.
Landowners control what content is published to their portion of land, which is identified by a set of cartesian coordinates (x,y). Land is a non-fungible, transferable, scarce digital asset stored in an Ethereum smart contract. It can be acquired by spending MANA.
Decentraland opened its gates to the public on February 20, 2020. Not just the culmination of years of hard work, the launch was the beginning of the next major phase of the Decentraland project: handing over control to the community and expanding its reach to all corners of the physical world with the creation of the DAO.
3. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
- Catalysts (decentralized content & communications):
- Smart contracts:
- List: https://contracts.decentraland.org/links
- Source of the key ones:
- LAND & Estates: https://github.com/decentraland/land
- Marketplace: https://github.com/decentraland/marketplace-contracts
- Bids (Marketplace): https://github.com/decentraland/bid-contract
- Wearables: https://github.com/decentraland/wearables-contracts
- ENS: https://github.com/decentraland/avatars-contract
- Aragon DAO:
4. Link any available audits of the project. Both procedural and smart contract focused audits.
We audit all the smart contracts we publish (the list is pretty long: https://contracts.decentraland.org/addresses.json)
Please find attached the ones we were able to collect:
- 2017.07 MANA - conducted by Zeppelin
- 2018.12 Land Auction - conducted by Coinfabrik
- 2019.01 Marketplace & Bids - conducted by Nomic Labs
- 2019.03 Marketplace Auction - conducted by Nomic Labs
- 2018.06 LAND Registry - conducted by LevelK
- 2018.08 Estates Registry - conducted by LevelK
- 2018.09 Marketplace V2 - conducted by LevelK
- 2018.12 Land Auction - conducted by an Independent Researcher
- 2019.01 PassThrough Contract - conducted by an Independent Researcher
- 2020.01 ENS Avatars - conducted by an Independent Researcher
- 2020.03 NFT Donation - conducted by an Independent Researcher
We’re checking with the authors if it’s OK to make the not linked documents public: please don’t share externally before we can give you green light.
5. Link to any active communities relating to your project.
- Discord (https://discord.gg/sBwfJn)
- Twitter (https://twitter.com/decentraland)
- DCL Plazas (dclplazas.com)
- DCL Blogger (https://twitter.com/DCLBlogger)
- Marketplace (market.decentraland.org)
- Reddit (https://www.reddit.com/r/decentraland/)
- Decentraland University (https://discord.gg/ubp7yF)
- DCL Core (https://dclcore.com/)
- Steemit (https://steemit.com/@decentraland)
- The Blockrunner (https://discord.gg/AgPExR)
- Telegram (https://t.me/DecentralandTG)
- DCL RU (https://t.me/decentraland_ru)
- Facebook page (https://www.facebook.com/decentraland)
- Facebook Decentraland group (https://www.facebook.com/groups/mana.decentraland/)
- Facebook MANA group (https://www.facebook.com/groups/Decentraland/)
6. How is the applying collateral type currently used?
MANA is used in the Decentraland Marketplace (market.decentraland.org) to trade digital assets. MANA is also used to transact in-game, and to vote for changes and developments in Decentraland, via the DAO.
7. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
The MANA smart contract is not controlled by any organization.
8. Where does exchange for the asset occur?
- Bancor Network
- Coinbase Pro
- Huobi Global
- Huobi Korea
- Kyber Network
- Lukki Exchange
- OKEx Korea
- Radar Relay
- VCC Exchange
- WBF Exchange
9. (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
10. (Optional) Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
11. (Optional) List any possible oracle data sources for the proposed Collateral type.
Binance would be the best option as it has the most real volume.
12. (Optional) List any parties interested in taking part in liquidations for the proposed Collateral type.