Hello everyone, Deniz here from the Kyber Network team. Below is our proposal to add Kyber Network as a Light Feed Price Oracle to MakerDAO. Let us know of any questions and thank you for your consideration!
MIP10c14: Subproposal to Appoint Light Feed
MIP10c14-SP#: 1 Author(s): Deniz Omer Contributors: Status: Formal Submission Date Proposed: 2020-05-24 Date Ratified: <yyyy-mm-dd>
MIP10 is meant to handle all of the Oracle related actions. Unfortunately MIP10 has inconsistencies and doesn’t conform to the monthly governance cadence that the Maker Improvement Proposal framework is built around. This has generated a backlog of Oracle proposals. While MIP10 is refactored to conform to the regular MIP process, Oracle proposals such as this one will utilize the more liberal weekly governance cycle. While strictly speaking this makes them not subproposals, they are included in the subproposal archive as a point of provenance to serve as a paper trail.
- Name: Kyber Network Reserves Limited
- Website: https://kyber.network/
- Github: https://github.com/kybernetwork
- Email: [email protected]
- Incorporated: British Virgin Islands
- Domiciled: British Virgin Islands
- Number of employees: 0
- When was the organization founded? 21 March 2018
- Who are the major investors in your organization? Kyber Network Reserves Limited is a wholly owned subsidiary of Jedha Holdings Private Limited, a Singapore-incorporated entity. Funding is from Jedha Holdings.
- How much funding has the organization raised either privately or through a token sale? Jedha Holdings Private Limited’s subsidiary, Kyber Network Private Limited, also a Singapore-incorporated entity, raised 200,000 Ethers (equivalent to USD52m based on ETH:USD pricing at the close of the token sale) in an ICO that was completed in September 2017 in Singapore.
- Please provide public references for the above where possible. (https://icodrops.com/kybernetwork/)
- Motivation for running a Light Feed
As deeply passionate members of the Ethereum community we recognize the importance of trustless oracles in the functioning of a healthy DeFi landscape, and with more than two years of experience working on on-chain liquidity provision we want to take the next step and contribute to the further diversification of the trustless Oracles. We are really looking forward to the growth of both the DeFi space and MakerDAO.
- What has your organization contributed to the crypto community?
The team’s main focus and contribution over the last 3 years has been building Kyber Network protocol, an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves and enables token exchange in any decentralized application. It also contributed through grants to Ethereum teams at very early stages (ie. Instadapp) and is an active member of the Ethereum community
- Successful products, services, tools, libraries, thought-leadership
Apart from Kyber Network, the various founders have been involved in:
- Oyente - an analysis tool for smart contracts
- PeaceRelay - a protocol to trustlessly connect EVM-compatible blockchains.
- Smartpool - a decentralized PoW mining pool using smart contracts
- Elastico - a sharding protocol for public blockchains.
- How will the Maker Community benefit from your inclusion as a Light Feed?
The Kyber team have gained valuable experience building one of the largest liquidity providers to the DeFi space over the last three years, and their addition as a stakeholder to the trustless Oracles further contributes to the strengthening of the expertise and know-how within the MakerDAO ecosystem.
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