MIP10c14-SP5 Proposal: Appoint Argent as a Light Feed

Hi everyone, Itamar from Argent here. Below is our proposal to add Argent as a Light Feed Price Oracle to MakerDAO. Let us know if you have any questions and thank you for your consideration!

MIP10c14: Subproposal to Appoint Light Feed

Preamble

MIP10c14-SP#: 5
Author(s): Itamar Lesuisse
Contributors:
Status: Formal Submission
Date Proposed: 2020-07-02
Date Ratified: <yyyy-mm-dd>

Disclaimer

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.

Specification

Organization

  • Name: Argent Labs Limited
  • Website: https://www.argent.xyz
  • Github: https://github.com/argentlabs
  • Email: [email protected]
  • Incorporated: United Kingdom
  • Domiciled: United Kingdom
  • Number of employees: 23
  • When was the organization founded? 4 December 2017
  • Who are the major investors in your organization? Paradigm, Index Ventures, Creandum
  • How much funding has the organization raised either privately or through a token sale? $16m in equity funding
  • Please provide public references for the above where possible. References for funding:
    Cityam
    Companies House
    Crunchbase

Introduction

Motivation for running a Light Feed

We want to actively support important projects in the Ethereum ecosystem, making them more robust and reliable. Maker Oracles are significant infrastructure that we believe we have the resources and technical talent to contribute to.

Community

What has your organization contributed to the crypto community?

Argent has built a simple and safe wallet for consumers. This has pioneered non-custodial crypto without seed phrases or gas (we use meta-transactions), and with security measures such as daily transfer limits and whitelisting contacts. In addition Argent provides easy access to integrated Dapps, including Maker DSR and, soon, Maker Vaults. In recent months we’ve seen significant adoption of DAI from users in Latin America. Argent’s smart contract architecture is open source. Aside from our core wallet, we also developed Hopper, an open source privacy mixer, before handing it over to the community for further development.

Successful products, services, tools, libraries, thought-leadership

How will the Maker Community benefit from your inclusion as a Light Feed?

We comprise a strong technical team of experienced engineers and PhDs, who have been building secure crypto products for a mass audience for two years. The team would add geographic diversification too: it is based across Europe, from Northern Ireland to Bulgaria, Spain to Slovenia.

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Preamble

MIP10c15-SP#: 5
Author(s): Nik Kunkel
Contributors:
Type: Process Component
Status: RFC
Date Proposed: 2020-07-02
Date Ratified: <yyyy-mm-dd>

Specification

Introduction

If ratified, this subproposal would appoint Argent as a Light Feed. Feeds submit data to the Oracles for the prices of assets. They are an important part of ensuring that the Oracles are reliable and secure. Only entities with strong credentials that the community trusts should be permitted to be an Oracle Feed.

Organization

The following information was provided by Argent in their MIP10c14 application and verified by the Oracle Team to the best of its ability.

Name: Argent Labs Limited
Website: https://www.argent.xyz
Github: https://github.com/argentlabs
Email: [email protected]
Incorporated: United Kingdom
Domiciled: United Kingdom
Number of employees: 23
When was the organization founded? 4 December 2017
Who are the major investors in your organization? Paradigm, Index Ventures, Creandum
How much funding has the organization raised either privately or through a token sale? $16m in equity funding
Please provide public references for the above where possible. References for funding:
[Cityam](https://www.cityam.com/sequoia-crypto-fund-paradigm-makes-first-europe-investment-with-london-startup-argent/)
[Companies House](https://beta.companieshouse.gov.uk/company/11093638/filing-history)
[Crunchbase](https://www.crunchbase.com/organization/argent)

Light Feeds

Reputation

  • Does the organization have a strong reputation in the crypto community?

    Argent is a premiere mobile wallet with integrations spanning from the Dai Savings Rate to Compound, Aave, Uniswap, Kyber, and more. It also features a novel Guardians mechanism to restore wallet access in the case of lost keys. It has experienced immense growth in the past year through paying users gas fees, a clever growth hack.

  • What contributions has this organization made to the crypto ecosystem?

    Argent has created a feature rich mobile wallet cover the end to end spectrum of fiat onboarding all the way to DeFi dapps interactions, all packaged up in an intuitive and easy to user interface. Argent has enabled crypto to be exposed to a whole new subset of individuals across the world whose only access to the internet is through their mobile phone. Where other wallets such as TrustWallet and Coinbase Wallet have stagnated, Argent has rapidly innovated and established itself as the premiere mobile wallet in just under a year by shipping new integrations almost monthly.

  • Would including the organization as a Light Feed instill a sense of trust in the Oracles?

    Argent is a respected and trusted organization in the Ethereum ecosystem and their inclusion as a Feed would incite users to trust Maker’s Oracles more.

  • Are there any public accussations of misconduct? How severe and numerous are they? Have they been confirmed?

    Oracle Team was not able to find any evidence of malicious conduct.

Verification

  • Were sufficient public-facing resources provided or found that confirm the information in the application?
    Yes Argent provided numerous sources backed by credible organizations.

  • Was the applicant honest with respect to:

    • the investors

    • how much funding was raised

      The Oracle Team found over a dozen sources via a simple Google Search confirming the investors as well as the amount raised

    • the number of employees

      The Oracle Team found 25 individuals on LinkedIn claiming to have current or past associations with Argent.

    • the location of incorporation & domicile

      The Oracle Team was able to confirm the existence of Argent Labs Limited registered in the United Kingdom at address 9th Floor 107 Cheapside, London, United Kingdom, EC2V 6DN through the U.K. Companies House Register with Company Number 11093638 and registered on 4 December 2017 as stated in Argent’s application.

    • Given the applicant’s major investors, is there a risk adding this Light Feed would give a single investor too much influence over the Oracle protocol?

      The Oracle Team finds no issue with including Argent whose major investors include Paradigm, Index Ventures, and Creandum, and whose largest shareholders are Julien Gregoire Georges Niset (Cofounder & Chief Science Officer), Gerald Goldstein (Cofounder), and Itamar Lesuisse (Cofounder & CEO) are all employees of Argent Limited.

    • Given the incorporation and domicile location of the organization, is there a risk adding this Light Feed would give a single jurisdiction too much influence over the Oracle protocol?

      No.

Identity

  • Did the Oracle Team get in contact with the organization to confirm their application?

    Yes, the Oracle Team spoke to Itamar over video conference who is listed on LinkedIn as the CEO. This is further confirmed by the U.K. Companies House register

Cost-Benefit

  • Given the ratio of Dark Feeds : Light Feeds, does the Maker Protocol benefit from adding another Dark/Light Feed at this time?

    Yes, the Maker Protocol currently has 15 Dark Feeds and 9 Light Feeds. Adding another Light Feed would further balance the ratio.

  • Given the extra cost of appointing a new Feed, does the benefit of the marginal security / marginal trust in the protocol exceed the cost?

Yes, the Maker Protocol currently has 24 Feeds. Adding another Feed would marginally increase Oracle security and resiliency.

Oracle Team Reccomendation

  • Was the applicant honest with the data they provided?

The Oracle Team did not find any inconsistencies in the information provided by the applicant.

2 Likes

Hi, its Craig from Argent here…just posting our signed message…

Message: We are Argent and our Feed key is 0x130431b4560Cd1d74A990AE86C337a33171FF3c6

Signature: 0x360856f8a9e121864121c83be1c844f7b225f97478560249d07937a332705ecf6f297a1bd4f20aad24d5bd074d60dc60e35ff4442a93b36eb282d4f64d5949461c

Cheers!

1 Like

verified! :closed_lock_with_key: