1. Who is the interested party for this collateral application?
The Ren and Filecoin communities. Thanks to @tbone for the majority of the content in this application.
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.
renFIL is a tokenized representation of Filecoin on the Ethereum blockchain. It is an ERC-20, and backed 1:1 with native FIL locked in RenVM. It is redeemable at any time for native FIL.
RenVM is a byzantine fault-tolerant network that is able to securely in a decentralized manner do ECDSA threshold key generation and signing via sMPC, which allows RenVM to securely manage (ECDSA) private keys of different assets like Bitcoin and Filecoin, and wrap these assets on smart-contract chains like Ethereum and Binance Smart Chain. Since launch, RenVM has processed around $1.5B in total volume of Bitcoin, Filecoin, Zcash, Bitcoin cash going to and from Ethereum.
RenVM is a decentralized crypto asset custodian that:
- enables universal interoperability between blockchains: anyone can use RenVM to send any supported asset to any application on any supported host chain in any quantity.
- has robust security*: large bonds, large shard sizes, and continuous shuffling make RenVM extremely difficult to attack, even for irrational adversaries. In the unlikely event of a successful attack, RenVM can restore lost funds through seizing bonds.
- is scalable: as more assets are locked into the custody of RenVM, the algorithmic adjustment of fees allows RenVM to automatically scale its capacity to meet demand.
- provides an optimal user experience: users can interact with multiple assets, applications, and chains with only one transaction.
*when rolled out in the next mainnet phases, currently the network is centralized to allow time for bootstrapping network security as more nodes in RenVM are coming online and the economics mature
3. Provide a brief history of the project.
Q1 2018 - Decentralized Darkpools
Ren (Republic Protocol at the time) sold out a $35mm ICO. The original mandate was to build darkpools for digital assets - a way to prevent front-running and price slippage by trading large amounts in a private, decentralized manner. Rather than just building a single darkpool, the intention was to provide infrastructure for third parties to build multiple dark pools, pooling liquidity and providing a better end-user experience. RenEx and SwapperD were built and delivered (Q4 2018)
Q1 2019 - Republic Protocol Evolves to Ren
Ren team realizes that what they have built applies to much more than Darkpools, pivots down the stack to an ‘interoperability protocol’ and RenVM is born. Rather than operating a single darkpool, or allowing multiple dark pools to build and connect, the protocol will now provide key interoperability infrastructure for DEXs, OTC desks, loan & leverage platforms, liquidity pools, NFTs, dApps, etc.
This is still utilized to test features prior to implementation on Mainnet.
The RenVM Mainnet Rollout Plan articulates the steps for testing and gradual decentralization of the protocol. Follows the recommendation of Progressive Decentralization from Andreessen Horowitz.
Q4 2019 - RenVM Chaosnet | RenVM Mainnet Unaudited
Formal RenVM Chaosnet: November 2019 - April 2020
The sole purpose of this was to put RenVM Mainnet through as many stress tests as possible prior to Mainnet release. The Ren team believes this prudent approach (a 6 month testing period) to RenVM’s security (in addition to formal verification from security auditors) has been crucial for its robustness and subsequent success.
Q2 2020 - RenVM Mainnet | Subzero
RenVM Mainnet is released May 27th, 2020.
Q3 2020 - Open-Sourcing RZL MPC
The core primitives of the Ren protocol begun to gradually be released.
Q4 2020 - Launch of the Multichain
Integration of new source chains and new destination chains, including Filecoin.
4. 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.
5. Link any available audits of the project. Both procedural and smart contract focused audits.
6. Link to any active communities relating to your project.
7. How is the applying collateral type currently used?
renFIL is a one for one representation of FIL on Ethereum via RenVM. As an ERC-20 token, it is/can be utilized in a variety of capacities within the DeFi ecosystem; lending, leveraging, trading, etc.
8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
The REN token holders and darknode operators manage the Ren protocol and RenVM which custodies the assets.
9. Where does exchange for the asset occur?
Individuals can acquire renFIL by minting it with native FIL via the Codefi Bridge.
The same minting process can be achieved on third-party platforms which choose to integrate RenJS.
Further, renFIL is an ERC-20 token and can be found throughout the DeFi ecosystem.
10. 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.
Yes, legal opinion can be distributed individually upon request.
11. 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.
12. List any possible oracle data sources for the proposed Collateral type.
Uniswap price oracle
13. List any parties interested in taking part in liquidations for the proposed Collateral type.