Sienta's Newsletter: No. 1 – Weekly updates on real-world assets in DeFi

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Sienta’s Newsletter

Sunday 23 May, 2021
Weekly updates on real-world assets in DeFi

DATA / NEWS

Tinlake
TVL: $18.1m (8% WoW)
# projects: 9

Maker
TVL: $1.3m (312% WoW)
# projects: 1

DATA / NEWS

Pipe puts SaaS ARR into DeFI after raising $250m

“Nasdaq for revenue”, Pipe, which recently announced that they added an additional $100m to their March fundraise at an eye popping $2bn valuation, is unveiled to be the second project in Fortunafi’s revenue based finance (RBF) pool. Link

“Trust based” project 6s gets closer to Maker approval

Not all RWAs are onboarded to DeFi via Tinlake and the Centrifuge model – 6s, a project in the works since Sep ‘20 is now one step closer to becoming the first onboarded by leveraging a legal structured based on a Delaware Trust, instead of a SPV, as they pass the Core Units contract review with “no critical issue”. Link

BizDev lead at Maker leaves to help loan originators onboard to Maker

Greg Di Prisco, as of last week ex BizDev lead at Maker, announced that he is leaving Maker now that it has become more decentralised, and is instead starting RWA Co, a “company to bridge the gap between the legacy credit markets and MakerDAO”. 6s will be the first project using RWA Co. Link

Maker passes Black Wednesday stress test with flying colors

Despite a 56% drop in the price of ETH, Maker functioned nominally and continued burning MKR (in fact, increasing the pace) – a clear improvement from Black Thursday and a testament to the anti-fragility of Maker. Link

MakerDAO is now a real DAO

Although it happened earlier this month, it is big enough to warrant a mention. As the final piece of the decentralisation puzzle, the centralised Maker Foundation sent ~$400m (84k MKR) to the DAO and will spend the resources left on dissolving itself. The decentralisation experiment continues. Link

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