✔️[ABIP-05] - [RFC] Establishment of permissioned lending pools on ETH

Summary

The team seeks a vote to allow 100k of Stable coin funding to be provided towards a stable coin permissioned lending pool. The stable coin pool will also be incentivized via ABI rewards.

Detail
Everyone, we are finally at a stage where we need to stat planning and allocating capital to permissioned lending pools. Our partner LUCA+ has secured agreements for credit lines up to 300k and are seeking a credit of 100k at 5% APY to kick off the pilot. They are also requesting that we increase this quickly to 1m since they estimate the pilot to go up to 1m in funding.

Keep in mind all funding provided is denominated in USD, however LUCA Plus will bear any conversion or currency change costs. The money will be setup via a permissioned pool on Arbitrum or Ethereum. This is because the counterparties that allow conversions are not yet on polygon.

This proposal will be followed up with more detailed proposals as we add more partners and lenders. However for the purpose of the pilot, only one permissioned borrows (LUCA Plus) will be added to the pool.

LUCA Plus will convert the money to AUD and fund invoices in a 4% over 4 months arrangement. They estimate we will hit 1m in funding easily during the pilot.

The ask:

  1. Setup a permissioned lending pool with a whitelist. For this purpose either try and use any existing pool setups available (e.g. Balancer).

  2. Add incentives to the pool to help bring more money into the pool.

  3. Build an active lend strategy so that if the funds are under utilised, we can provide yields via other platforms (e.g. Aave or Alchemix).

  4. Setup a loan bond on the permissioned pool where as the bond is due back over a set period of time.

The pilot will run 20th March to 20th April.

5 Likes

Nice to see this put into voting even though it was an implicit given. Really shows how Abachi values the community.

3 Likes

Closed and moved to proposal since this is implemented. The lending pools will be fully permissioned via private lenders. This is already in place now. The DAO will vote on the direction, interest rates etc. Abachi Labs will maintain and develop for these.