There has been significant discussion on setting up the Angel Vault and the road to get there. Basically we need to get a $600k to $1M of FEI to create oneGIV (stable coin) to deposit into the Angel Vault (as a GIV/oneGIV pair).
The amount of FEI that we need will depend on what we predict our marketcap will be at the launch of the Angel Vault. The volatile market conditions make this relatively unpredictable. We want to borrow enough FEI to create an angel pool that creates a buy wall that is 10% of our market cap at launch, for the rest of this post we ASSUME that is $1M FEI but it likely will be less than that.
The plan to get the FEI is to set up a Rari Fuse pool, basically our own, Aave style borrowing/lending pool, named the “Regen Pool”, and incentivize our community to deposit FEI into that pool. We are aiming for a 30% APR (part of it being part of the GIVstream) returns for about $1.5M of FEI deposited.
We will be putting GIV into that pool & borrowing the FEI. Then using that FEI to create oneGIV. We will be providing $1.2M USD worth of GIV as collateralize up to 4M oneGIV to be minted and safely cover any fluctuations in the GIV token price.
Anyway, this is all explained at length in this post:
This proposal is here to discuss this one element of that whole big shebang, namely:
We need to provide & manage this GIV collateral in the Regen Pool
There are two parts to this proposal:
Decide on & confirm the params & signers of that multisig
Vote to send GIV to that multisig so that it can manage the GIV collateral in the Regen Pool.
In this post Griff suggested a 3/5 gnosis safe for managing the collateral & this process, with the following 5 nrGIV holders, since they are closest to the process:
Yes, love that bunch!
No, I will comment my alternative suggestion
We decided to overcollateralize the pool by 300%. I think the multisig should hold an extra 50% just in case the GIV price fluctuates & we need to add more GIV to the pool without a long decision making process.
So, the multisig will need 350% of the amount of FEI we intend to borrow, and we are proposing to send it to the Regen Pool multisig from our liquidity mining multisig, and then reimburse the liquidity mining multisig with a couple of GIVgarden proposals & a proposal requesting funds from the nrGIV DAO.
As said above, the market right now is super volatile, so if the GIV price drops, we may actually need to borrow less FEI than originally planned to set up the vault with 10% of the GIV market cap.
Some napkin math:
If we intend to borrow $1M of FEI, we need $3.5M equivalent of GIV
If we intent to borrow $500k of FEI, we need $1.75M equivalent of GIV
So! Although the math is TBD, this is the process we hope to follow, baring any objections.
Do you agree to send the needed amount of GIV from the liquidity multisig to the Regen Pool multisig to manage collateral in the Rari Pool?
Yes, send 'er
No, I will comment my objections
I will leave this proposal up for the standard 5 day advice process. If we get soft consensus on the multisig here, we will go ahead & set that up. If we get soft consensus on sending the funds, I will create a snapshot vote to ratify this movement of funds & then take the steps to send it.
Following that, I will create the GIVgarden & nrGIV funding requests to reimburse the liquidity mining multisig - but would also like some feedback on this in the comments.