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cp title authors contributors proposal-type date-proposed date-ended date-modified status
5
POP (Pool Onboarding Proposal)
Colin
Jay
CP4 non-technical
2022-12-14
2023-03-02
2023-09-28
passed

Short Summary

Proposal for an improved version of the POP from the current POP that exists today.

High Level Objective

To simplify the POP process for RWAs onboarding through the Centrifuge protocol and to increase the Community engagement and participation in the process. If this proposal is to pass in the future, it will be added as CP5 (POP) to the governance process.

Background

The POP has been active for over 6 months. In that time, we’ve seen 12 POPs submitted, a number of Introductions, a couple of Pool Parties, and the discussion and engagement around RWAs continues to rise across the Forum.

A POP Workshop back in October revealed opportunities for improvement, with insights coming from both the Community and POPs directly.

Why the POP exists

Let’s quickly revisit why the POP exists.

The POP is a community owned and CFG governance-led process for onboarding RWAs into DeFi through the Centrifuge protocol.

The POP is intended to both simplify the process, as well as curate the quality of RWAs financed through Centrifuge in a transparent, open structure that enables participation from the community as well as from experts.

The process is held by the Community, and most specifically CFG token holders, using their tokens to vote on POPs.

Detailed Description of Proposal

Pools should spend more time preparing for POPs, be more thorough and detailed, and have adequately reviewed and qualified their offering before bringing a POP to governance. To date, many POPs have been early stage, stuck in the “ideation phase”, and not ready for launch...the new updated POP is designed to onboard credit in a tighter, faster, and cleaner process.

It is essential that a prospective issuer markets and engages the Centrifuge community on their proposed pool.

We propose to shorten the POP to become 2 Steps:

  1. Propose a pool (RFC using the POP template) - minimum 7 day discussion
  • During this period the Credit Group may choose work with the issuer to publish an assessment of the pool
  • The prospective issuer should engage the community and utilize Governance Calls, 1:1 relationships and the Forum, in order to gather support for their POP
  1. Onchain governance vote to onboard Pool - minimum 7 day voting period

After 7 days of discussion and engagement of Step 1 (the RFC) the issuer can propose the pool launch by submitting the democracy proposal. To speed up the process the issuer can petition the council to fasttrack the proposal.

This would allow any issuer, sponsor, originator, or fund to have a live, open Pool on Centrifuge in a minimum of 14 days.

Please review the Process (image below) and use the accompanying POP Process appendix, which includes an explanation for each step above. There have also been adjustments to allow for more subjectivity and more description in the POP Proposal Template, while intending to be more helpful through the POP Proposal Guidance, which will be agreed upon by the Community to help provide guidance and direction to POPs before they submit a POP through governance.

Appendices

Alignment to the Mission of the Centrifuge DAO

This process attempts to decentralize the onboarding of RWAs and drive decisioning through governance and the Centrifuge Community.

Link to the RFC on the Forum: https://gov.centrifuge.io/t/rfc-pop-v2-pool-onboarding-process-version-2/4875

Link to the Opensquare Snapshot: https://voting.opensquare.io/p/138

This proposal was modified: