This community post’s goal is to propose adding 57 new silos to the Silo protocol.
Community members are encouraged to deliberate on the proposal and provide feedback to improve it. Once the community has provided feedback, the core team will put forth executive proposals to deploy the new silos, taking into consideration community feedback.
We have recently executed SIP-18, effectively expanding our price oracles to include Chainlink and non-ETH Uniswap V3 oracles, opening doors for our protocol to have silos for new token assets.
New silos will implement updated parameters for the interest rate model (IRM) that the protocol implements. The new parameters will effectively adjust interest rates to match market rates and native inflationary APY of the assets underlying the new silos. We believe this will make depositing into the protocol much more attractive for base asset holders while the core team actively works on seeding liquidity to kickstart each market.
Additionally, the core team has completed the development of a custom price oracle for gOHM. The custom oracle reads the price of $OHM V2 from a Chainlink feed and adjusts it by an on-chain rebase index to output an accurate price for gOHM. When the custom oracle is added to our protocol, we will be able to have a silo for gOHM.
For our community members, please review proposed silos listed in the file below.
The file provides a detailed list of 57 token assets along with proposed settings:
How much you can borrow against a deposit of the base asset.
When your position will get liquidated.
We will use Chainlink as a default price provider wherever possible. If a Chainlink price feed is unavailable, we default to oracles from Uniswap V3 or Balancer V2.
Every IRM type implements custom parameters. For example, parameters of the stableLowCap type sets the “low utilization” threshold (ulow) for the at 50%. We speculate that the utilization of the LowCaps will be more volatile, so we give it more wiggle room between ulow and uopt. The lower bound on the APY is set at 4% APY when utilization is at 80%. This is selected approximately the same as AAVE’s.
|stableLowCap||XAI; GUSD; LUSD; MIM; SUSD; TUSD; USDD; USDP|
|stableHighCap||DAI; FRAX; BUSD; USDC; USDT|
|volatileOpt50Base1||BADGER; BNT; cbETH; FUN; GNO; IMX; JPEG; KP3R; NFTX; PERP; wNXM|
|volatileOpt50Base3||AAVE; APE; BIT; CRO; FTT; LDO; LQTY; OCEAN; OHMV2; PAXG; RPL; SPELL; UMA; WOO|
|volatileOpt50Base7||1INCH; ALCX; AURA; BAL; BAT; COMP; CRV; CVX; DYDX; ENJ; ENS; FARM; FXS; LINK; MANA; MATIC; MKR; QNT; SHIB; SUSHI; UNI; WBTC; wstETH; xSUSHI; YFI; ZRX|
You can find parameters of each type on this link.
If the DAO deploys 57 new silos, we plan to suppress them from appearing in our lending protocol all at once and release them gradually in weekly batches. The gradual release of new silos allows the core team to execute co-marketing campaigns with partner communities.
As we enable these new markets, we plan to propose new measures to seed bridge liquidity to some silos to bootstrap borrowing activities in them. Stay tuned for more proposals.
With the launch of our stablecoin and adding new silos, we move from beta to launching our protocols to all DeFi users.
More to come.