Proposal
Extend 300K $XAI credit line to the ETH/ETH-ng silo (0x339666A930fd79C190e824dd9d9df0393b8BD196).
Rationale
$XAI credit lines are a tool to bootstrap liquidity in lending markets to allow users to access leverage on their tokens while generating revenue for the SiloDAO.
We periodically modify credit lines to optimize XAI utilization to achieve two goals: 1- Generate traction in markets measured in the number of users using markets and frequency of borrowing, 2- Increase $XAI utilization to maximize the DAO’s revenue.
ETH/ETH-ng silo enables liquidity providers (LPs) in the ETH/stETH Curve pool to stake their tokens to borrow ETH/XAI while farming CVX/CRV rewards. The market is similar to other Curve LP tokens lending markets we currently have in terms of technical integration and overall risk.
Extending XAI credit line to the market is an additional step to attract Curve LP users to our protocol.
Please reply to the post with your thoughts or post directly in our Discord community (#silodao-discussions channel).