Create an elected group that will manage the asset listing process to improve research and security of incoming assets, reduce governance overhead, and expedite implementation. This will onboard more collateral to increase TVL and fees.
This proposal comes from the confusion and friction I’ve heard and personally experienced had seen in listing new assets. It’s hard for teams trying to list their asset on Cream to know:
What are the requirements for getting listed? (liquidity, age, security audits, etc.)
What is the whole process is to get listed and how long until my asset is implemented? (also seems most don’t know that they need to do a 2nd vote to be able to take out loans on their asset)
Who do I go to for advice on getting listed and engaging the community?
How do I get a vote up if I don’t have sufficient CREAM? ($300k is steep requirement even for active CREAM members like me)
CREAM started out as the “fast and scrappy” but listings have started to fall behind compared to speed that tokens are being released on the market. With the addition of LP tokens to the platform the risk of some of these assets is bigger but it also provides a larger market to capture so we need a faster and more reliable process for adding new and high quality assets to the platform This is even more true with the financialization of the NFT market where we could list NFTX LPs, Charged Particles NFTs with embedded ERC20s, or other primitives being released.
The listing team will serve a couple of important functions for the CREAM community:
Single point of contact for teams to get information and advice on listing assets
Trusted group of advisors for CREAM community to vet tokens and make sure they don’t pose a risk to the platform
Streamlined and expedited process for listing assets
Potentially collaborate with other protocols like Aave and Maker on our collateral research efforts
The listing team should be like the Spartan council - an elected group with complete autonomy to list assets based on the team’s research. Each team member would receive an NFT that gives them 1 vote. The team must make a unanimous decision on all parameters - interest rate model, collateral factor, and reserve factor - in order to be listed.
Given that almost all proposals need to go through the CREAM team anyway due to the extremely high costs of acquiring the 1,500 tokens required to create a Snapshot vote this doesn’t actually change the listing process all that much, just make it more explicit and expedited.
One key change to governance by adding the listing team would be to revert this proposal that requires all new tokens start at 0% collateral. While a good safety measure it adds lots of friction and governance overhead to the listing process and the precaution won’t be necessary if we have a dedicated team to ensuring quality tokens and appropriate collateral before listing.
Note: This is just a listing team, anyone can create a proposal to delist or change asset parameters at anytime
Note: This listing team only applies to the ETH platform not the BSC platform which will continue as is.
Open question to CREAM core team - Am I missing any implementation details for listing an asset? I can’t find anything in the docs about which contract/EOA has control over adding/changing assets on the platform
Create a listing team of elected members that has complete autonomy to list new asset
Do nothing - Keep listing governance as is