Adonis Delegate Platform

Delegate Name: adonis
Delegate Address: 0x45CCB0cA68D91f9759fbad3eC0f4b5b4fA79fF36
Forum Handle: adonis
Discord: adonis #7111

Core Principals:

  • Stakeholder Value: IP stakeholder value and safety (IPT holders, USDi users & holders) are top priority.
  • Delegate Openness: Protocol delegates ought to be transparent and open with the broader community regarding their decisions and reasoning.
  • Real-World Application: As the protocol (and DeFi ecosystem as a whole) grow, we must focus on enabling real world uses of USDi.
  • Risk Management: As IP continues to add new features new risks will be exposed. It’s imperative that these are addressed and we minimize impact to stakeholders.

Delegate Statement:

Interest Protocol is one of the most unique lending models in the DeFi ecosystem. The liquidation engine and incentives allow for a more user-friendly model that aligns with the values of the broader DeFi ecosystem. Following this line of thought, it’s important that delegates are not necessarily part of broader groups, but that individual contributors are able to participate and be heard in the governance model.

I have been active in the IP community, helping to aggregate resources and build the resources page of the docs. I look forward to the opportunity to help grow IP’s user base through organic traffic rather than incentives and shills as many other protocols have done.

My primary goal is to use my knowledge of DeFi lending markets and liquidation engines to help IP grow into a powerhouse

Conflicts of Interest & Resolution:

As an individual delegate not heavily involved with other protocol governance I am able to provide an objective view with minimal conflict. In the event that a conflict approaches, I will:

  • Make it publicly known
  • Delegate voting power to a party with less/zero conflict
  • Abstain from the vote

Please indicate your monthly activity on your delegate post here.

Here are the requirements for compensation.

Compensation Eligibility:

  • Communicate on the IP forum how and why a delegate voted the way they did within seven days of the close of a vote (minimum 90% of the time) in their dedicated delegate thread.
  • Command voting weight greater than or equal to 1 basis point of the total IPT supply;
  • Participate in at least 90% of all on-chain IP votes within the previous 90 days
  • The Recognized Delegate (or one authorized representative if a team or institution) must attend at least one public protocol development call each month.

I may not meet the compensation eligibility as I haven’t been involved in the governance votes over the last 90 days. I’m somewhat active in the forums, more so as of recently, and of course attended the first protocol development call.

Hello, thanks for letting me know, unfortunately then you can’t participate in the program at this time. However, I would encourage you to remain active so that when opportunities do come you would meet eligibility

January Attendance

Attended 1/10 Protocol Development call

Proposal to add sUSD as collateral:

I think it’s important to weigh the risk of sUSD losing it’s peg against the additional collateral that it would bring into the protocol. Given that sUSD is collateralized by SNX, IP would face non-marginal risk if Synthetix had to mint significant amounts of SNX to cover bad debt.

I am not disagreeing that it could be beneficial to add it as a collateral. There is good reason that both Aave and Compound allow it. However I will point that Aave has been careful to list sUSD in “Isolation Mode,” thus limiting the other assets they can use as collateral and the assets that they can borrow.

Proposal to add CHAI as collateral

Not much to comment on this proposal. If we take on CHAI collateral, we inherit some risk from MakerDAO, but if they have any sort of default event then it won’t just be IP that’s in trouble.

Proposal to change governance parameters

Again, not much to comment on this. I had a brief exchange with Getty in the comments of the proposal post where I suggested we make the parameters some ratio of the IPT float, but as he astutely pointed out that would require an oracle to get the IPT float. In this case it’s more efficient to adjust the parameters as needed by proposal.

Passing this proposal will facilitate increased governance debates/votes and more nimble protocol development.

Proposal to raise Uniswap LTV

It is reasonable to raise the initial cap rate to align with other collaterals of similar risk profiles. The current UNI LTV ratio is leftover from the early days of IP.

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