AIP #5: Add XYO to the Open Pool and the Verified Pool on Alkemi Earn

Proposals
#1

AIP 5: Add XYO to the Open Pool and the Verified Pool on Alkemi Earn

Author(s): [@xyo part of the XYO team]

Summary

Add XYO (https://xyo.network/) to Alkemi’s open pool and verified pool to bring the XYO community to Alkemi and facilitate lending and borrowing of XYO and grow the Alkemi community.

Abstract [What?]

By adding XYO to Alkemi Earn, current and future XYO holders will be able to earn & borrow with their cryptocurrency. Additionally, they will be able to gain exposure to ALK, the Alkemi Network DAO token.

Motivation & Goals [Why?]

XYO is a reality oracle connecting the physical world with the digital world. XYO is one of the largest blockchain networks with more than 4 million nodes. XYO is listed on a number of centralized and decentralized exchanges like Coinbase and Uniswap, but the community has no ability to lend and borrow XYO yet. XYO has an extremely dedicated community, which is interested in participating in XYO related activities. As an example, on a current AMA with Crypto.com XYO’s community sent in more than 3,000 questions where Crypto.com usually receives a few hundred.

XYO developed an app called COIN (coinapp.co) which is a node in the XYO Network. COIN is an augmented reality app, which let’s you earn rewards as you explore the world. Among other things, users of the COIN app can earn interest on their XYO token hodlings in Coinbase, Uniswap and their wallet, but there is no true lend and borrow market. XYO could add an interest earning feature for XYO lending through Alkemi. Where lenders get interest from Alkemi in XYO and ALK as well as earn interest through the COIN app. This might bring several thousand new users to Alkemi.

In addition to contributing to a number of open and verified pools on Alkemi, XYO also launched a ALK / XYO liquidity pool on Uniswap to celebrate our partnership and to provide more price stability and liquidity to ALK (Uniswap Info). Further, XYO will discuss continuously Alkemi through its social media e.g. https://twitter.com/OfficialXYO), Medium, etc. when the lending and borrowing of XYO is live on Alkemi.

Specification & Implementation [How?]

XYO is an ERC20, so the implementation should follow the implementation of any other token on Alkemi Earn.

Vote

  • Yes - Approve the proposal
  • No - Do not approve the proposal

0 voters

#2

given proper diligence, it would be good to see a strong community be able to leverage their token in a KYC setting, given appropriate advance rates.

#3

Snapshot voting is now live. Snapshot

#4

First want to say thanks for the proposal.

I’m a bit torn on how to vote for this.

Pros: listing more coins, enabling lending and borrowing for XYO

Cons: volatility of the coin is relatively high compared to assets on Open and Verified pools, which poses a liquidation risk currently on both markets.

I will vote to support but would point out that if the vote is successful it may take 2 months or possibly longer until I think the DAO has enough community/vendor liquidation support and monitoring to safely implement without XYO collateral posing a risk to other markets.