[Asset Onboarding Application] - $SRM - Serum

Less than ~10% of total supply is available in the market. Don’t think its healthy for JET to add something that has 90% of the supply yet to flood the markets.

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Hi @ezio, I think we can rephrase your comment as “I don’t think we should attribute meaningful collateral” and I agree with that.

We can onboard SRM for trading, lending, and borrowing, but with a tiny (or even zero) collateral weight.

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I think it would be helpful to have a separate post expanding on collateral weight, so it can be referenced in other collateral asset discussions.

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I believe it’s a strong asset to being used on Jet but I would like to see some of the missing information added such as the audit section. This is more for the sake of upholding consistency throughout applications and such information is vital to making an informed decision.

We some form of limits in place, SRM can be added to Jet IMO.

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The JetDAO Governance Committee has completed a high-level review of this Asset Application and determined the asset as acceptable to continue with the Onboarding Application. This is not an endorsement of the asset from the Governance Committee.

To continue the onboarding process, we have launched a 7-day off-chain community sentiment poll (see original application post) to gauge the interest of onboarding this asset, as well as help facilitate the community discussion.

Following the conclusion of the Poll, the Governance Committee will publish a summary of the CODEC assessment with a formal decision of allowing the Asset to move forward with the On-chain governance vote and potentially onboarding.

This Poll will run 7 days, and is used to gauge the interest of the Jet Protocol Community on Onboarding this asset as a collateral to Jet Protocol

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The off-chain sentiment poll has been closed.

The Jet Governance Committee has decided to pause the progress of this proposal in order to acquire more info about the audit status of the Serum protocol.

If you are aware of a link to any of the Serum audit activity please share it here in this forum thread.

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I searched the whole web and found nothing (except an erc20 serum audit :sweat_smile:). Then I checked their Discord and found this info:

Summary

Mihyu — 14.06.2022
Does Serum have any audits? Someone help with the answer please. :frowning_with_open_mouth:
D4C (Support) — 14.06.2022
It has been privately audited. Next version of serum is auditing its currently underway. Details will be given at a later date

surfer — 10.06.2022
is the audit report available anywhere?
Milo (Team) — 10.06.2022
Not yet


Asked for current status, answer will be edited.

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Thank you for researching that! My research yielded similar info.

The Jet Governance Committee is continuing to review this proposal to determine if it is appropriate to move to on-chain vote without a publicly available protocol audit.

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The Jet Governance Committee has decided to progress this proposal to on chain vote in alignment with the community sentiment vote. While having audits publicly available will remain a preference for collateral assets it is not a hard requirement.

Surely recent events change the opinion here, right?

I understand there are a couple other independent teams contributing to Project Serum, but should the token really be accepted as collateral? Have to imagine volatility will increase further.

I think SRM should be onboarded and the collateral weight should be adjusted and aligned to the current situation. @eyevzz Any comments here?

Hey everyone. I think we should proceed according to the vote. Our ultimate objective should be to onboard all the tokens for lending/borrowing and trading, to make Jet as convenient as possible to the widest possible set of users.

In terms of risk - it’s pretty inconsequential. Even before recent events we would have onboarded Serum with zero collateral weight, so no one would be able to borrow against it. So even if its value went straight to zero there would be no losses for depositors.

I also support continuing to onboard it. We’ve been conservative enough with the onboarding of each token to avoid undue risk to users’ deposits until we see sufficient liquidity and integrations. The same process could apply to SRM.

Will be voting against this ponzi.

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Not to beat a dead horse, but there are very real concerns about the update authority of Serum being compromised.

Any asset on the Jet platform is listed at the discretion of the DAO. It is always possible to submit a proposal to delist an asset. We do not yet have a template for delisting an asset but this does not stop proposals from being submitted

A good place to start would be the Onboarding Template. Simply, remove the not applicable fields and add fields that would provide any information to justify the proposal.

I supported the off-chain vote here, but I will be voting against this.

In light of everything going on and the connection between FTX, SBF & Serum - JET should absolutely NOT list this right now.

We will also be voting no for this. The situation is getting worse, and we don’t believe this should be onboarded.

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Dear Community Members:

The On-Chain governance vote for $SRM has concluded. We thank all those that have participated in shaping the future of the Jet Protocol.

$SRM did not receive enough votes in order to be added as a collateral at this time. This will conclude the current application process for $SRM. In order to propose this asset again, the applicant must wait 90 days starting today 11/15/22.

Thanks !

1 Like