After a stellar 2021 celebrating its maiden flight to destinations that build better debt capital market products, Jet looks to welcome more activity to the tarmac. Governance and ground crews must act consistently and objectively to optimize growth efforts. One central area of growth is introducing more asset types to the protocol.
To support coordinating and prioritizing the additions of asset types, we are excited to introduce the community to the Asset Onboarding Framework.
The Asset Onboarding Framework is a starting point for internal and external Jet Community members to direct the evolution of the protocol. This framework serves as a model to define the participation and expectations of evaluating proposed asset types objectively, ensuring transparency, security, and equality among community members. Additionally, this framework promotes discussions of assets to occur in an intelligent, disciplined manner so all community participants can have their voices heard instead of restricting participation to highly educated or specific members.
The Framework comprises several elements that work in sync to facilitate a complex and detailed process. These elements (or tools) are:
- The Asset Onboarding Framework Guide
- The Asset Onboarding Application
- The Asset Onboarding Evaluation Dashboard
- The Asset Onboarding Domain Evaluation Criteria (CODEC) Guide
Jet is a protocol focused on capital efficiencies, and this framework serves as a testament to expanding our community in a way that capitalizes on the values it finds important.
The Asset Onboarding Framework Guide is a master document that defines the roles, responsibilities, processes, and tools required to facilitate the onboarding of a new collateral type. Jet’s goal of being a Governance-first project requires active participation from the Community. Helping these resources find their role within the overall process is critical for generating long-term involvement of members. The complete comprehensive guide can be found at this link, and below is a summary of the overall process for easy reading.
Jet will require several engaged and trusted parties to participate at every stage to facilitate the framework, from the ticket counter to air traffic control. The following roles are defined in this process.
- Interested Parties
- Jet Community
- Internal Governance Committee
- Forum Moderator / Governance Facilitator
- Jet Governance
More information about the roles on the document.
Prioritizing action will be needed to manage a busy airport. Below is an outline of how a Asset Onboarding Application moves from submission through the governance vote and ultimately onboarding.
Full sized image found at https://i.imgur.com/Te3ddEY.png
- Application Process
- Community Campaigns & Discussions
- Internal Governance Committee Reviews
- Governance Vote
More information about the stages is in the document.
To ensure that all the diverse participants of the Asset Onboarding Framework are working in sync several tools are being created to coordinate efforts and the flow of information. Below is a summary of what has been completed and what is to come.
The Application, as mentioned above, is the systematic way of submitting information to the community for review. This tool will evolve as domain experts refine the evaluation process and determine what information is paramount to investigating a asset type efficiently. Today, we have proposed a starting point for this application and look forward to watching how this community modifies it to suit its needs.
This tool will be a project management and transparency resource for governance and the community. The goal of the Jet Asset Onboarding Dashboard is to capture both the community’s and Governance’s desire for onboarding a asset type while also factoring in risk and reward associated with the endeavor. The dashboard will attempt to communicate which assets require community votes and governance votes, promoting participation in the process. Additionally, the tool provides an interactive way to explore the findings of the Internal Governance Committee.
Reach out if you have ideas or any skill to contribute!
CODEC is a technology and aviation term for compressing and decompressing data. Jet’s CODEC will serve as the guide for defining criteria for evaluating asset types across domains. The CODEC’s evaluation process will then be summarized on the Asset Onboarding Dashboard, which links to the raw Asset Assessment Reports completed by the Internal Governance Committee, providing full transparency of the review process. The initial parameters of evaluations are simply a starting point, and over time both the community and governance will fine-tune this engine to maximize the output of the process.
Reach out if you have ideas or any skill to contribute!
This is an evolving process, and as this post has mentioned several times, it serves as the starting point for a best-of-industry framework for evaluating assets. This process will grow and evolve as the community does.
As a starting point, Jet plans to produce Asset Onboarding Application for USDC, which is already on the platform today. This will allow the community to pilot the processes, tools, and teams with a practical exercise of evaluating assets.
This process is not automated, and the Jet Protocol needs your help. Comment below to make suggestions before the first submission, or take a leap of faith and submit an application for a new asset type today. Applications are formally open to any interested party. Get and remain engaged across Jet’s platforms and tools, and leave your mark on the protocol for years to come.
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Jet Protocol is actively searching for community members to grow into the roles mentioned in this post and the Collateral Onboarding Guide. If you have the experience or general interest to impact the development of a decentralized, Jet fueled community - contact us by making a post in the Forum. Everyone is anxious to hear from you.