--- title: Template - [Executive Vote] Centrifuge Asset Onboarding - July 23, 2021 summary: Onboarding CF-DROP, FFT1-DROP, HTC-DROP, and P1-DROP date: 2021-07-23T00:00:00.000Z address: "0xD97677Cdc4e5797fE68cf5B935C156399c2370e0" --- # [Executive Proposal] Centrifuge Asset Onboarding - July 23, 2021 The Governance Facilitator(s) and the Protocol Engineering Core Unit have placed an executive proposal into the voting system. MKR Holders should vote for this proposal if they support the following alterations to the Maker Protocol. If you are new to voting in the Maker Protocol, please see the [voting guide](https://community-development.makerdao.com/en/learn/governance/how-voting-works/) to learn how voting works, and this [wallet setup guide](https://community-development.makerdao.com/en/learn/governance/voting-setup/) to set up your wallet to vote. --- ## Executive Summary If this executive proposal passes, the following **additions** will be made to the Maker Protocol: - **CF-DROP (ConsolFreight DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA003-A**) with the parameters listed below. - **HTC-DROP (Harbor Trade Credit DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA004-A**) with the parameters listed below. - **FFT1-DROP (Fortunafi DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA005-A**) with the parameters listed below. - **P1-DROP (Peoples Company Series 1 DROP Token)** will be added to the Maker Protocol as a new RWA vault type (**RWA006-A**) with the parameters listed below. **Voting for this executive proposal will place your MKR in support of the additions outlined above.** Unless otherwise noted, the changes and additions listed above are subject to the [GSM Pause Delay](https://community-development.makerdao.com/en/learn/governance/param-gsm-pause-delay). This means that if this executive proposal passes, the changes and additions listed above will only become active in the Maker Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to **48 hours**. If this executive proposal does not pass within 30 days, then it will expire and can no longer have any effect on the Maker Protocol. --- ## Proposal Details ### Add CF-DROP (ConsolFreight DROP Token) as a new RWA Vault Type As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmRCn7Mh#poll-detail), CF-DROP (ConsolFreight DROP Token) will be added as a new RWA vault type if this executive proposal passes. CF-DROP (ConsolFreight DROP Token) will be added to the Maker Protocol with the following parameters: * Vault Type Identifier: RWA003-A * [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 6% * [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 2 million DAI * Minimum Vault Collateralization Ratio: 105% * Real World Asset Agreement (doc) - https://ipfs.io/ipfs/QmQMNfSbGS8qkJbatQgxMUsz27G8YELWgtXeLs8uFCZoY8 * Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22) * Tau: 0 Please review the following forum threads containing information about CF-DROP (ConsolFreight DROP Token) to inform your position before voting. * [Initial Collateral Application](https://forum.makerdao.com/t/cf-drop-mip6-application-consolfreight-drop-tokenized-freight-shipping-invoices/2214) * [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/cf-drop-collateral-onboarding-risk-evaluation/5597) * [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa003-cf4drp-cf-drop-mip22-token-protocol-engineering-domain-team-assessment/8382) * [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-003-cf-drop-collateral-onboarding-oracle-assessment-mip10c3-sp29/8399) ### Add HTC-DROP (Harbor Trade Credit DROP Token) as a new RWA Vault Type As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmRWg6nZ#poll-detail), HTC-DROP (Harbor Trade Credit DROP Token) will be added as a new RWA vault type if this executive proposal passes. HTC-DROP (Harbor Trade Credit DROP Token) will be added to the Maker Protocol with the following parameters: * Vault Type Identifier: RWA004-A * [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 7% * [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 7 million DAI * Minimum Vault Collateralization Ratio: 110% * Real World Asset Agreement (doc) - https://ipfs.io/ipfs/QmYR2PXwLpdXS8Vp1yS39SPFT1XhmgbsK6XvZ9ApRpNV8M * Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22) * Tau: 0 Please review the following forum threads containing information about HTC-DROP (Harbor Trade Credit DROP Token) to inform your position before voting. * [Initial Collateral Application](https://forum.makerdao.com/t/htc-drop-mip6-application-harbor-trade-credit-drop-short-term-trade-receivables/3502) * [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/htc-drop-collateral-onboarding-risk-evaluation/8001) * [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa004-ht2drp-htc-drop-mip22-token-protocol-engineering-domain-team-assessment/8416) * [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-004-htc-drop-collateral-onboarding-oracle-assessment-mip10c3-sp30/8400) Note that HTC-DROP has met the requirement for a debt ceiling of 7 million DAI, as detailed [here](https://forum.makerdao.com/t/htc-drop-collateral-onboarding-risk-evaluation/8001/5). ### Add FFT1-DROP (Fortunafi DROP Token) as a new RWA Vault Type As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmZCPDVY#poll-detail), FFT1-DROP (Fortunafi DROP Token) will be added as a new RWA vault type if this executive proposal passes. FFT1-DROP (Fortunafi DROP Token) will be added to the Maker Protocol with the following parameters: * Vault Type Identifier: RWA005-A * [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 4.5% * [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): 15 million DAI * Minimum Vault Collateralization Ratio: 105% * Real World Asset Agreement (doc) - https://ipfs.io/ipfs/QmbgDoPn6UcfSDENDqHLgatMFoqXikC8E8it9WaZXyLXmc * Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22) * Tau: 0 Please review the following forum threads containing information about FFT1-DROP (Fortunafi DROP Token) to inform your position before voting. * [Initial Collateral Application](https://forum.makerdao.com/t/fft1-drop-mip6-application-fortunafi-drop-revenue-based-financing-assets/6015) * [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/fft1-drop-collateral-onboarding-risk-evaluation/8036) * [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa005-ff1drp-fft1-drop-mip22-token-protocol-engineering-domain-team-assessment/8417) * [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-005-fft1-drop-collateral-onboarding-oracle-assessment-mip10c3-sp31/8401) Note that FFT1-DROP has met the requirement for a debt ceiling of 15 million DAI, as detailed [here](https://forum.makerdao.com/t/fft1-drop-collateral-onboarding-risk-evaluation/8036/14). ### Add P1-DROP (Peoples Company Series 1 DROP Token) as a new RWA Vault Type As per the positive outcome of this [poll](https://vote.makerdao.com/polling/QmdHV2tW#poll-detail), P1-DROP (Peoples Company Series 1 DROP Token) will be added as a new RWA vault type if this executive proposal passes. P1-DROP (Peoples Company Series 1 DROP Token) will be added to the Maker Protocol with the following parameters: * [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee): 2% * [Debt Ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling): Zero DAI * Minimum Vault Collateralization Ratio: 100% * Real World Asset Agreement (doc) - TBD * Liquidation Process: [MIP22](https://mips.makerdao.com/mips/details/MIP22) * Tau: 0 Please review the following forum threads containing information about P1-DROP (Peoples Company Series 1 DROP Token) to inform your position before voting. * [Initial Collateral Application](https://forum.makerdao.com/t/p1-drop-mip6-application-peoples-company-drop-us-agricultural-real-estate/5518) * [Real-World Finance Core Unit Risk Evaluation](https://forum.makerdao.com/t/p1-drop-mip6-risk-assessment-alternative-equity-advisors-drop-us-agricultural-real-estate/8232) * [Protocol Engineering Core Unit Evaluation](https://forum.makerdao.com/t/rwa006-pp1drp-p1-drop-mip22-token-protocol-engineering-domain-team-assessment/8418) * [Oracles Team Evaluation](https://forum.makerdao.com/t/rwa-006-p1-drop-collateral-onboarding-oracle-assessment-mip10c3-sp32/8402) Note that P1-DROP has not yet been fully set up, and will remain at a zero debt ceiling until it has been finalized. ## Review Community debate on these topics can be found on the MakerDAO [Governance forum](https://forum.makerdao.com/). Please review any linked threads to inform your position before voting. Additionally, these changes may have been discussed further in recent Governance calls. [Video](https://www.youtube.com/playlist?list=PLLzkWCj8ywWNq5-90-Id6VPSsrk4OWVan) for these calls is available to review. --- ## Resources Additional information about the Governance process can be found in the [Governance](https://community-development.makerdao.com/en/learn/governance) section of the MakerDAO community portal. To participate in future Governance calls, please [join us](https://github.com/makerdao/community/tree/master/governance/governance-and-risk-meetings) every Thursday at 17:00 UTC. To add current and upcoming votes to your calendar, please see the [MakerDAO Public Events Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk%40group.calendar.google.com&ctz=UTC&mode=week&showCalendars=0&showPrint=0).