Proposal: Add SKY as a borrowable and collateral asset on Lenfi

Governance New Assets
1

Short Summary

Adding SKY as a borrowable and collateral asset on Lenfi will allow Sky Protocol users to leverage their tokens for borrowing, lending, and collateral purposes.

  • Approve
  • Disapprove
  • Abstain
0 voters

1.Project and Token Overview

Sky Protocol proposes a universal scalability architecture for Cardano side chains. Scaling side chains on Cardano necessitates a robust Data Availability Solution. Sky Protocol offers a capital-efficient approach to address this challenge, ensuring all Layer 2 decentralized applications on Cardano can function smoothly and effectively.

2. Positioning in the Cardano Ecosystem

  • Increased Utility: By adding $SKY to LENFI, holders will benefit from staking and using $SKY as collateral for loans or lending, thus broadening its use case beyond staking.
  • Enhanced Liquidity: By enabling $SKY as a collateral asset, more liquidity will flow into Lenfi, fostering a more robust lending and borrowing environment.

Tokenomics

  • Total Supply: 100 Million
  • Circulating Supply: 28.6 Million
  • Liquidity: 318.2K ₳
  • Tokens allocated to team members and advisors are subject to a vesting schedule. During the vesting period, the unvested tokens may not be sold, however, voting rights over the fully vested number of tokens will remain in effect unless vesting is interrupted. No team tokens will be unvested until 6 months after the token sale.

SKY Token Utility

There are 4 key components of utility for $SKY.

  • Transaction Fees: the SKY token is used as a utility token in the payment of fees for the publication of data to be made available on the network.
  • Staking: the SKY token can be staked to partake in the Proof-of-Stake economic validation network and security.
  • Governance: everyday votes are used to set and tune the parameters that drive the scaling of the network based on supply and demand.
  • Network Operation: topic committees (think watchers) provide the service that the Data Availability network is designed to provide, namely accept data from side-chain operators and make it available to watchers.

Topic committees also accept fee payment in SKY tokens, survey the honest behavior of previous committees based on which they will be rewarded or punished, and otherwise publish metadata about operations.

Conclusion

Adding SKY will expand its use cases, allowing holders to leverage their tokens for borrowing, lending, and collateral purposes. and provide users with new opportunities to engage with the Cardano ecosystem. This integration will enhance Lenfi’s appeal to a broader range of users, showcasing the protocol’s security and efficiency.

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