Add Markets: MKR, AAVE, SUSHI, YFI

New Markets
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Now that all four assets are listed, it is time to talk about collateral factors. I am specifying with “initial” because these are conservative numbers and likely can go higher once the market has a month or two to settle.

MKR:

  • Traded at a large number of exchanges: Binance, Okex, Coinbase, FTX, Houbi. Between them and legitimate others, the 24hr volume looks to be around $25m

  • DEX liquidity: Uniswap v3 ~$12m volume 7-day, Uniswap v2 $20m liquidity, Suhsiswap $18m liquidity, Balancer v2 $32m liquidity

  • Notable: 16% of MKR is the Goverance Contract and 8% in the MCD Pause Proxy.

  • FDV: $2.9B

  • Initial collateral factor: 35%

SUSHI:

  • Traded at a large number of exchanges: Binance/US, Okex, Coinbase, FTX/US, Houbi, Bitfinex. Between them and legitimate others, the 24hr volume looks to be around $86m

  • DEX liquidity: Uniswap v3 ~$1.5m volume 7-day, Uniswap v2 $1m liquidity, Suhsiswap $193m liquidity

  • Notable: 12% of SUSHI is in the Sushi Treasury

  • FDV: $2B

  • Initial collateral factor: 40%

AAVE:

  • Traded at a large number of exchanges: Binance/US, Okex, Coinbase, FTX/US, Houbi, Bitfinex. Between them and legitimate others, the 24hr volume looks to be around $150m

  • DEX liquidity: Uniswap v3 ~$9m volume 7-day, Uniswap v2 $15m liquidity, Suhsiswap $7m liquidity, Balancer v1 $366m liquidity

  • Notable: 19.4% of AAVE is staked, and 15.7% is held in the treasury.

  • FDV: $5.3B

  • Initial collateral factor: 50%

YFI:

  • Traded at a large number of exchanges: Binance, Okex, Coinbase, FTX, Houbi. Between them and legitimate others, the 24hr volume looks to be around $35m

  • DEX liquidity: Uniswap v3 ~$1.5m volume 7-day, Uniswap v2 $2m liquidity, Suhsiswap $90m liquidity

  • Notable: The tokens are spread out thanks to the initial distribution.

  • FDV: $1.2B

  • Intial collateral factor: 35%

For reference: COMP

  • Traded at a large number of exchanges: Binance/US, Okex, Coinbase, FTX. Between them and legitimate others, the 24hr volume looks to be around $210m

  • DEX liquidity: Uniswap v3 ~$17m volume 7-day, Uniswap v2 $3m liquidity, Suhsiswap $14m liquidity, Balancer v2 $7m

  • Notable: The treasury holds 31.5% of minted COMP.

  • FDV: $4.5B

  • Collateral factor: 60%

Next steps:
If we can establish a rough consensus that these initial numbers are safe, I’ll make a governance proposal on Monday. Please post comments and feedback, especially if you think a CF is too high.

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