Things are constantly evolving for JetDAO. This is where you can tune in to the latest news and developments—from collateral onboarding to recently implemented protocol changes and everything in between.
It has been all things governance at Jet in September, with the engine load increasing and finding the right attitude. Jet has seen a lot of community engagement, more asset onboarding requests from projects, and more participants voting on-chain.
Jet is actively listening to the community and continuing to build, and the results speak for themselves. So let’s go ahead and delve into the detail.
Asset Onboarding Applications
During the month of September, four Asset Onboarding processes were carried out on the Jet Forum. This led to two new listed assets on Jet Protocol. They include:
-$ORCA, the governance token of the Orca Protocol, a DEX built on Solana.
-$stSOL, a liquid staking token that is redeemable for SOL that has been staked with Lido Finance. Lido is considered one of the largest protocols in terms of digital asset staking volume across different blockchains.
These two assets have been proposed as collateral and the community has voted positively on both, this means that Jet Protocol users can now interact with the assets on the platform performing deposits and taking loans against their assets.
Nearing the end of September, two new Asset Onboarding proposals have been posted on the forum. These include:
-$FTT Wormhole, an SPL token minted when a $FTT token from another chain is bridged to the Solana Blockchain using Portal bridge.
-$scnSOL, a liquid staking token issued by Socean Finance. Socean Finance is, together with Lido Finance, considered key participants of the staking services on Solana.
The forum remains open to new Asset Onboarding proposals so that any member of the community, or from outside, can post an asset as a collateral asset. You can do that here on the Jet Protocol Forum.
In addition to the Asset Onboarding processes, some interesting discussion topics have been opened such as:
-Thoughts on airdrops and liquidity mining: A discussion brought by the community to discuss preferences around liquidity mining on the protocol. This means, including users when deciding and listening to their opinions on how they think the protocol should execute the rewards and incentives going forward. You can read more on the forum thread here.
-Wallet Adapter Onboarding Governance Discussion: This discussion proposed by a member of the community, refers to the processes that Jet Protocol could use when defining which digital wallets can be included in the protocol and which cannot. You can read more on the forum thread here.
With the launch of JetGovern app and Asset Onboarding Framework developed, Jet is now ready to hold its first on-chain vote.
Serving as an avenue for off-chain governance, the JetForum has seen several proposals from representatives of projects across the DeFi ecosystem for potential assets to be added to the protocol and used as yield-earning deposits or collaterals. Interested applicants have been submitting their proposals following Jet’s Asset Onboarding Application Template.
Some of these proposals spurring discussions in the forum include Serum (SRM) and Marinade Finance (mSOL). Angle Protocol has also recently submitted the proposal for onboarding AgEuro as an asset type.
Community members have shared their opinions in agreement or opposition to these proposals, citing important factors like liquidity, risk, and legal implications.
In parallel, the Governance Committee has been evaluating the proposals against Collateral Onboarding Domain Evaluation Criteria (CODEC).
Once a proposal is evaluated, if it passes the assessment by the Governance Committee, it will be posted on the JetGovern app and enter into on-chain voting process. The vote will take place the week of the 9th of May.
An upcoming issue of concern is Sollet sunsetting their support of wrapped ETH and other ERC-20 tokens. This impacts Jet Protocol as it currently supports Sollet-wrapped tokens (both BTC and ETH) as collateral. This also highlights the important lesson in designing for flexibility and decision-making when creating a DAO, always prioritizing the health and safety of the protocol.
JetDAO has already undergone a lot of preparation towards onboarding new collateral types through the governance process. However, there’s no current process established for off-boarding an asset through governance yet. In this case, the amount of time between launching JetGovern and the deadline to redeem Sollet-wrapped assets for their underlying assets is too short.
An asset being sunset in short-order like this could cause a lot of problems. Problems for individuals who own these collateral types, as well as for the Jet Protocol ecosystem as a whole. One problem might be diminished liquidity of these assets closer to the date of sunset.
The Jet Association’s Governance Committee and Jet community will work on developing response criteria for delisting assets in the future. They will also provide an alternative wrapped ETH asset to Sollet wrapped ETH in the short term.
Given the time-sensitivity, and importance of the Sollet news, Sollet-wrapped ETH will be removed as a collateral type from app.jetprotocol.io on Wednesday April 20th, 2022. After this date you will no longer be able to deposit Sollet wrapped ETH into Jet Protocol.
During the period between now and April 20th, we ask that all users of Jet Protocol immediately unwind any loans they’ve taken against their ETH, in addition to withdrawing any deposited ETH.
We anticipate having a community vote on other wrapped ETH assets as soon as possible through governance. Due to the time sensitivity and degree of importance of off-boarding Sollet wrapped ETH there will be a time gap between Jet Protocol supporting any other wrapped ETH collateral types in the meantime.
Please read more about Sollet’s sunsetting of their wrapped ETH asset and how to redeem for the underlying assets here:
If you have any questions about how to manage this transaction please message firstname.lastname@example.org and for any questions related to Sollet-wrapped asset issues, refer to Serum’s official support channels:
Serum Discord: https://discord.com/invite/zxPsXcB
Serum Telegram: https://t.me/ProjectSerum
We are quite excited to share our ongoing decentralization journey for Jet Protocol. Our process for that has included our development of the Jet Association and how it operates with the community. It also includes our soon-to-premiere JetGovern dashboard which is our governance user interface for onchain voting, staking, and proposal submission and review, as well as our planned airdrop.