🤝Integration

collateral and debt token onboarding

The Credit Guild model can support an unlimited diversity of collateral asset/interest rate/borrow ratio combinations (jointly referred to as a "lending term" or "loan term").

Collateral Onboarding

GUILD holders who meet the quorum threshold can propose onboarding of a new lending term. See Propose a Lending Term for more details. During the early period where the GUILD supply is not well distributed and GUILD is nontransferable, you can request collateral onboarding on Discord and ask the core team any relevant technical questions about lending term parameters.

All lending terms start with a zero debt ceiling. To receive borrowing liquidity, GUILD holders or lenders in the associated market must stake first loss capital. See Staking for details. Integrators may choose to stake first loss capital on lending terms for their assets, or may incentivize users to stake by providing token rewards. Any prospective collateral asset should have either multiple quality private firm audits, or at least one public audit by Code4rena or similar public contest venue.

Debt Asset Onboarding

Onboarding new lending terms is a streamlined optimistic governance process and can be easily done by any GUILD holder who meets the quorum threshold. Creating a new debt market is a bit more work, since multiple contract deployments and parameter tuning is required, so it is recommended to reach out to discuss with the core team on Discord for assistance. Any prospective debt asset should have either multiple quality private firm audits, or at least one public audit by Code4rena or similar public contest venue.

Incentives

The Credit Guild will incentivize lending, borrowing, first loss capital staking, and liquidation across its markets with GUILD rewards. Over the first few months post-launch, incentive distribution will be handled by the core team in monthly airdrops. Control will be handed over to the DAO once a larger portion of the GUILD supply is distributed and users have onboarded to participate in governance. Distribution rate and relative breakdown between lenders and borrowers in each market will be adjusted monthly.

Currently, the available debt markets are USDC, WETH, and ARB. Lender incentives were distributed on a dollar value basis during the first epoch, and are being distributed based on utilization in the second epoch. In the first epoch, lenders received 60% of total incentives, borrowers 20%, first loss capital stakers 15%, and liquidators 5%. In the second epoch, the distribution rate is 70% to Lenders, 10% to Borrowers, 17% to Stakers, 3% to Liquidators.

If an integrator chooses to incentivize their desired collateral or debt assets, co-incentives are possible.