SurfingChanticleer

The $15MM amount is far too large for an unaudited contract.

Another concern I have is just who would be the lender of this? Yes, the program as designed is secured lending, but a more aggressive underwriting than traditional margined loans. The rates in this type of lending should be significantly higher than a traditional margin loan given the risk to the lender. If the collateral loses significant value or goes to zero, the borrower has no incentive to repay. The use case would be short term - overnight lending or for flash loans.

When would interest on the loan be payable? P&I due at maturity is risky for the lender.

in short, I would be open but only to a much smaller amount given both the contract and credit risks.

Interesting proposal. I’ve thought about the opportunities to expand and think this could be a very interesting play.

I think the allocation limits are good. The 25% limit is generally considered a concentration in finance, so not having a large concentration to manage is beneficial.

Circle (USDC) is will become regulated in the near future. They are seeking to become a bank will be overseen by the US Regulator the Comptroller of the Currency. From a stability standpoint this is possibly one of the best things to happen to USDC. This brings the banking regulator back full circle to when it started. Different banks had their own currency. Being regulated by the OCC meant your money was good at any other national bank - no rug pulls.

I agree with the need for an audit as it is a sound risk management practice. Personally, there should be a budget allotted for audits as necessary. Also what is the current practice in the DAO for engaging third parties?