Creating Silos
Deploying markets (Silos) through on-chain votes.

Governance Process

Silo is a decentralized protocol that implements permissionless money markets (Silos). Deploying a market for a token asset is permissionless. Although anyone can create a vote to deploy a Silo, we highly recommend you follow the the following process before you create an on-chain vote.
  1. 1.
    Community suggests markets by completing a Google Form with a publicly accessible spreadsheet. Entries will be gathered weekly and queued for the core team to review.
  2. 2.
    Community discusses suggested markets on Discord and governance forum.
  3. 3.
    Core team carefully screens suggested markets and shares its recommendations, including technically-viable markets, risk parameters, and price oracles to be used.
  4. 4.
    Community runs a snapshot vote. Votes must include risk parameters and price oracle choice for each Silo.
  5. 5.
    Core team, or community, creates on-chain vote to deploy voted Silos.

How to deploy a Silo

To deploy a Silo, you need to have a voting power that is equal or larger than 100,000 $SILO in your and that you have delegated your voting power. If you meet those two condition, you can create an on-chain vote. If you don't have enough tokens to meet the Proposal Threshold, you can ask community members to delegate their voting power to your wallet.
Once you have the voting power needed, you can deploy an on-chain vote on Silo DAO on Tally. An on-chain vote is essentially a code that is executed if the vote is passed. In the context of deploying a Silo, the vote must contain code that executes the following actions:
  • Action 1: Set up a price feed for a Silo. The action registers a price feed in the protocol's repository of price providers. The Repository manages price providers and maps assets to their price providers. The repository can register multiple price feeds for a token asset.
  • Action 2: Choose a price provider: The action selects a price feed for the token asset from the feeds that are registered in the oracle repository.
  • Action 4: Set up Interest Model.
The Core team is working on scripts that can be used in on-chain votes to deploy new Silos.

How to change a Silo's settings

Similar to deploying a new Silo, adjusting settings of a Silo requires an on-chain vote. Any token holders with enough voting power can propose the following changes in an on-chain vote:
  • Replace the price feed for a Silo. If the new price feed is already registered in the repository, the vote can simply be about swapping a price feed for another. However, if the suggested price feed doesn't exist in the repository, the proposal has to first register the feed and then use it as a replacement to the one currently implemented.
  • Adjust Loan-To-Value (LTV).
  • Adjust Liquidation Threshold (LT).
  • Replace implemented Interest Model for another.
The Core team is working on scripts that can be used in on-chain votes to affect changes to existing Silos.