[TFIP-31] Expanding and Specifying powers to the Enumerated Powers of the Foundation (Vaults)

[Suvicrypto]

Preface:

The Foundation
Previously the Truefi Foundation (“TF”) on its formation was granted limited enumerated powers and such powers to be exercised by votes the the Board of Directors (“BOD”). Since then, the Foundation has expanded its operations as many functions have been brought in-house from outside service vendors.

Vaults
Since 2022, various credit vaults have been introduced and its display and the process of how it is categorized on the Truefi UI has not been formalised. For example, if a vault has been introduced by a credit manager or service provider which no longer is contracted, then there is no procedure to label the vault for the information benefit of the platform users. (As there can be a case where a vault maturity extends beyond a credit manager or service provider’s contracted relationship with the DAO).

Enumerated Powers
The Foundation’s Enumerated Powers of the Foundation might currently provide relevant powers in the case of vaults allowing the Foundation to:
A. Manage off-chain corporate responsibilities and
B. Act as the initial administrative agent in TrueFi’s decentralized lending architecture to pursue defaults unless DAO members approve an alternative administrative agent.

[Proposal] Establishing the TrueFi Foundation

Author: Michael Bland Progressive Decentralization of TrueFi to Date TrueFi was created to become the open-source financial infrastructure for facilitating uncollateralized lending of digital assets. Since its launch in November 2020, the core team has been executing on a progressive decentralization step plan for turning the ownership, control, and future development of the protocol over to the community through the creation of the TrueFi DAO (the “DAO”). From the start, TrueFi has sought to…

Proposal:
This TFIP looks to expand the Foundation’s powers to allow for it to administer non-defaulted vaults at its discretion where there is not a clear (continuing) mandate on managing such vaults from the DAO. Actions to adminster such vaults may include actions by the Foundatin or BOD to:

1. Contact borrowers to return funds in a timely manner upon maturity and if lenders are known, to remind them upon receipt of funds to withdraw such funds from the vault
2. Moving the vault links to a special section of the Truefi Platorm website and label them, likely once closed to move vault links to a legacy-closed webpage or similar
3. Potentially restructure the vaults for non-default matters such as chain migration or stablecoin migration
4. And any other actions deemed necessary by the Foundation BOD in respect to such Vaults.

As there is no immediate funding requirement I believe for this, this TFIP, if passed can be memorialised by withdrawing 5,000 USDC from the Timelock contract to the foundation as an initial buffer to handle such contingencies by the BOD.

Next Governance Steps
As the proposals does not fall under the simplified governance exemptions, the proposal will require the following steps:

1. Forum Posting: A 72-hour posting period on the forum to allow the community to provide feedback.
2. Snapshot Vote: A 48-hour Snapshot vote will be conducted with the options: “OK to vote on Tally,” “Not OK to vote on Tally,” and “Abstain.” At least 5% of staked TRU must participate in this Snapshot vote to meet the quorum.
3. Amendment Period: If the 5% quorum is met, with a majority negative vote, a 72-hour period will follow to allow for any amendments or discussions before the proposal is posted to Tally.
4. Tally Vote: Otherwise, the proposal will be posted to Tally for the final vote.