Up until now, we’ve kept the loan voting period short in order to get loans out quickly once the borrower passes the requisite number of YES votes. Now that we have most of the pool assets deployed, we’d like to as a community set a minimum voting period. This period should be long enough that TRU holders have a chance to vote, but short enough that we are able to get loans out and keep the platform growing & capital utilized.
0 voters
I voted for 5 days for us to get a chance to vet the borrower and discuss the use of funds. Will there be any chance to modify the loan rate – i.e., a counter offer of 12% vs. 11.5%?
New borrowers 5 days, known borrowers 2 days
A vote for borrower XYZ who wants a $30 million loan, starts Friday 11:59 pm, US Pacific time and will end at 11:59 pm Pacific on Sunday night. Anyone at the club, on vacation, biking, hiking, funeral, wedding…you get the jist… (otherwise not glued to TrueFi), will NOT be aware of an upcoming vote. If said people with lives outside of TrueFi, don’t check Truefi until Monday, they missed the entire process. Two days is too short, makes it easy for a small group to collude with no time for vetting borrowers.
Per this vote, we will be setting the minimum voting period at 3 days. At launch we were aiming to get several loans out quickly (in order to kick-start the lending pool) but going forward the minimum voting period will be set at 3 days unless a community vote decides to changes this.
TXN that puts this into effect.
To confirm the minimum voting period for yourself, see this link.
259200 seconds / 24 / 60 / 60 = 3 days
Additionally, we are planning on votes for new borrowers to also be 3 days.