Below are our voting decisions and rationales behind how we distributed voting power during the funding round from Cycle 2:
1/4 to Prototech_Labs: Ajna ARK - Ajna Auto Rebalancing Kit
1/4 to @Davidutro: Pt 2 Community, Business Development, and Grants Support Proposal
1/2 to @kfedoseev: Secondary on-chain market for Ajna lenders
Kirill’s proposal for a secondary on-chain market, in Arana’s opinion, is a necessary addition to Ajna’s ecosystem in order to make it an ideal primitive for markets to build on top. Ajna’s capitally efficient and oracleless model comes with the compromise of illiquidity, a compromise that could hinder potential use cases and deter many lenders. A secondary market solves this. Kirill’s timeline and raise amount is reasonable and his background is strong.
Similar to the previous proposal, Prototech’s Ajna ark is a compelling addition that addresses the lending market’s other significant compromise: high maintenance. In order to achieve optimal yield, lenders have to continuously update their positions, which can be time consuming and expensive. Lowering this barrier should improve liquidity significantly. A couple things to note–auto rebalancing can cost a lot in gas if done fully onchain; active management of liquidity is still required for price discovery.
Funding David’s proposal is necessary in our opinion as he needs to finish the important work he has begun. He has properly identified three areas Ajna can improve in and has a clear list of a deliverable, with traction, to further Ajna as an ecosystem. He’s a dedicated member of this community, and is building a strong foundation for Ajna to grow from.