Timvi - DAO

Timvi DAO

Originally, TIMVI project was supposed to resolve the issue of a centralized printing press that keeps on producing unsecured currencies. The issue procedure of TMV stablecoin is fully decentralized at the level of smart contracts. In other words, no one can just print TMVs and bring coins to the market. Also, TMV-related transactions are not subject to any commissions which means any user can take their collateral back anytime under condition that they pay back as many TMVs as they have originally loaned from the system.

Likewise, the recapitalization procedure enables users to make profits by increasing collateral of third-party loans (TBoxes) thus maintaining the overall system collateral at an acceptable level. Tried and tested, all these mechanisms currently operate in a normal mode and even proved to sustain Black Swan events like the one that occurred March 13, 2020.

Given that all core system features have been launched and tested, the Timvi team decided to gradually move towards a socially-oriented project. It is planned that users will take over control of the project with Timvi DAO in place for resolving burning issues and choosing the development pattern. Timvi DAO will be set up according to the Timvi DAO code available here. We cancel all dapp fees at app.timvi.com and pay back all funds collected at defi.timvi.com under referral programs, also, to maintain operability of all our resources, we allow making donations to developer wallet.

TMV Portal

Free as it has always been and issued under condition of over-collateralization, TMV stablecoin operates on the platform that allows setting zero system fees for all p2p services, and we believe it is high time we do it. So, here is what happens to all app.timvi.com tools now: all user fees in p2p services will amount to 0%. In particular:

  • TBox, the core platform instrument and the only tool to issue TMV stablecoins has always been free of fees;
  • TBond is the p2p service involving TBond Issuer and TBond Holder. The former needs a loan against a collateral in the same currency (ETH). The Issuer is ready to pay an annual interest to the Holder and creates an issue request. A Holder gets TMV equivalent of the ETH loaned to the Issuer, as well as the right to get an annual interest for the TBond. Previously, the Issuer fee amounted to 0.5% and the Holder fee was 10% of the profit. Now both fees are reduced to zero.
  • Leverage is a p2p service that allows you to get a termless zero-interest loan in ETH against a collateral in your ETH (as opposed to TMVs that you get in a standard TBox). The former 0.5% system fee is no more!
  • 1by1 is a p2p service that allows you to convert your ETH to TMV. Get the actual rate in the app any time; the ETH rate is obtained from Chainlink decentralized feed. We have cancelled the standard fee of 0.5% of the transaction amount.
  • Gate service allows converting TMV to ETH using the developer liquidity pool. Or, if the transaction amount exceeds the pool, you can create a conversion request and Gate will help find a willing counterparty. Just as in other cases, we have cancelled the system fee previously fixed at 0.5% of the transaction amount.
  • Recapitalization is the measure that becomes available at the point where a TBox utilization level exceeds the limit. In this case any user can deposit TMVs to this TBox and get an equivalent in ETH from the collateral of this TBox, as well as a reward. While the reward is now set at 6%, previously the system would take 3% as a fee, now the entire reward amount goes to the user who initiates recapitalization.

Now a few words on centralization points that now exist in the system:

  • Option to change the oracle to get the ETH rate
  • Option to change the service usage and recapitalization fees

These issues cause concerns decentralization-wise and are to be transferred under full DAO control. Currently, ChainLink oracle is used, all fees are reduced to 0%.

DeFi Market

TIMVI has a DeFi in-app one-stop-shop in the pipeline. Check the production version at defi.timvi.com. We keep on working to make it convenient for you by adding wallet analytics, investment options, loans and many other features. We currently consider enabling better cash-back rates for users, hold negotiations with different DeFi platforms, try joining referral programs where possible and pay all proceeds coming from such referral programs back to users.

All points where TIMVI platform owners could earn are either disabled or reconfigured to benefit users. Therefore, we introduce a donations program to support the project and its developers. If you like what TIMVI does and want to contribute to the project development, you can donate to our wallet.

Join TIMVI DAO today and together we will create a truly decentralized community where users can earn profits without fees or hidden payments.

DAO

First and foremost, we maintain that the DAO principle stands for 1 vote per 1 person. More and more questions arise about a DAO where a fat cat or a group of fat cats steer a project and force decisions through relying on their financial dominance. DAOs we can now see imply that voting tokens are available for sale. It has nothing to do with a genuine DAO. DAO is not about the money, it is about peer management when everyone can speak up or vote for an initiative they support. An organization where votes are for sale can hardly be called a DAO. We want to build a DAO together with the community, with those who are interested; every member will have a say and will impact the way the platform develops. Currently, we use a very simple method to pool interested users together. Any address used to make a donation to the specified wallet before June 30, 2020 will be automatically included to a DAO set up on the Membership template of Aragon platform. Later on, new members will be admitted by a vote held according to the rules specified in the Timvi DAO Code.