Set a reminder: Silo will be on Crypto & Coffee ☕️tomorrow. - FRIDAY 3/17 - 10AM EST https://twitter.com/i/spaces/1BdxYyPggOvxX

Chainlink plans to deprecate the FARM/ETH price feed on Mainnet Ethereum. We've looked for an alternative oracle to read FARM market value securely but could not find one. As a result, we recommend the DAO sunset the FARM silo. We ask you to: - Withdraw your funds from the silo Silos cannot be deprecated once deployed, however, the SiloDAO can deactivate oracles, rendering silos unusable - users would only be able to deposit/withdraw, but not borrow. To disable oracles for FARM, and DYDX that was removed earlier this year, the team will run a Tally governance proposal at a later date. Meanwhile, the UI will display a warning signal before the market is fully removed from the UI. https://app.silo.finance/silo/0x6543ee07cf5dd7ad17aeecf22ba75860ef3bbaaa

The Silo rewards program is officially live with 6 silos now receiving $SILO incentives. Our lucky recipients are the following silos: - $cbETH - $rETH - $wstETH - $OHM - $DPX (Arbitrum) -$MAGIC (Arbitrum) More details: https://twitter.com/SiloFinance/status/1636001054423937024

Executed successfully: SIP-45 Migrate rETH to Chainlink rETH/ETH oracle. The rETH silo now uses Chainlink data feeds for all its 3 assets: rETH, XAI, ETH. Incentives are coming to rETH on the 15th - ready your bags. We are also joining tomorrow a community call with Rocket Pool to announce the incentives - join us: https://discord.gg/silo-finance?event=1083134357692219553 rETH silo https://app.silo.finance/silo/0xb1590d554dc7d66f710369983b46a5905ad34c8c

Over the weekend we disabled XAI borrowing** in the UI **as a safety measure that turned out to be unnecessary - we were preparing for a worst-case scenario where USDC would go to zero. XAI borrowing is enabled now and our silos are functioning as they have always been. Thank you

Status Quo Report: Our markets are solvent, we need to take preventive measures. https://medium.com/silo-protocol/silo-finance-status-quo-report-420a25be9cb7 Join the conversation in our Discord. https://discord.gg/silo-finance

If you are around, join us on Twitter spaces. https://twitter.com/i/spaces/1OwxWwAyLkjxQ

Please vote on a snapshot proposal (gas-free): Deploy a lending market for $SILO (Ethereum) https://snapshot.silo.finance/#/proposal/0x571de69067482391b4be68771881ce2c957246f78baa6564afe78b3011a2fabc

We just posted a proposal in our governance forum suggesting a lending market for $SILO. Please participate in the conversation in Discord or by replying to the post in the governance forum. https://gov.silo.finance/t/start-a-lending-market-for-silo/345

Our liquidation App is here. You can use it to liquidate insolvent positions using your wallet - if you are lucky to find ones that bots haven't liquidated yet. The core team uses the liquidation app to monitor risky positions and liquidate insolvent ones in the event liquidation bots, including Silo's, don't liquidate first for any reason. https://liquidation.silo.finance/ Read this guide to learn how to liquidate. https://silopedia.silo.finance/liquidations/liquidation-app

Yesterday we updated the Supply API that CoinMarketCap and CoinGecko use to determine the circulating supply of $SILO. The updated API now excludes $SILO tokens deposited in SiloDAO treasury (TimelockController). Tokens enter circulation when token holders vote to move them out of treasury for any reason. Supply API: https://supply.silo.finance/ Treasury address: https://etherscan.io/address/0xe1F03b7B0eBf84e9B9f62a1dB40f1Efb8FaA7d22

We are gearing up to release an experimental reward program aiming to grow strategic markets. Please take a look at the proposal and share your feedback by replying to the post. https://gov.silo.finance/t/experimental-reward-program/341 We look forward to your valuable feedback.

Please vote on SIP-41: Setup rewards notifications for Silos on Mainnet 🗳️ https://www.tally.xyz/gov/silo/proposal/32363996603063039973386561174007456642405632520930745001006422197605109402307 This is the first step we take to release $SILO rewards program. The "notification receiver" is a technical setup that will allow the protocol to configure and manage rewards for certain silos, and certain actions depositing / borrowing. The notification receiver is controlled by the DAO only, meaning only the DAO can list/delist silos from participating in the rewards program. The proposal whitelists 5 silos to participate in the rewards program for now. This does NOT mean we will turn on rewards for those silos now - we are only whitelisting them. Whitelisted silos: - cbETH - wstETH - rETH - OHM - gOHM The DAO can whitelist more silos in the future via a governance proposal. Why are we not whitelisting all active silos? The answer is to save users gas. Every reward-whitelisted silo will incur a slight increase in gas upon interacting with the silo - depositing, borrowing, repaying, withdrawing - because the protocol needs to keep track of rewards balances. Updating balances cost additional gas that is paid by users. Since we don’t intend to stream rewards to all silos at the moment, we opted to only whitelist silos that will likely receive some incentives in near future.

Please vote for Silo Finance https://twitter.com/DaoChemist/status/1628097275720507392

Chainlink plans to deprecate the DYDX/USD price feed on Mainnet Ethereum. We've looked for an alternative secure oracle to support the DYDX silo but we could not find one. As a result, we recommend the DAO sunset the DYDX silo. Chainlink has given us enough notice to ensure a safe deprecation of the market. We ask you to: - Withdraw your funds from the silo. - Not deposit into the DYDX silo going forward. Since our markets are controlled by the DAO only, the team will run a Tally governance vote to disable the market at a later date. Meanwhile, the UI will display a warning signal.

Executed successfully: SIP-38 Claim DAO's vested SILO SiloDAO's treasury has 180M $SILO tokens now. You can check it out at the following address: https://etherscan.io/address/0xe1F03b7B0eBf84e9B9f62a1dB40f1Efb8FaA7d22 The treasury - also called Timelock Controller - has been vesting total 450M $SILO tokens since December 2021. Token holders can put the treasury's holdings to use through on-chain governance (Tally). For any questions, check out Silopedia for all contracts/wallets: https://silopedia.silo.finance/governance/contracts-and-wallets

Our $SILO/$ETH Balancer pool has been performing incredibly well, thanks to increasing trading volume and dropping smol rewards via VoteMarket and Hidden Hand. vAPR is now at 154%. Liquidity providers are farming $BAL and $AURA. How you can participate https://silopedia.silo.finance/providing-liquidity-on-aura-balancer View pool's historical vAPR https://defillama.com/yields/pool/7af7a637-8541-4b77-8ee5-c3ef0fd6222b You can find all links in #📚resources.

Silo is now live on Gnosis Safe - the leading digital asset management platform. This integration allows Multi-sig wallets to access the Silo application directly through the Safe dApp's UI. Link: https://app.safe.global/eth:0xC04f84A02cC65f14f4e8C982a7a467EE88c5311e/apps?appUrl=https%3A%2F%2Fapp.silo.finance

Silo is proud to announce that we have officially launched on Arbitrum! This will allow us to tap into its robust DeFi ecosystem while offering our risk-isolated lending markets for all its protocols. Silo Arbitrum will allow for risk-isolated lending markets for any token. The bridge assets will be $ETH and $USDC - $XAI will be integrated later as we build its liquidity on Arbitrum. At launch, we will have support for three tokens from three exciting projects: DPX, MAGIC, and UMAMI We have more markets to launch but we will add them over time. Medium Article: https://medium.com/silo-protocol/silo-arbitrum-now-live-75fb17995ce8

Please vote on two proposals: SIP-37: Proposal to set protocol fees to 10% The proposal activates 10% fee on generated interest. Fee is applied on generated interest, not the loan. For example, if your loan generates $10 in interest, you will pay $10 to lenders and $1 to SiloDAO. https://www.tally.xyz/gov/silo/proposal/48152348489359833333290343275117141367313880186166922290441684153798483881562 SIP-38 Claim DAO's vested SILO The proposal claims roughly 188M $SILO to the DAO's treasury from the vesting contract. The DAO will vest a total 450M over 3 years. The proposal will have no effect on token holders. DAO members control treasury's tokens through governance and can allocate them to sources that benefit the DAO. https://www.tally.xyz/gov/silo/proposal/60379765723693416593133228393749213506767246855908169691535303723617200670428

Executed successfully: SIP-36 Mint XAI to silos Summary of changes - Borrow $XAI with USDT or DAI collateral at 2% fixed interest rate. Each of these two silos has 500,000 XAI available to borrow. - Borrow XAI with the following assets at a variable interest rate: - cbETH: 500,000 XAI - wstETH: 500,000 XAI - OHM: 100,000 XAI - gOHM: 400,000 XAI - By minting additional 1M XAI to USDC silo, utilization has dropped to 55%. $XAI borrowing APY is expected to settle at 2.7%. Why borrow $XAI? When you deposit XAI into the XAI/FRABP Curve pool, you have two yield-generating opportunities: - Stake/lock LP tokens on Convex Frax for 12.2%-15.6% - Stake LP tokens on Convex for ~7% Here is a detailed guide on how you can take full advantage of XAI. https://silopedia.silo.finance/xai-stablecoin/farming-rewards-with-xai Depositing XAI generates a bonus slippage Sometimes slippage can be positive. You can deposit up to 1M XAI single-sided (without adding USDC or FRAX) and receive bonus 0.13% in more LP tokens. The bonus slippage happens when the pool is imbalanced, which is the case right now (40% XAI / 60% FRAX-USDC).

The core team is in full swing, coding great releases, promoting the project, and working on great integrations with top projects. We promise you a 2023 journey full of exciting releases, some we can disclose, others we will keep under wraps. Q1/Q2 Roadmap - $SILO buyback program The SiloDAO generates revenue from multiple sources. We will turn on protocol fees soon. We expect the annualized revenue to be somewhere between ~$250K-$500K in 2023, depending on market conditions.Yesterday, we used $25K to buy $SILO back. We concentrate all revenues in this Safe https://etherscan.io/address/0x9b85bc68fec59E0209189b475e0cF636c8264e02. - $SILO rewards program Tokens purchased in the buyback program will be used to incentivize users for using the Silo protocol. For example, we can reward ETH depositors in rETH silo. Rewards will likely attract more deposits and loans. Users will receive $SILO rewards passively and claim them directly in the app. - Silo Arbitrum The Silo protocol is launching on Arbitrum soon. - $XAI Credit Lines (CLs) The SiloDAO has made a total of 18.5M XAI available for users to mint with different collateral assets such as ETH, USDC, DAI, USDT, cbETH, wstETH, OHM, and gOHM. These are called Credit Lines or CL for short. More credit lines = more revenue = larger buybacks. - Lending markets for LP tokens Soon: You can borrow $XAI using Curve LP tokens while collecting all CRV/CVX rewards at the same time. - Integrations with other dApps Multiple integrations are taking place but we can talk about the Olympus DAO one. OHM DAO will deposit OHM in the OHM silo and make it borrowable to users depositing XAI or ETH collateral. - Claiming DAO’s vested tokens The SioDAO has been vesting its 450M token allocation since November 2021. The vested tokens have never been claimed. Once claimed, a roughly 188M $SILO tokens will be available in the DAO’s treasury. DAO members control the tokens through governance. - Allocating Contributors’ tokens Please check the snapshot proposal and vote. https://snapshot.silo.finance/#/proposal/0x0c0e9e8094b612074ee314cf0179dbb9181a1ee456530d8fc970d52709988f53 References Read full announcement: https://medium.com/silo-protocol/silo-report-5d1ddf6aa246 Buyback transaction: https://etherscan.io/tx/0xb85f771353b141fe197f925b5fd072d33a351240a663db7a1e36544fb6546f1b

Executed successfully: SIP-34 - Change IRM config for WETH (all silos) and XAI (DAI/USDT silos). What's changed? - ETH Deposit/Borrow APY is now set at comparable rates to other lending markets across all our silos. ETH APY increased to 5.8% in the cbETH silo, for example. If you have some ETH, drop it in the market. - You can now lend/borrow $XAI at 2% fixed interest rate in the DAI & USDT silos. 1M XAI will be available in these two silos on Sunday. Don't forget to join our community call on Friday. https://twitter.com/i/spaces/1BdGYyNBOOgGX

Please vote on two proposals: - SIP-36 Mint XAI to silos https://www.tally.xyz/gov/silo/proposal/87387547747287228619306649150905742987487346987631313792369194532770280520050 - SIP-35 Disable sETH2, FTT and xSushi Silos https://www.tally.xyz/gov/silo/proposal/21375775685803821114199986220612752813718508941173735503226880715341204874213 SIP-36: Mint XAI to silos The proposal will make $XAI available for users to mint as follows: Silo (Name) XAI Amounts USDC: Mint 1M, total XAI in the silo Increases to 6M USDT: Mint 500,000 DAI: Mint 500,000 cbETH: Mint 500,000 wstETH: Mint 500,000 OHM: Mint 100,000 gOHM: Mint400,000 SIP-35: Disable sETH2, FTT and xSushi Silos The 3 markets are inactive now. Reasons for disabling the markets: - xSushi no longer has a valid oracle after Chainlink disabled the oracle. - sETH2 (StakeWise ETH LSD) is being deprecated and a new token asset will be released soon. - FTT: Token is a rug.

Please vote on SIP-34: Change IRM config for WETH (all silos) and XAI (DAI/USDT silos) PS: The proposal title erroneously refers to USDC/USDT silos whereas the change correctly takes place in the DAI/USDT silos - we apologize for the mistake. 1- Change IRM config for XAI in DAI & USDT silos: We’re experimenting with a Fixed Interest Rate Model (FIRM) in two silos: USDT and DAI. USDT and DAI depositors can borrow XAI at a fixed 2% APY regardless of how much XAI is utilized in those two silos. We currently use FIRM in XAI-ETH silo where users pay 0.1% APY for borrowing XAI with ETH collateral. 2- Change IRM parameters for WETH across all silos: The new parameters for the ETH Interest Rate Model (IRM) increase the borrowing APY of ETH to match the market rate. This means ETH depositors will be earning the same APY as they would on other lending markets. With ETH APY set competitively, we will likely see more ETH flowing to our silos. If you are currently borrowing ETH, expect your current APY to increase. For example, ETH borrowing rate in cbETH silo will go to ~5% at 69% ETH utilization. https://www.tally.xyz/gov/silo/proposal/84569640011567172731203371123301877687517557484238624259415001249126177620776

Please vote on 7 snapshot proposals (gas-free): What are you voting on: - Make XAI mintable in 6 new silos: cbETH, wstETH, DAI, USDT, gOHM, OHM. - Increase XAI minted to USDC silo from 5M to 6M XAI (1M increase). Passed proposals will be aggregated and put up for an on-chain proposal on Tally next week. Please vote: 1- https://snapshot.silo.finance/#/proposal/0x30449dd28b4564e865580944d67e5b30218dbce583cf77a008577658332f9304 2- https://snapshot.silo.finance/#/proposal/0xc98e6493bb338f28de42459ae0161061a41dbfb9b0ded73482d766a69105d4c5 3- https://snapshot.silo.finance/#/proposal/0xcaf12a10b684713a6891fa3e2637d555524ad516681e3ce425d45922ca3b5c00 4- https://snapshot.silo.finance/#/proposal/0xa56de2b2dcfb7982839de96b6725697f790524dfaf2257c20c2cc0d8afabbcaa 5- https://snapshot.silo.finance/#/proposal/0x949cc830a6c3ed26543ab4f176fe55db94205314946558af0e62a39704c23383 6- https://snapshot.silo.finance/#/proposal/0x66405a06ff883b891a44c7200f10f62e1ce03896dd01d7b6356f9f06b98d3d80 7- https://snapshot.silo.finance/#/proposal/0x12969d4617d735deeaa3cf5ca0dc30d42b984b947f78a5be5bd40b3ead9738ad

A proposal has been posted on the governance forum by the core team outlining a Risk Framework for $XAI Credit Line extensions. Proposal: https://gov.silo.finance/t/risk-framework-and-approach-to-xai-credit-lines/329 Hop in our discord server to join the conversation https://discord.gg/silo-finance Reminder that we will also be having our community call in 1 hours time on Twitter Spaces! Community Call: https://twitter.com/i/spaces/1eaJbrXkOqBJX

Please RSVP for our next community call on Friday January 20 at 10:00 AM ET. The call will take place on Twitter Spaces. Post any questions in our Discord - #stage-ama channel - and we will make sure to answer them during the call. RSVP here: https://twitter.com/i/spaces/1eaJbrXkOqBJX

Yesterday we removed $2.5M from XAI/USDC Uniswap pool and added it to XAI/FRAXBP Curve pool. The move follows an upgrade to the protocol's liquidation engine to support liquidations through XAI/FRAXBP curve (*see example of liquidation transaction under references*). With more liquidity in the Curve pool at the peg, XAI’s peg grows stronger, and as such the DAO can extend credit lines to stable assets as well as volatile ones. Here is a break down of the DAO’s XAI-controlled liquidity at the moment: - $2.5M in the XAI/FRAXBP Curve pool. LP tokens are locked in Convex. - $300K in the XAI/FRAXBP Curve pool. LP tokens are locked in StakeDAO. - $430K in the XAI/USDC Uniswap pool. Increasing the Curve pool liquidity will decrease APR for current LPs. However, since the DAO is now farming CVX/CRV tokens, the DAO can feed some, or all, rewards back to the Curve pool. This is something we will consider doing in 2 weeks once we have had enough data to estimate the DAO’s earnings from LPing in the Curve pool. References - Adding/locking XAI/USDC https://etherscan.io/tx/0xedb1448cf0b819627b97ef910c0874c3cf52269903018c762a6b5101f8d820ce - Gnosis Safe controlling DAO’s XAI liquidity in Curve/Uniswap https://etherscan.io/address/0xdff2aea378e41632e45306a6de26a7e0fd93ab07 - Liquidation transaction https://etherscan.io/tx/0x03cd1067a9fffa3c2544959b9ded920999245239355c28b201b703667bc86dea

Silo fam, Happy New Year! We begin 2023 with sharing a proposal to establish a risk framework to extend XAI credit lines to silos. The proposers, Lavi and dabar90, are DeFi analysts, builders, and freelance writers, previously worked for PrimeDAO, Index Coop, Curve Risk Team, and other DAOs. They will be the team implementing the framework and operating it in the best interest of SiloDAO. The proposal suggests a framework to evaluate token assets and track ongoing risk. Evaluating an asset will determine the following: - Do we accept a token asset to mint XAI: Yes / No -> Why - How much credit line does the DAO extend? 100K XAI, 1M XAI, etc. The proposal also suggests a method to measure the risk of extended credit lines and recommend actions like reducing them under certain events. Last but not least, the proposal suggests a reward system to compensate the authors. Why do we need a risk framework? Today, you can borrow XAI into existence in two silos: XAI-ETH and USDC. This is possible because the SiloDAO has already made 15M mintable XAI in those two silos (credit lines). The DAO can extend credit lines to any silo. For example, it can extend 1M XAI to gOHM via a governance proposal. As such, XAI does NOT enter circulation until users over-collateralize gOHM to borrow XAI. That brings up the need to establish a risk framework to evaluate assets that can borrow XAI into existence and monitor the risk of ongoing credit lines. Please read the proposal and post your thoughts in the governance forum or in our discord server (#proposal-discussion) Gov forum: https://gov.silo.finance/t/design-a-risk-framework-and-monitoring-dashboard-for-xai-collateral/326 Discord server: https://discord.gg/silo-finance

A member of the SiloDAO has put up a proposal to change the location restrictions imposed on the Silo App front-end. After Deliberation a few different voting options have been proposed. Get out there and vote https://snapshot.silo.finance/#/proposal/0xbd56247849086c56c7b5b3547e54a1828169982109790c360fce9a2b9e22dea0

A proposal has been posted in our governance forum to "Disable IP regional blocks". Please read the proposal here: https://gov.silo.finance/t/disable-ip-regional-blocks/323 Feel free to discuss it in our discord server: https://discord.gg/silo-finance Reminder about the governance process - Any DAO member can post proposals in the DAO governance forum. (gov.silo.finance) - Once discussed for at least 24 hours, the proposal can move to a snapshot to affect changes. - To create a snapshot proposal, you need at least 100K SILO tokens. If you don't own SILO tokens, or your tokens are currently staked in SILO/ETH pool, you can ask a community member to post the snapshot proposal on your behalf. - If the snapshot proposal passes, the core team will add the change to the roadmap and implement it.

Please vote on snapshot proposal: Establishment of Silo Labs Foundation The proposal will assign Silo Labs as the legal wrapper of SiloDAO, affording all token holders legal benefits and organizing the DAO's relationship with the core team and future businesses that will work with our DAO. Voting is gas-free. We encourage all token holders to participate. https://snapshot.org/#/silofinance.eth/proposal/0xe670f6da8a58a032986835c9f98048e0ffee0e096a2d0c4494fd15af3578efc7 Resources: https://gov.silo.finance/t/forming-a-legal-structure-for-silodao/321

The demand for borrowing XAI has been on the rise. Here are a few facts about XAI: 1- XAI is an overcollateralized stablecoin that is softly pegged to USD. 2- XAI is backed today by USDC and ETH only. 3- XAI minting is fully controlled by SiloDAO. 4- 1XAI always equals 1USD in the silo protocol and therefore XAI price on the market doesn't impact XAI loans. For example, if you have borrowed 1,000 XAI, and XAI trades at $1.03, your loan is still valued at $1,000. 5- You can arbitrage XAI in two ways: - When the XAI market price trades above $1, you can borrow new XAI into existence and sell it on the market. - When the XAI market price is below $1, you can purchase XAI at a discount and repay your XAI loan. 6- XAI's interest rate model is uniform across all silos (except XAI-ETH silo). Here is how much borrow APY you can expect to pay at different utilization levels: Utilization Floor Borrow APY 0% 0.00% 10% 0.50% 20% 1.00% 30% 1.50% 40% 2.00% 50% 2.50% 60% 3.00% 70% 3.50% 80% 4.00% 90% 4.50% 100% 80.00% Read more: https://silopedia.silo.finance/xai-stablecoin/quick-facts

Silo is now printing a 20.8% APR; if you hold any $BAL, you can earn with no lockups and the option to borrow our stablecoin $XAI or $ETH!

XAI/FRAXBP Rewards are live on Curve! Currently clocking in 371%-928% APY. Rewards are currently streaming on Curve and we should see the CVX rewards also start coming online soon. We've put together a small user guide to show the various ways you can take advantage of the yields. Link: https://silopedia.silo.finance/xai-stablecoin/farming-rewards-with-xai

We are proud to announce silos for the following assets: $1INCH $BAT $ENJ $MANA $MKR $RAI $USDP $YFI $ZRX App: http://app.silo.finance/ Please retweet and tag other communities. https://twitter.com/SiloFinance/status/1597606060398764032

$ETH Depositors in the $cbETH silo are earning 6.8% and rising! If you have any extra ETH go grab those juicy yields! Rates are earned as $ETH and are risk-isloated solely to the $cbETH silo. Deposit Here: https://app.silo.finance/silo/0x2eaf84b425822edf450fc5fdeec085f2e5ada98b

Reminder to liquidity providers in the SILO/FRAX pool: You can move your liquidity to the SILO/ETH balancer pool. The pool generates up to ~30% APR when you stake your SILO/ETH LP tokens in Aura. Here is a guide how you can LP in the in SILO/ETH balancer pool: https://silopedia.silo.finance/providing-liquidity-on-aura-balancer Why LP in SILO/ETH? Liquidity providers in SILO/ETH pool have been farming $BAL. You can sell your $BAL for $auraBAL and lock it for ~53% APR. Simple strategy: - Provide SILO/ETH liquidity (Balancer) - Lock SILO/ETH LP tokens on Aura - Receive BAL + AURA rewards - Harvest BAL and sell it for auraBAL - Lock auraBAL (~53% APR)

Update 1 XAI/FRAXBP gauge is now active. Incentives will start flowing to the pool in ~2 weeks. We will post a specific date later. Nothing to do right now. - XAI/FRAXBP pool: https://curve.fi/factory/223/deposit - Successful proposal: https://dao.curve.fi/vote/ownership/228 Update 2 This week we stopped voting for CRV emissions to SILO/FRAX pool. If you are a liquidity provider, move your liquidity to the SILO/ETH balancer pool. The pool generates ~36% when you stake your SILO/ETH LP tokens in Aura. Here is a guide how you can LP in the in SILO/ETH pool: https://silopedia.silo.finance/providing-liquidity-on-aura-balancer FYI: Liquidity providers in SILO/ETH pool have been farming BAL. You can sell your $BAL for $auraBAL and lock for ~53% APR. Simple strategy: - Provide SILO/ETH liquidity (Balancer) - Lock SILO/ETH tokens on Aura - Receive BAL + AURA rewards - Sell BAL for auraBAL - Lock auraBAL (~53% APR) Ape mode: - Borrow BAL on Silo - You can deposit XAI as collateral - Exchange BAL for auraBAL - Lock auraBAL (~53% APR)

The crypto market is going through sever volatility at the moment. Our treasury is safe. Our funds are on-chain. We have zero exposure to centralized exchanges or funds. We don't gamble with the future of our DAO. We keep building. We believe volatility will give birth to a true decentralized finance. As of this morning, shorts on USDT are accumulating. If USDT loses its peg due to a bank un, traditional lending markets become risky because of the one-pool design. Our thesis for risk-isolated, long-tail lending markets remain firm. Today we start rolling out new markets. We will never stop until Silo is home for all token assets. Stay safe and remember to #SiloTheRisk!

With a record 14M CVX in favor, the XAI/FRAXBP proposal has passed. Soon, our Curve pool XAI/FRAX/USDC will start receiving incentives. Stay tuned. A big shout-out to everyone who voted or supported the proposal, including Frax, Yearn, Tokemak, Redacted, Bent, JPEG, Olympus, Alchemix, StakeDAO, Convex and many more. https://snapshot.org/#/cvx.eth/proposal/0x099c0df955199f0e6c28ecd0104397f389b242ece7f0ee7a5cb41ab0f13708c5

We are happy to announce that XAI is now live as the second bridge asset in the Silo lending protocol. Acting on the recent Snapshot proposal, The Core Team has seeded a total of $3M of Liquidity to the temporary XAI/USDC Liquidity Pool on UniswapV3. The actions of the team are as follows: - Deposited 1.875M USDC into the USDC silo. - Minted 1.5M XAI - Created and deposited 1.5M XAI and an additional 1.5M USDC into the UniswapV3 0.05% Pool. This Uniswap pool is temporary and will ensure smooth liquidations until our Curve XAI/FRAXBP Gauge is live. The proposal for the Gauge is currently up and we are talking with friends of the DAO to help us pass it. These include Badger, Tokemak, Yearn, Convex, Redacted, Bent, and Frax. Big thanks to Frax and Bent for the early votes! You will notice the new XAI-ETH silo. We call it the bridge silo. This silo is the cheapest way now to mint XAI at a fixed 0.1% interest per year. The silo uses ETH/USD Chainlink price feed to set the price of 1XAI==$1 in the protocol. Having a stablecoin bridge asset will open the doors to many possibilities for our future users. We will soon share simple borrowing strategies that you can execute to generate attractive yields. Last but not least, SIP-25 is executed and cbETH silo now uses Chainlink to read the price of cbETH. cbETH silo is the only risk-isolated lending market for the asset on the blockchain. Stay tuned and keep believing in Silo! References: - XAI Token address: 0xd7C9F0e536dC865Ae858b0C0453Fe76D13c3bEAc - XAI/USDC Uniswap V3 pool: https://info.uniswap.org/#/pools/0x55bb9904df17f3b07551aa117841b3bbfc66646d - Convex snapshot (Vote ID: 228): https://snapshot.org/#/cvx.eth/proposal/0x099c0df955199f0e6c28ecd0104397f389b242ece7f0ee7a5cb41ab0f13708c5 - Dev Fund wallet: https://etherscan.io/address/0xDfF2aeA378e41632E45306A6dE26A7E0Fd93AB07

If you hold locked $CVX or CRV, please vote to add XAI/FRAXBP gauge. Convex snapshot (Vote ID: 228) https://snapshot.org/#/cvx.eth/proposal/0x099c0df955199f0e6c28ecd0104397f389b242ece7f0ee7a5cb41ab0f13708c5 Curve DAO (Vote ID 228): https://dao.curve.fi/vote/ownership/228 Having a XAI/FRAXBP gauge means we can incentivize users providing XAI/FRAX/USDC to our upcoming Curve pool. ----- IMPORTANT: Vote ID 227 on Convex snapshot is an incorrect. Please do NOT vote it.

A snapshot vote is now live to "Authorize the use of dev funds and vlCVX". Token holders can vote now gas-free: https://snapshot.silo.finance/#/proposal/0xa8a49020f24d4ddc8849722e14a18eceaae1a2811f87216259ba24cd6b7d5390 If you have any questions, use proposal-discussion channel in our Discord server: https://discord.gg/silo-finance

Curve gauge proposal for XAI/FRAXBP is now live on the curve discourse forum! If you're a curve community member please feel free to voice your support. https://gov.curve.fi/t/add-xai-fraxbp-factory-pool-to-the-gauge-controller/4387

SIP 20, 21, 22 are active now. Please vote. SIP-20 sets up silos for the following tokens: DYDX; ENS; FARM; SHIB; 1INCH; AAVE; BIT; BNT; BUSD; COMP; CRO; DAI; FUN; ENJ; GNO; GUSD Vote: https://tinyurl.com/3h6r89nh ----- SIP-21 sets up silos for the following tokens: LINK; MANA; MATIC; MKR; OCEAN; OHM V2; SAND; USDP; QNT; PAXG; RPL; PERP; RAI; SNX; SPELL; Vote: https://tinyurl.com/mre2wdhk ----- SIP-22 sets up silos for the following tokens: IMX; LOOKS; LQTY; KP3R; LDO; wNXM; BADGER; BAT; MIM; SUSD; SUSHI; USDD; UNI; XSUSHI; YFI; AURA Vote: https://tinyurl.com/pwafnu8p Team will release new markets on Silo's lending app gradually. Please do NOT vote If you have not delegated your wallet; you will be wasting gas. Here is how you can delegate your voting power to vote on future proposals. https://tinyurl.com/y8v7hkd8

With the approval of SIP-19, we need to work on building onchain liquidity for XAI. To that end, we invite the community to discuss the following governance topic in our Discord server, proposal-discussion channel. https://gov.silo.finance/t/building-on-chain-liquidity-for-xai/309 TL;DR - We need to use some funds to seed XAI liquidity onchain. - We should use some of our vlCVX to attract deep liquidity. - A Snapshot proposal will follow community discussions. Join discord: https://discord.gg/silo-finance

Random updates - CoinMarketCap fixed the price issue by removing XT.COM from our token profile page. It is reporting correct token price now. https://coinmarketcap.com/currencies/silo-finance/ - Etherscan added $SILO price to our token contract address page https://etherscan.io/address/0x6f80310ca7f2c654691d1383149fa1a57d8ab1f8 - We deposited rewards to veAURA holders through Hidden Hand so that our LPs in SILO/ETH Balancer pool keeps receiving BAL rewards. https://etherscan.io/tx/0xd043783ebdc60c0c33bf27ee8691956530a14070f9acefe2a4877328f7b40908 - A snapshot proposal went up on Balancer snapshot to deposit $100K in BAL to the BAL silo. https://snapshot.org/#/balancer.eth/proposal/0xd7c79c4cfddb1239afd23f3dd62b4e453b68b83b51fdaf98857daa898e4b9f4d - We are getting closes to deploying new markets proposals. Stay tuned.

Please use CoinGecko to track $SILO. CoinMarketCap mistakenly uses XT.COM to report the token price. We have contacted CMC to remove XT.COM from our project profile. You can find all you need to know about the Silo Protocol and $SILO in https://t.me/silo_community/2