Asset Onboarding Framework
Framework Summary
This framework standardizes roles & processes for adding new asset types to the Jet Protocol. The document defines the starting point for any interested parties wanting to onboard new assets and describes the work required.
The framework defines the following processes:
Asset Application Process
Community Campaign & Discussions
Governance Committee Review
Governance Vote
The framework defines the following roles recognized within the processes:
Interested Party
Jet Community
Governance Committee
Governance Facilitator
JET Token Holders
Problem Space
Onboarding a new asset type to the ecosystem is no trivial matter. New asset types introduce value to the protocol, as well as technical complexity and risk. Having an organized framework aims to set clear expectations of Interested Parties while also increasing the transparency of the protocol's decision-making.
Ensuring a detailed evaluation before onboarding an asset is required to secure the protocol’s reputation and mitigate risks that could jeopardize present and future value. Several teams need to work in sync to deliver an efficient and repeatable service.
Role Definitions
The defined roles below are assigned as having the following responsibilities in the framework's processes:
Interested Party
The Interested Party is the applicant supporting a new asset’s onboarding campaign.
This role must:
Complete the asset onboarding application
Post the application to the forum, and manage any discussions around the application.
The Interested Party does not need to be officially associated with the asset or the project submitted for consideration; the Interested Party simply needs to have the ability to support the evaluation process by providing the required information to enable the evaluation.
Jet Community
The Jet Community is defined as Jet Protocol forum participants.
This role must:
Act as facilitators of discussions with the objective of highlighting the asset's potential value in the ecosystem and risks associated with the asset if onboarded.
Governance Committee
The Governance Committee is a trusted group of Jet Protocol stakeholders with the skillset to evaluate the proposed asset.
This role must:
Have domain expertise in legal, risk analysis, and protocol engineering. The role facilitates a systematic review of the proposed asset types and decides on the application’s acceptance or rejection.
Governance Facilitator
The Jet Forum is the conduit for proposals to be shared and discussed within the community. The Governance Facilitator is any forum account with the role of "admin"
This role must:
Maintain moderation of the communications in the forum. This requires a stern but welcoming moderator to facilitate discussions around proposals and ideas while keeping the discussion on-topic.
This person also assists the Interested Party with the formatting, clarity, and meets the framework's requirements.
Jet Token Holders
JET token holders serve in the role of Governance.
This role holds:
The authority to accept or reject an asset's application that passes the Governance Committee's review process.
Governance is the final decision point at this initial part of the process.
Process Definitions & Framework Stages
The Asset Onboarding Framework’s processes can be viewed as stages for onboarding. These processes are followed for every asset introduced to the Jet Protocol, executed by the roles defined above.
Application Process
The first step to onboarding a new asset is to complete the Asset Onboarding Application. The application is a standardized document that provides the Governance Committee with the information to define and measure the proposed asset's risk and complete their review for acceptance.
Asset Onboarding Application
The Interested Party will complete the Asset Onboarding Application Template.
Application Submission to Jet Protocol Forum
The Interested Party will then post the completed application to the Jet Protocol Forum. The requirements for posting on the forum are:
Forum Category: Governance
Forum Tag: Asset
Forum Title: [Asset Onboarding Application] - $Symbol - Asset Name
The requirements might be changed by a Governance Facilitator to improve the process.
Process Outputs
If an application is incomplete or improperly posted to the Jet Forum, feedback will be provided by the Forum Moderator / Governance Facilitator, and the Interested Party can re-submit their application.
If the application is completed and posted correctly, the framework progresses to the Community Discussion & Engagement Process.
Community Discussion & Engagement Process
The Community Discussion and Engagement Process supports the Governance Committee, directing prioritization of the asset's onboarding to the Jet Protocol. The Jet Community will challenge the Interested Party’s application and voice their opinion on the potential impact to the protocol. Governance will also have the opportunity to weigh in with additional follow-up items related to the application.
Community Review Period
This process has a minimum 7-day discussion period and runs parallel to the Governance Committee’s review.
Community Call - Optional
The Interested Party is highly encouraged to host a community call and present their Asset Onboarding Application. The call should include a prepared presentation, an open Q&A session and be recorded for the Jet Community to review on the forum at a later date.
Community Poll
Within a week of the application’s submission date, without any objections from the Governance Committee, the Jet Community will launch a poll that shall remain open for seven days. The Jet Community will cast their votes signaling to the Governance Committee their approval or disapproval of the application. The voting period begins on Tuesday of each week.
Process Output
Although the Asset Onboarding Application provides a wide variety of data points to the governance committee for review, both the community and governance may have additional follow-up questions. This process facilitates discussion and data gathering.
A clear signal of Jet Community sentiment of the asset and application.
Governance Committee Review
Concurrent to the Community Discussion, the Governance Committee will conduct their formal application review. The Governance Committee holds ultimate authority over the application’s approval or rejection. Community sentiment is used to prioritize application reviews; however, they do not direct the decision of the Governance Committee.
Review Period
The Governance Committee will deliver a decision on an open application as fast as possible The period will vary based on supply (domains experts) and demand (proposals). In the case of a deferral, the Committee will provide an Interested Party with a sufficient reason while not distracting the community from discussing higher-priority asset types.
Communications
The review process is structured as an open, public discussion on the application’s merits. The Governance Committee will use the application’s forum post to communicate with applicants and the Jet Community. Questions, comments, and ultimately the approval or rejection of the proposal will be delivered as comments to the forum post.
Proposal Review
This process is designed to provide the Jet Community with a consistent and detailed methodology for ranking an asset's value and risk to the protocol, completed by domain experts. Legal, risk, and protocol engineering reviews will be completed to provide a transparent assessment of the asset type and the investment required to onboard it successfully.
A unanimous acceptance is required from the domain experts to grant an application its approval notice. One or more rejections from domain experts do not disqualify the asset permanently. The application can be submitted again once the considerations from Governance Committee have been addressed.
Review Criteria
Asset quality matters, as the weakest asset defines the Protocol risk. Review criteria ensure a consistent and continuously improving set of standards Jet requires of its accepted asset types. Criteria are based on the following domains and topics of interest (not exhaustive):
Legal
Legal
Regulatory risk
Risk
Volume
Amount of wallets
Volatility
Correlation with existing assets
Liquidity
Counterparty risk
Fee Generation
Protocol Engineering
Price feeds
Bridge
Exchange
Smart Contracts
Ownership
Upgradeability
Difficulty
Process Output
The application has reached its first milestone, and there are two possible paths for the application after this stage. This process outputs a consistent Asset Assessment Report. The report evaluates a asset application against consistent domain criteria, and establishes a non-biased framework to weigh the risk and value of introducing the new a asset type to the protocol.
Application Paths
Application Approval - The asset is approved for the Governance Vote
Deferred - The asset needs corrective action before being put up for a vote by governance. The application can be amended once the issue is corrected and resubmitted to the Internal Governance Committee for approval.
Deliverables
Asset Assessment Report - the Internal Governance Committee will provide a justification statement on the forum post for the asset's application, stating the reasoning behind its decision.
Governance Vote
Token holders control the approval of the proposed asset to the protocol. An on-chain vote will be cast to determine if an approved asset application will be ratified or rejected.
Voting Period
The voting period for an approved application will begin after announcing the Internal Governance Committee’s review process. The voting period will remain open for at least seven days after polls open. Once an asset is eligible to be voted on, the voting period begins on Tuesdays.
Process Output
Accepted - the asset is added to the protocol.
Rejected - application is rejected in its current form, and the asset type is not added to the protocol. The interested party must wait 2 weeks before the application is eligible again for another on-chain vote. After every failed on-chain vote, the hold period for resubmission is extended by 2 weeks.
Lack of Quorum - the application can be re-submitted for an on-chain vote by any interested party.
This Framework is a work in process and may change given the needs of the Jet community, protocol, legal and regulatory needs and/or changes, among other demands and needs. When this Framework needs to change, those changes will be communicated in writing and shared on the forum and via future communication channels of the Jet Association.
The Jet Protocol Needs YOU
Jet Protocol is actively searching for community members to grow into the roles mentioned in this post and the Collateral Onboarding Guide. If you have the experience or general interest to impact the development of a decentralized, Jet-fueled community - contact us by making a post in the Forum. Everyone is anxious to hear from you.
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