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| Silo Finance 
| #SILO
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| SILO Price: | $0.06 | | Volume: | $255.7 K | | All Time High: | $0.92 | | Market Cap: | $14.0 M |
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| Circulating Supply: | 235,815,182 |
| Exchanges: | 3
| | Total Supply: | 1,000,000,000 |
| Markets: | 4
| | Max Supply: | 1,000,000,000 |
| Pairs: | 3
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The price of #SILO today is $0.06 USD.
The lowest SILO price for this period was $0, the highest was $0.059, and the exact current price of one SILO crypto coin is $0.05920.
The all-time high SILO coin price was $0.92.
Use our custom price calculator to see the hypothetical price of SILO with market cap of ETH or other crypto coins. |
The code for Silo Finance crypto currency is #SILO.
Silo Finance is 1.5 years old. |
The current market capitalization for Silo Finance is $13,960,054.
Silo Finance is ranking downwards to #496 out of all coins, by market cap (and other factors). |
There is a medium daily trading volume on #SILO.
Today's 24-hour trading volume across all exchanges for Silo Finance is $255,731. |
| The circulating supply of SILO is 235,815,182 coins, which is 24% of the maximum coin supply. |
SILO has limited pairings with other cryptocurrencies, but has at least 3 pairings and is listed on at least 3 crypto exchanges.
View #SILO trading pairs and crypto exchanges that currently support #SILO purchase. |
Silo Finance: Status Quo Report
TL;DR So far our markets remain solvent on Ethereum & Arbitrum., We need to act fast to prevent risk (Ethereum), No measures are needed for Silo Finance (Arbitrum), — Introduction - With the recent news of Silvergate and Silicon Valley Bank, it’s become clear that USDC backing is undercollateralized. The DAO is a major holder of USDC and uses it as a primary backing for XAI. The team has already taken steps to secure the treasury and the backing of XAI by USDC which has since been greatly decreased — more details below. A governance proposal will be needed for additional measures to protect protocol users on Ethereum from a worst-case scenario. — What’s backing XAI now? - Verify: analytics.silo.finance — Measures taken to date - Yesterday we pulled an all-nighter to ensure our markets remained solvent and DAO’s borrow positions over-collateralized. Here is a rundown of measures we took: We removed XAI/USDC liquidity from Uniswap and XAI/FRAXBP from Stake DAO — roughly ~$700K to overcollateralize borrow positions. You might see CG/CMC reporting erratic prices for XAI because liquidity in the Uniswap V3 pool is shallow (CMC/CG doesn’t use our main Curve pool to report real XAI value)., We added more collateral to our main positions borrowing XAI with USDC (and LPing in Curve). We used protected-ETH collateral to increase HF and disallow others to borrow the ETH as volatile crypto h... 
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The Plight of Long Tail Assets
Thesis 2: Long-Tail assets cannot be included in Shared-Pool Lending Markets Background: Long-tail assets may refer to tokens that are relatively new, have limited liquidity on exchanges, or are yield-bearing tokens that derive their value from another asset. In a DeFi context, this makes it difficult to integrate into protocols due to risk of manipulation or other exploit. As explored in Thesis 1, an exploit in a single token in a shared-pool lending market precipitates risk that can affect the entire protocol. If you observe the dominant lending protocols such as Aave and Compound, they are highly selective about which assets they are able to list. Inclusion of a single token that gets exploited could translate to a protocol-critical event with bad debt accruing to all lenders. Now where does this leave long-tail asset holders? If large lending protocols cannot list you due to risk exposure to other lenders, long-tail asset holders are unable to use their holdings as collateral. This means their tokens may need to sit idle if they cannot be collateralized to be used for yield-bearing activities elsewhere. This creates an opportunity cost for holding long-tails relative to collateralizable assets. Another issue is that the notion of NOT being a long-tail and permissible to list on dominant lending protocols is relatively arbitrary. Since listing of tokens on shared-pool lending platforms are controlled by governance, user...
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Silo Arbitrum: Now Live
Silo is proud to announce that we are now live on Arbitrum, the premier Ethereum Layer 2 scaling solution. Arbitrum’s Optimistic Roll-Up design enables high-speed, low-cost transactions whilst harnessing the underlying security of Ethereum. Additionally, it is home to a robust ecosystem of DeFi protocols that we aim to become well integrated with. — What is Silo? - Silo is a lending protocol with one key difference — while other markets share risk between all deposits, our markets (silos) are completely risk-isolated. — What does this mean? - In the past few years (and as recently as months), we have seen a number of exploits affecting lending markets. If we look at who bears these losses, it is irrelevant what asset the lender originally deposited — once your deposit is in these lending markets, you are automatically exposed to all other assets on the market and all depositors are at risk of bad debt. Rather than a single pool to house all assets, Silo creates individual lending markets (that we call ‘silos’) for each base asset. Each silo only accepts deposits of the base asset of each respective silo and our bridge assets ($ETH and $USDC). Depositors are only ever exposed to our bridge assets and are thus completely insulated from contagion risk affecting our other markets (silos). — Silo’s Arbitrum launch plan - Our markets on Arbitrum will be slightly different from our silos on ...
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Silo Report
Metrics (January 2023) - Total Deposits: 23.5M, Total Borrows: 4.65M, DAO’s January Revenue: $35,000, Claimed January Revenue: $25,000, View more analytics — Active farms - $SILO/ETH Balancer pool: 65.8% — 122.5% vAPR, $XAI Stable Curve pool: 12%-15% vAPR (Frax Convex), Read more: How to farm $BAL/$AURA with $SILO, How to farm $CVX/$CRV/$FXS with $XAI, — Roadmap Q1/Q2 2023 - — $SILO buyback program. — The SiloDAO generates revenue from multiple sources. We expect the annualized revenue to be somewhere between ~$250K-$500K in 2023, depending on market conditions. We have started to claim revenues and deposit them in a Gnosis Safe controlled by the core team. We will use all realized revenue to buy back $SILO tokens directly from the SILO/ETH balancer pool, amounting to roughly $25,000–$35,000 buys every month. — $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. The new rewards program will be designed such that users will still be able to borrow against their positions whilst earning rewards. This will also come with the ability for other protocols to incentivize their own pools with any ERC-20 of theirÂ...
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Shared Pools, Shared Risk
Thesis 1: Every token introduce to a shared-pool lending market confers systemic risk to the entire protocol Background: Shared-pool lending markets such as Aave and Compound pool all deposits into a single pool. Assets that have been whitelisted can be used as collateral to borrow any other token. The nature of the shared-pool design means that a price exploit in any single token will allow holders of that exploited token to borrow any other token. Let’s say you have $ABC whose price is being incorrectly read at 10x (1,000%) its current market price. If $ABC has 60% LTV, $ABC holders can effectively borrow 600% (1,000% * 0.6) its fair market valuation from any token in the pool. Now what happens when the price of $ABC returns to its fair market value? There is now insufficient $ABC collateral to be liquidated to repay lenders, resulting in bad debt. In a shared-pool, who suffers the impact of this bad debt? Since $ABC can be used to borrow any other asset, all lenders bear the risk of bad debt. This means that regardless of what asset lenders initially deposited, you are at risk of not recovering the full value of your deposit! Example: This is a well-known issue with shared-pool lending markets, with protocols such as Venus and Mango Markets experiencing price exploits that resulted in hundreds of millions of dollars worth of bad debt accruing to the protocol due to exploits in individual tokens. Battle tested shared...
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Silo Finance Integrates Chainlink Price Feeds to Help Secure Pricing on Isolated Lending Markets
We’re excited to announce that Silo Finance has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the industry-leading decentralized oracle network, Silo Finance now has access to high-quality, tamper-proof price feeds needed to help ensure proper financial operations. Specifically, this integration helps assure users that Silo Finance lending markets will run smoothly and seamlessly, even during volatile market conditions. Our initial integration involves the use of 8 Chainlink Price Feeds and 38 more are yet to come. We chose Chainlink as our go-to oracle solution because its infrastructure is seamless to integrate and time-tested in production. Chainlink already helps secure leading DeFi protocols responsible for tens of billions of dollars in smart contract value, maintaining robust security and high availability even amidst unexpected events, such as exchange downtime, flash crashes, and data manipulation attacks via flash loans. As a risk-isolating lending protocol, Silo Finance seeks to create lending markets for all digital assets without sacrificing security. To that end, each market (or ‘silo’) consists of only three assets: a base asset such as CRV and two bridge assets — ETH and the protocol’s native stablecoin XAI. Depositors in one market can borrow from another using the bridge assets while remaining exposed to the risk of one token asset. This novel mechanism positions Silo Fin...
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Introducing XAI: Cross-silos stablecoin
Pronounced /zÄ«/, XAI is an over-collateralized stablecoin with a soft peg to the US Dollar. With the approval of SiloDAO, XAI will serve as the second bridge asset alongside ETH in the Silo lending protocol. Instead of borrowing ETH to go from asset A to B, users will be able to collateralize XAI to borrow any token asset in the protocol. The name XAI pays tribute to Wei DAI, a computer engineer to whom we all owe a debt of gratitude for his immeasurable contributions to cryptography and cryptocurrencies. The letter X denotes two attributes of the stablecoin: Bridging: XAI is an accepted collateral across all silos just like ETH is today., Extendability: The SiloDAO can extend credit lines of XAI into any silo., Adding XAI as a second bridge asset to the Silo protocol requires the passing of an executive governance proposal as we detail later in this post.SIP-19 to add XAI as a second bridge assets is active now. — How Does XAI Work? - The SiloDAO is the only entity that controls XAI. Via executive proposals, the SiloDAO can choose to mint unlimited XAI and deposit it into any number of silos. Similarly, the DAO can burn XAI that is extended to any silos via governance proposals. When the DAO mints XAI into a silo, it effectively determines XAI’s backing. Similarly, when the DAO burns XAI in a silo, it changes XAI’s backing. Let’s look at an example. Suppose the SiloDAO mints XAI into the bridge silo (XAI-...
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Silo is live in beta mainnet
The Silo lending application is now available in beta on Ethereum mainnet. You can access it by visiting app.silo.finance. — Silo beta - At launch, the web application has 9 silos that are each capped at 500 ETH in TVL. For example, users in the CRV Silo can deposit up to 250 ETH worth of the base asset CRV, and up to 250 ETH of the bridge asset ETH. We will progressively increase deposit caps in the coming weeks until we eventually remove them. Increasing or removing caps will not require an on-chain vote. Silos can be added to the protocol at any time. However, we encourage the community to wait for 4 weeks before adding new markets. This gives the core team room to continue improving the web application for better user experience while whitehats in the community test the security of the protocol. Once the lending application has been live for 4 weeks, barring unforeseen circumstances, we recommend that the community start adding new markets following a process that we propose later in this post. Accessing the Silo lending application is restricted for users visiting from certain jurisdictions. Find out more here. We also recommend users read the applications’ Terms of Use and Privacy Policy. — Using the lending application - The lending web application is now ready for you to use. Right now 9 base token assets are accepted as collateral, with each asset having its own silo. ETH is accepted as collateral acr...
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Summary of Community Call — July 21, 2022
Summary of Community Call — July 21, 2022 - — Progress Updates - We continue to test on mainnet. New contracts and UI iterations deployed to ship fixes. Testing is going as planned., Currently in the process of last stretch to launch beta— testing liquidation shall begin next week (both Silo’s liquidation bot and external liquidator’s), — Other Updates - Final audit report from Quantstamp received 20 July 2022, Awaiting final audit report from ABDK, Both of these audits will be made available when contracts are open-sourced, Certora Formal Verification report shall also be published soon, — Beta Launch Updates - During the first week of beta, we will cap markets to $25,000 per asset per Silo ($25k non-bridge + $25k ETH for $50k total per Silo), This cap will gradually be increased as the product is stress tested, To request a Silo in future weeks: 1- Click ‘Request a Silo, 2- Complete the Google Form. 3- Every week a Snapshot followed by an on-chain vote will be run, 4- Tokens that receive highest votes will have Silo deployed following technical review, Thank you to the Multifarm Team for conducting a risk analysis of Silo — please refer to their full document here. Summary of Community Call — July 21, 2022 was originally published in Silo on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Summary of Community Call — July 7, 2022
Summary of Community Call — July 7, 2022 - — Audit Updates - Both audits are completed., Auditors are waiting on us to send a few comments so they can prepare final audit reports., — Beta Updates - Dynamic interest rate model had an edge case where abandoned Silos would have overflow interest → this has since been fixed., Smart contracts are being deployed to main net for internal testing — you can track deployment here. Once contracts are deployed and debugged, we will launch UI on deployed contracts., Goal is to integrate Chainlink oracles ASAP for available assets, Any changes to the protocol are implemented by token holders NOT the team — Silo is completely permissionless. This includes changes such as adding markets, changing oracles, collateral factors, etc., — DAO Updates - Working on establishing legal representation for SiloDAO — once we are fixed on a law firm, it will require a governance vote to confirm., This will allow us to establish legal certainty and open doors to partnering with institutions and operating in new jurisdictions., This will also provide protection from regulators when they go after uncovered protocols, Summary of Community Call — July 7, 2022 was originally published in Silo on Medium, where people are continuing the conversation by highlighting and responding to this story.
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