About the NFT Approvement Proposals category

This category is used to post, verify and archive NFT Approvement Proposals(NAP).

The NAP framework :love_hotel:

NAP is a framework for the stable operation, development and improvement of real-asset backed loan services in the ELYFI protocol. ELYFI provides a Crypto Asset Loan Service using NFTs based on real assets as collateral. In order for verified lending companies to use this function, the NFTs to be used as collateral must be recognized as a valuable collateral by ELYFI Governance. The lending companies can request NFT verification through this forum. Then, the community members may review and discuss proposals that lending companies post, and leave comments. These comments will be used as a reference by voters when they decide whether the NFT can be used in ELYFI or not by voting for the proposals. As such, the NAP framework enables stable operation of the ELYFI protocol through clear standards, proper procedures and open participation.

The steps of NAP in ELYFI Governance :globe_with_meridians:

There are two cycles in ELYFI Governance: Off-chain Cycle and On-chain Cycle. The procedure in the forum corresponds to the off-chain governance. The specific steps of the approvement of the NFT is as follows:

  1. RFV: The lending companies requests verification of the NFT to be used as collateral in the ELYFI protocol.
  2. Review & Submission: Helper* reviews whether the proposal is written in the given format, whether there are any typos, and whether all necessary materials are included. After review, the proposal will receive a NAP number from Helper and change the category to Verification.
  3. Verification: Community members review the proposals, leave comments and participate in opinion polls on the thread.

*Helper is a group to assist the Lending-Company group. The roles of Helper are as follows:

  • Check whether the proposals are written in accordance with the specifications
  • Make sure all necessary materials are attached
  • Check for typos
  • Help authors edit their proposals to fit the format