Abstract
We believe that one of Enzyme’s biggest barriers to our adoption has been the lack of clarity around how to run an actively managed vault compliantly. Together with Agio Digital and our legal counsel we have devised a legal framework to onboard managers quickly and seamlessly. There is a cost involved to working with Agio digital but it does help foster a safe and scalable environment for active managers on Enzyme to operate compliantly. To offset that cost and encourage compliant managers, we’d like to propose that the council reduces fees on funds working with agio from 25bps to 12.5bps per year.
Background
Agio Digital is a Bahamas based fund administrator with a primary focus and expertise on crypto funds. Most (if not all) of the funds they service today are centralized structures which interact with centralized exchanges. Agio Digital has the authority to license SMART Funds, facilitating a smooth and unfettered setup and launch process.
Motivation
We’re keen to encourage a compliant and regulated environment for actively managed enzyme vaults. With that in mind, we’ve partnered with Agio Digital and a local law-firm to create an easy set up for managers.
Agio will use Enzyme to automate a lot of their fund admin processes which will give them a much higher degree of transparency and automation for DeFi funds. The solution we have worked on is non-custodial but if investors prefer to hold their vault shares with a qualified custodian, that has been made possible too through the partnership.
Agio committed to reducing their fund-admin fees for Enzyme users, but they will still charge a fee. In order to keep the full package (Agio + Enzyme) more competitive than CeFi structures, we’d propose that Enzyme reduces its fees for funds launching in partnership with Agio Digital.
We believe this partnership can unlock a lot of usage on top of Enzyme which will make it worthwhile over time.
Improvement & implementation
The implementation work for this partnership has been carried out by Avantgarde. Some additional smart-contracts were required in order to work with Agio’s processes and automate them further. We will continue to work with Agio to further automate the process and bring overall costs down longer t
ENZIP: 15 Title: Discounted fees for Agio Partnership Authors: Avantgarde Finance Status: Draft Created: 21st March, 2023
Abstract We believe that one of Enzyme’s biggest barriers to our adoption has been the lack of clarity around how to run an actively managed vault compliantly. Together with Agio Digital and our legal counsel we have devised a legal framework to onboard managers quickly and seamlessly. There is a cost involved to working with Agio digital but it does help foster a safe and scalable environment for active managers on Enzyme to operate compliantly. To offset that cost and encourage compliant managers, we’d like to propose that the council reduces fees on funds working with agio from 25bps to 12.5bps per year.
Background Agio Digital is a Bahamas based fund administrator with a primary focus and expertise on crypto funds. Most (if not all) of the funds they service today are centralized structures which interact with centralized exchanges. Agio Digital has the authority to license SMART Funds, facilitating a smooth and unfettered setup and launch process.
Motivation We’re keen to encourage a compliant and regulated environment for actively managed enzyme vaults. With that in mind, we’ve partnered with Agio Digital and a local law-firm to create an easy set up for managers.
Agio will use Enzyme to automate a lot of their fund admin processes which will give them a much higher degree of transparency and automation for DeFi funds. The solution we have worked on is non-custodial but if investors prefer to hold their vault shares with a qualified custodian, that has been made possible too through the partnership.
Agio committed to reducing their fund-admin fees for Enzyme users, but they will still charge a fee. In order to keep the full package (Agio + Enzyme) more competitive than CeFi structures, we’d propose that Enzyme reduces its fees for funds launching in partnership with Agio Digital.
We believe this partnership can unlock a lot of usage on top of Enzyme which will make it worthwhile over time.
Improvement & implementation The implementation work for this partnership has been carried out by Avantgarde. Some additional smart-contracts were required in order to work with Agio’s processes and automate them further. We will continue to work with Agio to further automate the process and bring overall costs down longer t