Summary of the proposal:

Question submitted to the vote: Do you agree to the following: zero interest on loans on the RMM (Real Estate Monetary Market) until the launch of Step 1 of RMM v3.5 + 3 weeks, or at the latest until June 30, 2026, whichever comes first, which would reduce interest on deposits to zero during this period, with any further extension subject to a new vote if necessary?

Objectives:

• To drastically limit the accumulation of debt on the RMM during the transition period.
• To acknowledge that depositors agree to forgo interest payments until the launch of Step 1 of RMM v3.5 + 3 weeks, or at the latest until June 30, 2026, whichever comes first.
• To give RealT the necessary time to update the real estate portfolio, provide factual evidence of the work being carried out, and restore investor confidence in order to encourage fresh capital to return to the RMM.
• To adopt a temporary emergency measure designed to stabilize the situation, rather than allow debt to keep increasing mechanically while the underlying crisis remains unresolved.

Motivation/Context:

Summary of the liquidity crisis:

• Since January 16, 2026, liquidity on the RMM has been extremely low (all $15 million of deposits have been borrowed)
• Repayments and deposits are immediately withdrawn by depositors wishing to exit
• The borrowing rate, combined with concerns about the value of collateral, is increasing the number of liquidable and unliquidated wallets
• Overall, loans are increasing by 11 K$ per day (related to the borrowing rate), while repayments are very low and decreasing

On February 16, RealT:

• Stopped rent payments, which were a source of repayment for some borrowers,
• Informed the community that it was working on a solution to resolve the crisis,
• Indicated that it might be advisable to temporarily waive interest payments to ease the situation while the solution is being implemented.

[RIP00042] has now been adopted, reducing the maximum stablecoin borrowing rate to 9.5% APR (9.97% APY). However, this remains a positive rate that continues to increase debt during the transition period.

This proposal is presented as a temporary emergency measure, not as a normal or desirable long-term state of the RMM. If adopted, it would replace, for the covered period, the stablecoin rate framework resulting from RIP00042, because it proposes a different temporary response focused on limiting debt accumulation as much as possible during the interval.

For more information:

• Detailed proposal: https://forum.realtoken.community/d/126
• Chart: https://forum.realtoken.community/d/126/39
• Situation: https://forum.realtoken.community/d/109
• Daily RMM feed: https://zstats.duckdns.org/rmm/

Implementation steps:

• Proposal submitted to a vote on Tally (5-day period),
• Depending on the result, the change is implemented (or not) by RealT,
• The zero-interest period remains in effect until the launch of Step 1 of RMM v3.5 + 3 weeks, or at the latest until June 30, 2026, whichever comes first.
• If Step 1 of RMM v3.5 is launched before June 30, 2026, the stablecoin rates shall then follow the framework voted and implemented for that stage after a temporary transition period of 3 weeks, and in any case no later than June 30, 2026.

Team involved:

• RealT (@Michael): Implementation of the new RMM parameters and development of a constrained crisis-exit solution,
• @Stouban: Initiator of the proposal and responsible for its progress,
• Proposer: Assistance with the proposal development and vote on Tally,
• DAO Members: Preliminary discussions on the Forum, then a vote on Tally.

Roadmap:

• Preliminary discussions on the proposal: since January 24th (in a different version), February 16th (in its zero-rate version),
• First zero-rate proposal approved via [RIP00039] and executed on Thu Mar 12, 10:44 pm,
• Vote on this renewal proposal: early April,
• Rate adjustments (if the vote is favorable): until the launch of Step 1 of RMM v3.5 + 3 weeks, or at the latest until June 30, 2026, whichever comes first,
• Implementation by RealT of a constrained crisis-exit solution during this period,
• If, by the end of May, RealT has not provided clear and sufficiently reassuring factual evidence regarding the progress of its corrective actions, a new vote may be launched at the end of May on a possible extension of the zero-interest measure for an additional three months, from July through September 2026, in order to allow additional time during which concrete, verifiable progress capable of restoring confidence could reasonably be expected.

Key terms:

• Depositors: Wallets that deposit stablecoins (USDC or WXDAI) on RMM for lending. They receive variable deposit interest in return.
• Borrowers: Wallets that borrow stablecoins (USDC or WXDAI) on RMM, with a collateral deposit. They pay variable borrowing interest.
• Variable Borrowing Rate: Depending on the use of the stablecoin reserves, the rate gradually increases up to a maximum. The yield curve is visible on RMM.
• Variable Deposit Rate: Borrowing interest is redistributed to depositors (RMM deducts 10% as a fee). If the borrowing rate drops to 0, since it finances the deposit rate, the deposit rate also drops to 0.
• Liquidation: When a wallet no longer has sufficient collateral for its loans, it is automatically liquidated. A liquidator can repay the loans and receive the tokens used as collateral in return.

Note: This proposal may overlap or conflict with subsequent governance proposals introducing a 3-week delay mechanism, in particular Proposal [RIP00043], which follows Proposal [RIP00040]. In case both are approved, clarification or an additional vote may be required to determine precedence and implementation.

https://forum.realtoken.community/d/126