Summary of the proposal: Question submitted to the vote: Do you agree to the following, for a limited period of 15 days: zero interest on loans on the RMM (Real Estate Monetary Fund), which would reduce interest on deposits to zero during this period?

Objectives:

• To reduce the interest burden on borrowers (31.65% APY), which is driving those unable to repay towards liquidation.
• Depositors agree to forgo interest payments for 15 days (i.e., 1.1%), while RealT presents and develops a solution to the crisis.

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),
• RMM interest rates have reached their maximum (31.65% APY for borrowing and 28.49% for deposits),
• Repayments and deposits are immediately withdrawn by depositors wishing to exit,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 11K 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,
• That it might be advisable to temporarily waive interest payments to ease the situation while the solution is being implemented.

For more information:

• Situation: https://forum.realtoken.community/d/109
• Daily RMM feed: https://zstats.duckdns.org/rmm/

Implementation steps:

• Proposal submitted to a vote on Tally (10-day period),
• Depending on the result, the change is implemented (or not) by RealT,
• 15 days later, RealT reactivates the current parameters/rates,
• A new 0-rate period can be voted on if necessary.

Team involved:

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

Budget: This proposal does not require a DAO budget. DAO revenues (from RMM) will have a shortfall of 13 K$ during the 15 days of zero interest rates.

Roadmap:

• Preliminary discussions on the proposal: since January 24th (in a different version), February 16th (in its zero-rate version),
• Vote on the proposal: early March,
• Rate adjustments (if the vote is favorable): mid-March, for 15 days,
• Presentation by RealT of a new solution, followed by a DAO vote: during March,
• Renewal of the zero-rate period: following a new vote.

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.

https://forum.realtoken.community/d/101