88mph Weekly Update — 5/24/2021
Find out what happened last week in the 88mph Ecosystem.
🏧 oneMPH with IchiFarm Proposal
ICHIfarm is offering to provide an opportunity for 88mph, to improve the flexibility and opportunities of holding the $MPH token.
Summary
ICHI will launch $oneMPH — a stablecoin redeemable 1:1 for USDC, and backed by USDC + $MPH. $oneMPH can be used across MPH.finance as a stable medium of exchange governed by the stablecoin holders. Anyone can mint $oneMPH by supplying USDC and $MPH to the mint contract. This creates a reserve of USDC to ensure redemption at $1 and a community treasury of $MPH
Collaboration ideas:
From our experience talking to many projects, there are multiple use cases for $oneMPH, including:
- Fixed/floating interest rate bonds that use $oneMPH instead of other projects stablecoins
- Treasury diversification — MPH can hold part of its treasury in a stable medium of exchange while using $MPH token.
- Pay contributors in stablecoins — giving them a way to hedge token volatility + generate demand for $MPH token (unlike using other stablecoins that require to give up on your token to acquire it)
- Whitelist 88MPH strategies as approved strategies to deploy capital locked on ICHI oneToken ecosystem: Example — oneBTC pool is a stablecoin backed by USDC and wBTC — with $1.5M one BTC minted — they hold $1.42M USDC and ~7 BTC. oneBTC holders, who govern this pool of token, can decide to take part of the USDC collateral and have it “work” using MPH fixed-rate bonds.
- oneMPH holders are the decision-makers over the collateral and treasury — they can decide to use the USDC that users deposit to optimize the yield they get on their stablecoin.
We are looking to get MPH’s community feedback and ideas on $oneMPH use-cases and potential collaborations.
Please read more and contribute using the link below:
🦋 V3 Progress Update
With the release of v3, and all the extra functionality, protocol longevity, and collaboration opportunities that it brings with it, security is still the most important thing.
Alongside the many hackathons and bug bounties that 88mph is sponsoring, a high-quality audit from the esteemed Peckshield helps to fast-track the trust that will build for 88mph over the coming months.
4 FIXED — 1 ACKNOWLEDGED
The above table shows the findings in Peckshield’s report. With 0 ‘Critical’ issues, our guys Z and McFly can be proud of their rapid work. For those that are not aware, often the high/medium findings in these reports can be based on precedent and not actually as urgent as it seems. For more information, please read the full report in the link below
Notes: C4 bug bounty ended a few days ago. We’ll publish the findings reports in the following days.
☎️ InsurAce Partnership
InsurAce has now partnered with 88mph. In the evolving space of DeFi, insurance options are becoming commonplace. You wouldn’t bank without Insurance, why DeFi without insurance?
Steps to Cover
- Deposit $100k $DAI @ 2.6% Fixed APY
2. Buy an InsurAce cover @ 8% premium (cheap)
3. Earn $2.6k interest
4. Earn $43k $MPH (net APR) (100k-8k)+2.6k+43k=137.6k with initial capital fully insured against SC risks.
☎️ 𝔹𝕖𝕥𝕥𝕖𝕣 𝕔𝕒𝕝𝕝 𝕀𝕟𝕤𝕦𝕣𝔸𝕔𝕖
📟 IV — Community Call
Ft. BridgeMutual & Cometh We’ll discuss risk coverages, interest-bearing spaceships, and the latest news about 88mph.
Join us in the Discord Convention Center | May 27, 1pm ET, 2021.
📟️ III — Community Call Recap
The previous community call with Jai from Rari Capital and the guys at UniWhales DAO is available on Youtube for your listening pleasure.
We talk about markets, innovation, partnerships, and more.
💰 Ξ𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐜𝐚𝐥𝐥
Weekly $MPH staking rewards: 6,663 $DAI
Staking APY: 9.6%
Historical MPH staking rewards distributed: 249,649 DAI
Cash dividends are generated by the fees on the fixed-rate interests paid out + $COMP and $FARM harvested.
Stake your MPH tokens here: https://88mph.app/rewards
🈴 Community Grant applications
Apply here: https://88mph.app/funding.
Additional details about the grants: https://medium.com/88mphapp/88mph-ecosystem-community-grant-round-1-8a2eff9c0855
