Executive Proposal - "Change in Debt Ceiling and MIMO Liquidity Mining"

Governance Proposal (MGP) Approved MGPs
#1

PREAMBLE

The Governance Facilitator(s) and the Mimo Contracts Team have placed an executive proposal into the voting system. Mimo Token Holders are requested to vote for this proposal if they support the following alterations to the Mimo Protocol.

SNAPSHOT

If the Mimo Token Holders accept the executive proposal the following changes will be deployed to the Mimo Protocol:

I. The wETH debt ceiling will be increased from 10 million PAR to 20 million PAR
II. The MIMO Liquidity Mining will be changed as follows:

  • BTC minting: 14% (to be reduced by 6%)
  • Pool ETH-PAR: 28% (to be increased by 3%)
  • Pool USDC-PAR: 28% (to be increased by 3%)
  • ETH minting: 25% (no change)
  • USDC minting: 5% (no change)

Voting for this executive proposal will place your Mimo Token in support of the changes and additions outlined above.

Unless otherwise noted, the changes and additions outlined above are subject to the GSM Pause Delay, i.e. if this executive proposal passes, the changes and additions will only be deployed on the Mimo Protocol after the GSM Pause Delay has expired. The GSM Pause Delay is currently set to 24 hours.

If this executive proposal does not pass within 20 days then it will expire and can no longer have any effect on the Mimo Protocol.

RATIONALE

The last few thrilling weeks have proved Mimo an exceptional platform. Since its official launch, Mimo has grown to over EUR 28,000,000 Total Value Locked (TVL). Keeping up with the increasing demand for the PAR token as well as to provide the opportunity to leverage on ETH it will be required to raise the wETH debt ceiling from 10 to 20 million PAR.

In addition, we believe that it is essential to further incentivize the provision of liquidity to further support the growth of PAR while at the same time keep the price stable. Thus, it will be essential to change the above-mentioned pairs.

We are confident that these changes are appropriate and will enable a better and healthier growth while solidifying the foundation of our ecosystem.

BE INFORMED

Please make sure to inform and educate yourself before proceeding with your vote. Community discussions on the topics outlined above can be found on the Mimo governance forum.

8 Likes
#2

Hello guys, thanks for your work! I love the pace you keep having here. :fire::ok_hand:t2::metal:t2:

4 Likes
#3

“YAE” vote is ready from my side :blush:

#5

Hi Mimo :slightly_smiling_face: sounds senseable in some way. But is someone able to give me the full picture? What does it mean if the “debt ceiling will be increased from 10 million PAR to 20 million PAR”? What is the consequence by doing that? :thinking:
Does it mean that it is now possible borrow double the amount against the collatarized weth?

Thanks in advance. :slightly_smiling_face:

1 Like
#6

GOOD I like Mimo Projects

1 Like
#7

Hey Squirrely!

It just means that the maximum of debt that the platform is currently handling will be raised. We expect to hit that ceiling pretty soon with more advertising and exchange listings, so we need a higher ceiling pretty quickly! :grinning_face_with_smiling_eyes: We implemented a ceiling in the first place to make sure the project is pretty stable in the beginning without huge spikes at one end

1 Like
#8

Hi, I have a question regarding the voting system. We can vote on increasing the debt ceiling and changing the percentages. What if I support only one of these proposals. Let’s say I support the new debt ceilign but I personally wanted other % changes. Do I have to decline the whole proposal?

#9

Thanks Tenebrea :+1:
Still much to learn for me :four_leaf_clover:

1 Like
#10

Hey Semml,

I mean, you have to decide that if you are okay with the other change too or if you want a new vote, so you would probably not vote or vote against it. We, the Mimo team, think it’s important to make it more desirable, to stabilise the protocol, that people move more into the liquidity pools. Your decision! :grin:

#11

Yeah with Eth blowing up, the ceiling will have to be raised. Great first proposal

1 Like
#12

hello,

This debt is already more than 14 millions, so the 10 millions ceiling is overtaken yet ?

#13

The current minted PAR against wETH is around 8 million. You can see that on the dashboard on the webapp. The proposal is already implemented. This time we rushed it, but with an updated UI, it will be easy for everyone to vote on it

2 Likes