Summary:
We propose to create a Mimo pool on Midas Capital on Fantom.
Rationale:
Midas has recently been launched on Fantom which allows us to also make a pool on Fantom. As a reminder, we already have a Mimo Midas pool on Polygon since the MGP-7.
This proposal aims to create our own Midas pool on Fantom controlled by the Mimo governance to allow the DAO and users to borrow against the MIMO and PAR tokens and liquidity pools. On Midas, the design of the pool allows borrowing against MIMO token and liquidity pools but not allowed to be borrowed, this feature is called ‘protected collateral’.
Creating a pool on Midas gives also the possibility to set the pool in the interest of Mimo and the users, thus, the Mimo DAO will be able to choose which tokens could be lent, in collateral, protected collateral, but also curve interest rates and the LTV of each token in collateral.
Midas also allows deposit tokens as collateral on the borrowing pool while earning rewards from liquidity mining programs such as MIMO/PAR BPT and PAR/USDC Curve LP. It means that users will earn rewards while using tokens as collateral and borrowing against.
Tokens included in the Mimo x Midas Pool will be :
- PAR
- PAR/USDC Curve LP
- USDC
- DAI
- WFTM
- MIMO
- MIMO/PAR 75/25 BeethovenX LP
Mimo x Midas pool set up: (note that parameters are definitive, they could be changed in the future via another governance proposal)
As protected collateral:
PAR/USDC Curve LP
- LTV → 70%
- Supply Cap → $100,000
MIMO
- LTV → 20%
- Supply Cap → $10,000
MIMO/PAR 75/25 BeethovenX LP
- LTV → 30%
- Supply Cap → $15,000
As collateral:
PAR
- LTV → 75%
- Supply Cap → $75,000
- Debt Ceiling → $70,000
USDC
- LTV → 80%
- Supply Cap → $150,000
- Debt Ceiling → $125,000
DAI
- LTV → 75%
- Supply Cap → $50,000
- Debt Ceiling → $45,000
WFTM
- LTV→ 70%
- Supply Cap → $100,000
- Debt Ceiling → $90,000
Midas is allowing customization of the curve interest rates. With the Midas team we worked on a custom curve interest rates available below:
The curve interest rates will be the same for all assets as collateral on the pool. A curve interest needed for tokens/LPs as protected collateral. We also encourage you to create and propose your own curve interest rates, you can use this model to do this: MIMO - Jump Rate Model [PUBLIC].xlsx - Google Sheets
In order to allow a token/LP as collateral on Midas, an oracle is needed. Below is proposed oracle for each token/LP:
- PAR/USDC Curve Pool → Curve MPF oracle
- USDC → USDC/USD chainlink price feed
- DAI → DAI/USD chainlink price feed
- WFTM → FTM/USDC chainlink price feed
Both PAR and MIMO oracle* are deployed by DIA and can be accessed here:
Polygon: DIAOracleV2 | Address 0xd3709072c338689f94a4072a26bb993559d9a026 | PolygonScan
Fantom: DIAOracleV2 | Address 0xdb547398ba8cbb81e91bc290a70c3588e0d039f7 | FtmScan
Ethereum: DIAOracleV2 | Address 0xc3bd7fe6b4a2fffed28cc7c337da405c504e3074 | Etherscan
The oracle holds both assets, you just need to query for it in the “getValue()” read function with the parameter being either “PAR/USD” or “MIMO/USD”.
Means:
-
Human resources: Verify that the Mimo x Midas Capital Pool has been correctly created and that the ownership of the pool has been successfully transferred to the Mimo DAO multisig.
-
Treasury resources: There is no cost for the treasury to create the pool on Fantom.
Technical Implementation:
The Midas team will deploy the pool with voted parameters by the Mimo DAO then transfer the ownership of the pool to the Mimo DAO multisig. The Midas Capital pool will be on the Midas Capital frontend.
** Voting Options:**
- Accept to create our own pool on Midas Capital Protocol on Fantom
- Refuse to create our own pool on Midas Capital Protocol on Fantom
- Abstain / Rework the proposal
Authors: @starny & @jeanbrasse from Mimo Labs.
Community poll:
- Accept to create our own pool on Midas Capital Protocol on Fantom
- Refuse to create our own pool on Midas Capital Protocol on Fantom
- Abstain / Rework the proposal
0 voters