MGP-5┃Create Rari Mimo Pool on Ethereum

Governance Proposal (PGP) Approved PGPs
1

Summary:
We propose to create a Mimo pool on Rari Capital on Ethereum.

Rationale:
The Rari Capital empowers anyone to create isolated interest rate markets that enable borrowing and lending of any token based asset which supports the ERC-20 specification. Rari is currently deployed on Ethereum and Arbitrum.

Website: https://rari.capital/
Documentation: https://docs.rari.capital/
Audits: Security | Rari Capital
Twitter: https://twitter.com/RariCapital
Discord: Rari Capital (Tribe DAO)
Medium: https://raricapital.medium.com/

This proposal aims to create our own Rari pool on Ethereum controlled by the Mimo governance to allow the DAO and users to borrow against the $MIMO token and MIMO/PAR BPT. On Rari, 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’.

Create a pool on Rari gives also the possibility to set the pool in the interest of Mimo and the users, thus, Mimo will be able to choose which tokens could be lended, in collateral, protected collateral, but also curve interest rates and the LTV of each token in collateral.

Tokens included in the Mimo Rari Pool are :

  • MIMO
  • MIMO/PAR BPT
  • PAR
  • PAR/USDC Curve LP
  • PAR/USDC UniV3 LP
  • USDC
  • DAI
  • FRAX
  • LUSD
  • RAI
  • WETH

Mimo Rari pool set up:

  • As protected collateral:
    MIMO → 60% LTV
    MIMO/PAR BPT → 55% LTV
    PAR → 75% LTV
    PAR/USDC Curve LP → 70% LTV
    PAR/USDC UniV3 LP → 70% LTV

  • As collateral:
    USDC → 80% LTV
    DAI → 80% LTV
    FRAX → 75% LTV
    LUSD → 75% LTV
    RAI → 70% LTV
    WETH → 80% LTV

Means:

  • Human resources: Deploy the pool on Rari Capital. It will take less than 1 hour.
  • Treasury resources: There is no cost for the treasury to create the pool on Ethereum.

Technical Implementation:
Use the Rari Capital front-end to deploy our own pool. The Rari pool will be on the Rari frontend.

Voting Options:

  • Accept to create our own pool on Rari Capital on Ethereum
  • Abstain
  • Refuse to create our own pool on Rari Capital on Ethereum
  • Accept to create our own pool on Rari Capital on Ethereum
  • Abstain
  • Refuse to create our own pool on Rari Capital on Ethereum

0 voters

3 Likes
2

Hi,
may I kindly ask to enligth me. :slight_smile:
I understand that we will be able to create a pool on Rari, where we can borrow against our MIMO token and also MIMO/PAR BPT. So far I can follow. :blush:
1st: “controlled by the Mimo governance”
Does that mean it is controlled by vmimo token holder?
2nd: “but not allowed to be borrowed, this feature is called ‘protected collateral’”
What does this mean?

Thanks in advance.

2 Likes
3

1st: “controlled by the Mimo governance”
Does that mean it is controlled by vmimo token holder?

It means that it is our DAO that will choose the collateral, LTV, etc… and not the governance of Rari Capital

2nd: “but not allowed to be borrowed, this feature is called ‘protected collateral’”
What does this mean?

It means that you can Supply LP (for example), but you can’t borrow LP, you will be able to borrow FRAX (still for example)

4 Likes
4

The vote will started June 8th at 10AM CET and finish June 13th at 10AM CET.

Vote Here :ballot_box::point_down:

https://snapshot.org/#/mimo.eth/proposal/0x23cd9b40c1fbddc0e7f46e0c2bad4502e3f84624152de8a9f6dad3c77004577f

3 Likes
5

With over 78M votes from $vMIMO holders, MGP-5 proposal was approved at 100%.

The Mimo DAO will create and control his own Rari Pool on Ethereum.

Results: Snapshot

1 Like