Add Wrapped Staked Snowbank (wsSB) as collateral to borrow MIM

💡Idea Discussions
1

Summary
Hey Abracadabra community! Yeti from Snowbank here. The goal of this discussion is to talk about the proposal of allowing wrapped staked Snowbank (wsSB) as collateral to borrow MIM on the Avalanche Network.

Background
Snowbank is a decentralized reserve currency protocol available on the Avalanche Network based on the SB token. Each SB token is backed by a basket of assets (e.g., MIM, SB-AVAX LP Tokens etc etc) in the Snowbank treasury, giving it an intrinsic value that it cannot fall below. Snowbank also introduces economic and game-theoretic dynamics into the market through staking and minting.
Like Wonderland, Snowbank is an Olympus fork. Snowbank met rapid success after its launch and has a market cap of $250M+. The SB token is currently backed by a $80M treasury (including 19M MIM, which is also the first pair for SB) and held by 25,000+ snowies.

Resources
Twitter - https://twitter.com/SnowbankDAO
Discord - Snowbank DAO
Website - https://www.snowbank.finance/
Web App - Snowbank DAO
Docs - https://docs.snowbank.finance/

Motivation
Staked Snowbank holders have no opportunity to use their interest bearing token as collateral right now.
Similarly to what Abracadabra allows for OHM and MEMO holders, we would like to propose adding wsSB (wrapped staked Snowbank) as collateral to borrow MIM on the Avalanche Network. The wrapped version of the staked Snowbank is the exact same contract as MEMO, which means it will require limited effort to be implemented.

Contracts
Wrapped staked Snowbank (wsSB) - Contract Address 0x31C4c046EFAD4B04b823a919CC0bDd0f663c87d4 | SnowTrace
Treasury - Contract Address 0xa82422A5FD4F9cB85cD4aAc393cD3296A27dD873 | SnowTrace
SB - Contract Address 0x7d1232b90d3f809a54eeaeebc639c62df8a8942f | SnowTrace
sSB - Contract Address 0xE9Eb40d52CE4744322204d4a29Af63C30f0260a4 | SnowTrace

Thank you!
Yeti

36 Likes
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abracadbra :handshake: snowbank

11 Likes
3

Honestly SB & MIM good projects

8 Likes
4

FUCK YES LET’S DO THIS

1 Like
5

I think it’s a great idea :ok_hand:

4 Likes
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This is what the people want ! The people’s Bank :snowflake:

4 Likes
7

YESSSS…let’s do it and bring more value to the avalanche network!

2 Likes
8

Yes! definitely!! GO MIM on SB

2 Likes
9

Please do it! Love mim and abra ecosystem, this is just getting really freezing!
(:cold_face:,:cold_face:)

2 Likes
10

It’d be nice to have similar capabilities as we have with TIME with SB. After all honestly, it’s good project

4 Likes
11

Let’s do this, keep growing the network!

2 Likes
12

Honestly, sb good project. Honestly? Abracadabra and Snowbank good communities.

5 Likes
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Honestly. Yes please

2 Likes
14

@Abracadabra collaboration is key to the success of DeFi, help us help each other to unlock wealth for each other.

2 Likes
15

Abracadra + Snowbank = success :heart:

4 Likes
16

+1 upvote!
Let’s do it!

1 Like
17

No

For a product that just steals Robinhood visuals, I am very skeptical to the product and the team.

3 Likes
18

Thumbs up. Only fair for a project that has been such a strong supporter of MIM.

4 Likes
19

How do Spell holders benefit from this?
I dont see the point as long as we cant even keep up with the mim needs of the current cauldrons, unless you start to accept the bonding of Spell/sSpell.

3 Likes
20

Would there be any challenges with liquidation if the price moves down quickly? Only asking because this is hyper volatile.

1 Like