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