Summary;
Themis proposes to add lending support to $MIM on Ethereum, and would also like to gain support from the MIM treasury allocate $10M $MIM to bootstrap Themis.
Background;
The following is a proposal for a partnership between MIM Protocol and Themis Protocol.
Themis is the first-ever protocol that provides borrowing & lending for the AMM market starting with UNI v3 LP positions.
We’re applying for $10M to kickstart the protocol. All funds will be locked via smart contract for 9 months.Then deployed into our lending pools. Deadline is the 20th of Jan due to the lockdrop. And funds will be deployed after our LBA is done, after the 28th of Jan.
Potential roadblocks/risks for the Frog nation;
-
Smart contracts: risks of being exploited. – Our smart contract and business logic have been audited by a reputable 3rd party. A bounty program with Immunefi will also be launched shortly…
-
Borrowers default; risk of default. – We will be whitelisting selected v3 LP pairs that fit our risk model of liquidity, reputation, and volatility. This ensures the safety of our lenders. Liquidation kicks in at 80% ensuring that our borrowers are always over collateralized. There is minimal risk of being liquidated; however, a full or partial repayment to the loan contract can be made at any time to lower this percentage.
Motivation:
Themis allows users who have a liquidity position with Uniswap v3 to collateralize up to 65% of their LP assets. This means that if you have $10k LP assets, you could receive up to $6500 in stablecoins like $MIM to do with as you will. Buy Lambo, go long on Shiba Inu, reinvest right back into your LP, who cares…
A good example would be the MIM/USDC LP pair, users can collateralize their LP and borrow up to 65% in supported stablecoins like $MIM and other whitelisted assets. This makes the current MIM/USDC pair at least 165% more capital efficient.
The success factor of any stablecoin derives from 3 things; community, liquidity, and adoption. The Abracadabra community is one of the most forward-thinking communities. You’re building what will become the future of magic internet money! Themis wants to partner with MIM and enable your protocol to increase your liquidity and adoption. As we continue to develop and push for new features, we will be adding V2 LPs, staked LPs, Vault shares, and much more!
Specification
Themis is a new protocol that is currently bootstrapping its lending liquidity. This is a great way for the MIM treasury to earn sustainable interest without the risk of impermanent loss or volatility.
Proposal
Allocate 10m MIM to bootstrap the lending market of $MIM on Themis.
References:
Twitter: https://twitter.com/OfficialThemis
Website: https://themis.exchange/
Audit: publications/PeckShield-Audit-Report-ThemisV3-v1.0.pdf at master · peckshield/publications · GitHub
Docs: https://docs.themis.exchange/
Lockdrop: https://lockdrop.themis.exchange/
Discord: Themis
