Hello,
I’m Okilo, a community mod and a member of the mStable Treasury DAO multisig.
TLDR: This is a post to discuss implementing interest-bearing imUSD as collateral for MIM on Ethereum (and perhaps other chains in the future where applicable), which can also work as a degenbox strategy similar to UST.
Now the long read…
mStable is an autonomous and non-custodial infrastructure for pegged-value crypto assets. The protocol was created to address three major problems:
-
Significant fragmentation in same-peg crypto assets (there are currently at least 5 major USD pegged crypto assets on Ethereum, for example)
-
Lack of yield in fiat currencies and pegged crypto assets
-
Lack of protection against permanent capital loss in pegged crypto assets
mStable provides a solution to these three problems through the creation of meta-assets, which are fully backed by a diversified basket of existing tokenised same-base assets.
mStable has a 97% Defi Safety score: https://docs.defisafety.com/master/mstable. It is an OG defi project that had its governance token launch in July 2020.
On mStable’s end, simultaneously adding a MIM feeder pool can be mutually beneficial as well.
- It will provide deeper liquidity for MIM via a mUSD-MIM fPool, helping to maintain peg and decrease slippage by increasing swap routes from aggregators.
- Deposits into feeder pools help boost the Save rate of imUSD, further increasing potential gains of a degenbox strategy.
Thank you for your time and consideration!
{
"address": "0x5486e7004003ECa0645c870e16D03D8fd5E68F18",
"msg": "Hello, \n\nI'm Okilo, a community mod and a member of the mStable Treasury DAO multisig.\n\nTLDR: This is a post to discuss implementing interest-bearing imUSD as collateral for MIM on Ethereum (and perhaps other chains in the future where applicable), which can also work as a degenbox strategy similar to UST.\n\nNow the long read...\n\nmStable is an autonomous and non-custodial infrastructure for pegged-value crypto assets. The protocol was created to address three major problems:\n\n* **Significant fragmentation** in same-peg crypto assets (there are currently at least 5 major USD pegged crypto assets on Ethereum, for example)\n\n* **Lack of yield** in fiat currencies and pegged crypto assets\n\n* **Lack of protection** against permanent capital loss in pegged crypto assets\n\nmStable provides a solution to these three problems through the creation of meta-assets, which are fully backed by a diversified basket of existing tokenised same-base assets.\n\nmStable has a *97%* Defi Safety score: https://docs.defisafety.com/master/mstable. It is an OG defi project that had its governance token launch in July 2020.\n\nOn mStable's end, simultaneously adding a MIM feeder pool can be mutually beneficial as well.\n\n* It will provide deeper liquidity for MIM via a mUSD-MIM fPool, helping to maintain peg and decrease slippage by increasing swap routes from aggregators.\n* Deposits into feeder pools help boost the Save rate of imUSD, further increasing potential gains of a degenbox strategy.\n\nThank you for your time and consideration!",
"sig": "0xd7e76189dcd3cb5d495fa9a7dc260e579500e9569ef8b4904de7249f4e031dd60cfe3c914dfedae1c24c1cf5f9e7e49e0051de17d1ea96364044bfbae97efc661b",
"version": "2"
}