SAIP #34.1 - 20m cumulative $MIM top up for gmCauldrons

Governance Proposals Voted Proposals
1

SAIP #34.1 - 20m cumulative $MIM top up for gmCauldrons

TL;DR: Mint 20m MIM to the be deposited in the gmCauldrons cauldron to allow new positions to be opened.

Increase Limit

Given the enormous success of our gmCauldrons, which have been constantly selling out since the launch, the following proposal is to mint an additional 20m MIM cumulative for all cauldrons, raising the total borrowable amount of MIM for these group of cauldrons to 40m.

Cauldron Address:

  • 0x4F9737E994da9811B8830775Fd73E2F1C8e40741
  • 0x2b02bBeAb8eCAb792d3F4DDA7a76f63Aa21934FA
  • 0xD7659D913430945600dfe875434B6d80646d552A
  • 0x7962ACFcfc2ccEBC810045391D60040F635404fb
  • 0x66805F6e719d7e67D46e8b2501C1237980996C6a

Cumulative Previous Limit: 20m MIM

Cumulative New Limit: 40m MIM

This top up will be executed by the DAO multisigners, if this proposal were to pass, coherently with liquidity conditions.

Further top ups would require an additional vote following this proposal’s template.

Voting Period

In order to ensure a smooth top up process and coherently with AIP #34, the following proposal will remain live for 24 hours, a snapshot vote will be going live today 16:00 CET. If this proposal passes the MIM will be minted, the top up would be executed progressively depending on liquidity conditions.

The snapshot can be found here.

The proposal has passed and the top up has been executed.

2

The cauldrons have had massive success and it’s making abracadabra a big LP of GMX.
Enabling more borrow for these fast selling cauldrons make a lot of sense, especially with the ongoing incentives from the foundation, this tightens the partnership with the rest of the ecosystem while bringing on more revenue

LFG

3

I think this is a good proposal. We need to continue to be able to push more MIM for the gm cauldrons. They have reliable and diverse collateral (apart from USDC) with deep liquidity. I also like that this proposal buckets all the cauldrons (including gmLINK) together so the team has the discretion to manage the exact amount topped up for each cauldron.