88mph is an Ethereum protocol allowing users to get a fixed yield rate with a custom or preset maturity for various supplied assets, such as BAL (5.70% fixed APR today) DAI, USDC, WBTC, ETH, etc.
When users/protocols supply assets, 88mph acts as an non-custodial, fully on-chain intermediary between them and third-party variable yield rate protocols to offer the best fixed yield rate on their capital.
Fair-launched with a product on mainnet since November 2020.
88mph v3, our latest version, was audited by Trail of Bits in August 2021. Since inception, 88mph’s users didn’t experience any fund loss.
88mph has always be involved and supportive of the broader Ethereum and DeFi communities by funding grants and hackathons in order to improve our space.
88mph hit an all time high of $236.50 on Feb 12, 2021 (over 1 year).
88mph had an all time low of $2.02 on Jun 30, 2022 (14 days).
It’s mainly traded on DEX like Bancor, Uniswap v2, and SushiSwap. The current DEX aggregated liquidity for the MPH:ETH pair was close to $1.5m on average in June. Unfortunately, we’re still unsure about the next steps for our liquidity on Bancor.
Motivation:
Our 2022 focus revolves around the release of 88mph v4. This new version is adding a venomics layer on top of our existing deployment with an interesting twist inspired by Balancer.
88mph’s governance recently voted FOR the use of the 80MPH/20WETH Balancer pool token as the locked asset for veMPH. 88mph’s users will be able to vote for their preferred gauges weights and at the same time provide a sustainable way to lock liquidity for the community.
The community also voted FOR the allocation of 73k MPH towards some protocol owned liquidity and incentives. The plan is to use these assets as incentives on Aura protocol to boost our Balancer gauge weight and get an effective way to build a sustainable source of liquidity while having a meaningful incentive to lock liquidity for our end users via our venomics. In our opinion, what Balancer democratized with the 80BAL/20WETH lock in their venomics is the most elegant solution we have found in this space so far.
The release of 88mph v4 planned in the coming days should bring a surge in our trading activity on Balancer due to the aforementioned points and the willingness of our end users to get the biggest share of the MPH rewards pie on their preferred 88mph gauges.
Our 80/20 Balancer pool will become the primary source of liquidity for MPH on chain.
88mph doesn’t rely on any external oracles for prices. We have our own internal oracle to pull the 30d EMA of the variable rates from the underlying lending markets we use.
But I’m not sure I understand how this gauge would fit in your system. Won’t the gauge compete with your voting escrow contract for the LP tokens? Seems to me like you’d want something like our veBAL gauge + fee distributor combo so that your ve holders are the recipients of the BAL incentives.
Hey, thanks for your comment. We definitely agree with you that the best solution should be what you described. We aren’t sure if there is currently a good implementation for it. For this reason, we wanted to move with something not perfect but reasonable enough to overcome the constraints with benefits that the end user will be free to choose.
What are your concerns with respect to the veBAL implementation?
If the goal is to bootstrap liquidity for this pool while the ve system is finalized, there are other alternatives that could be explored, like ad-hoc incentives paid in MPH, or even BAL from the DAO’s treasury, decoupled from the BAL emission schedule. Adding a “temporary” gauge to the veBAL system is something the community should avoid IMO, as removing it later is not guaranteed to be a smooth process.
Not sure I understand the temporary you mentioned. We can definitely do ad-hoc incentives via MPH bribing and accumulate some BAL in our treasury too to attract MM
Bribing is how you get veBAL voters to direct BAL emissions to a gauge that has been added to the gauge controller.
But any gauge can incentivize liquidity directly via the “reward token” mechanism
I referred to this as a temporary gauge in response to McFly’s previous message
I took that to mean that you want to bootstrap liquidity in the 8020 pool before people start locking their LP tokens into veMPH, but the end game is to direct BAL emissions to veMPH holders. In that sense, the gauge feels temporary to me - we’d be counting on veBAL holders migrating their votes to a different gauge that incentivizes veMPH instead of unlocked 80/20 MPH/ETH liquidity.
But if there are other means of bootstrapping liquidity in the 8020 pool, then why allowlist a gauge that directs emissions (potentially in perpetuity) to unlocked 80/20 MPH/ETH liquidity providers in the first place?
We’re forking the contracts from Frax, which are a slightly modified version of veCRV. AFAIK veX is not a transferable token nor does it trade on liquid markets. Hence the reasoning behind this move.
We’re forking the contracts from Frax, which are a slightly modified version of veCRV. AFAIK veX is not a transferable token nor does it trade on liquid markets. Hence the reasoning behind this move.
I’m sorry, I don’t understand that argument. veBAL is also a non-transferable token which does not trade on liquid markets, and yet there’s a gauge that distributes BAL emissions to veBAL holders.
Seems like there is some confusion here. Based on this forum conversation and others, here’s my synopsis. Let me know if this is accurate?
80MPH-20WETH tokens (LPT) will be used as the lock token for veMPH.
In this proposal (option 1), a balancer gauge would be whitelisted where LPT holders can stake their LPT to receive BAL emissions. This competes directly with veMPH for users’ LPT. However, it does allow 88mph to incentivize liquidity on Balancer independent of veMPH via bribing on Hidden Hand and/or direct MPH incentives on the gauge. It also allows enables 88mph to work with Aura.
The other option (option 2) being discussed is whitelisting veMPH itself to receive BAL emissions. This would give further incentive to lock liquidity into veMPH as veMPH would receive BAL emissions in addition to 88mph protocol revenue distribution. However, incentivizing liquidity on Balancer independent of veMPH would be more limited as 88mph would only be able to do direct MPH incentives.
In option 1, we’d be incentivizing unlocked liquidity. In option 2, we’d be incentivizing locked liquidity.
Thanks everyone and more particularly @markus for the feedback here and in the chats. We’ll wait Alan’s opinion on the best way to move forward with a veBPT proposal and its integration.
