88mph launch 🛹🚗⚡️
Back to the future of DeFi — Monday, Nov 16, 2020 (10:30 am PT).
88mph — lend your crypto assets at a fixed interest rate with infinite liquidity.
This is heavy, but there is more! When you deposit, you earn upfront $MPH that can be staked to receive system rewards. You can also buy floating-rate bonds if you want to degen in prod.
Sounds great?! Too good to be true?! Dive in the details below 🏊‍♂️.
Earn fixed-rate APY & MPH tokens
To get started, deposit plain stablecoins or tokens — USDC/UNI/yCRV/crvSBTC — which will be put into DeFi yield protocols such as Compound, Aave, and yEarn. Your fixed-rate APY is determined by a floating rate EMA pulled from these protocols. You will get 75% of the current EMA.
After depositing in the pool, you receive a ERC-721 non-fungible token that represents your deposit. You may transfer it to another account, or even sell it on NFT markets such as OpenSea.
By depositing into 88mph, you immediately earn MPH tokens.
When your lending period is over, you withdraw your principal together with the fixed-rate interest earned. When you withdraw, you need to return 90% of the MPH tokens received at the time of deposit.
We don’t destroy any value in that process. All the MPH are redirected to the governance treasury that will play a critical role in future developments and protocols incentives. Don’t ask “wen burn”. Except for the deposit NFT and some asphalt, we don’t burn anything else here (more on that below).
Notes: on Sunday (PT), we’ll deploy a UI to let you prepare for the big day.
MPH token address: 0x75A1169E51A3C6336Ef854f76cDE949F999720B1
Stake MPH to earn system rewards
By staking your MPH, you can claim your share of rewards from the 88mph rewards pool where the protocol fee and yield-farming rewards are collected.
- 88mph protocol fee: 10% is deducted from the interest when a depositor withdraws.
- Yield-farming rewards: yield-farmed tokens earned from the protocols 88mph is connected to (COMP, etc.).
The rewards are distributed in DAI.
Buy floating-rate bonds and earn MPH
Floating-rate bonds are emitted by 88mph as a way to finance and secure a potential debt of the protocol. Let’s go straight to an example: Chad purchases a floating-rate bond and fills up a debt of 5 tokens caused by Kevin’s 1-year deposit of 100 tokens, to which a 5% fixed-rate interest was offered. Chad will earn a floating-rate interest on 105 tokens until Kevin withdraws his assets.
Because the fixed rate 88mph offers is 75% of the initial floating rate, Chad will be in profit as long as the floating rate doesn’t drop by >25%, and his profit increases when the floating rate does. Chad is effectively longing the floating rate.
As you may already imagine, this product opens a wide universe of potentials for your yield strategy and it ensures 88mph’s longevity.
MPH liquidity mining program
88,000 MPH were minted a few days ago and will be distributed via liquidity mining. To farm it, deposit to earn a fixed-rate APY or buy a floating-rate bond > Get upfront MPH > Provide liquidity to the Uniswap MPH-ETH pair > Stake LP token > Get more MPH.
It begins at 10:30 am PT 11/16/2020 and lasts 14 days.
Uniswap MPH-ETH pair: 0xfd9aacca3c5f8ef3aaa787e5cb8af0c041d8875f
Security
88mph’s deposit and bonds smart contracts were audited by Quantstamp. Read the audit report here. You should note that the upfront interest feature was removed from the audited contract.
The liquidity mining and staking contracts were forked from Synthetix.
88mph team has made all the efforts possible at ensuring the integrity of the protocol including tests. 88mph and its associated MPH token are completely valueless and have 0 financial value. Anyone who chooses to engage with these contracts are doing so at their own risk. You should always perform your own due diligence #DYOR.
Notes: all contract ownerships were transferred to the Timelock contract.
Timelock contract: 0x4027d912A19E3Cd540FB580aF6A9088eAC738566#code
Governance treasury
MPH holders have the power to shape the future of the protocol. A dedicated Snapshot will be live a few days after the protocol launch to enable community control.
The governance process works by having users vote with their MPH tokens on various proposals ranging from protocol parameters to smart ways of using the capital assets stored here —the famous 90% MPH paid back by depositors— for new incentives, capitalization, and growth.
The control is in your hands. Good luck.
Governance treasury: 0x56f34826Cc63151f74FA8f701E4f73C5EAae52AD
Development Funds
10% of each MPH minted will be set aside on a dev-fund for future development, iterations, HR, and security audits, while allowing the team to work full time on the project.
Development funds: 0xfecBad5D60725EB6fd10f8936e02fa203fd27E4b
Roads’map
Well, even if we probably won’t need roads, we still have a plan:
- Order new security audits and code reviews.
- Transfer protocol’s parameters to the governance (snapshot incoming).
- Support new assets and protocols (Aave V2 and Curve are already in our to-do).
- Develop smarter fixed-rate APY strategies.
- Develop the potential of 88mph’s NFTs. Eg. use them as collateral to borrow some money on Nftfi or just sell them on Opensea or Rarible. From a technical stand point, we’re ready. Now, we need “crypto-artists” to ship some NTFs DeFiArt. DM us your portfolio or ping someone you know. We’d love to collaborate.
If our calculations are correct, when this baby will hit 88 Miles Per Hour, you’re gonna see some serious $***.
— 88mph team.
But as always, 0 value. Don’t buy it. Earn it.
See you on Monday frens! Meanwhile, join us on Twitter, Discord, or even Github.
