88mph v3 is Live

Liquid, non-custodial, fully on-chain fixed yield rate protocol for all.

Today, we’re delighted to announce the public launch of 88mph v3. A protocol intended to power the next financial chapter of DeFi.

“Searching for fresh fixed yield rate with our Lunar DeLorean Vehicle” — Made by Aiden and VisualDon for 88mph. Stay tuned for NFT airdrops.

88mph is a DeFi protocol

Think about 88mph v3 as an open-source, autonomous, extensible middleware acting as an intermediary between you and third-party variable yield rate protocols to offer you the best fixed yield rate. After 2 months on Ethereum rinkeby, 88mph v3 is now running smoothly on the mainnet, and supports DAI, USDC, USDT, LINK, UNI, and CRV:RENWBTC by leveraging under the hood protocols such as Compound, Aave, and Harvest.

While you hedge against money market rates volatility using 88mph Protocol, you get MPH tokens allowing you to earn 100% of the protocol’s revenues and voting rights.

v3 — Key Upgrades

• Withdraw partially, roll over, top up your existing v3 deposits.
• Enjoy a more performant interest rate oracle offering a generous fixed yield rate for deposits with a short duration and a more conservative rate for the long duration.
• No more MPH payback mechanism.
• Get MPH token rewards vested linearly over the deposit duration via a transferrable NFT.
• Stake MPH for xMPH, earn protocol’s revenues via our bi-weekly buy-back mechanism, and voting rights.
• Introducing a 0.5% early withdrawal fee; distributed to the MPH stakers.
• Floating rate bonds are now called Yield Tokens (YT), a new per-deposit system, where a user can speculate on future variable-rate yields by buying yield tokens and strengthen the solvency of 88mph protocol. When buying a YT, the user funds a fraction of the fixed APR promised to any individual deposit, regardless of the deposits’ chronologic order.
• YTs are fungible ERC-20 tokens.
• YT interest payout is triggered whenever a portion of the deposit funded is withdrawn, or when someone manually triggers a payout using the UI or the function DInterest.payInterestToFunders().
• As a developer; interacting with the protocol is easier than ever. There are tons of accountancy burdens removed, help functions, and simple improvements to make an integration with 88mph as easy as building with Compound or Aave.
• 88mph relies on 3 lines of defense to mitigate the risk of insolvency, plus one in the making (cf docs). We’re also currently working with the systems engineering firm CADLabs to build a cadCAD/radCAD based dynamical systems model (“digital twin”), which will allow us to run large-scale simulations and stress test the protocol
• Leading insurance protocols like InsurAce, Nsure or Bridge Mutual cover a full spectrum of smart contract risks for 88mph.
• One last thing, you can add artistic value to a deposit by attaching whatever metadata you want, such as an image, a title, a description, etc. (88mph deposits are represented by ERC-721 NFT token). We are currently working with VisualDon, Illuskate, Warakami, and ManWithNoName to create the first creative DeFi NFT collections on 88mph and “cross-pollinate” other communities of creators.

All of that is packaged in a new UI. The good old 80s theme is still available (top right corner).

Documentation

The 88mph Protocol and the smart contract architecture have had some significant improvements and changes; Check our documentation and Github repo.

88mph v2

The original protocol will continue to be accessible through its Ethereum smart contracts, and the legacy web interface. Since the last hour, new deposit transactions and their related MPH rewards are disabled, while early withdraw, withdraw, and floating rate bonds transactions will work in perpetuity.

Security

88mph v3 has been reviewed & audited by Trail of Bits, Code423n4, PeckShield. As the 88mph core was rewritten from the ground up, it may contain undiscovered vulnerabilities; we encourage the community to audit our contracts and security, and report their finding via our Immunefi bug bounty (up to $100,420.69).

If you have any questions, ideas, or issues, join us in Discord or Telegram— we’d love to hear from you. And don’t forget our Discord community call each Thursday, 1:30 pm EDT, where we’ll discuss our v3 roadmap, our next community contest, and ETHOnline hackathon.

Made by Warakami

With joy and love from all of us at 88mph 🛹 — (Zefram, Szeth, Steven, Joshua, Mathieu, Whipper, Finale, McFly, and all the contributors who helped us build and improve v3)

PS: Ledger connected to Metamask doesn’t support EIP-1559 yet. Connecting directly your Ledger to 88mph works.