88mph Weekly Update — 4/11/2021
Find out what happened this week in the 88mph Ecosystem.
🦋 v3 — again; get to know it
Full details on the specs can be found here:
Headline changes:
✨ Time-proportional & partial FIRB withdrawal
In 88mph v3, there is no fund lockup at all. Instead of the end of the lockup period, a FIRB’s maturation time now denotes the end date of the fixed-rate interest terms that it enjoys.
✨ Top up & roll over FIRB
88mph v3 allows users to add funds to an existing FIRB.
✨ Transferrable vesting
88mph v3 makes vested MPH rewards transferrable NFTs, which makes accounting easier for contracts that integrate with 88mph. Redeeming vested MPH rewards is also now permissioned, meaning only the owner and the operator of the NFT are allowed to redeem for themselves.
✨ Fungible FRB
It is now possible to represent them in fungible ERC-20/ERC-1155 tokens instead of the current ERC-721 NFTs, which makes floating rate bonds much easier to trade.
✨ Perpetual yield futures
88mph perpetual yield futures will be the first perpetual yield-derivative product on Ethereum, making it magnitudes easier to speculate on the yield of protocols like Compound, Aave, Harvest, and Yearn.
✨ Proxy upgrade pattern
The usage of the proxy pattern allows the team to make upgrades much more easily, as well as allow for bug fixes.
✨ Early withdrawal & vesting FIRB
88mph v3 will use a new vesting contract where vested MPH is tightly-couple with FIRB. This means that when a user wants to withdraw a FIRB before maturation, instead of asking the user to pay back the entirety of the MPH reward given to the FIRB, the pool will simply stop the remaining vesting stream.
✨ NFT’s metadata update
Currently, only the governance treasury multisig has the authorization to attach metadata to the FIRB NFTs. 88mph v3 will allow the owner of a FIRB NFT to update the NFT’s metadata.
✨ Single-tx zaps
The introduction of transferrable vesting in 88mph v3 makes it possible to zap into a pool using at least 1 transactions and at most 2 transactions.
In keeping with the commitment to a community-driven approach, the v3 specs aren’t cast in stone. They represent the core team’s vision and we share it to gather your feedback and insights. We hope that this approach will be the preliminary step to ensure long terms organic growth in an antifragile way for 88mph.
🛳 💰FRB MPH rewards activated
Users will now receive the additional benefit of MPH rewards when funding a Floating-Rate Bond at https://88mph.app/bonds.
A Floating-Rate Bond (FRB) allows you to fund the debt created by the Fixed-Interest Rate Bonds (FIRB). The debt is the fixed-interest rate promised to FIRB holders. You will earn the variable rate offered by the underlying protocol (Compound, Aave, etc.) on the debt funded + the FIRB initial deposit.
McFly published an informative thread explaining Floating Rate Bonds and how users can benefit from them:
🔩 MPH live on Bancor
The MPH whitelisting on Bancor Network was voted into being and officially launched this week. MPH is available for trading and impermanent loss protection on Bancor.
An AMA between Mark Richardson from Bancor and McFly occured on the 88mph Telegram group, you can read through the thread here:
Further, @thevisualdon has cooked up an NFT to thank the 123 that supported the MPH whitelisting proposal.
🚨 we are working on the Bancor Moon mining ops. Stay tuned.
🛡 MPH on Nsure Network
Become an underwriter for 88mph on Nsure.network and earn $NSURE + $ETH or buy policies to cover your 88mph assets.
🧬 DRC’s s3 Vault is Live
The MPH token was voted into the s3 Vault by the @DRCToken community.
The Vault takes user’s DRC and converts into the chosen basket of assets: $MPH (35%) $FARM (35%) and ETH (35%).
The s3 Vault is available at https://drcglobal.org/platform/dr-vault-s3/.
🎙 McFly on the air
McFly recently participated in two podcasts, talking all kinds of bullishness regarding 88mph and also opening up a little about his DeFi experience.
Be sure to check out the videos, subcribe to their channels and share!
Here on On-Defi:
And on Coinstruct:
🏦 ⛏ ZCB Liquidity Mining NFT
Liquidity providers for Zero Coupon Bonds can stake their SLP tokens on https://88mph.app/zero-coupon-bonds for the chance to win the newest SciFi NFT by @thevisualdon.
The winner will be announced on Apr 26, 2021.
The last one sold for 20ETH…
🗞 88mph Media mentions
A nice mention from our frens over at DeFiSlate, detailed how users can earn fixed-rate interest using 88mph.
Today in DeFi made a really great thread on Twitter detailing 88mph and its potential:
👨🏻🎨 Meme Contest winners announced
The first ever 88mph Meme Contest concluded. After a huge effort from the 88mph mod team, the 250+ community submitted memes were ranked and winners chosen. View the winning submissions below! 👇🏼
- 1st prize: 28 MPH
- 2nd prize: 18 MPH
- 3rd prize: 12 MPH.
💰 Ξ𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐜𝐚𝐥𝐥
Weekly $MPH staking rewards: 16,461.06 $DAI (+6.67%).
Staking APY: 5.45%
Historical MPH staking rewards distributed: 181,267.42 DAI
Cash dividends are generated by the fees on the fixed-rate interests paid out + $COMP $FARM harvested.
⛏💦 Uniswap Liquidity Mining Round XI
ＲΞＦＵΞＬ
1,000 $MPH rewarded, lasting until April 24th, 2021. These MPH come directly from the governance treasury, no additionally minted tokens. Stake your LP tokens on https://88mph.app/farming/.
1 lucky LP will be airdropped an NFT by @thevisualdon on Sunday
🈴 Community Grant applications on REQ Network.
By utilising Request Network, 88mph is ensuring that all grants are legitimate, transparent and on-chain. The new system is integrated into the website here: https://88mph.app/funding. Additional details about the grants here: https://medium.com/88mphapp/88mph-ecosystem-community-grant-round-1-8a2eff9c0855
