88mph Weekly Update — 4/19/2021
Find out what happened this week in the 88mph Ecosystem.
🔗 Chainlink Hackathon 2021 Winners
Announcing the 3 projects that won 88mph and runner up prizes at the Chainlink 2021 Hackathon:
1. Shrub:
“A Cheaper, Easier, and Decentralized Catastrophe Insurance Market”.
2. Transport Chain:
“Transport Chain is a chainlink contract enabling public transportation futures.”
3. Popcorn:
“Social Impact and DeFi collide. Our yield-generating products simultaneously contribute to social impact. It’s DeFi for the People!”
88mph Portuguese Telegram
If you qualify yourself as lusophone, feel free to hang out with Marcela, our community lead who is kickstarting our Portuguese-speaking Telegram group: https://t.me/join88mph_BR_PT
✅ Bancor 350k coinvestment & $BNT LM rewards
Good news, 350k coinvestment & $BNT LM rewards incoming (20% quorum) https://vote.bancor.network/#/bancornetwork.eth/proposal/QmZsjrx7WDbTwpMWwNDaygmpfmtuGdBwgSXN2XRJRUYT9H
PS: it’s still time to vote to be part of our 2nd “Thank you” NFT airdrop created by VisualDon.
In order to participate in Bancor governance activities, you should first stake your vBNT tokens here: https://app.bancor.network/eth/vote/.
Supply MPH or BNT on Bancor Network
🛡 Nsure Network Subvention Granted
Nsure Network released the ‘Batch 1 Subsidy Program’, a subvention given to protocols, aiming to support products within the market place. The Nsure governance network voted ‘YES’! Check out some details below:
🔬 Open DeFi Hackathon sponsor
88mph is sponsoring the next big DeFi Hackathon by Open_defi. We’ll release our own bounties and joint-bounties with DeFi frens in the following days. We are aiming to show people the power that can be utilised by building on top of 88mph’s increasingly improving protocol.
Open DeFi is collaborating with Gitcoin to host our first hackathon, inviting our community of builders to help grow the DeFi ecosystem. Runs May 3 — May 23 with over $50k in bounties! DeFi Registration is now open
🏮New 88mph NFT Artist — Warakami
We love the exotic derivatives of the 80s; we also love the art by one of 88mph’s resident artist’s Warakami. Check out his last two beautifully made NFTs below on Rarible:
💰 Ξ𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐜𝐚𝐥𝐥
Weekly $MPH staking rewards: 14,273.23 $DAI
Staking APY: 4.47%
Historical MPH staking rewards distributed: 195,540 DAI
Cash dividends are generated by the fees on the fixed-rate interests paid out + $COMP $FARM harvested.
Stake your MPH tokens here: https://88mph.app/rewards
⛽️ ＲΞＦＵΞＬ- NFT Winner
𝕆𝕟𝕝𝕪.𝔾𝕠𝕠𝕕.𝕍𝕚𝕓𝕖𝕤.𝔸𝕤.𝔸.𝕊𝕖𝕣𝕧𝕚𝕔𝕖
Congrats to 0x65, the proud owner of this special artwork “ＲΞＦＵΞＬ”, created by our Artist in Residence Visual Don:
🈴 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
🦋 v3 — tell your dev friends!
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.
