88mph Weekly Update — 5/3/2021
Find out what happened this week in the 88mph Ecosystem.
🤝 Open DeFi Hackathon Sponsorship
88mph is sponsoring the Open DeFi Hackathon, hosted by Gitcoin and sponsored by dozens of leading DeFi projects.
The Hackathon will end on May 23, 2021.
We are inviting our community of builders to register in order to participate:
2 bounties are sponsored by 88mph and 1 is co-sponsored by @bprotocoleth.
The Bounties:
- Build The Most Futuristic Use-Case For 88mph’s Bonds — $3.5k https://gitcoin.co/issue/88mphapp/88mph-contracts/13/100025634…
- Build A Wrapper Contract For Earning Yield From B.Protocol Compound Pools — $2k
https://gitcoin.co/issue/88mphapp/88mph-contracts/15/100025633… #opendefi - Build An Analytics Dashboard For The 88mph Protocol — $3k https://gitcoin.co/issue/88mphapp/ng88mph-frontend/38/100025635…
Feel free to discuss the bounties with other developers, or ask questions to the team directly on our Discord.
🦋 v3 — ERC-1155 as ERC-20
Our main man Z has been hard at work for the upcoming 88mph v3 release. To be implemented into the 88mph floating-rate bonds, which are minted on a per-deposit basis (so not fungible between IDs) but is fungible for a particular deposit, Zefram has found a method to make the ERC-1155 NFTs into a tradable and poolable ERC-20 token.
How it’s done:
- Every time a new token ID is minted, the 1155 deploys an ERC20 wrapper using ERC-1167
- The wrapper doesn’t do its own accounting, just calls the 1155 to do transfers/get balances
- The 1155 only lets wrappers deployed by itself to manipulate balances so no hacks
Read his thread below:
This is just one of the many new implementations coming to 88mph v3 that will improve both user and developer experiences.
☎️ 88mph Discord Community Call
On Thursday 1pm EST, McFly and Zefram, along with other community team members, will be taking a call on the 88mph Discord to discuss the upcoming progress on v3, partnerships, and to take the community’s questions.
Also featuring is Mark from the Bancor community, who was pivotal in helping us to get the great coinvestment deal at Bancor Network.
A recurring call like this is a great way for the team to communicate with the community about what work is being done behind the scenes.
Be sure to drop by!
🔩💦 Bancor Pools ATH Liquidity
The MPH/BNT pools on Bancor continue to grow and continue to churn out high APY% rewards for those involved.
Last week liquidity was up to $12.4m!
See below for more information:
Take advantage of the offerings over on Bancor by following this link: https://app.bancor.network/eth/portfolio/stake/add/single/0xAbf26410b1cfF45641aF087eE939E52e328ceE46
Remember, you can provide single-sided liquidity and also benefit from Impermanent Loss Protection by using Bancor’s service.
🛡 PeckShield v3 audit begins
An important step that many investors look for before fully heading into a token, the Peckshield Audit of 88mph has begun, ahead of the official release to ensure the security of the new updates.
View our v2 audit by the same team here:
📂🇨🇳 Updated Chinese Documentation
The Chinese community has been growing thanks to your Chinese mod team, and the recently updated docs detailing 88mph in all its current and v3 glory have been diligently translated into Mandarin.
Check them out below, and forward them on to your Chinese friends!
💰 Ξ𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐜𝐚𝐥𝐥
Weekly $MPH staking rewards: 12,571 $DAI
Staking APY: 7.29%
Historical MPH staking rewards distributed: 222,344 DAI
Cash dividends are generated by the fees on the fixed-rate interests paid out + $COMP and $FARM harvested.
Stake your MPH tokens here: https://88mph.app/rewards
🦋 v3 — Outline
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-coupled 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 transaction 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.
🈴 Community Grant applications
Apply here: https://88mph.app/funding.
Additional details about the grants: https://medium.com/88mphapp/88mph-ecosystem-community-grant-round-1-8a2eff9c0855
