88mph Weekly Update — 5/17/2021
Find out what happened this week in the 88mph Ecosystem.
🐶 $EIN Token Launched
In light of the recent dog-token craze, the team at 88mph have given $MPH holders the opportunity to mint $EIN, a high-supply token that mirrors the supply of $MPH multiplied by a factor of 1000000000.
Einstein, the trusty companion of Marty McFly, is DeFi’s first pet dog and will be accompanying MPHers for the coming months.
In order to mint $EIN, users can head to https://einstein.wtf/ and trade their $MPH for $EIN.
$EIN can be traded here on Sushiswap: https://app.sushi.com/swap?inputCurrency=ETH&outputCurrency=0x25deb74aAC0A426B77bd897fBf063ba4AC52EE96
🏦 Banking as a Service — BaaS
The upcoming launch of 88mph v3 is bringing lots of attention from would-be investors, tech-loving-DeFi-onlookers and from protocol developers that are looking to get exposure to fixed-rate lending to bolster up their own projects.
Our guy McFly put together a thread on how v3 is changing the game for lending protocols by offering a composable and versatile DeFi primitive layer.
🧵 The Thread
Hill Valley is growing as the World’s Largest Financial Center. 88mph, the hottest incumbent of The Place, is cooking the nextgen Banking as a Service platform, code-named v3. Like the financial Enlightenment of the 80s, BaaS will open a new cohort of financial innovations…
- 88mph is and will stay something that can be seen as a better version of a deposit account with which you earn a fixed income and the bank rewards you with loyalty tokens. It gives you shareholders rights like dividends & gov power, meanwhile safeguarding your capital.
- v3 will offer a far better user and developer experience. Less accountancy burden for devs, no more MPH payback, and a comprehensive vesting period regarding the MPH rewards.
- Building a BaaS platform is great but you need to take seriously stuff like solvency and the overall risk management lingo. For this reason, we revamped completely the floating rate bonds and the way we deal with the fixed-interest rate bond pools’ surplus.
- Managing risks means also managing what we are offering. So we rewrote the way we create our fixed-interest rate offers while making sure we can extract more protocol revenues in a sustainable way.
- You are right, all the above is fairly boring but necessary. We will still have fun by improving the way we play with NFT and how we could trigger more use cases with a better UX for game devs or artists who want to leverage our products.
- An essential component of a successful tech is its universality. The core vision with v3 is to make it as easy to build with it as it is with the common web3 stack
☎️ Community Calls
The 88mph Discord Community Calls are in full operations, every Thursday from the Convention Centre at the 88mph Discord server.
The Community Calls are with the 88mph team (McFly, Zefram, the community moderation team Josh, Steven, Whipper, and Finale) and different weekly guests. The guests are prominent developers in the DeFi space, those with an interest in building together with 88mph in the future.
Our most recent call was with Leo of C.R.E.A.M Finance and the team over at Ichifarms. See the recording of the meeting below:
Join us each week to get a deeper understanding of the upcoming changes for 88mph and listen to some great high-level DeFi conversation!
📌 Bounties and Audits
The team at 88mph believes that a fantastic method of outreach, spurring innovation, and contributing to the DeFi ecosystem is to carry out Hackathons or other sponsored bounty events.
With v3 around the corner, 88mph has been prolifically creating well-paid opporutnities for the huge pool of talent in DeFi to improve v3 through bug bounties, specified developer tasks and also open-ended tasks for devs to build on top of v3.
1. C4’s auditing contest funded with $54k in USDC and MPH
If you audit some code for a living or for fun, join and grab our 54k bounty. Read more here https://github.com/code-423n4/2021-05-88mph
2. Flipside Crypto
🍄 Mushrooms Finance Collab
Our long-term friends over at Mushrooms Finance made what is likely to be their final deposit of $UNI into 88mph before the new v3 is launched.
They deposited just shy of $1million worth of $UNI tokens in order to bring additional fixed-rate yield to their community.
Very excited to see what more Mushrooms (and others) do with the newer services available in v3!
💰 Ξ𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐜𝐚𝐥𝐥
Weekly $MPH staking rewards: 10,393 $DAI
Staking APY: 7.06%
Historical MPH staking rewards distributed: 242,986 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
🈴 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
