Mobius End of Year Roadmap — Full Decentralization
October was a crazy month for Mobius. Not only did our TVL touch $50M, but we also rolled out many new initiatives including:
- Launched MOBI staking and decentralized governance for pool rewards
- Partnered with the Celo Foundation to launch our DeFi for the People rewards program
- Introduced Capital-Efficient Privacy in DeFi by launching three incentivized Private Asset Pools in collaboration with Poof Cash and Moola Market
- A complete redesign of the Mobius website with a focus on mobile UX
As we approach the holiday season, the team will continue to ship features that increase protocol value and move us towards greater decentralization. Outlined below is our end of year roadmap on how we plan to get there.
End of Year Roadmap
Our end of year roadmap is hyper-focused on getting to a stage where the community can deploy a MOBI buy-back scheme for the DAO. In order to get there we have several crucial stepping stones, such as ensuring we have proper mediums to coordinate as a decentralized community, building an interface for governance, and fully decentralizing the MobiusDAO.
Mobius Analytics
To facilitate greater transparency for users and liquidity providers as we approach full decentralization, our goal is provide real-time on-chain analytics for anyone using the Mobius protocol. It is critical to track our daily, weekly, and monthly volume is crucial in attracting liquidity and properly pricing the MOBI token. Moreover, having real time volume analytics would help veMOBI stakers make more informed decisions about pool weights/votes based on changes in transaction volume. The most important metric for Mobius is how much volume our exchange facilitates. Swap fees will eventually be the primary source of income for both liquidity providers (LPs) and the MobiusDAO.
To provide this information we will make a sub-graph for Mobius built on The Graph, allowing anyone to easily query historical volume and liquidity data. This will be accompanied by a simple ‘Analytics’ page that visualizes this data. The sub-graph makes it super easy for any developer to integrate Mobius market prices into their application. One example of this is leveraging the subgraph to help reduce load times for the ‘Pools’ page. Community members are encouraged to build custom dashboards using this data — if you are interested, reach out on Discord!
Aragon DAO Interface
Before we can handoff power from our multisig to MOBI token holders, we must ensure the community has proper infrastructure to coordinate as a decentralized organization. Discord is good for announcements and discussions, but it falls short of a true governance platform. The ideal system would factor in a user’s MOBI holdings and use this to vet out non-stakeholders and bring light to those with large stakes in the system. Most importantly, it needs to allow users to vote on proposals with their staked MOBI tokens (veMOBI) in a way that is fully trustless and autonomous.
To satisfy these needs we will deploy an instance of the AragonDAO tailored to Mobius. This will provide the backend infrastructure for MOBI token holders to coordinate on all things Mobius. All the way from token-weighted polling to governance votes. Token holders will be able to access governance via an easily visible ‘Governance’ tab. Providing users a simple interface for interacting with these contracts. For the first few weeks this page will be in testing mode, allowing our community to get familiar with the interface and governance flow prior to full decentralization. Expect several mock-proposals and discussions to take place during the test phase prior to giving complete ownership to token holders.
Full Decentralization of the MobiusDAO
Once everyone has had ample time to try out our governance interface in testing mode, we will transfer ownership of the MobiusDAO from our multisig to the Aragon contracts, thus giving veMOBI stakers full control over the protocol. At this point all critical actions such as adding new pools, amending the swap fee, pausing pools, and terminating gauges, will no longer be under the core-team’s control. As pointed out in our previous article, decentralization will make it more difficult for us to react to urgent events (i.e. a bug in the metapool). Therefore, it is crucial that veMOBI stakers are well informed and engaged with the protocol in order for us to effectively respond to such events.
MOBI Buy-Backs
One of the most highly requested features is to implement a buy-back scheme that uses a portion of the swap fees to purchase MOBI on the open market and distribute it to veMOBI stakers. One issue with implementing this feature prior to full decentralization is that the Mobius core-team may be exposed to the legal ramifications for potentially acting as a money transmitter without a Money Transmission License. As a result, we opted to play it safe. However, once the DAO is fully decentralized, we encourage the community to implement a buy-back program if they so choose.
To preserve LP revenue while providing additional capital to deploy buy-backs, we will be increasing the swap fee from 0.1% to 0.2%. We chose 0.2% because it doubles the revenue for Mobius while remaining the lowest swap fee for any exchange on Celo.
A Sneak-Peek into 2022
Early on the core team felt it was important as a Celo project to contribute in some way to the mission of “prosperity for all.” As such, for the first proposal, we actively encourage community members to decide to allocate some MOBI tokens to impactMarket. Arguably the largest privately funded universal basic income (UBI) project in the world, it has facilitated over $1M dollars of grants to the most impoverished communities completely on Celo blockchain. Not only do we feel this aligns well with the core values of Mobius, it could also set the tone for future projects in the ecosystem. As we head into 2022, expect a new roadmap outlining upcoming efforts like this and more.
About Mobius
Mobius is an Automated Market Maker (AMM) on Celo based on the StableSwap invariant that specializes in low-slippage swaps between price-stable tokens. Mobius also includes a bridge interface to allow users to easily migrate their assets, thereby paving the way for more capital to be bridged to Celo and efficiently swapped for other assets with the same underlying.
