MYSO v1: Mainnet Launch + Referral Program
Announcing the launch of MYSO v1 on Ethereum Mainnet and the release of our official referral program
Since first being awarded as one of the winners at the ETHOnline hackathon in October 2021, we’ve been building, changing, fixing, and exploring the possibilities of bringing a Million Yield Structuring Opportunities to DeFi.
After several internal iterations and months of hard work, we’re proud to announce that MYSO v1 has been launched on Ethereum Mainnet on Tuesday, January 10th!
You can now access the official v1 dApp here: https://app.myso.finance
In this piece, we’d like to go over some of the key points regarding launch, expectations, as well as announce the MYSO v1 Referral Program, which will allow you guys to earn rewards for gaining roles and referring friends to use the protocol! Let’s dive in 👇
v1 Launch
We’re extremely excited to launch the MYSO v1 protocol on Ethereum Mainnet and can’t wait for what’s in store for the future!
As with any open-source DeFi protocol, use all pools and functions with caution — though our smart contracts have gone through a full security audit by Chainsecurity, smart contract risk still exists. Practicing proper risk management and performing due diligence is key towards being an informed investor, and the MYSO team urges you to practice caution when interacting with any DeFi protocol, including MYSO. As an added precaution to improve security, we are currently in the process of setting up a Bug Bounty Program with Immunefi — more details on this will be released soon!
MYSO is fully committed towards building DeFi’s simplest loan option, and our v1 is simply the first step in an arduous process towards accomplishing this goal. With this in mind, the team will continue to build and iterate on the MYSO protocol with an ultimate goal of offering future solutions that are even more capital efficient, robust, and, most importantly, simple for the end-user.
Initial Pool Structure
For the initial v1 launch, we’ll be rolling out a rETH/wETH pool for borrowers to gain leveraged staked-ETH exposure. In contrast, as a LP, you will be able to earn yield on wETH without directly staking.
The following are the official parameters for this first pool:
- collateral currency: rETH
- loan currency: wETH
- tenor: 90 days
- maxLoanPerColl: 1.01 wETH
- r1: 4% annualized
- r2: 2% annualized
- liquidityBnd1: 1 wETH
- liquidityBnd2: 50 wETH
- minLoan: 0.1 wETH
- baseAggrBucketSize: 100
- creatorFee: 0.25%
All parameters are described in detail in the MYSO Whitepaper.
Now, you all might be thinking — how did we come to this initial pool structure (rETH/wETH)?
To put it plainly, we believe in the core values for which Rocket Pool and their community stand for: decentralization and trust-minimization. Rocket Pool is probably the most decentralized liquid staking protocol (~1.9k node operators) out there and supports the true ethos of Ethereum, and crypto as a whole. This strongly resonates with the way we’ve been building MYSO, with our core design focused on trust-minimization, sovereignty, and decentralization. In addition, the oracle-independent nature of our pool design enables projects to gain access to liquidity sources that normally wouldn’t be available on other lending protocols that require full-fledged oracle functionality. This allows us to promote and uphold symbiotic relationships with protocols that are as focused on the true crypto ethos as Rocket Pool!
Lending/Borrowing Details
As mentioned, the rETH/wETH pool will be deployed with a minimum APR of 2%, meaning that LP’s wETH will never be lent out for less than 2% APR. Note that the minimum APR of 2% is not your APY, as your APY will depend on the pool utilization, which cannot be known in advance. The initial tenor is set at 90 days, meaning that borrowers can borrow your wETH for up to 90 days. This means you might have to wait for up to the full 90-day period until a loan gets settled.
For borrowers, the rETH/wETH pool grants you the ability to hyperstake your rETH without any liquidation risk i.e., get leveraged exposure to rETH without bearing the risk of liquidation if rETH temporarily depegs, for example. This hyperstaking offering without liquidations has not been seen before in DeFi, and we know that users will want to capture this additional upside on the rETH that they hold.
Gated LP Launch
While borrowing will be available to everyone at launch, we’ve made the decision to implement an initial gated launch for liquidity provisioning on a first-come, first-serve basis to all those that participated in the LP Waitlist signup during the public testnet.
For the gated LP launch, once we have 50 active liquidity providers, no additional liquidity providers will be able to join. Whitelisted LPs who want to secure one of the first limited spots must add between $1,000 and $50,000 equivalent in liquidity.
The minimum limit is set to ensure that the pool can serve meaningful borrowing volume, even with a smaller number of lenders. The maximum limit is set to initially limit the overall exposure of lenders. The main reason for having a gated LP launch is to ensure fast and reliable support during the initial (and critical) phase of MYSO v1. Once we get a better sense of how the v1 operates in production, we will phase out the gated launch, gradually open up LPing to everyone, and remove the associated caps!
MYSO v1 Referral Program
To show our appreciation for early supporters of MYSO within our community, as well as reward actual product users, we’re happy to announce the start of the MYSO v1 Referral Program to coincide with our launch on Ethereum Mainnet!
During the initial 3-week round of the referral program, we will host two different leaderboards for you to earn rewards — one geared towards incentivizing borrowing, and the other based on referring new users!
- Borrow volume leaderboard — total points towards this leaderboard will be calculated based on the own amount borrowed and the amount borrowed by direct referrals, multiplied by the boost factor from the role that a user holds.
- Referral leaderboard —total points towards this leaderboard will be determined by the # of borrower referrals multiplied by the boost factor from the role that a user holds. This leaderboard was made with the intention of not penalizing smaller users!
Now — this is also where holding roles on our Discord comes into play. Having a role on Discord (Wizard, Wizard II, Wizard III, Altruist, Ninja, Moderator) will boost your relevant score on each leaderboard by a multiple, which is different across roles.
Role boost factors:
- Wizard — 2.5x
- Wizard II — 2.0x
- Wizard III — 1.5x
- Ninja — 1.5x
- Altruist — 1.75x
- Moderator — 3.0x
In addition, having any Wizard role along with an Altruist role will add 0.50 to the multiple (i.e., Wizard II + Altruist = 2.5x)
The snapshot for holding a role for the referral program boost was done on January 8th, 2023.
For the first 3-week round of the referral program, the top 3 points leaders on both the borrow volume and referral leaderboards will win the following prizes:
- 1st place — $500 USDC
- 2nd place — $200 USDC
- 3rd place — $100 USDC
In addition, we’ll also be raffling 3 x $75 USDC between all eligible users on the referral leaderboard!
We look forward to seeing everyone in the community participate in this first round of the MYSO v1 Referral Program — additional program rounds will follow! For more info and official leaderboards, click on the referral tab on the top right of the MYSO v1 dApp or directly on the borrowing page!
Documentation and User Guide
To get user acquainted with the flow of MYSO v1 as well as a breakdown of mechanisms/functions at play within the protocol, we’ll be publishing documentation on Gitbook to coincide with the launch on Mainnet. In addition, we’ll prepare a visual user guide for you guys to follow along the process of borrowing, providing liquidity, and getting used the the UI/UX.
v1 — Just the Beginning
The MYSO v1 protocol is the first step in our goal of building the best trust-minimized lending solution in DeFi. MYSO v1 offers a fixed-interest, oracle-free, zero-liquidation loan solution to borrowers while at the same time offering attractive sustainable yields to liquidity providers.
While we continue to iterate on what we’ve learned so far, the MYSO v1 protocol and our initial rETH/wETH pool is a critical step in simplifying crypto loans and creating a more robust DeFi ecosystem.
We’re extremely excited for our launch on Ethereum Mainnet today, and we hope that you take this trip with us!
Please feel free to ping us on Discord if you have any questions or concerns — the team is available 24/7 for support.
Now, let’s begin our journey in bringing a Million Yield Structuring Opportunities to DeFi! 🚀
