# Proposal for whitelist / 420k coinvestment / LM rewards for MPH

Author: McFly

## TL;DR:
* Proposal to whitelist MPH (88mph) with an initial co-investment of 420k BNT.
* 88mph is an Ethereum protocol allowing you to lend your crypto assets at a fixed interest rate. By doing so, you earn upfront $MPH and protocol's revenues paid in $DAI.
* You can think of 88mph as a deposit account with which you earn a fixed income and the bank rewards you with loyality tokens giving you shareholders rights like cash dividends and goverance power. At the end of the day, you truely own the bank.
* Fair-launched with a product on mainnet since day 1, no presale, no exotic farming, no BS.
* [Non-anon team](https://baconlabs.dev/) building dApps since 2017. Learn more about us in this [interview](https://defiprime.com/88mph).
* Strong community (see Twitter, Discord, TG, Forum. Cf below).
* Audited by PeckShield, QuantStamp, Certik, and soon by Trail of Bits. We only ship audited code. No sneaky update post-audit.
* Governance progressively handed over to DAO in early next week 2021 (improvements and protocol's parameters).
* Involvement with many DeFi protocols and communities under the hood.
* Our 2021 focus revolves around smart contracts and financial risks management while making sure the TVL can be monetized with a steady growth coming from composaibility with other protocols. Our roadmap will include some products development like structured products on top of our existing zero-coupon bonds and the current improvement discussed [here](https://forum.88mph.app/) for our v3.

## 88mph in 6

There are 6 different ways to get yields on 88mph:
1. With the fixed-interest rate bonds (FIRB), allowing someone to get a fixed-interest rate on their assets by depositing them on 88mph to mint a FIRB with a maturity between 7 days and 365 days (user selects the desired maturity). We support 12 differents assets for the FIRB (stables, wrapped ETH, BTC, LINK, UNI).
2. By using the FIRB, users get MPH rewards vested continuously to them over a 14, 30, or 270d according to the FIRB selected.
3. By buying the floating-rate bonds (the system's debt created by the FIRB users) and receiving the interests generated by the underlying FIRBs. Effectively leverage longing the floating-interest rates of Compound, Aave, etc.
4. MPH staking pool to get DAI rewards (100% of the protocol's revenues are distributed to our stakers, no inflationary rewards, true cash dividends).
5. Liquidity mining rewards for the MPH:ETH Uniswap pair and MPH:LINK Linkswap pair, paid in MPH (not inflationary too (aka no-minting), coming straight from the gov treasury, funded via a native MPH rewards pay back model).
6. Liquidity mining rewards for the zero-coupon bonds pair on SushiSwap paid in MPH (not inflationary too (aka no-minting), coming straight from the gov treasury).

## MPH token infos (Mar 20, 2021)

Contract: [0x8888801af4d980682e47f1a9036e589479e835c5](https://etherscan.io/token/0x8888801af4d980682e47f1a9036e589479e835c5)
Current Total Supply: 331,268.2906 MPH
Circulating Supply: 185,595.7654 MPH
Current Holders: 5,851
Total Value Locked: $25.7M
Market cap: $56,959,832.8956
Market Cap / TVL Ratio: 2.17
Uniswap Liquidity: $6.9M
More stats: https://88mph.app/stats
Coingecko: https://www.coingecko.com/en/coins/88mph
[Dev funds](https://etherscan.io/token/0x8888801af4d980682e47f1a9036e589479e835c5?a=0xfecBad5D60725EB6fd10f8936e02fa203fd27E4b) / [goverance treasury](https://etherscan.io/token/0x8888801af4d980682e47f1a9036e589479e835c5?a=0x56f34826Cc63151f74FA8f701E4f73C5EAae52AD) tokens distribution: 3.5236% / 3.3537% of total supply.
Farming rewards are financed by the gov treasury. No new minting.


Since the launch 4 months ago, the MPH:ETH pair's daily volume on Uniswap ranged from $37m to $1m, with an average around $1.5/2m in the last weeks.

It's mainly traded on DEX like Uniswap, SushiSwap and LinkSwap (farming MPH, SUSHI, YFL), with one main CEX venue: MXC. The current DEX aggregated liquidity for the MPH:ETH pair is $8.5m.

## Why should you care?
* 88mph's community suggested to kickstart this process. As a founder, I never realized that Bancor was the most capital efficient way of providing a good trading venue for our users. The thing that surprise me is that if we move 100% of our DEX liquidity on Bancor, we'll be among the top 20 pools.
* As we grew by 150% in terms of liquidity since January 2021, over time, we expect to see continued growth in liquidity to the platform, which ultimately becomes a benefit for Bancor itself.

* When possible, a joint-mining is definitely something that the core team and the community will support via the governance treasury. The upcoming rewards program described [here](https://blog.bancor.network/bancor-monthly-progress-update-february-2021-685e174f6537) on Bancor is definitely more sustainable and attractive for sponsors and recipients than what we currently do elsewhere. We're looking forward.

* The current best capital efficient way to put $MPH at work is by staking it and earn the protocol's revenues distributed in $DAI on a weekly basis. Incentivizing the $MPH stakers with LM rewards to migrate a percentage of their MPH to Bancor will be a really efficient way to gain some liquidity traction, open new arbitrage opportunities and become the de-facto trading venue for MPH holders.

* Our social community grew organically from 300 members to 14.5k since the launch. We'll leverage our network to drive as much attention as possible on the new pool and invite our LPs to re-stake their BNT rewards to the protocol.

* 88mph recently launched its [zero-coupon bonds](https://88mph.app/zero-coupon-bonds) (ZCB) on SushiSwap with a liquidity mining incentives. If Bancor's improved onboarding mechanism is released in the following months, the launch of new ZCB represents another medium of collaboration between our respective DeFi communities in the short-terms.

* Offering $MPH tokenholders with a single sided IL free alternative for capital deployment will probably rally the 88mph's community and create a long-term liquidity position with Bancor. Obviously, the end goal is to become part of its ecosystem in a meaningful way by creating the right synergies.

So, we are looking forward to establish strong links amd friendship between our respective communities (apparently, our community already [signalled interest](https://t.me/join_88mphapp) in providing liquidity on Bancor).

Disclaimer: I'm the cofounder of 88mph and I own some $MPH.

## Learn more
Website: https://88mph.app/
Docs: https://88mph.app/docs/
Twitter: https://twitter.com/88mphapp
Telegram: https://t.me/join_88mphapp
Discord: https://discord.gg/jNBGTjTZ7y
WeChat: https://imgur.com/uJkDeyC
Youtube: https://www.youtube.com/channel/UCEr3cuwaggjkw8TajaPSpgg
GitHub: https://github.com/88mphapp
Forum: https://forum.88mph.app/
Radio: https://88mph.app/fm/