Author: 0xmcfly.eth

This proposal will be available on Snapshot for voting between July 10 and July 12, 2022 9:00 PM CET. Only xMPH holders are allowed to vote.

Specification

This document proposes to replace bnMPH with a new 80MPH-20WETH pool on Balancer as the locking asset for veMPH.

Bancor has halted all new deposits on their protocol while they access the best solution moving forward for their model. Read the Bancor's emergency actions proposal. They don't yet have any precise timeline to restore their core features.

For these aforementioned reasons, 88mph's community members voiced their concerns about this situation that delays 88mph v4 indefinitely.

An 80MPH-20WETH pool on Balancer could be an alternative to bnMPH to release 88mph v4 right after the vote on this proposal.

Argument for

• An 80/20 pool on Balancer will provide an alternative liquidity venue for 88mph's community without bearing too much impermanent loss.
• MPH holders who want to influence the gauges with veMPH won't be forced to sell half of their MPH to provide liquidity or find elsewhere the required funds.
• Creation of a partnership with Aura Finance and Balancer to incentivize this new pool with BAL rewards.
• Locking Balancer LP tokens will align the interests of every venomics participant with the long-terms sustainability of 88mph. Liquidity is a big part of it.

Argument against

• Unlike Uniswap, Balancer is not the de facto trading venue on mainnet, but it's integrated well with the DEX aggregators.
• It creates an additional layer of risks and complexity for MPH holders willing to participate in the 88mph venomics.

Vote #1

Release 88mph v4 with 80MPH-20WETH Balancer pool as the locked asset for veMPH instead of bnMPH.

Vote #2

Release 88mph v4 with MPH as the locked asset for veMPH.