Author: 0xmcfly.eth
This proposal is available on Snapshot for voting between May 9 and May 12 2021 3:00 PM CET. Only xMPH holders are allowed to vote.
Author: 0xmcfly.eth
This proposal is available on Snapshot for voting between May 10 and May 13 2021 7:00 AM CET. Only xMPH holders are allowed to vote.
Specification
This document proposes to replace MPH by the upcoming Bancor v3 bnMPH as the locking asset for veMPH.
bnMPH
Liquidity stakes on Bancor 3 are represented by single-side pool tokens. These pool tokens represent the fully protected valuation of the user’s stake, including all value accrued on the position since the stake was established. These pool tokens are fungible, composable ERC20 tokens and bnMPH will be the one representing the liquidity stakes for MPH providers.
Bancor v3 is scheduled to go live on May 11, 2022.
Argument for
- Liquidity provided on Bancor 3 is immediately protected from impermanent loss, including all fee revenue accrued thereon.
- veMPH holders who receive protocol revenue are providing additional value to the protocol via liquidity provision.
Argument against
- Unlike Uniswap, Bancor is not the de facto trading venue on mainnet. Bancor v3 could change the current trading environment.
- It creates an additional layer of risks and complexity for MPH holders willing to participate in the 88mph venomics.
Vote for
- Migrate the MPH trading pool to Bancor v3.
- Release 88mph venomics with bnMPH as the locked asset for veMPH.
Vote against
Keep MPH as the locked asset for veMPH.
Off-Chain Vote
For
12.06K xMPH93.9%
Against
785.24 xMPH6.1%
Timeline
May 10, 2022Proposal created
May 10, 2022Proposal vote started
May 13, 2022Proposal vote ended
Aug 25, 2025Proposal updated