HIP-4 (Asset Listing) - Add BOO to Fantom Deployment

Simple Summary

This proposal seeks the approval of mveHND holders to add the BOO token to the Fantom deployment of the Hundred Finance dApp.

Abstract

The BOO token is the native token of the SpookySwap DEX based on the Fantom blockchain. Chainlink enabled a price feed for the token in April of 2022 but there currently exists no lending market for BOO. This presents an opportunity to generate usage and fees from its holders by Hundred Finance providing lending services.

Background

BOO was listed on Scream.sh previously. Unfortunately, Scream suffered an insolvency incident in May of 2022 relating to the depegging of fUSD and DEI and the market has since been paused. The listing of BOO did not directly contribute to the issues suffered by the protocol and does not imply a risk in listing the asset in and of itself. As a result of Scream pausing their V1 deployment, there currently exists no lending market for BOO.

Motivation

With a market cap of over £35m, listing BOO could draw significant value to the protocol and better associate Hundred Finance with the users of the second largest project in TVL on the Fantom blockchain.

Specification

A governance token with a Total Max Supply of: 13,666,000, it has a circulating supply of just under 10m at present and a daily volume sitting just under $1m USD on average. As the native token of a DEX, the majority of BOO liquidity is to be found on SpookySwap itself and its primary pairing, WFTM-BOO, has around $11m in liquidity. This grants it minimal slippage when purchased or sold in large amounts. The BOO token would be listed on Hundred Finance with a Loan-to-Value ratio of 50%, providing reasonable protection against price volatility. In order for the vote to pass and listing to go ahead a quorum of 10% must be reached along with a majority in favor of approving the proposal.

Discussion

Further information about the potential listing can be found on the forum at: https://forum.hundred.finance/t/asset-discussion-adding-boo-on-fantom/81