Proposal: Launch $oneMPH

Summary

88MPH protocol is allowing users to lend their crypto assets at a fixed-interest rate. By doing so, they earn $MPH rewards and protocol's revenues.

With over $25M TVL in various fixed rate bonds products, and a total of ~$5M in stablecoin based fixed-interest rate opportunities for depositing DAI/USDC/sUSD, there’s clearly market demand to earn interest on such products. $oneMPH - a stablecoin backed by USDC and $MPH can benefit directly the 88MPH community by introducing a token that is always redeemable 1:1 to USDC, and encourages demand for $MPH as it removes $MPH from circulation.

This will be driving alignment of interests between stablecoin depositors & protocol (as today users use other projects' stablecoins to farm $MPH rewards which they will then sell for additional stablecoins).

88MPH community passed a vote to co-invest with ICHI in launching $oneMPH

Phase 1 - 42 days initial liquidity farming program

ICHI to

1. Create $oneMPH, a stablecoin minted with $MPH.
2. 0.05 ICHI per Block for the first 42 days to $oneMPH deposits.

88MPH to

1. Pay $24K to ICHI upon launch of $oneMPH, ICHI will mint $oneMPH and hold for at least 1 year.
2. Publish the initiative on their website and app, direct to app.ICHI.org for actual minting and depositing of $oneMPH
3. 88MPH will consider deposit a loan to treasury to reduce initial minting ratio

Phase 2 - explore implementation of use cases to drive $oneMPH demand:

1. Introduce a Fuse (Rari Capital) pool for $oneMPH lending / borrowing
2. Integrate $oneMPH as FIRB - Fixed Interest Rate bond
3. Charge lower platform fees for fixed APY products using $oneMPH.
4. Increase $MPH interest rewards on stablecoin fixed rate bonds (or other products in the future) that will use $oneMPH vs. other stablecoins

MPH team and community will explore if they wish to allocate an initial treasury deposit in $MPH or any other tokens into the $oneMPH treasury to reduce initial minting ratio, allow users to lock up more $MPH and less USDC when minting new $oneMPH.

Default Treasury Management Rules

Initial Minting Ratio: 95% USDC, 5% $MPH 150% treasury reserve percentage is required whenever treasury backed is $50k+ Supplied USDC may be used to provide USDC-oneMPH liquidity Governance Rewards to xICHI: 20% performance, 2% management 100 holders, none greater than 5% outstanding oneMPH, and 40+% quorum of deposited oneMPH is necessary to hold multisig elections funds will be governed by the $oneMPH token holders where every $oneMPH is a vote.