LIP-06: $MIM Token integration to Lodestar Finance

This is a proposal for the integration of the MIM token as a collateral and borrow market on our platform. This move will not only diversify the range of assets available on Lodestar Finance, but also encourage further adoption of our money market.

Background:

The MIM token has always had significant attention in the DeFi space and the recent Arbitrum season with the STIP Grant program has deepened the available MIM on chain liquidity. Numerous community members have expressed a desire for Lodestar Finance to enable a MIM market, while a large amount of farming and yield opportunities exist in the ecosystem for users to borrow the asset against the variety of collaterals listed on Lodestar.

In response to these requests, our development team has conducted a thorough due diligence and risk assessment of the MIM token.

Findings:

Our analysis has determined that adding a MIM market to Lodestar Finance would be both secure and beneficial for our community. As of now, MIM has amassed over $30 million in on-chain liquidity, demonstrating a healthy and growing market:

-Curve MIM-2CRV: $28.5 Million -Camelot V3 MIM-USDC: $1.3 Million

Additionally, Chainlink has a price feed established for MIM, sourcing from CEX and DEX, ensuring a secure and reliable source of pricing data:

https://arbiscan.io/address/0x87121F6c9A9F6E90E59591E4Cf4804873f54A95b

We propose the below market parameters at launch:

• Supply Cap: $3 Million
• Borrow Cap: $2 Million
• Reserve Factor: 0.33
• Collateral Factor: 0.5
• Interest Model 4

Vote:

• Vote Yes if you wish to enable MIM as a supported asset on Lodestar Finance
• Vote No if you are against it