MIR-19┃Add dynETHc as collateral on Mimo on Ethereum

Summary:

This proposal aims to add DynaSet dynETHc as new collateral on Mimo on Ethereum.

Rationale :

SingularityDAO is a protocol providing automatically rebalanced pools aiming to provide a solid trading performance for their users.

Mimo users have been looking for ways to get liquidity from their assets while trying to get the most out of their portfolio management strategy. SingularityDAO and their DynaSets are natural extensions of this strategy and will provide a simple alternative to manual trading of the elements present in their DynaSets.

Why DynaSets? The performance of DynaSets over the past months has been stunning. Had Mimo users been using DynaSets instead of WETH, WBTC and USDC, our TVL would have been more than 4x its current state, and it’s high time we provide our users with the choice of using this type of tool to manage their balances.

You can learn more about SingularityDAO in their documentation 2.

Once the vote is accepted on Snapshot, we will determine the associated liquidation ratio, minimal collateral ratio, debt ceiling and liquidation bonus in a second MIR discussion.

Project Presentation:

Protocol name: SingularityDAO Token contract address : dynETHc: To Be Added Audit(s) : Hacken: https://hacken.io/audits/#singularitydao Certik: SingularityDAO - CertiK Security Leaderboard 1 Chain requested : Ethereum Relation with the project: We see this as the beginning of a fruitful partnership with SingularityDAO. Website: https://singularitydao.ai/ 1Twitter : https://twitter.com/SingularityDAO Discord: SingularityDAO Official

Upcoming partnership with SingularityDAO to reduce risk: SingularityDAO is coming up with an updated documentation of their protocol to increase the transparency necessary for different communities like ours to use their products. However, here are a few risks and guarantees that must come to light for this assessment: Are DynaSet Tokens Redeemable? Yes, they are fully redeemable at any time, the smart contract is clear about this. Are SDAO tokens able to increase our risk? No. As long as they are running, SDAO token holders can neither modify DynaSets nor their contents.

Moreover, following our ongoing communication and preliminary discussions with our team and community, the SingularityDAO team will upgrade its governance practice to be more in line with the rest of the DeFi community. What is meant here is the presence of a governance forum, a governance framework, and more. Such improvements have helped Mimo in the past and they will certainly help SingularityDAO.

Token metrics & Risk assessment:

The risk assessment here is slightly different from the usual procedure. DynaSets are essentially Balancer pool tokens, so the assessment shall be done on the redeemability of the tokens and on the underlying assets. Both are already present on Mimo.

Means:

Human resources: Multisig DAO signers will need to sign and execute transactions to add DynaSets as collateral on Mimo. Treasury resources: There is no cost for the treasury to add DynaSets on Mimo Ethereum.

Technical implementation:

Add DynaSets in the ConfigProvider Contract with all parameters decided by the Mimo governance. Set the custom oracle related to the DynaSets into PriceFeed Contract Voting options:

Add DynaSet dynETHc as a new collateral option on Mimo on Ethereum Against adding DynaSet dynETHc as new collateral on Mimo on Ethereum Abstain

Author: Biscuit from Mimo Labs