August was the month of collaterals! With 8 new collaterals proposed to be added, their parameters to be defined and the new Mimo pool on Midas, find the Mimo governance recap of the month.

Multisig

Since last month, new transactions have been covered by the multisig. 
The next transactions will focus on the addition of the new collaterals and their parameters once the proposals are voted on.

Transaction covered

• The first DAO signer compensation has been sent

• MIP-8┃Adjust WMATIC minimum collateral ratio

• MIP-9┃Adjust WFTM minimum collateral ratio

• MGP-6┃Migrate PAR-USDC liquidity incentives from SpookySwap to Curve on Fantom 

Next Transaction to be covered

• Add the different collaterals and their parameters on their respective chain

You can access all the multisig Tx on each chain here.

MGP-6 : Incentive migrated

The incentive of the PAR-USDC pool on Fantom have been migrated from SpookySwap to Curve in order to have a better trading efficiency. Curve has shown its strength on pegged assets such as PAR, that's why it was important to migrate the incentive to attract more liquidity and get a better liquidity depth for PAR.

View the MGP-6 Snapshot here here >>

MIP-8 & MIP-9 : Voted and Executed

With the necessary quorum obtained (5M vMIMOs), MIP-8 and MIP-9 were both voted on and executed by the multisig. As a reminder, these proposals aimed to change the parameters of WMATIC and WFTM. More details here:

View the MIP-8 Snapshot result here >>
View the MIP-9 Snapshot result here >>

Mimo pool soon live on Midas !

The MGP-7 has been perfectly executed thanks to the reactivity of the Midas team.

The pool still being under development, you will soon be able to provide and borrow different assets in our Mimo Midas pool very soon. The pool rights will also soon be transferred to the Mimo DAO allowing to change the pool settings if necessary or to add more collaterals.

View the Snapshot result here >>

An article about Midas and our pool will soon be published, explaining what Midas is, why Midas was chosen to host the Mimo pool, how it works, and finally the benefits of this pool for both the protocol and the users.

We will also soon have a price-feed on $MIMO and on LPs containing $MIMO thanks to a DIA oracle, allowing them to be added to the Mimo Midas pool. An article on DIA will also be published shortly.

New collaterals have been approved

While a conservative strategy on the choice of collaterals and parameters was adopted with the aim of consolidating the protocol and the PAR in the first instance, it is now time for several new collaterals to be added on Mimo:

• MIR-0┃Add RAI as collateral on Mimo on Ethereum

• MIR-1┃Add LUSD as collateral on Mimo on Ethereum

• MIR-2┃Add CRV as collateral on Mimo on Polygon

• MIR-3┃Add BAL as collateral on Mimo on Polygon

• MIR-4┃Add AAVE as collateral on Mimo on Polygon

• MIR-5┃Add GHST as collateral on Mimo on Polygon

• MIR-6┃Add LINK as collateral on Mimo on Polygon

• MIR-7┃Add SUSHI as collateral on Mimo on Polygon

The integration of these collaterals will open up new markets and users and lead to PAR being backed by some more and various decentralized assets, including incensurable and resilient stablecoins such as LUSD for which it will be possible to borrow against for the first time in the ecosystem.

Parameters of the new collaterals

Following the integration of the new collaterals, it is now necessary to establish the parameters that will best fit each asset.

The parameters aim to be balanced for the users and the protocol, and they were also chosen in a low-risk way to be able to run experiment parameters on the pool without possible issues for the users & the protocol given the potential smart contract risks that may exist.

These parameters are likely to be changed in the future according to the first data that will be collected.

You may find the different collateral parameter proposals below:

On Snapshot :

• MIR-0.1┃Choose RAI collateral parameters on Mimo on Ethereum 

• MIR-1.1┃Choose LUSD collateral parameters on Mimo on Ethereum

• MIR-2.1┃Choose CRV collateral parameters on Mimo on Polygon 

• MIR-3.1┃Choose BAL collateral parameters on Mimo on Polygon 

On the Governance Forum :

• MIR-4.1┃Choose AAVE collateral parameters on Mimo on Polygon 

• MIR-6.1┃Choose LINK collateral parameters on Mimo on Polygon

• MIR-7.1┃Choose SUSHI collateral parameters on Mimo on Polygon

Note that the MIR-5.1 will be published once the proposed parameters regarding this collateral are optimized.

Some more highlights

That’s about it for this month !

Be sure to visit our Snapshot profile to not miss the latest proposals.

You can also participate in the discussion on the Governance Forum or on Discord and if you have any questions or suggestions, feel free to chat with the community on Telegram.

Don't forget to also follow the latest information on our new DAO Twitter account.