Governance has been active during the month of July at Mimo. With the completion of the multisig to implement the voted proposals and modifications to the collateralization parameters, important changes have been made to the protocol this month.
Multisig
The major event of the month is the completion of the ⅝ multisig, allowing the implementation of voted proposals on the three different chains (Ethereum, Polygon & Fantom).
Proposals coverage by the multisig:
Proposals covered:
- MIP-2 | Adjust WETH minimum collateral ratio
- MIP-3 | Adjust WBTC minimum collateral ratio
- MIP-4 | Adjust USDC minimum collateral ratio
- MIP-7 | Reduce USDC vault's liquidation bonus on each chain
Next Proposals to be covered:
- MGP-3┃Create Mimo pool on Market Protocol on Polygon
- MGP-4┃Create Mimo pool on Market Protocol on Fantom
- MGP-6┃Migrate PAR-USDC liquidity incentives from SpookySwap to Curve on Fantom
You can access all the multisig Tx on each chain here.
MIP-6 ┃Adjust the threshold to post governance proposals on the Snapshot
MIP-6 aims to readjust the threshold for publishing proposals on Snapshot.
The threshold in the Mimo snapshot was set at 5 vMIMO. Any individual who had 5 vMIMO could create a proposal in Mimo's snapshot, which can lead to absurd proposals that pollute Mimo's governance.
In order to remain decentralized and avoid moderation of proposals, this vote was unanimously voted for a threshold of 100k vMIMO.
MGP-6 ┃Migrate PAR-USDC liquidity incentives from SpookySwap to Curve on Fantom
MGP-6 aims to optimize the swap rate for PAR on Fantom.
Curve is more efficient for stablecoin pools compared to SpookySwap which is better for non-pegged assets. As Curve offers us a better swap rate on a PAR-USDC pool, we proposed moving the incentives to a Curve pool.
With a unanimous vote of 74M vMIMO, the DAO will migrate Spookyswap’s PAR-USDC incentives to Curve.
The new Curve pool has been created, it is now a matter of time before the incentives are migrated.
MIP-7 ┃Reduce USDC vault's liquidation bonus on each chain
With the recent MCR adjustment on USDC, it was necessary to reduce the liquidation bonus so that the liquidators could not empty the safety reserve and put both the protocol and users at risk.
A drop in the Liquidation bonus means fewer incentives but the liquidation would still be profitable for the Liquidator as the amount of liquidity available determines how fluently liquidators can sell the liquidated collateral into the market.
With 74m vMIMO, the Mimo community voted to reduce USDC vault’s liquidation bonus from 5% to 3% on each chain
MIP-8 et MIP-9┃Adjust WMATIC & WFTM minimum collateral ratio
Until now, Mimo has been conservative in its management of collaterals and MCRs, preventing it from being competitive and efficient enough, that’s why having active risk management would increase the efficiency of the protocol and make it more competitive.
In this sense, and as a reminder, modifications of MCRs have already been voted on and implemented for WETH, WBTC & USDC.
We are now focusing on WMATIC on Polygon and WFTM on Fantom, with live proposals on the governance forum and Snapshot to also reduce their MCRs.
- MIP-8 forum discussion (currently live on Snapshot).
- MIP-9 forum discussion (to be live on Snapshot tomorrow).
We’re on Lens
Mimo DAO is now on Lens, the decentralized social graph and layer of web3 social media.
Feel free to check out our thread about Lens :
DeFi Llama
$PAR is now tracked on the DefiLlama Stablecoins Dashboard.
And we’re also ranked top 11 on CDP TVL ranking.
(CDP = Protocols that mint its own stablecoin using some collateral).
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.