[Grant Application] CGA#18 - 88mph

Grants
#1

Summary:

88mph is a DeFi platform seeking to offer the first fixed yield product for Curve pools, and allow speculators to long the floating rates.

Summary of Grant Applicant:

Zefram Lou (Twitter: https://twitter.com/boredGenius)
Guillaume Palayer (Twitter: https://twitter.com/guillaumpalayer)

Zefram and Guillaume are founders of the 88mph DeFi app, founded in November 2020. They are also founders of Bacon Labs, which includes several other products built by the pair to benefit the Ethereum ecosystem.

Project Details:

88mph is building a platform that seeks to guarantee a fixed rate interest model for various DeFi protocols. They do this by creating a market they call “floating-rate bonds” that lets speculators long the floating rate, and offload the risk from fixed rate interest earners.

They will be offering support for Curve pools. Any funds deposited into their Curve pools will be deposited as Curve LP positions. Their native MPH token offers liquidity mining incentives that will continue for a long period via a governance treasury. 88mph believes their fixed rate and floating-rate bond offerings will bring in new types of market participants that will greatly expand liquidity on Curve.

How does it work? Eg:

  1. You deposit DAI on our fixed-rate APY Curve pool.
  2. We pool your stable coins and deposit them in a Curve trading pair.
  3. We deposit the Curve LP tokens in the Curve gauge
  4. We harvest CRV rewards.
  5. We boost our rewards by locking 10% of the CRV harvested for 4 years.
  6. 90% of the CRV harvest is sold on Uniswap for DAI.
  7. DAI proceeds are distributed to MPH stakers.
  8. You withdraw your principal and interest at maturity by paying back a % of your upfront MPH.
  9. By the way, at time of deposit, we emitted a floating-rate bond to allow anyone to long the Curve floating rate related to the asset.

Post-Grant Plans:

Project maintained indefinitely with resources from the 88mph development fund.

Requested Grant Size:

Unclear. Their application states “$8888 - We’re looking more for guidance and expertise than funding.”, but in subsequent correspondence, they seem uninterested in a monetary grant. They seem to be interested in a whitelisting, community support, marketing efforts, and consultation from the Curve team.

Grant Application

The full grant application can be viewed at: https://drive.google.com/file/d/11YVEGkkOYoVDBWFOx-cI3Jz-JvOrD-3d/view?usp=sharing

17 Likes
#2

This idea is actually genius and there are already other protocols utilizing this as a base such as debase. The best part about 88mph is it’s non-dilutive so your stake is never diluted. I also thought I would point out there is now support for Y CRV farm staking. So you can earn Triple interest, interest form YCRV, fixed interest from bond and then you can stake the MPH for another 28% interest. However you can also sell the 88 MPH, but more YCRV and fold this in on itself till you get below 100$.

6 Likes
#3

I really like what 88mph is doing. Any further collaboration between the projects would definitely bring value to both communities/projects.

2 Likes
#4

88mph would be good addition to complement Curve ecosystem with its unique approach to fixed/variable bonds offerings. Would be great both protocols can work together.

2 Likes
#5

Definitely collaborate. MPH is already production-ready. Team is doing quite good with partnerships, such as partnerships with Bounce.finance on Defi NFTs, and aggressively building a network with other defi projects. The team is capable of dealing with incident response as seen from the vuln spotted by samczsun, and dealt with it swiftly.

2 Likes