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 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.
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:
- You deposit DAI on our fixed-rate APY Curve pool.
- We pool your stable coins and deposit them in a Curve trading pair.
- We deposit the Curve LP tokens in the Curve gauge
- We harvest CRV rewards.
- We boost our rewards by locking 10% of the CRV harvested for 4 years.
- 90% of the CRV harvest is sold on Uniswap for DAI.
- DAI proceeds are distributed to MPH stakers.
- You withdraw your principal and interest at maturity by paying back a % of your upfront MPH.
- 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.
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.
The full grant application can be viewed at: https://drive.google.com/file/d/11YVEGkkOYoVDBWFOx-cI3Jz-JvOrD-3d/view?usp=sharing