Grant Request by 88mph

Submission Date

October 15,2021

Project Links

http://88mph.app/
https://twitter.com/88mphapp

Project Description

88mph is an open-source and non-custodial protocol allowing you to deposit your crypto and earn a fixed-rate yield, speculate on future yields, and be rewarded with different incentives.

Amount requested

$19000

Milestones

Grant application to sustain a dual MPH + MATIC rewards model with the following principles:

Context:

  • We’ll create a bridge for MPH to have the same minting functionality on Polygon. Each MPH rewards distributed to the Polygon’s depositors will be directly minted on Polygon. It’ll greatly improve the UX and reduce the confusion compared to how it works on Ethereum.

  • As the MPH distribution will mimic Ethereum’s one, we’ll be able to distribute all the protocol’s revenues on Polygon via the “Stake MPH for xMPH” feature. It’ll also greatly improve the UX and the scalability of the revenues distribution.

User flow:

  1. Deposit x Token to earn x% Fixed APR + x% MPH APR

  2. Stake the NFT representing the user’s deposit in staking contract to get x% MATIC APR (contract similar to our staking contract on Ethereum with support for ERC721 - original staking contract from Synthetix, fully audited by ToB in Aug 2021).

  3. MATIC rewards are linearly distributed over the deposit’s maturity according to the deposit amount and maturity date, with a more generous rate for longest maturity (365-d deposit gets +10% of rewards compared to 1-day deposit).

  4. Rewards are stopped when the maturity date is reached.

MATIC + MPH rewards distribution:

  • MPH rewards model will be similar to Ethereum (same issuance rate, same UX)

  • MATIC rewards model could follow these principles:

– 50,000 MATIC could be distributed monthly to the deposit NFT stakers over the next 3 months (150,000 MATIC in total).

  • For each of the following 3-month period, the rewards are reevaluated according to how much TVL 88mph can retain during the period. For eg, if the TVL is between $5m and $50m, the rewards continue for the next 3-month period. If it’s below, the MATIC rewards are suspended until the minimum TVL is regained
2 Likes

Grant Request Status

Denied

Reasons

Request to large for S0, will be communicated to Polygon DeFi and notified that they can reapply either later or with a smaller request