Greetings, people of Zion!
This article’s purpose is to neatly explain the new multiplier re-balances, the reason behind them, as well as starting our plan to switch from USDC as the main stablecoin of the platform.
We’re preparing to make MIM our new main stablecoin on the platform. For an initial period of time, we’re going to incentivize both MIM and USDC MORPH LPs so no-one is caught off-guard. There are numerous reasons for us switching to MIM:
- We’re able to use a truly decentralized stablecoin over centralized USDC (no frozen assets)
- We’re also able to further strengthen our position as the de facto farm for SPELL, MIM and ICE on Fantom, and it’s a great opportunity to truly set ourselves out and to be a community platform, supporting the absolutely amazing projects that Abracadabra and Popsicle are.
For the re-balancings:
- MORPH-MIM to 150x
- All peripheral* MORPH LPs to 30x
- SUN-FTM to 5x
- MORPH to 100x
- wFTM to 50x, and the deposit fee is increased to 1.5%
- BOO and SPIRIT to 12.5x
- IRONICE/TCS/KINS to 5x
- MIM to 12.5x
- ICE, SPELL to 17.5x
*peripheral: MORPH LPs that are not MORPH-FTM, MORPH-USDC or MORPH-MIM
Our main goal that we want to start achieving is increasing our main liquidity, the one that is almost always used whenever MORPH is traded. Currently, the liquidity is too dispersed among the peripheral LPs, damaging the main, core liquidity of MORPH.
The positive effects of this increased incentive for our core LPs include less price impact on larger buys, as well as less volatile price fluctuation in general.
We’re also including some new additions:
- BTC-ETH at a 30x multiplier
- BTC-FTM at a 30x multiplier
- TSHARE at a 10x multiplier
All these changes have just been queued to our timelock, and will take effect within approximately 12–13 hours (as of writing this article).
Now, I also know that everyone is waiting to see our in-depth article explaining our proposal that would replace the layer 2 idea, this article will definitely be live within the next few days. We will also have another article coming soon, introducing our new strategic advisor Dotcom, the upgrades to security done, as well as an entire re-haul of our platform revenue allocations to allow the project to scale much better and more effectively.
As always, my greatest gratitude to the amazing support shown by our community. We have some amazing ideas in store for October, ones that should really blow everything else out of the water. Zion shall be defended from the machines!
Signing off,
Morpheus
