JP-20: Open Money-USDC and Money-AVAX Market
Temperature Check Vote: 34 For and 0 Against
Rationale for reopening:
Since JOE has been enabled as collateral on Moremoney a couple of days earlier, users are now able to unlock some liquidity (through MONEY) while holding on to their JOE stacks. A MONEY-USDC market on Liquidity book would allow efficient swapping into and out of MONEY when users borrows/repays their loan on the Moremoney protocol. In addition, by depositing JOE into Moremoney, users are also able to autocompound their JOE stack through Yield Yak’s sJOE. This would allow for a closer and mutually beneficial partnership between these two Avalanche native protocols.
The following information are from the previous proposal:
Summary:
This proposal is for adding a MONEY-USDC and MONEY-AVAX LB market. MONEY is an overcollateralized stablecoin issued by Moremoney.
High Level:
Protocol Overview • Moremoney is an overcollateralized borrowing protocol which accepts a variety of tokens and issues loans denominated in the MONEY stablecoin. • Moremoney allows users to retain control and flexibility over their collateral deposits, with the ability to move funds to a variety of strategies, without having to modify the initial MONEY loans.
Token Overview
• MONEY has a unique architecture designed for ultra-stability - which has been demonstrated since inception. This architecture includes features such as: overcollateralization, forced-redemption capacity, variable interest rate defense, and interest-bearing for stakers. • MONEY is the first interest-bearing stablecoin on the Avalanche blockchain.
Ideal Market
• Stablecoins are an integral feature of DeFi, and MONEY is one of the leading overcollateralized stablecoins on Avalanche.
Specifications:
Market: Avalanche Token Name: MONEY Associated Protocol: Moremoney Finance Protocol Website: https://moremoney.finance/ Coingekko: https://www.coingecko.com/en/coins/moremoney-usd Token Contract: https://snowtrace.io/address/0x0f577433Bf59560Ef2a79c124E9Ff99fCa258948 Tokenomics: https://moremoney.gitbook.io/docs/how cdp earnings are used/money
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xB57d...3EAe89 | 473,838 | For |
 0xa387...310b1B | 233,885 | For |
 0xC2f7...eF6638 | 215,000 | For |
 0x6a7E...5c2AFE | 180,073 | For |
 0x170d...343CF1 | 131,583 | For |
VOTE POWER
Proposal Status
- Sun April 02 2023, 02:29 pmVoting Period Starts
- Thu April 06 2023, 02:29 pmEnd Voting Period
Current Results
1-For
2.123M
2-Against
1,665.733
3-Abstain
904.947