JP-23: Open MIM-USDT market on Liquidity Book (Avalanche)
This proposal previously reached 95% Quorum, it is being re-submitted for vote as proposed in the discord forum.
High level
There is over 9M MIM issued on Avalanche at the moment, with 40k+ holders and no liquid stable pool on Trader Joe V1 or V2. Abracadabra just deployed magicGLP (GLP auto-compounder) on Avalanche and will likely be getting more active on Avalanche with MIM being at the core of their ecosystem.
We all know how great Liquidity Book is - perfect place to host a MIM-USDT stable pair (.02%) and get that volume and those fees.
Specficiations
Avalanche MIM contract: https://snowtrace.io/token/0x130966628846bfd36ff31a822705796e8cb8c18d USDT contract: https://snowtrace.io/token/0x9702230a8ea53601f5cd2dc00fdbc13d4df4a8c7 MIM coingecko: https://www.coingecko.com/en/coins/magic-internet-money USDT coingecko: https://www.coingecko.com/en/coins/tether
Tokenomics
USDT is a centrally-issued stablecoin by Tether.
MIM is a USD-pegged stablecoin issued by the Abracadabra protocol, backed by interest-bearing assets (learn more: https://abracadabramoney.gitbook.io/learn/tokens/tokenomics#the-mim-token)
Summary
Stable pairs are a great fit for liquidity book and benefit a lot from its capital efficiency; MIM would be a good token to create a market for, consolidating Trader Joe LB as the prime venue for trading stables on Avalanche.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0xB57d...3EAe89 | 484,072 | For |
 0xEa00...bf74b0 | 317,992 | For |
 0x170d...343CF1 | 312,406 | Against |
 0xC2f7...eF6638 | 200,013 | For |
 0x6a7E...5c2AFE | 180,073 | For |
VOTE POWER
Proposal Status
- Fri April 28 2023, 07:34 amVoting Period Starts
- Tue May 02 2023, 07:34 amEnd Voting Period
Current Results
1-For
1.533M
2-Against
510,241.712
3-Abstain
5,872.88