QIP139: Seed Ellipsis x Dotdot Midas Market
Proposal
Deposit 100,000 MAI into the Ellipsis x DotDot Midas Capital lending pools on BNB Chain so users can borrow MAI against their collateral and earn yield on MAI deposits. After the initial deposit, it will be managed similar to debt ceiling increases, based on peg, asset liquidity, etc.
Background on Midas
Midas Capital is an isolated money market platform that enables permissionless pool creation, novel forms of yield generation, and more granular risk management.
Risk considerations
The main risk of this proposal is around the risk of the Ellipsis x DotDot pool in going into bad debt, where a borrower’s collateral is insufficient to be liquidated and repay the borrower’s loan. These risks are mitigated by:
- Setting up LTV’s (loan to value) to allow for a sufficient margin to liquidate the borrower’s collateral to repay the loan
- Utilizing reliable oracles and price feeds – Midas Capital uses ChainLink oracles, DIA oracles, or custom TWAP’s
- Setting supply caps on collateral as a function of available DEX liquidity
Motivation
- Allow users to borrow MAI against Ellipsis/DotDot LP positions and increase capital efficiency
- Enable users to participate to amplify stablecoin LP yields
- Propagate MAI and create additional use cases for the stablecoin
Quorum Standards
The option with the most votes will be adopted.
Options
- Approve proposal
- Further discussions needed
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x5D22...5a142D | 4.593M | Approve proposal |
 0x6523...456547 | 2.666M | Approve proposal |
 0xEf11...994234 | 256,646 | Approve proposal |
 0x9eF0...D69444 | 189,380 | Approve proposal |
 0xbcc1...73A126 | 81,097 | Approve proposal |
VOTE POWER
Proposal Status
- Thu August 18 2022, 04:16 amVoting Period Starts
- Mon August 22 2022, 04:00 pmEnd Voting Period
Current Results
1-Approve proposal
8.042M
2-Further discussions needed
11,667.089