We should explore ways to add more utility/value to the MIR token. Possibly:
- Add the ability to pay transaction fees in MIR. The transaction fees could be slightly reduced if you use MIR to pay the fees.
- Continue to pay transaction fees in UST but hold a portion of the fees to buy back MIR on the open market and burn it.
More ideas welcome.
Paying for transaction fees in MIR I dont think will help the price/value. It might redistribute and possibly reduce sell pressure but wont increase buy pressure.
I think using MIR-UST LPs to back CDPs could be quite cool, would reduce sell pressure and maybe rewards from the MIR-UST pool could be rebalanced for other mAssets?
I am not sure that it would be a good idea to use MIR as collateral against CDPs. That would lead to a lot of liquidations if the MIR price dropped.
I was thinking more along the lines of the model of Kucoin or other exchange tokens that offer reduced transaction fees for holders who pay the fees in the exchange token. People own and hold those tokens in bull markets because they are trading a lot. Anyone who provides LP or does a significant amount of trading on MIR would really like that. Maybe we aren’t there yet in terms of transaction volume or maybe the fees are too low but I think it is a good idea.