Hello, i am the frontman. I represent a collective of shadowy super coders who want to build Mirror v3 in to the most innovative and attractive synthetics derivative platform available in defi.
In order to do this i need your help . Currently the steering committee consists of the core contributors @Papi and @Sebnondzee and a few others who will remain unnamed for the time being. These contributors have vested interest in the ecosystem and see a huge potential for UST growth via mirror protocol. These contributors have contributed to the road map that i am presenting below .
I want at least 2-4 more contributors , i want contributors who are experts in rust smart contract development , tokenomics , or any relevant background that will help progress our roadmap.
Once we have a few additional contributors we will post a mirror governance proposal that will establish the committee and fund the steering committee multisig wallet. The steering committee will ask for a grant of 250,000 MIR that will be held in a multi sig wallet .These funds will cover the development and audit costs of Mirror v3.
Once the steering committee has agreed upon a road map and consulted with the community we will post a governance proposal , if approved we will post a significant grant for upwards of 300,000 $ UST (maybe more?) that will cover the development of Mirror v3 . We will thoroughly interview teams . Teams will not be paid upfront and once we’ve established a team for the grant they will need to deliver milestones before getting paid, the first milestone being a functional product on the test net.
The core contributors will hold voting rights of the multisig wallet where a 80%+majority rules. The core contributors will have 0 expectation of compensation on the project in the immediate term . However, after we successfully deliver Mirror v3 and bring the next 5 bln tvl to the protocol we will ask for a sizable grant that will reward core contributors and fund their future salaries back pay and bonuses.
Below is our initial road map proposal , this is currently a draft and we will build on this with the help of core contributors.
If you are interested in becoming a core contributor please post your application below. Open to your feedback. This is a new account and i am an anon however core community members and existing contributors can and will vouch for me .
Road Map - Better tokenomics , Better Capital Efficiency , More Use Case
Summary: The Mirror v3 road map aims to address issues around capital efficiency, Mirror (MIR) token value capture , mAsset price stability, and overall capital efficiency of Mirror protocol
In order to increase the attractiveness of Mir token we will introduce a new staking derivative xMIR. Mir can be locked in exchange for xMIR, xMIR will accrue value from Mirror buybacks and other value accrual fees.
xMIR will be able to be used as a collateral to mint mAssets.
xMIR and MIR can be used to vote.
When locking Mir for xMIR the longer you lock your Mir token the more xMir you will receive
1000 Mir Locked
30 days 20 xMir
7 days 4.5 xMir
1 Year 250 xMir
2 Years 500 xMir
3 Years 750 xMir
4 Years 1000 xMir
In Mirror V3 a 20% portion of the CDP fee buybacks will be allocated to an aUST reserve. This reserve will constantly grow in value from Anchor yield as well as a constant stream of CDP fees that will be accrued to this reserve.
Each week 1% of the aUST yield reserve will go towards Mir token buybacks. This parameter will be controlled by governance
Other value accrual ideas
Mir can be used for CDP fees with a 5-10% discount on the fees.
Enable governance to allocate the yield reserve to protocol owned liquidity pools.
In order to improve capital efficiency and reduce mAsset spreads Mirror V3 will adopt auto adjusting concentrated liquidity pools. These pools will leverage Astroport’s uniswap v3 inspired concentrated liquidity functionality ( Concentrated Liquidity | Uniswap). The Mirror staking pools will incentivize a liquidity price range, set by governance and based on the oracle price . For example if the incentivized liquidity spread is set to 25% the mirror liquidity pools will incentivize a price range that is 25% above and 25% below the price range.
Discussion topic : Do we want Mir staking pools to auto adjust users LP positions or do we want that to be a feature that external yield farms implement. What is the process for rebalancing liquidity in astroport?
Leveraged Liquidity - Mirror Native Flash Loans
To further improve capital efficiency of mAssets Mirror V3 will introduce design changes and integrations that support leveraged mAsset exposure .
To enable leveraged short and leveraged delta neutral LP exposure Mirror will enable mAsset-UST-LP to act as collateral. In addition Mirror will offer flashloans in order to allow these positions to be opened seamlessly and to introduce a new value capture mechanism for Mir token holders in the form of flashloan fees.
An example of how this will work:
Alice has 1000$ and wants a to open a delta neutral LP position to gain exposure to swap fees
The 1000$ is deposited in to mirror and in a single transaction the following occurs
A flash loan is taken out for 1000$ worth of mAsset
The 1000 UST and mAsset will be combined in to LP
The LP will be deposited into a Mirror CDP contract.
This will result in 1000$ worth of mAsset being backed by 200% collateral in the form of mAsset and UST .
A small portion of Mir tokens will be allocated to incentivizing these types of positions in line with Mir token distribution for LP.
When the position is opened there will be a 1% flash loan fee. And when the position is closed a 1.5% fee.
For leveraged short and leveraged delta neutral these positions will use mirror for loaning assets.
For leveraged long LP we will use both Mars and a Mirror native stable coin mUSD.
mUSD - Mirror native stable coin backed by aUST, mAsset-UST LP , and other yield bearing derivatives
This idea needs some more work, please reference Papi’s post here [Proposal] mUSD - a mirrored stablecoin backed by leveraged aUST - #23 by Papi