Coinbase (mCOIN) Register Parameters Poll (ID: 89) and mCOIN go-live Timing vs. IPO Date April 14

I’ve been following mCOIN from whitelisting to the current stage which is Register Parameters. The current poll is located here:

https://terra.mirror.finance/gov/poll/89

My concern is about the timing of when mCOIN will go live. According to this poll, the vote closes on Sunday, April 18. The Coinbase IPO is on Wednesday, April 14.

I am advocating to have mCOIN go-live on April 14 as this is an ideal case and has benefits for existing users interested in investing, attracting new users, and also could be the first Day 1 mAsset IPO on Mirror.

At the time of this post Sunday April 11 there is 1.73% voted YES and a 9.99% quorum.

Is there a way that Register Parameters can be expedited so we can achieve the glory of having a Day 1 IPO mAsset experience?

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This needs to be done. This duplicate polling/governance thing isn’t great for our protocol as it requires people to lock up captial multiple times for multiple weeks before something gets passed. We should look at fixing this near term.

Agreed on expediting the params vote and reworking the way we make and vote on proposals. Every dao vote should have a forum thread attached to it anyway: these things would be worked out much sooner:

We need to do something about Mirror Governance!!! It’s the most important aspect of this project.
People need to participate in voting and build a stronger community.

The initial plan was to list mCOIN at the timing of IPO, but the concerns were that:

1. This is the first mAsset which is listed without historical price: Which means that we wanted to ensure that price feed from the oracle was working fine on Testnet before it goes live on mainnet
2. Register Parameters to be expedited - cannot be done at this moment: When governance poll to register an mAsset gets executed, a transaction is sent from Gov to Factory contract to initiate the Whitelist process to create new mAsset and it’s corresponding pair and LP contracts. Meaning that, it has to go through all the voting period and effective delay to legitimately get listed on Mirror Protocol.

We are working on Pre-IPO Mirrored Assets [v2] which will enable having access to mAssets before the actual IPO (at a specified price through governance). In the future, having access to new assets will be more convenient this way.

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Thanks for the response I really appreciate it.

  1. This makes sense to test the feed. What duration is required to test the feed? Would it hypothetically be possible to test the feed for 1 hour and then accept that it is working or does it need a full day or something? Do you know if the feed from NASDAQ will start sending data at 9:30 a.m. Eastern (New York)?

  2. I understand that the “parameters” can’t be changed. I should have clarified when I meant expedited I meant something along the lines of communication channels (like for instance me spamming Telegram with reminders to vote, Do Kwon tweeting to remind people to vote, etc.)

If the register parameters vote meets quorum before Wednesday does it still need to wait until the end of the vote on Sunday? I think what you are saying is that mCOIN will not be available to trade on Mirror until after Sunday April 18?

Thanks again for coming into this thread.

  1. In case that the feed has a trouble, we have to identify the issue and also have time to make fixes
  2. Even if quorum is met, imagine a case where quorum is met where “YES” is the majority, but due to some event such as cancellation of IPO etc. and people are urged to vote against the poll as a result. (unlikely, but possible).

It still has to wait until the end of the vote to be listed. I know that listing process was long and it doesn’t fit perfectly to IPO date, but since all transactions involve “money” in Mirror Protocol, we are taking a safe approach for this one.

Hi jeelimm,

I accept the constraints that you have illustrated. I am offering comments to contribute to future efforts:

  1. Let’s assume you might be testing the feed for mCOIN on Monday, April 19. Would you require a full day of testing or would it become apparent within minutes to hours after 9:30 a.m. Eastern (New York)?

  2. Cancellation of an IPO will have to be a risk that is managed. If “pre-IPO” mAssets are to be implemented in the future there is finite risk of a cancellation. Based on the actual case study at hand being Coinbase listing on NASDAQ in less than 48 hrs realistically we would need to consider the risk of cancellation being low to very low.

If you have not already considered this I implore you to consider testing the feed on Wednesday April 14 starting at 9:30 a.m. Eastern (New York) to coincide when the NASDAQ market opens. This will allow you to observe how an oracle feed behaves on the day of an IPO.

I hope that incremental improvements to Mirror will allow for IPO assets to be emphasized as having a few unique characteristics which can be planned for which would enable trading on Mirror to coincide with the IPO date.

Thank you for the work that you do and for taking the time to post on the forum.

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