Functional Incentives for MIR

It seems that MIR tokens are presently lacking a functionality which offers a financial incentive to hold or use the token. While shared governance is a nice system, this participation ability is not a directly financial incentive and is not something that many are interested in participating in.

The lack of a financial functionality for MIR could be driving away potential stakers, as the reward for staking is MIR tokens.

I would like to brainstorm some potential financial incentives that could be attached to MIR in this thread.

I was thinking something along the lines of, “1/2 off CDP closure fees if those fees are paid in MIR”-- Providing the same type of utility as the infamous BNB token does for the Binance exchange. While this may lower the rewards amount to MIR stakers per CDP closure, it would attract more users to MIR staking and also decrease their reluctance to end a position, resulting in more CDP closures overall and hence more total fees collected on the platform.

What do you think?

I think added functionality would be welcome. I’m open to suggestions.

Actually, that’s great idea!
But to keep the price up we should practice the followings

  1. Burn - As you suggested, we should be able to burn MIR to reduce the CDP closure fee.
  2. Hold - I guess we can do something like
    Holding 100 MIR - swap fee = 0.3%
    Holding 1000 MIR - swap fee = 0.29%
    Holding 10000 MIR - swap fee = 0.28%
    // I think we shouldn’t give too much discount to holder since it affects liquidity providers
  3. Increase transactions in the platform - I have no idea… anyone?