The following mAsset whitelisting proposals are expected to pass, which means that 28 new assets (both equities and coins) are about to be whitelisted on the Mirror Protocol to constitute new mAssets. These are:
- Walmart Inc
- Johnson & Johnson
- JPMorgan Chase & Co
- NVIDIA corporation
- Paypal Holdings
- Walt Disney
- Coca-Cola Co
- Nike Inc.
- Airbnb Inc
- Samsung Electronics Co Ltd
- Palantir Technologies
- Galaxy Digital Holdings Ltd (GLXY)
- Tencent Holdings Limited
- Starbucks Corporation
- Peloton Interactive, Inc.
- Microstrategy (MSTR)
- AMD (repeat) - about to fail
- McDonald’s Corpooration
- Spotify Technology S.A.
- Facebook Inc.
- Adobe Inc.
- Intel Corporation
- Goldman Sachs
- CRISPR - low support
Unfortunately, for some of these assets it’s logistically challenging for oracle vendors to set up infrastructure in a shorr timeframe (for example, Samsung, as it does not trade in US equity markets). Therefore, while the MIP Text Proposal may pass this time around, the unavailability of the oracle feeder within a short timeframe may restrict the ability of the protocol to support the asset (at least for now).
What this means for LP rewards
For LP rewards, the total pool is set to be a fixed supply, with each new mAsset being added being given a weight of 1 (MIR itself has a weight of 3).
Therefore, new mAssets added to the whitelist and pools created on Terraswap dilutes the amount of MIR rewards a unit LP token will earn on existing pools.
For the $ value of the rewards, there are a few possibilities:
- mAssets LP dilution may reduce sell pressure on MIR (LPs are earning fewer tokens) and raise buy pressure (more CDP closures as there are more assets available), therefore keeping $ denominated APY constant or higher than previous levels.
- LP rewards going down may result in lower liquidity for mAssets, leading to higher slippage and lower usability for the platform.
I suggest we just add the mAssets for now and see what happens. If scenario #2 plays out, we may have to apportion new rewards from the community pool to normalize rewards.
Getting the above proposals passed is the first of 3 required steps to have the mAsset whitelisted on Mirror, details documented here: Whitelist Procedure - mirror
Once the above poll is nearing completion and seems like it will pass, a user should request oracle support for said asset from either Band Protocol ( contact information to be announced shortly ) or Chainlink ( firstname.lastname@example.org ). The user should refer to the specific proposal that has passed and include a link.
Once the oracle has tested for stability and is fully operational, any user may submit a Register Whitelist Parameters with the provided oracle address in the
If the poll again passes, the new Mirrored Asset is immediately added to the active set of assets with prices being fed. However, there is an approximate one week delay before the new asset can be added to ensure that the feed is running smoothly on the Mirror Protocol.
Recall that while the oracle feeder address can be set to any address, we strongly caution the community to restrict support for oracle feeders that are run and endorsed by well-established oracle protocols such as Chainlink and Band Protocol.