November Community Update
Key Points
Emissions Controller has launched!
RAI Feeder pool is live - the first pool with a non-USD pegged asset
Partnered with Olympus Pro as a Cohort 3 Launch Partner
mUSD is now available on Coinbase
AMAs with Olympus Pro and Symphony Finance
mAlliance Program is here
APY Finance joins the mStable ecosystem
Weekly mGovernance updates
Community Call with GrantsDAO
Strengthening our Treasury DAO
Teasing mDashboard and the future of mStable
and much more 👇
Gm mStable community 🐣
Welcome to our mStable Community Update - a monthly newsletter to give you more visibility and insight into what’s going on behind the scenes at mStable. Our goal is to provide updates and transparency on what’s brewing in our different departments, as well as show recognition to all of our Metanaut and community contributors. It has been an exciting month for mStable and the team, so let’s jump in!
🎛️ Emissions Controller launched!
We have finally launched our Emissions Controller! Built from the ground up, our Emissions Controller allows MTA governors to direct on-chain rewards and emissions, bringing a lot more value and utility to $MTA.
Leveraging the Emissions Controller rewards engine, Balancer DAO swapped $300k of BAL for MTA, and will be voting and earning for the second epoch rewards. This opportunity demonstrates the utility of the Emissions Controller, where DAOs can take an active stake in mStable’s protocol governance and direct MTA emissions favorably to their use case, forging an alternative path to growing and attracting liquidity with mStable’s growing suite of DeFi products. The ideas and floodgates have now opened and we look forward to partnering up with other projects.
🗿 RAI Feeder Pool is live
Feeder pools are two-sided liquidity pools that provide efficient bridges within and outside of the mStable ecosystem. RAI is a decentralized stablecoin fully backed by ETH, and pegged to itself instead of the USD. It is also the first non-USD pegged stablecoin to get added to a Feeder Pool - and this paves the way for other non-USD pegged assets to become apart of our ecosystem.
🏛️ Partnership with Olympus Pro
Following a successful governance vote, we have partnered up with Olympus Pro to join as a Cohort 3 launch parter. Olympus Pro allows mStable to accumulate long-term liquidity and diversify its treasury by leveraging its platform to sell 1,000,000 MTA worth of bonds for Curve mUSD/3pool LP tokens deposited on Convex Finance. This will be done in two tranches, with the first 500,000 MTA being sold in Q4 2021, and the second in Q1 2022.
Join our first round of bonds and acquire MTA at a discount.
💸 mUSD listed on Coinbase
Expanding mUSD to more centralized exchanges and embedding itself further into the ecosystem, it was recently added to both Coinbase Pro and Coinbase.com. We look forward to more listings and future integrations because supporting mUSD unlocks seamless access to the broader mStable ecosystem - especially with our flagship product, Save.
🤝 mAlliance Program is here
In order to incentivize and reward SAVE usage, we are happy to announce our B2B mAlliance Referral Program. Rewards will originate from protocol fees, and then be proportionally distributed to partners based on the amount of liquidity that gets deposited. The vote passed earlier this month and will be operational very soon. We are now actively looking for partners for our first cohort.
Email theo@mstable.org if you are interested in joining our first cohort.
🌌 mStable integrates with APY Finance
We are also excited to announce that APY.Finance has integrated mStable’s Curve-mUSD pool within their yield farming portfolio. APY.Finance fully automates crypto yield farming strategies to ensure a great, risk-adjusted yield.
🤗 Metanauts and Community
This month was packed full of community and Metanaut updates! Recently, okilo.eth and lonetree took the initiative to create a proposal to use imUSD as collateral on Abracadabra. We have also onboarded Jeshli as our most recent moderator, and he has been a powerhouse, helping with everything from development to discord support. Additionally, we hosted Community Signer Elections which resulted in three Metanauts becoming signers for the Protocol and TreasuryDAO multisigs.
On top of this, we hosted two AMAs with both Olympus Pro and Symphony Finance, as well as a Community Call with Stonp from the GrantsDAO. We’ve launched a weekly mGovernors digest, and enjoyed a fun and informative Emissions Controller launch party hosted by Pengu, Nick and JS.
💪 Strengthening the Treasury DAO
The TreasuryDAO successfully redeployed liquidity from our old MTA/DAI Uniswap v3 pair, and the DAI portion of it is now earning a return in the save pool on Convex Finance. Additionally, several Metanauts are being onboarded into the Treasury DAO to streamline its operations and ship next quarter’s Treasury Report.
😛 Teasing mDashboard and the future of mStable
The GrantsDAO has been on a roll funding some great initiatives including one for a new landing page and improved portfolio visualization features. We are also taking a close look at the DAO treasury ecosystem, its current lack of tooling, and positioning ourselves to help solve some key problems.
The next iteration of mStable is on track, and we are narrowing down our focus to become the savings layer of DeFi and crypto.
👋 Closing thoughts from the core team
This month the team has done an outstanding job at delivering products that empower and give value to MTA holders: The Emission Controller gives MTA stakers full power over where their token is deployed; MTA now has a locked-in ceiling emission so investors have clarity over its maximum inflation. Others see value in the Emission Controller as well: Balancer and mStable have completed a strategic token swap so that Balancer can direct MTA emissions to its mStable pools. Aside from this, we saw Coinbase list mUSD and APY Finance integrate our yield products.
We say goodbye to our first employee and former Engineering Manager, Alex Scott. He gave a huge amount to the project and will be missed. He is going to take a well earned break after the craziness of the last three years. We all wish him well and are excited for him to remain close to the project as an advisor.
In the past 6 months, we have expanded our core contributor group to fill Alex’s capability and grow our own: we’ve added yet another gun developer to our stellar team, Christopher César López, and Nick Addison was promoted to Lead Solidity Developer. Rafael Ugolini has settled in incredibly well as our Engineering Manager.
Looking into the new year, we are focusing on a multichain world where we continue to do what we do best: meta assets and yield, or put simply, aggregation. More soon...
Have a great holiday season 🎄.