Propose to remove MIM from GLP

Proposals
1

I propose to remove MIM from GLP on both Arbitrum and Avalanche. The pool is empty on Arbitrum and <$100 on Avalanche.

I think people have lost faith in MIM. I also think it discredits our platform to have something with such a shaky history. Probably time to move on in my opinion.

I know the team is very busy, just thought I would through the suggestion/proposal out there.

Thanks

3 Likes
2

I believe it would require a lot of work on the smart contracts side. That’s why devs chose to sideline MIM, by just not allowing any liquidity for it.

That said, MIM has held its peg quite well. It has a daily trade volume of around 5 million at the moment, most of which is on AVAX. There’s also an argument to be made for allowing it to be say 0.5% of GLP on Avalanche again, to capture the majority of swap fees from that trade volume. Low risk, decent reward…?

2 Likes
3

I agree with you about re-opening MIM again for a small percentage.

2 Likes
4

thank you for the suggestion, does look like MIM has held peg reasonably so we didn’t remove it completely, but could organize a vote to see what to do with it, we’re focusing on supporting synthetics for now, but will add this to the task list

4 Likes
5

Not a priority, but I would definitely vote for removing MIM from GLP.

2 Likes
6

I dont feel like MIM is a particularily dangerous asset, it’s held its peg through all of this and continues to be backed

7

Although MIM has a shaky past there is no denying that it has held its peg quite well and i believe we should start decentralizing the stablecoins in GLP that is why i believe we should keep MIM in the GlP

8

I think removing MIM is a good idea. It’s better to be safe than sorry, and I don’t see much benefit in supporting it, given the (slight) potential risk.

Even though MIM has managed to hold peg so far, I think there is still a real risk of depegging since abracadabra.money allows for collateral with assets that don’t have deep enough liquidity to support liquidations.

Here is a good twitter thread on the platform accumulating bad debt:

9

Since the current cap for MIM is quite low, we will temporarily hide it from the interface, we can bring it back in the new synthetics contracts which allow for more isolated risks.

2 Likes