[Closed] Add the MTA/CRO pool from Crypto.com DeFi Swap to mStable Earn

Governance Discussions
#1

[Overview]

This proposal recommends adding a new pool on mStable Earn: the MTA-CRO pool from Cryptocom DeFi Swap. Once implemented, liquidity providers (LP) of this pool will be able to stake their LP token on mStable Earn interface to mine $MTA (and also be rewarded with $CRO on Cryptocom DeFi Swap).

[Proposed reward amount]

LPs of the MTA-CRO pool from Cryptocom DeFi Swap will receive two tokens:

  • MTA: 30K units / week (with 10K provided by Cryptocom);
  • CRO: distributed via Cryptocom DeFi Swap natively per Cryptocom reward rules, see whitepaper for details.

The weekly rewards will last for 4 weeks - with possible extension beyond.

[About Cryptocom]

Cryptocom was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Cryptocom serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through a wide range of products such as the Cryptocom App, the Cryptocom Card and the Cryptocom Exchange and DeFi offerings.

Cryptocom is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Cryptocom is headquartered in Hong Kong with a 600+ strong team.

To better support its mission, Cryptocom has been venturing into the decentralized finance space. It has launched Cryptocom DeFi Wallet - a non-custodial wallet that lets users have full control of their private keys, and Cryptocom DeFi Swap - a web application where users can provide liquidity and/ or swap tokens, and receive rewards powered by CRO. In addition, Cryptocom has been actively conducting research on DeFi topics, including the DeFi Research Hub with a repertoire of self-produced reports, and a recent joint collaboration with BCG on the Rise of DeFi.

[About CRO]

The Cryptocom Coin (CRO) token is the token that powers the overall Cryptocom ecosystem with over 5 million users, including token utility across payment, trading and financial services use cases (including De-Fi). Issued in 2018, CRO has gained significant traction in the crypto market and is now one of the top 20 crypto currencies with around 2 billion USD market capitalization.

For more details on Cryptocom and CRO, please refer to the whitepaper: https://crypto.com/images/crypto_com_whitepaper.pdf.

#2

I am against any new LP, as well as any new and/or redistributed MTA emissions.

3 Likes
#3

Interesting! 30k rewards is attractive. Crypto-com has big user base too

1 Like
#4

I suggest Crypto.com substitizes either 15k or 20k MTA to this pool, as it’s going to use their own trading platform if this proposal should go forward.

There is no reason why the majority of the heavy lifting should come from our side imho, as we are promoting your DEX and all trading fees and long-term CRO staking will happen on your end.

my 2 cts…

4 Likes
#5

I dont know. But I do know that you will likely have better luck waiting until the current pool rewards shift is addressed.

It is a fragile market for MTA right now but on a path to resolve.

#6

Agreed. Providing we can get a 50/50 split (or something close to this) then I don’t see any reason not to proceed with this. We can aim to review and/or vote on a new proposal after the 4 week period has ended.

#7

The MTA reserve is one of our most valuable asset - I’m inclined to spend it for meaningful goals only. Could you please elaborate what this initiative would bring to mStable protocol ? Why do we have to care about CRO / MTA liquidity ?

2 Likes
#8