mStable’s SAVE remains one of the most accessible, reliable and high-yielding products in DeFi. Elements of it’s design however limit the ability for it to be integrated across the broader DeFi ecosystem.
This MIP proposes that it be reconfigured to enhance the capital efficiency it offers to SAVE depositors and enable it to more easily be integrated into other DeFi, and CeFi, platforms. Additionally, under-utilised capital stored in SAVE can be put to work to contribute additionally to yield.
We propose adding composability to mStable’s SAVE product to enhance its functionality, improve the potential capital efficiency for depositors in SAVE and increase SAVE’s potential integration across the DeFi ecosystem.
This proposal comes in 3 main parts:
Tokenising the “Savings Credit”, creating a
imUSDtoken that represents the yield accruing
mUSDand can be transferred and used as collateral in DeFi
- Core behaviour will be optimised in terms of gas usage
- Initial ratio 10:1 imUSD:mUSD
Enhancing capital efficiency by depositing
X%of SAVE deposits elsewhere in the DeFi ecosystem (initially yEarn
imUSDdeposit box, a place where long term savers can store their
- This is aimed at supporting the migration of funds, and ensuring that recipients of system yield have a say in how it is distributed
- To ensure long term alignment, earnings will be heavily boosted for
MTAstakers, and lockups will apply