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88mph

88mph (MPH) (Launched November 16, 2020) is a cryptocurrency token created on the Ethereum blockchain to function within 88mph's ecosystem. The token was launched by Bacon Labs as a fixed-rate interest protocol[1][3].

Overview

88mph (MPH) is a crypto ecosystem that offers its users a fixed-rate yield-generation protocol. For example, if a user deposits 100 DAI into 88mph for 1 year at 10% fixed-rate APY, the 100 DAI is transferred to 88mph and 88mph deposits the 100 DAI into a yield-generating protocol with variable rate APY, which will generate yield for the 1 year deposit period, and once the one year is over, the user can withdraw 110 DAI from 88mph[2].

The functionality of the 88mph's protocol hinges on Pooling deposits, which means putting a user's deposited DAI into a single pool, from which users can withdraw a deposit once its deposit period is over.

How it Works

88mph's fixed-rate interest protocol assumes its functionality through Pooling deposit, which helps via:

Risk balancing:

If there is a rise in the floating rate APY after a deposit, the yield generated by the deposited funds could be more than the interest promised to the user. This excess would be able to balance out the debt caused by deposits where the floating rate has dropped since the time of deposit. In this way, the risk of insolvency is reduced for the users, and the stability of 88mph's interest rate is supported.

Overlapping deposit periods:

More so, provided an older DAI deposit could not generate enough yield to cover the debt caused by the interest promised to the depositor, and its deposit period would be over soon, the yield could still be paid out using the funds of other deposits. This alone does obviously not solve the debt, but combined with risk balancing and the volatility in the floating interest rate it helps with keeping the 88mph pool solvent.

Functions

The following are the other functions within 88mph's (MPH) ecosystem.

Staking:

Once users stake their MPH, they become eligible to collect two kinds of rewards, which is 88mph protocol fees, and yield-farmed tokens earned from the protocols 88mph is connected to (COMP, CRV, etc.). These rewards are distributed in DAI.

liquidity mining:

Users can provide liquidity to the 88mph Uniswap MPH-ETH pair and earn MPH. The second round of 88mph liquidity mining was planned to begin at 12 pm Pacific Time on Dec. 4, and will last 14 days. 8800 MPH from the governance treasury was proposed for distribution.

Tokenomics

88mph (MPH) is an ERC-20 crypto-token issued to operate atop the Ethereum platform. The token's ticker is denoted as MPH and it powers the entire 88mph's ecosystem. MPH has a total supply of 252,094 MPH and it is currently traded mostly on Uniswap (v2) cryptocurrency exchange.

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