This proposal is expected to appear on Snapshot for voting on Monday of September 5th, 2021 at 12:00 pm UTC.
TL;DR
- This Proposal seeks to Whitelist MarginSwap’s (MFI) Token.
- Proposed Co-Investment of 100k BNT.
- There are no apparent security concerns.
- The benefit to Bancor is clear.
Contract Address: 0xaa4e3edb11afa93c41db59842b29de64b72e355b
Project Website: https://marginswap.finance/
Token Security
MFI is the native asset of the Margin Swap protocol, it has a max supply of 10,000,000 with 6.63M currently in circulation.
MFI does not have an elastic supply, or rebase mechanism. The MFI token contracts do not have permissions that grant administrators unrestricted mint/burn capabilities.
The contracts and addresses with the highest concentration of MFI tokens are predominantly The treasury multisig, staking contract, one of the team’s wallets, and Anyswap bridge wallet, Uniswap liquidity, and one Of MEXC exchange wallet.
Tokenomics
You can earn MFI by adopting the protocol (lending, trading, and staking). MFI has several functions:
- Governance: MFI holders decide the future of the protocol through on-chain votes
- Reward: Bond lenders, traders, and liquidity providers receive MFI incentives for using the protocol, granting them a voice in the protocol’s governance
- Liquidation: To act as a keeper or liquidator, MFI will has to be staked (liquidators receive 5% of the total value of each liquidated trade)
Project
Margin Swap is a decentralized trading protocol that supports spot and cross-margin swapping of assets on AMMs (Supported DEXs as of now are Uniswap, Sushiswap, Quickswap and Pangolin. Margin Swap lets you trade a wide range of tokens with up to 5x leverage.
What you can do on Margin Swap:
- Trade Uniswap and SushiSwap assets: Marginswap uses the liquidity from other AMMs. Trades can sometimes be routed through multiple AMMs, thereby arbitraging the connected trading routes’ price differences.
- Long or short any supported assets: Go long or short any asset on cross margin using supported assets as collateral.
- Borrow supported assets: Take overcollateralized loans and open leverage positions with one account. You can deposit collateral and take a loan in one transaction!
- Cross margin trading: In cross margin, your total account balance is factored in calculating the liquidation threshold. Meaning margin is shared across all open positions, not isolated to a single pair.
- Spot trading: Marginswap aggregates prices from all connected dexes using the marginswapRouter at no extra cost.
- Supply bond: Lend the protocol supported crypto assets and earn stable yield. Marginswap also rewards Lenders with the governance token $MFI
Community and Communication
Available Audits
Marginswap was audited by Certik and a competitive audit was also commissioned.
MFI Price and Market Stats
| MFI Price | $0.959189 |
|---|---|
| Market Cap | $6,329,995 |
| Market Cap Dominance | 0.00% |
| Trading Volume | $694,713 |
| Volume / Market Cap | 0.1093 |
| 24h Low / 24h High | $0.859936 / $1.06 |
| 7d Low / 7d High | $0.719707 / $1.96 |
| Market Cap Rank | #1277 |
Benefits for Bancor:
MFI is currently trading on Uniswap, Pangolin and MEXC. If whitelisted on bancor, the increased arbitrage and price movement (up or down opportunity) will bring a lot of volume to the Pair on Bancor.
We will also be advertising this pool and I believe our community would also be very interested in supplying liquidity to this pair, taking advantage of IL protection and the fact that they only need to supply only MFI.
Also, we would explore adding BNT to cross margin trading, making it possible for BNT holders to lend, borrow and open leverage trades using BNT as collateral on Marginswap.
When the MFI pool on Bancor is big enough, we will add MFI to our cross margin trading and add the pair on Bancor as the liquidation Path.