Merge pull request #30 from morpho-labs/feat/docs-add-2-mips

[docs]: update-mip

documents/snapshots/mip37.md

@@ -29,4 +29,4 @@ Conclusion
 As stablecoin specialists, Steakhouse Financial has cultivated significant experience and network within DeFi. Leveraging our insights from helping Dai (MakerDAO) and stETH (LidoDAO) grow, we look forward to supporting relatively new assets like USDM and PYUSD gain wide adoption. We are also excited to bring a credible alternative to the existing USDT borrowing/lending market, using our bluechip “dual engine” strategy.
 Steakhouse has begun educating investment funds, wallets and fintech players on MetaMorpho with the successful launch of the steakUSDC vault. We look forward to continuing on that journey with our three new proposed vaults and bringing value to the Morpho ecosystem.
 
-The proposal was voted on and accepted on 25 February 2024.
+The proposal was voted on 25 February 2024 but did not reach the required quorum.

documents/snapshots/mip39.md

@@ -0,0 +1,34 @@
+Link: https://snapshot.org/#/morpho.eth/proposal/0xc2f86a304e2bc103a3aa24dced98db896e4d3fd2e4e9841410d452ed54bc2d2f
+Title: MIP39 - Steakhouse Financial: wUSDM, PYUSD and USDT MetaMorpho Vault Whitelisting
+
+This submission proposes to whitelist Steakhouse Financial wUSDM, PYUSD and USDT MetaMorpho vaults address to allow the transfer of potential $MORPHO rewards to their depositors.
+
+Context: Same proposal was voted and accepted with MIP37 but Quorum wasn't reached.
+
+As written in the forum on 31 January 2024, discussion related to that: https://forum.morpho.org/t/steakhouse-financial-wusdm-pyusd-and-usdt-metamorpho-vault-whitelisting/452
+
+Here was the discussion related to that:
+Following on from the successful launch of the steakUSDC vault (https://app.morpho.org/vault?vault=0xBEEF01735c132Ada46AA9aA4c54623cAA92A64CB) earlier in January, Steakhouse Financial would like to propose whitelisting three new MetaMorpho vaults: wUSDM (Mountain Protocol), PYUSD (Paypal) and USDT (Tether). These vaults are centered around stablecoins that we see as having great potential to gain market share over the long-term. The addition of these vaults will significantly expand Morpho’s addressable market.
+Our vault strategy remains the same: leveraging the ‘dual engine’ (crypto + tradfi yields) to provide lenders with optimal yields under any market conditions. The specific borrow markets we propose for each vault are slightly different and are summarized below.
+
+- wUSDM (Mountain Protocol - https://mountainprotocol.com/)
+What is it? Launched in October 2023, USDM is the first permissionless yield-bearing stablecoin, issued by a regulated entity in Bermuda and fully-backed by US treasury bills. wUSDM is the non-rebasing token that keeps the user balance of USDM fixed and accrues the yield through price appreciation. Currently USDM is natively yielding 5% APY for holders. Steakhouse Financial has been advising the Mountain Protocol team since last year.
+Specificity: We will use a fixed price of $1 for USDM. USDM is supervised by Bermuda which provides clarity on the backing. Moreover, secondary liquidity remains small and could be easily manipulated.
+Morpho Blue Markets: We propose to activate wstETH/wUSDM as collateral (LLTV: 86%, Oracle: Chainlink), opening a market between the leading yield-bearing Ethereum LST and the first yield-bearing stablecoin.
+
+- PYUSD (PayPal - https://paxos.com/pyusd/)
+What is it? Launched in August 2023, PYUSD is PayPal’s stablecoin issued by Paxos. In a short amount of time, PYUSD has reached $300 million in TVL and is set to benefit from PayPal’s distribution network of 430 million users globally.
+Specificity: We will use a fixed price of $1 for PYUSD. PYUSD is supervised by the NYDFS which provides clarity on the backing. Moreover, secondary liquidity remains small and could be easily manipulated.
+Morpho Blue Markets: We propose to initially activate two markets, namely wstETH/PYUSD (LLTV 86%, Oracle: Chainlink) and IBI01/PYUSD (LLTV 96.5%, Oracle: Chainlink), with a view to add a third, PayPool LP.
+PayPool on Curve is one of the main liquidity sources for PYUSD, holding approximately $20m of PYUSD at the time of writing. Trident Digital, enlisted by Paxos and PayPal to scale the asset in DeFi, is currently providing LP incentives in an effort to grow the pool. Steakhouse is working through implementation details to enable PayPool LP as collateral, such as oracle selection and liquidations.
+
+- USDT (Tether)
+What is it? USDT has risen to the top stablecoin at $95 billion circulating supply, thanks to its focus on emerging markets. Steakhouse believes that steakUSDT vault will be an attractive product particularly for USDT holders in EM looking for a stable yield.
+Specificity: We will use the market price for USDT. USDT is not supervised and doesn’t meet the transparency requirement that we have. Moreover, secondary liquidity is significant and should limit manipulation risk.
+Morpho Blue Markets: We propose leveraging the dual engine allocation strategy employed in the steakUSDC vault by activating wstETH/USDT (LLTV: 86%, Oracle: Chainlink), WBTC/USDT (LLTV: 86%, Oracle: Chainlink), IBI01/USDT (LLTV: 96.5%, Oracle: Chainlink) and sDAI/USDT (LLTV: 96.5%, Oracle: Chainlink) markets.
+
+Conclusion
+As stablecoin specialists, Steakhouse Financial has cultivated significant experience and network within DeFi. Leveraging our insights from helping Dai (MakerDAO) and stETH (LidoDAO) grow, we look forward to supporting relatively new assets like USDM and PYUSD gain wide adoption. We are also excited to bring a credible alternative to the existing USDT borrowing/lending market, using our bluechip “dual engine” strategy.
+Steakhouse has begun educating investment funds, wallets and fintech players on MetaMorpho with the successful launch of the steakUSDC vault. We look forward to continuing on that journey with our three new proposed vaults and bringing value to the Morpho ecosystem.
+
+The proposal was voted on and accepted on 29 February 2024.

documents/snapshots/mip40.md

@@ -0,0 +1,42 @@
+Link: https://snapshot.org/#/morpho.eth/proposal/0x2bf1a28c49b44be9dc238a6f5055505a3fbbf19b3e8fdbcf9886178cfce0673d
+Title: MIP40 - Flagship USDT and sDAI MetaMorpho Vaults whitelisting
+
+This submission proposes to whitelist Flagship USDT and sDAI MetaMorpho vaults address to allow the transfer of potential $MORPHO rewards to their depositors.
+
+As written in the forum on 7 February 2024, discussion related to that: https://forum.morpho.org/t/flagship-usdt-and-sdai-metamorpho-vaults-whitelisting/458
+
+Here was the discussion related to that:
+
+- Introduction
+After a successful launch of both Flagship ETH and USDC (bbETH & bbUSDC) and as we continue to monitor the market, adjust and scale up our infrastructure, we think it is the right time to launch two new Flagship vaults.
+Our goal is to give users access to passive yield on top of Morpho Blue for the biggest assets and today we’re happy to announce that we are launching Flagship USDT and Flagship sDAI Vaults (bbUSDT & bbSDAI). These two vaults similarly to Flagship USDC will initially supply to stETH, WETH and WBTC collateral markets, focusing only on blue-chip crypto collateral markets.
+This proposal seeks Morpho DAO’s approval to whitelist the vaults’ smart contracts and make them eligible to transfer potential $MORPHO rewards to depositors.
+
+- The Flagship USDT and sDAI MetaMorpho vaults
+Flagship USDT and sDAI will be rolled out consecutively, both vaults aim to generate yield from blue-chip collateral markets.
+
+    - Why USDT and sDAI ?
+The choice of USDT and sDAI for our two new vaults is grounded in the established and widely embraced use cases within decentralized lending today. USDT is the biggest stablecoin and one of the biggest borrow markets in DeFi today. The choice of sDAI instead of DAI will simplify yield generation for (s)DAI holders and will give holders a new venue to generate yield on top of the DSR.
+
+    - Which markets will we target ?
+Our flagship USDT and sDAI vaults will concentrate on supplying to blue-chip crypto collateral markets. The vaults will initially supply to stETH, WETH and WBTC collateral markets and subsequently explore stablecoin and other LST collateral markets.
+
+    - Who is it for?
+These vaults will be tailored for lenders seeking a set-and-forget solution with primary exposure to blue-chip crypto collateral markets.
+
+    - Vault Objective
+The goal of the flagship USDT and sDAI vaults is to optimize interest earned from blue-chip crypto collateral markets. This will be done by dynamically allocating funds between the different Morpho Blue markets based on the best risk-return ratios at any given time.
+
+- Roadmap
+The Flagship USDT MetaMorpho vault will be available from today, followed by the launch of the sDAI MetaMorpho vault. This methodical sequence as has been the case with bbETH and bbUSDC ensures our unwavering focus, a smooth and gradual growth process, offering users a seamless experience with MetaMorpho.
+As Morpho Blue and MetaMorpho continue to build a track record, we look forward to continuing our active work and collaboration with stakeholders in the Morpho Ecosystem and remain dedicated to shaping its continued success.
+
+Whitelisting the Vault Contracts
+
+MetaMorpho vaults curated by us may receive $MORPHO rewards from supplying to incentivized markets on Morpho Blue. To allow the vaults to transfer these potential $MORPHO rewards to depositors, we propose whitelisting our vault addresses.
+
+bbUSDT: 0x2C25f6C25770fFEC5959D34B94Bf898865e5D6b1 (https://etherscan.io/address/0x2C25f6C25770fFEC5959D34B94Bf898865e5D6b1)
+
+Flagship sDAI address will be provided when launched.
+
+The proposal was voted on and accepted on 29 February 2024.