Summary
Midas intends to subsidize the USDC(mTBILL) market with 30k USDC, which will be distributed to early entrants over the first 3 months, starting on March 18th, 2024.
We propose that the Morpho DAO handle this distribution and request that MORPHO tokens be included as additional incentives.
Midas x Morpho Blue
The mTBILL token is a fully permissionless ERC-20 token, and the yield is generated through T-Bills. It’s fully composable with yield sourced from myriad DeFi services and applications. We feel these features (low-risk, stable, and composable) make mTBILL an ideal collateral asset.
Unlike traditional lending pools, Morpho Blue allows Midas to take a more targeted approach to incentivizing specific use cases. On Morpho Blue, we can incentivize a specific pair of assets with a strong use case that will help drive further adoption of our token. USDC/mTBILL Morpho Blue falls into this category.
Proposal Details
We plan to distribute $30k USDC in the USDC (mTBILL, 98%, IB01/USD, AdaptiveCurveIRM) market over three months.
We propose that the Morpho DAO handle this distribution by integrating it into the Standardized method for distributing incentives on Morpho Blue markets.
The growth of such a market will benefit Morpho, therefore it’s prudent for the Morpho DAO to distribute MORPHO tokens over a three-month period to help incentivize its expansion.
Should the proposal be accepted, we will send the aforementioned amount to morpho.eth.