Nouns x MMO Finance
Hi Everyone! This is a proposal for a collaboration between NounsDAO and MMO Finance, a new pool based NFT Lending platform.
So far we have released an initial version of our platform on mainnet with two NFT collections available for supplying/borrowing ETH. We are currently in the process of adding additional features and expanding to include more NFT collections, and would like the help of NounsDAO to accomplish this. Specifically, we would like the help of NounsDAO to fund the audit of our code to allow us to safely open our platform to other collections, including Nouns.
100,000 USD (~55 ETH at time of writing)
This budget goes entirely towards the audit of our platform with code4rena, with 25,000 USD going to the administrators and the remaining 75,000 USD going towards bug bounties.
The funds can be sent directly to code4rena so the MMO dev team would not have to take custody of any of the funds. Alternatively the NounsDAO can also choose to buy roughly 60 pairs of MMO glasses and participate in future MMO on chain governance.
We would expect the audit to be completed in a few weeks as per our discussions with Code 4 Area.
With the help of NounsDAO and the completion of an audit with code4rena we would be prepared to start adding more valuable collections into our platform such as Nouns to be used as collateral. This would allow all Nouns holders to use their NFTs to take loans and use a portion of their NFT’s value while still owning the underlying NFT.
More specifically, with the current 322 Nouns and a floor price of 80 ETH, at a 40% LTV ratio this would allow for 322*80 ETH = 25760 ETH => 40% LTV ratio = ~10000 ETH to be available for holders to borrow and use.
Example of how our protocol works
If anyone is interested in learning more about how our protocol works and how it could be useful to Nouns holders, here are some brief explanations:
In the Supply tab users can supply and withdraw ETH for the pools of various accepted collections to earn yields. Users can also look at various global metrics to see how other users are interacting with each collection.
In the Borrow tab users can visualize all of the NFTs they own from accepted/pending collections. If the collections are accepted, the users can supply their NFTs as collateral to borrow up to a certain percentage of the estimated value of their NFTs. For example with a 60% LTV ratio a user could supply their NFT(s) as collateral and borrow up to 60% of their estimated value.
In the Vault tab users can see all collateralized NFTs and place bids on them in the case an owner wants to sell their NFT or in the case a user’s assets are liquidated and sold to the highest bidder.
The MMO Dev team is a small group of developers from different parts of the world. Our vision is to build the metaverse bank for NFT lovers.