88mph offers a fixed yield rate with a custom or preset maturity for various supplied assets, such as DAI, USDC, WBTC, ETH, etc. When users/protocols supply assets, 88mph acts as an non-custodial, fully on-chain intermediary between them and third-party variable yield rate protocols to offer the best fixed yield rate on their capital.
Deposit assets: deposit any amount of assets with a maturity between 1 and 365 days to get the displayed fixed yield rate at maturity.
Deposit generates variable APY: your deposit generates a yield at a variable rate on third-party protocols, such as Aave or Compound, until it reaches its maturity.
Get MPH rewards: by using 88mph, get MPH tokens linearly vested over the deposit duration. Claim rewards whenever it fits your schedule.
Stake MPH: stake MPH tokens to receive 88mph protocol's revenues and voting rights.
88mph determines a deposit's fixed yield rate based on the 30-day exponential moving average (EMA) of the variable yield rate of the underlying yield protocol, such as Aave or Compound. 88mph offers between 25% and 75% of the EMA as the fixed yield rate based on the length of deposit, with longer deposits earning a lower rate.
Each deposit has a maturity date, after which the owner can withdraw the deposited assets plus the fixed-rate yield.
Before the maturity date, the user can also withdraw either part or all of a deposit, though the fixed-rate yield would be forfeited, and an additional withdrawal fee would be applied (0.5% of the principal).
The user may top up a deposit before reaching its maturity date, which essentially creates a new deposit with the same maturity date at the currently offered fixed yield rate, except it is merged with the existing deposit.
There are two benefits of topping up a deposit rather than creating a new one:
For regular users, the gas cost of topping up a deposit is cheaper than creating a new one.
For protocols, only a single deposit needs to be kept track of, reducing the amount of accounting needed.
After a deposit is mature, the user can roll it over to create a new deposit using the principal + fixed-rate yield of the old deposit. The maturity date is customizable just like regular deposits.
The benefit of rolling over a deposit rather than withdrawing a deposit and creating a new one is the cheaper gas cost and fewer number of transactions.
After making a custom-maturity deposit, the user receives an ERC-721 NFT (Non-fungible token) that represents the ownership of the deposit and its fixed terms, which can be transferred or traded like regular NFTs.
Users have the option to customize the NFT's metadata: title, description, image, etc.
It's an experimental feature allowing everyone to mix creative content with decentralized finance. For example, you can attach a GIF from your favorite crypto artist to a deposit and hang it up on a wall, staring at it every day, knowing that it has an intrinsic value generating a yield at a fixed rate.
A deposit's maturity refers to the last date of a deposit's term. 88mph protocol allows users to customize the deposit maturity by selecting the number of days after which they will be able to withdraw their principal + fixed-rate yield earned. The maximum maturity available on 88mph is currently 365 days. Users can withdraw their principal at any time.
Alternatively, users can mint zero coupon bonds (ZCBs), which are essentially deposits with preset maturities (e.g. March 1, 2022). ZCBs are ERC-20 tokens that can be easily traded on exchanges such as Sushiswap and Uniswap. ZCB holders can redeem their ZCBs one-for-one with the underlying asset (DAI, USDC etc.) after the maturity.