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SIP Title Author Status Track Created
0017
Money on Chain's $MOC Listing and Incentivization Strategy
Nicolas (@nbourbon)
Approved
Treasury
2021-05-06

SIP-0017: Money on Chain's $MOC Listing and Incentivization Strategy

Background

Money on Chain (MOC) is an RSK-based DeFi platform with a stablecoin (DOC), HODL token (BPro), orderbook DEX (TEX), leveraging mechanism, etc. which empowers Bitcoiners to improve the performance of their assets while also retaining full control of their private keys. Money on Chain has two tokens listed on the Sovryn DEX: DOC, a Bitcoin-backed stablecoin, and BPro, a token for capitalizing on Bitcoin’s volatility.

Proposal

  • Listing Money on Chain’s $MOC token on the Sovryn DEX.
  • Sovryn’s treasury to bootstrap the MOC/RBTC AMM pool with 2.5 RBTC. Equivalent amount in $MOC for the MOC/RBTC AMM pool to be provided by the Money on Chain community.
  • $37,500 in $SOV to reward $DOC lenders after 30 days, to be provided by Exchequer.
  • $37,500 in $MOC to reward liquidity providers in the DOC/RBTC AMM pool after 30 days, to be provided by the Money on Chain community.

The $MOC token brings governance to Money On Chain’s self contained protocol which includes DOC (the first USD stable coin collateralized with Bitcoin), BPro (a HODL and earn token with unique benefits), BTCx (an amplified leveraging mechanism), and TEX, a decentralized orderbook exchange.

The MOC token enables:

  • Vote and Veto of platform updates and parameters.

  • Staking for rewards and fees from users of the platform.

  • Discounts when paying the fees with MOC.

Motivation

Money on Chain is a partner project of Sovryn. Two of its products, the DOC Bitcoin-backed stablecoin, and BPro, a token designed for BTC holders that allows users to earn on their Bitcoin position, are already listed on the Sovryn DEX.

Incorporating Money on Chain’s DAO token, $MOC, will further align both initiatives in bringing more DeFi products and features to Sovryn users.

DOC is a decentralized Bitcoin-backed stablecoin with greater permissionless features than that of USDT, making it deserving of incentivization for liquidity on Sovryn.

The goal is to incentivize $1.5M USD in DOC across the DOC/RBTC AMM pool as well as the DOC lending pool.

Proposal implementation

  • Exchequer to budget and manage the resources to list MOC on the Sovryn DEX. Token contract address: 0x9aC7Fe28967b30e3a4E6E03286D715B42B453d10

  • Exchequer provides 2.5 RBTC in liquidity to the RBTC side of the MOC/RBTC AMM pool for a duration left to the discretion of Exchequer.

  • Exchequer to retroactively reward $37,500 USD worth of SOV to DOC lenders over a 30-day liquidity mining event.

    • For example, if lenders put $750,000 USD worth of DOC into the Sovryn lending pool for 30 days, they will be retroactively paid 5% in SOV.

License

Copyright and related rights waived via CC0.