Author[s]: Mendi Core Team
Title: Lynex Bribes During Transition
Type: Request for Comment
Link to Snapshot: https://snapshot.box/#/s:mendifinance.eth/proposal/0x04effedb22321a0b28a08f25221fbd26bc8a5cf08f14bb1515d855c2f55165bd
Intro
With MIP-10 the DAO approved the transition from Mendi to a Unified Liquidity Lending protocol, Malda, marking the protocol’s next chapter.
As we are approaching the next major milestones—rebranding and testnet launch—we want to ensure a smooth transition for the community and protocol participants.
As previously outlined:
Lending & Borrowing
- Contracts on Mendi will remain live forever.
- Once Mainnet goes live, users will be incentivized to migrate their supply & borrow positions over to Malda, which will be incentivized on a time-weighted basis.
$MENDI to $MALDA
- $MENDI will remain tradable on the market until the TGE, allowing users to manage their holdings as needed.
- $MENDI to $MALDA migration will officially take place at TGE, marking the full transition.
- $MENDI and staked $MENDI can both be migrated over directly, eliminating the need to unstake before migrating.
Proposal Summary
While MIP-10 proposed a full pause on emissions once Malda mainnet is live, we are introducing a minor, but impactful adjustment: maintaining bribes on Lynex until Malda TGE.
Proposed Adjustment
- Instead of entirely pausing emissions after Malda mainnet launch, bribes on Lynex will remain active.
- This will ensure sufficient liquidity for $MENDI and allow $MENDI stakers to continue receiving oLynx rewards, besides receiving boosted Malda points during the transitional phase.
- Bribes will be discontinued once $MALDA TGE takes place.
Rationale for the Change
- Sustains Liquidity: Ensures that $MENDI retains sufficient liquidity during the transition, preventing market instability.
- Rewards Stakers: Allows current $MENDI stakers to continue earning oLynx rewards, in addition to boosted Malda points until the full transition to $MALDA.