Update on MMF/Minotaur Pools
Hi Minotaurs! I know many of you are waiting for an update on the situation with the stake wsMINO → earn MMF and stake MMF → earn MINO pools. Despite diligent attempts, we were unable to get those pools renewed because MMF has declined to renew them. Although we are grateful for the huge benefits that these 5 rounds of pools have provided to MINO holders, unfortunately, MMF also suffered disproportionate drawbacks associated with those benefits, namely excessive inflation of their MMF token supply. This is because the MMF token had more favorable price action than the MINO token did throughout the life of the pools.
The amounts received by MINO holders through these pools ranged from $30,000 to $50,000 worth of MMF per round initially, but those MMF values often rose throughout the lifetime of the pools. Overall, the MMF pools emitted more than we collected in our January 2022 presale, whereas the value of the MINO emissions always dwindled throughout the lifetime of the pools. Furthermore, the DAO never staked any tokens in the MMF pools and thus never received any benefits, but the Minotaur DAO did have to provide MINO tokens (more than the MMF amount) for these deals, and those stake MMF → earn MINO emissions compounded the negative effects on the MINO token price.
MMF has also declined to renew most of the other pools they were running, and there are no more pools where you can earn MMF by staking other non-native non-LP tokens, so this was not intended to single us out in any way. I cannot comment on the scale of their future operations on Cronos, but they are certainly increasing the scale of what they do on Polygon, and any potential impact on their Cronos operations remains to be seen. I would highly encourage this decision to be seen as understandable in that context.
Of course, this brings up the question of what comes next for Minotaur Money. On the plus side, the dump pressure that resulted from the stake MMF → earn MINO pools are now gone. In addition, we remain a VC DAO with a treasury of diversified crypto assets that back the MINO tokens. The MINO protocol itself still provides healthy staking yield utility via rebases. Minotaur is also scheduled to receive seed equity in Janis Capital DEX if it still exists when Janis is released. Furthermore, Minotaur would be expected to directly benefit from other team releases on the Cronos Network, to the extent that they occur.
However, the MMF pools clearly provided a significant portion of MINO’s utility, and so we will keep an eye on the market cap of MINO going forward. In the event that MINO’s market cap becomes less than the risk-free value stored in the treasury, we can take a governance vote on whether to distribute the tokens stored in the treasury proportionally to all MINO holders, but doing so would end the DAO. There is also the option to continue on with the token market cap below RFV, hoping for eventual recovery.
Sorry that we don’t have better news at the moment, but we hope that everyone stays strong out there! Feel free to suggest any future directions that could help, as we are open to a complete repurposing or acquisition of the DAO.
