Proposal: Add MILK token to Aada V1 as an asset for borrowing

Graveyard
1

We would like to add the MILK token in Aada V1 as a borrowable asset.

Short Summary

MILK is the official MuesliSwap utility and governance token on Cardano and Milkomeda. This token facilitates the operation of the first Cardano DEX by taking part in various features like voting, staking, and others. Adding it as a borrowable asset will enhance its utility more by increasing its popularity and usability across the ecosystem.

Motivation

Project and token overview

MuesliSwap is the first DEX to launch on Cardano. It alleviated the initial challenges in the blockchain’s design by introducing an order book model for trading. Over time, the decentralized exchange introduced a wide range of features like staking, liquidity pools, limit orders, and more.

Along with the app’s UI/UIX improvements, the platform introduced its official token - MILK. While MuesliSwap issues two other tokens, MILK is the app’s ecosystem’s primary utility and governance tool. As of now, its usability spans across the Cardano and Milkomeda blockchains.

What is the positioning of MILK in the Cardano ecosystem? How will it benefit Aada?

MILK is the primary token of one of the Cardano pioneers, giving it a fundamental role in the network’s ecosystem. It is tradable on major Cardano DEXs like MuesliSwap, Minswap, Sundaeswap, and Wingriders, including a CEX listing on CoinEx. Moreover, it is available on the Milkomeda blockchain, extending Aada’s popularity further. Ultimately, adding it as a borrowable asset will increase the functionality of both apps and will encourage closer collaboration between Aada and Muesli.

What is MILK’s utility?

  1. Governance - Allows voting on community proposals.
  2. Staking - Stake MILK and earn reward tokens.
  3. Fees - MILK holders enjoy the lowest trading fees from all DEXs on Cardano.
  4. Early Access - Get access to MuesliPad, the token launchpad from MuesliSwap.

MILK token data

MILK has a total supply of 10,000,000 tokens. As of 03.08.2022, the circulating supply of MILK is 5,300,000 tokens with an estimated market cap of 13,272,873 ADA (~$6,727,342).

Conclusion

Adding MILK as a borrowable asset in Aada V1 will be a great leap towards bonding the MuesliSwap and Aada Finance communities. Moreover, it will place the fundamentals for future collaborations between the two teams.

References:

Communities (Discord, Telegram, Reddit, Twitter, Governance Forum)

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