MoreMoney

Lending

MoreMoney allows users to open an overcollateralized loan to borrow a yield-bearing stablecoin (MONEY).

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
Summary
What we like
Moremoney is an isolated lending protocol for borrowing collateralized debt positions (CDP) using liquidity provider (LP) tokens.
What we like less
The platform currently offers a limited number of LP tokens to borrow against.
What it means for you
Provides you a simple way to hedge your asset exposure while still earning yield as the deposited collateral gets redeposited on select partner lending protocols to earn interest.
Information
Exploit/Hacks
None
Info
  • Website
  • Token: MORE
  • Tags: Lending
Key Metrics
  • TVL: $136.5K (Rank #215)
  • TVL Ranking by Lending: #44
  • Blockchain: Avalanche
  • Chain TVL
    • Avalanche: $136.54K
Risk Assessment
Watch Out
Protocol Code Quality
  • Code reviewed by at least one experienced auditor; PeckShield audited in December 2021
  • Anonymous team reduces transparency
  • No documented protocol hacks since launch
Protocol Maturity
  • Latest protocol version launched in 2022; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Bottom 80% by total value locked increases risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
  • No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
  • Low voting power concentration reduces risk
Protocol Design
  • No death spiral concerns
  • Robust controls to mitigate oracle price manipulation
  • Isolated markets enable asset risks to be contained to each individual pool without impacting the entire protocol
  • Solid controls in place to prevent risky borrowing
  • Basic mechanisms in place to incentivize liquidations
  • No reserves or no stability module
Things to know about MoreMoney

How Moremoney works

Moremoney is an isolated lending platform that enables users to open CDPs. Borrowers mint the MONEY overcollateralized stablecoin by depositing collateral, which earns yield as it is redeposited in select lending protocols. The rewards earned from collateral is automatically compounded back into the collateral over time. This strategy is automatically assigned for single asset tokens. Moremoney currently uses Yield Yak, Benqi, Aave and Banker Joe to earn additional yield on idle collateral.

How Moremoney makes money

The platform charges borrowers a variable interest rate that is determined based on the USD peg on-chain. This means if 1 MONEY equals 1 USD, then the interest rate will remain at the base rate. If MONEY trades less than 1 USD, then the interest rate will go up to encourage borrowers to close out their loans and reduce the circulating supply. The protocol also generates revenue from a 0.1% minting fee and fees on yield generated from collateral.

How you make money on Moremoney

You can deposit crypto assets into Moremoney to mint MONEY to be used across DeFi for lending and market making. The deposited assets are interest-bearing and will continue to generate yield for you. MORE stakers also receive 70% of all platform revenue and MONEY holders who stake for iMONEY earn 90% of interest paid by MONEY borrowers.