Summary
This proposal suggests adding a BRETT lend/borrow market to Seamless Protocol on Base. BRETT is a cultural movement on the Base chain, complementing the large existing PEPE community.
BRETT is proposed to take the same step-wise approach to a market opening as DEGEN; namely, opening a supply market to allow for BRETT deposits, performing risk analysis on what parameters should be set for BRETT, and then enabling borrowing once a (Chainlink) BRETT-USD price feed oracle is available.
Resources
Website - https://www.basedbrett.com/
Tokenomics - https://www.basedbrett.com/#tokenomics
Base contract - https://basescan.org/token/0x532f27101965dd16442E59d40670FaF5eBB142E4
Chainlink Oracle - Not Available Currently
Audit - NA
Twitter - https://twitter.com/BasedBrett
Telegram - https://t.me/basedbrett
BRETT to Base
BRETT is a cultural movement and one of the largest meme coin communities of BRETT. The integration of BRETT into Seamless will continue the path of Seamless Protocol supporting large, passionate, memecoin communities on Base. With over 150k BRETT holders, a FDV of $377M and daily volumes exceeding $10m USD, BRETT has the power liquidity profile and large user base that can support a market launch. This will help drive TVL, market diversity and the user base of Seamless protocol.
Specifications
What is the link between the author of the AIP and the Asset?
BRETT Community Member
Provide a brief high-level overview of the project and the token.
BRETT is one of cryptos most significant cultural icons and the mascot of BASE chain
Explaining positioning of token in the Seamless ecosystem. Why would it be a good borrow or collateral asset?
BRETT community members would make great candidates for borrowing against their BRETT collateral, as they seek to diversify their bags without having to liquidate their BRETT position. Additionally, some may choose to double down and magnify their existing BRETT positions.
Emission Schedule
Tokenomics are found on the website, this is community fair launch token with the vast majority provided as LP and also liquidity locked for a year.
https://basescan.org/tx/0x7b59c9fc5476bfc5d5cdd467926a928ad6b18cb0092b9fa096332d9f441337c3
Key roles of the BRETT contract
BRETT contract was renounced at this transaction: https://basescan.org/tx/0x748e6b909db8798aab851294c416e058f5b9fccc2367a7ec608bfda50c39432b
Social channels data (Size of communities, activity on Github)
Twitter - 63k followers, Telegram - 16k+ members
Contracts date of deployments, number of transactions, number of holders for tokens
Date of Deployment: For Base, February 24th, 2024
Number of Transactions: 1.7m+ on Base
Number of holders for token: 153k+ on Base
Reward Budget
It is suggested with this proposal that 2,576,000 BRETT ($96.1k USD value at the time of this writing) is budgeted and provided from the BRETT community to the Seamless DAO, Guardian or other community-elected body to be distributed as rewards on the BRETT market and/or wider Seamless Platform as the community sees fit.
Technical Specification
A more detailed level of analysis may be provided by risk partners of the Seamless community and protocol. Analysis will likely include recommendations around Supply Cap, Borrow Cap, Loan-to-Value (LTV) ratio, Liquidation Threshold (LT), Liquidation Bonus (LB), Reserve Factor (RF) and optimal utilization rates.
This initial proposal suggests opening a supply-only market with a 32,000,000 BRETT supply cap.
Risk Analysis
More to come from risk partners, but initial analysis shows BRETT has a FDV of $377M, and typical average daily volumes of around $10m across various on-chain DEX venues such as Uniswap, Aerodrome and Sushiswap as well as other CEXs like Bybit and Gate.
